公募新规将如何深刻地重塑市场生态？

Core Viewpoint - The recent surge in the financial sector, particularly in banking, is attributed to the upcoming public fund regulations, which may compel fund managers to adjust their portfolios to align with performance benchmarks [3][14]. Group 1: Public Fund Regulations - A significant aspect of the new public fund regulations is the requirement for fund managers whose products underperform their benchmarks by more than 10% over three years to see a notable decrease in their performance compensation [9][12]. - The regulations challenge fund managers to create stable excess returns while closely tracking performance benchmarks, leading to a potential shift in investment strategies [26][27]. Group 2: Investment Strategies - Fund managers face a dilemma between adjusting their portfolio weights to align with benchmarks or changing their performance benchmarks to better fit their investment styles [16][24]. - Adjusting portfolio weights may protect fund managers' compensation but could dilute their investment uniqueness, increasing the selection power of fund companies [19][20]. - Changing performance benchmarks to align with fund managers' styles could lead to challenges, especially if managers frequently change, raising questions about the stability of benchmarks [24][25]. Group 3: Market Impact - The strong binding of funds to performance benchmarks is expected to reduce market volatility, as fund managers may limit their participation in hot sectors, leading to lower price increases in those areas [21][22][23]. - A potential shift of funds from sectors like electronics to the financial sector could occur if fund managers adjust their holdings based on performance benchmarks [25]. Group 4: Future Trends - The rise of quantitative index-enhanced strategies is anticipated, as these strategies may become more prevalent in response to the new regulations, combining with active management by fund managers [27][28].