火线解读！“比较基准”新规出炉，如何影响公募行业？

Core Viewpoint - The release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" by the China Securities Regulatory Commission marks a significant step towards a more standardized, transparent, and professional development of China's public fund industry, focusing on the management of performance benchmarks and enhancing discipline in active investment processes [2][3][4]. Group 1: Industry Development - The implementation of the guidelines and operational details is seen as a systematic approach to promote high-quality development in the public fund industry, establishing a binding mechanism for interests and optimizing assessment and incentive constraints [3][4]. - The guidelines aim to standardize the selection and use of performance benchmarks, improve internal controls of fund managers, and protect investors' rights, thereby enhancing the role of public funds in managing residents' wealth [3][4][5]. Group 2: Investor Protection - The guidelines require fund managers to establish a performance assessment system centered on fund investment returns, linking compensation to fund performance and investor outcomes [5][6]. - The introduction of these guidelines is expected to address existing issues in the public fund market, such as arbitrary benchmark setting and low attention to benchmarks by fund managers, which have led to significant deviations in fund holdings [5][6]. Group 3: Performance Benchmarking - The guidelines emphasize the importance of performance benchmarks as a "anchor" for fund management, requiring that benchmarks be representative, objective, binding, and sustainable [7][8]. - Fund managers are mandated to create a comprehensive internal control system covering benchmark selection, disclosure, monitoring, evaluation, and correction, ensuring that investment behaviors align with established benchmarks [7][8][10]. Group 4: Enhancing Investor Experience - Clear performance benchmarks will help investors form reasonable return expectations and accurately identify product risk-return characteristics, facilitating better asset allocation decisions [7][9]. - The guidelines are designed to enhance the clarity and reliability of performance benchmarks, allowing investors to objectively understand product characteristics and make informed investment decisions [10][11].