重磅来了！又要见证历史

Core Viewpoint - The introduction of the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds" and "Operational Details for Performance Comparison Benchmarks" aims to enhance the constraint of performance benchmarks, curtail "style drift" in funds, and shift the industry focus from "scale competition" to "capability competition," thereby promoting high-quality development in the public fund industry [2][4][24]. Summary by Sections Performance Benchmark Guidelines - The guidelines emphasize that benchmarks should reflect product positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [4][24]. - Fund managers are required to appoint experienced fund managers based on the performance benchmark, and once selected, the benchmark cannot be changed arbitrarily [4][24]. Industry Impact - The new regulations are expected to clarify product positioning, improve investment behavior stability, and transform the assessment mechanism from short-term relative performance to long-term excess return stability [5][24]. - The guidelines aim to address current industry issues such as product style drift and misleading fund representations, enhancing investor understanding and trust in fund products [4][5][24]. Breakthrough Provisions - Key breakthroughs in the guidelines include a comprehensive internal control and accountability mechanism, linking compensation assessments to performance benchmarks, and requiring independent monitoring of benchmark deviations [7][8][24]. - The guidelines aim to prevent arbitrary changes to benchmarks and ensure that fund managers focus on long-term value creation [8][24]. Challenges in Implementation - Fund managers may face challenges in aligning their investment strategies with the new benchmarks, managing short-term volatility, and ensuring effective multi-departmental collaboration [9][10][24]. - The transition to the new assessment and compensation mechanisms requires a thorough understanding of benchmarks and the establishment of robust risk control models [10][11][24]. Establishment of Benchmark Library - The China Fund Industry Association has released a benchmark element library to assist fund managers in selecting appropriate performance benchmarks for new products [13][14][24]. - The library includes 69 indices in the first category and 72 in the second, categorized into broad-based indices, industry-themed indices, and strategy indices [17][24]. Guiding Fund Product Style and Transparency - The establishment of the benchmark library is seen as a key measure to address issues of unclear investment styles and short-term performance focus in the industry [20][24]. - The new regulations are expected to enhance the clarity of fund product styles and improve the transparency of fund manager performance evaluations [21][24]. Fund Evaluation and Standardization - The new regulations provide a standardized and quantifiable basis for fund evaluation, enhancing the precision and objectivity of performance assessments [25][26][24]. - Fund evaluation will increasingly focus on the relationship between fund performance and benchmarks, moving away from short-term rankings [27][24]. Future Management of Performance Benchmarks - Future management of performance benchmarks will require more precise selection and adjustment processes, moving away from broad indices to more tailored benchmarks based on investment goals [29][24]. - The new regulations aim to transform performance benchmarks from vague references to core metrics for evaluating funds, allowing investors to better understand the risk and return characteristics of fund products [29][24].