Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational details to enhance the role of performance benchmarks in public funds, addressing issues like style drift and short-term ranking chasing, aiming for high-quality development in the industry [3][9]. Group 1: Performance Benchmark Significance - The guidelines emphasize the representation role of performance benchmarks, ensuring they reflect the product's positioning and investment style, and that fund managers appoint experienced fund managers based on these benchmarks [5][6]. - The guidelines also stress the constraint role of performance benchmarks, requiring fund managers to establish comprehensive control mechanisms to monitor and correct deviations from the benchmarks [5][6]. Group 2: Evaluation and Interaction - The guidelines outline the evaluation role of performance benchmarks, mandating fund managers to create a performance assessment system linked to fund returns, impacting the compensation of fund managers based on their performance relative to the benchmarks [7]. - A healthy interaction ecosystem around benchmarks is encouraged, with responsibilities assigned to fund custodians and management to ensure compliance and transparency in performance reporting [7][8]. Group 3: Investor Guidance - The guidelines aim to enhance the clarity and specificity of performance benchmarks, helping investors understand product characteristics and make rational investment decisions [12]. - Investors are encouraged to focus on long-term strategies rather than short-term fluctuations, fostering a healthier investment culture [12][13]. Group 4: Industry Transformation - The regulatory changes are seen as a response to the shift from sales-driven to advisory-driven wealth management, with clear benchmarks becoming essential for fund selection and portfolio management [13].
重磅！基民大利好来了！