重大新规，最新解读来了！

Core Viewpoint - The recent release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" and "Operational Details" by the China Securities Regulatory Commission and the Asset Management Association of China marks a significant milestone in the high-quality development of the public fund industry, focusing on long-term value and addressing industry pain points such as "ambiguous benchmarks" and "style drift" [2][4]. Group 1: Regulatory Framework - The new regulations establish a comprehensive control system around performance comparison benchmarks, focusing on four dimensions: representation, constraints, assessment, and supervision, along with a transitional period and benchmark database construction [3]. - The guidelines require that performance benchmarks accurately reflect product positioning and investment style, aligning with the fund contract's investment goals and strategies, and that once set, benchmarks cannot be changed arbitrarily [7]. Group 2: Industry Impact - The introduction of these guidelines is seen as a critical step towards the maturity and professionalism of the public fund industry, providing a clear direction and framework for high-quality development [4][10]. - The new rules are expected to shift the industry focus from "scale competition" to "ability competition," fostering a differentiated competitive landscape [4]. Group 3: Investor Protection - Fund companies have committed to ensuring investor interests are considered when adjusting benchmarks, promising to inform investors through announcements and customer service [5]. - The new regulations aim to enhance the clarity and stability of performance benchmarks, serving as a practical reference for investors in selecting funds that align with their long-term investment goals [11]. Group 4: Long-term Development - The guidelines are designed to create a robust ecosystem that encourages fund managers, custodians, sales institutions, and evaluation agencies to fulfill their responsibilities, promoting a positive transformation in the industry [10]. - The regulations emphasize the importance of linking fund manager compensation to long-term performance against established benchmarks, thereby aligning the interests of fund managers with those of investors [11].