锚点重塑（二）：基准要素库发布，会否引起基准大量变动？

• The report focuses on the release of the "Public Fund Performance Benchmark Element Library" by the China Securities Investment Fund Association on January 27, 2026, which includes the operational guidelines and classification of stock indices into Category I and Category II libraries[2][5][12] - Category I library includes indices with strong market representation and high recognition, aiming to standardize the selection and usage of benchmarks for actively managed funds, thereby improving comparability among products[13][14] - Category II library complements Category I by incorporating innovative and differentiated indices with certain usage rates and large market capitalization, providing additional options for fund managers[13][14] - The inclusion criteria for Category I indices require a higher level of market representation, recognition, and alignment with national strategic directions, with specific conditions for broad-based, sectoral, and thematic indices[14][16] - The inclusion criteria for Category II indices focus on broad-based indices with diversified components, minimum market capitalization thresholds, and usage by at least two actively managed funds[14] - The benchmark element library achieves a coverage rate of approximately 96% for actively managed equity funds, with Category I covering 89.27% and Category II covering 10.21% of such funds[8][24][26] - The report suggests that the high coverage of Category I indices is unlikely to trigger significant adjustments in benchmarks for actively managed equity funds, while the coverage of Category II indices may increase as standardization progresses[8][25]