大消息！“箭在弦上”，又要见证历史！

Core Viewpoint - The new regulatory guidelines for performance benchmarks in public funds are imminent, marking a significant step towards high-quality development in the fund industry, with clearer product positioning and enhanced constraints on investment behavior [2][4]. Group 1: Regulatory Framework - The "Action Plan" mandates the establishment of regulatory guidelines for performance benchmarks, detailing the setting, modification, disclosure, continuous evaluation, and correction mechanisms for fund companies [4]. - The guidelines aim to strictly regulate the selection of performance benchmarks by fund companies, ensuring they effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [4][12]. Group 2: Industry Response - Over 176 funds have adjusted their performance benchmarks this year, reflecting a proactive response to regulatory expectations [9]. - Fund companies have begun to modify benchmarks to better align with actual investment strategies, addressing the disconnect between traditional static benchmarks and the evolving market structure [9][10]. Group 3: Benchmark Construction Standards - There is a consensus on the standards for constructing scientific benchmarks, which include matching risk-return characteristics with the fund, accurately reflecting investment strategies and styles, ensuring transparency in benchmark composition and calculation methods, and adequately covering major industries for thematic funds [10][11]. Group 4: Short-term Challenges - The implementation of the new guidelines is expected to have a profound impact on the public fund industry, but it may also lead to short-term pressures for concentrated adjustments [12]. - Fund managers may need to adjust their portfolios to align with the new benchmarks, which could involve significant rebalancing and necessitate careful management to minimize market impact [13][14]. Group 5: Long-term Implications - The adjustment of performance benchmarks will transform the assessment mechanisms, shifting the focus from short-term relative performance to long-term stable excess returns [13][14]. - Fund companies will adopt a more cautious approach in selecting benchmarks and defining investment themes, ensuring that benchmarks are not overly broad or misaligned with fund objectives [14].