【公募基金】强化基准“锚尺”作用——《公开募集证券投资基金业绩比较基准指引（征求意见稿）》点评

Core Viewpoint - The release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" marks a significant step in enhancing the accountability of fund managers and promoting high-quality development in the public fund industry, aiming to standardize investment behavior and prevent style drift [3][5][24]. Summary by Sections 1. Performance Benchmark Usage and Management - The guidelines clarify the norms for selecting and using performance benchmarks, emphasizing their representational role [4][6]. - Fund managers are required to embed benchmark management throughout the product lifecycle, establishing a comprehensive internal control mechanism [7][8]. - External supervision is strengthened by activating the roles of custodians, sales institutions, and evaluation agencies, creating a multi-party check-and-balance ecosystem [9]. - A one-year transition period is set for existing products to adjust benchmarks, ensuring market stability [10]. 2. Implementation and Impact - Traditional broad-based indices remain the mainstream benchmark choice for newly launched products, reflecting market recognition and maturity [13][14]. - Changes in benchmarks accurately reflect product positioning and investment styles, with many funds adjusting their benchmarks to align with their investment strategies [16][17]. - The bond fund sector shows a high concentration in benchmark selection, primarily using the "China Bond Comprehensive Price Index" [20][21]. 3. Future Policies and Long-term Effects - The new regulations aim to enhance the clarity and transparency of risk-return characteristics of fund products, ultimately serving to protect investors' fundamental interests [24][25]. - Future measures will include revising fund manager compensation assessment rules to link performance benchmarks with management evaluations, promoting a focus on long-term, risk-adjusted excess returns [24]. - The new rules significantly improve information transparency and investor rights protection, fostering a shift from absolute to relative return assessments among investors [25].