公募基金信息披露规则发布！更加突出以投资者为本

Core Viewpoint - The revised "Guidelines for the Content and Format of Information Disclosure of Publicly Raised Securities Investment Funds No. 2 - Content and Format of Regular Reports" aims to simplify the information disclosure rules for public funds, enhance investor interest, and improve the stability of investment behavior. The guidelines will be implemented starting May 1, 2026 [1]. Summary by Sections Section 1: Major Revisions - The guidelines consist of three chapters and 36 articles, focusing on four main areas: 1. Integration of regular report disclosure systems to create a unified and clear structure for annual, semi-annual, and quarterly reports [2]. 2. Clarification of disclosure priorities for different reports based on their specific functions [2]. 3. Implementation of higher-level legal requirements and solidification of mature industry practices, simplifying and adjusting some disclosure requirements [2]. 4. Specification of self-regulatory management entities and requirements, mandating the fund industry association to develop extensible XBRL templates for regular report disclosures [2]. Section 2: Impact on Industry Practices - The revision integrates three normative documents related to the "Guidelines for the Content and Format of Information Disclosure of Securities Investment Funds," retaining personalized disclosure requirements based on the characteristics of each type of regular report [3]. - The new rules will form a disclosure rule system comprising "department regulations + normative documents + self-regulatory rules," enhancing flexibility and adaptability while maintaining clarity and authority [3]. Section 3: Focus on Long-term Investment - The fund industry association's XBRL template requires fund managers to disclose long-term performance over the past 7 to 10 years in annual, semi-annual, and quarterly reports, moving away from short-term performance metrics [3]. - Fund managers are also required to disclose the proportion of profitable investors in actively managed equity and mixed funds over the past year, promoting a focus on investor interests and long-term value investment [3]. Section 4: Encouraging Stability in Investment Behavior - The guidelines aim to address high turnover rates in certain actively managed equity and mixed funds, which contradict the principles of value and long-term investment, potentially leading to poor long-term returns for investors [3]. - The fund industry association mandates the disclosure of stock turnover rates in annual reports to encourage more prudent and rational investment practices among fund managers and mitigate overly aggressive investment behaviors [4].