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Core Viewpoint - The newly released guidelines for public fund performance benchmarks aim to standardize the evaluation of fund performance, providing a clear framework for fund companies to select appropriate benchmarks and improve transparency in performance assessment [2][16]. Summary by Sections Introduction of Benchmark Libraries - The Asset Management Association of China has issued a draft guideline for public fund performance benchmarks, which includes the establishment of a benchmark element library consisting of two categories: Category One and Category Two [4][5]. - The benchmark library serves as a critical tool for evaluating fund performance, helping to correct issues like "style drift" in fund management [2][4]. Definition and Standards of Benchmark Libraries - Category One includes highly recognized and representative stock indices, while Category Two includes indices that are innovative and differentiated, with a focus on larger market capitalization [5][6]. - Specific criteria for inclusion in Category Two include a maximum weight of 20% for any single security in broad-based indices and a minimum of 30 constituent securities for non-broad indices [5]. Composition of Benchmark Libraries - Category One consists of 69 indices, while Category Two includes 72 indices, both categorized into broad-based indices, industry thematic indices, and strategy indices [7]. - Notable indices in Category One include the CSI All Share Index, CSI 50 Index, and CSI 300 Index, while Category Two includes indices like the CSI 700 Index and CSI 2000 Index [9][10]. Performance Evaluation and Calculation - The guidelines specify that performance benchmarks should be calculated based on daily returns and time-weighted principles, ensuring consistency and comparability with fund performance [14]. - The guidelines also emphasize the importance of various performance indicators, such as tracking error and excess returns, to monitor deviations from benchmarks [13][14]. Impact on the Industry - The standardization of performance benchmarks is expected to reshape the industry ecosystem, enhancing the overall quality of public funds and improving investor experience [16][17]. - The guidelines are seen as a crucial step in promoting transparency and discipline within the fund management industry, aligning with the principle of fiduciary duty [16][17].