权益基金基准改革细则曝光！超6成基金仍跑输市场，冠军却跑赢基准超250%

Core Viewpoint - The article discusses the new guidelines released by the China Securities Regulatory Commission and the Asset Management Association of China regarding performance benchmarks for publicly offered securities investment funds, emphasizing the need for precise matching principles in fund performance evaluation [3]. Summary by Category Performance Benchmark Guidelines - The new guidelines specify that equity funds should use broad market indices or corresponding strategy indices as benchmarks, limiting the use of thematic indices for flexibility [3]. - Funds focused on specific market capitalizations or investment strategies must align with relevant market capitalization or strategy indices as performance benchmarks [3]. Fund Performance Data - As of November 8, 2025, there are 5,385 actively managed equity funds in the market, with 1,915 funds (35.56%) outperforming their benchmarks over the past three years [3]. - The total scale of actively managed equity funds is approximately 30,875.25 billion, with an average return of 14.12% over the past three years, while the average excess return is -6.81% [4]. Top Performing Funds - In the flexible allocation fund category, the top 10 funds have an excess return threshold of 123.29%, with the highest performer being Dongwu Fund's Liu Yuanhai, achieving a return of 217.81% [11]. - The top-performing mixed equity fund is managed by Huaxia Fund's Gu Xinfeng, with a return of 269.38% and an excess return of 252.58% [6][12]. - In the ordinary stock fund category, the top performer is managed by Jingshun Longcheng's Zhang Zhongwei, with a return of 122.93% and an excess return of 99.46% [8][9]. Fund Manager Insights - Gu Xinfeng from Huaxia Fund has indicated a cautious approach towards high-valuation stocks while increasing positions in competitive automotive parts companies [7]. - Zhang Zhongwei from Jingshun Longcheng expressed confidence in the AI industry's growth, maintaining a high stock position while selectively taking profits in high-valuation semiconductor stocks [10].