国泰海通证券研究·2025-05-18 15:21Group 1 - The article analyzes the performance benchmark adjustments of public funds from 2022 to May 7, 2025, highlighting that the new benchmark in 2024 yielded lower returns compared to the old benchmark [1] - A total of 208 funds were sampled, with 21 in 2022, 47 in 2023, 82 in 2024, and 58 in 2025, categorized into three main types: equity indices, pure bond indices, and cash [1] - The positioning of pure products has become clearer, with short-term bond funds shifting their benchmarks significantly towards cash, while long-term bond funds remained unchanged [1] Group 2 - Mixed product adjustments vary, with funds having less than 20% equity significantly lowering their cash and equity weight, aiming to outperform pure bonds [2] - Funds with 20%-80% equity reduced cash weight and shifted more towards equity, while those with over 80% equity decreased pure bond weight and increased equity, focusing more on style/sector within equity [2]