Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][4][6]. Group 1: Industry Development and Trends - The public fund industry has undergone significant reforms aimed at prioritizing investor interests, including fee reductions and enhanced performance benchmarks [2][3]. - There is a notable shift in wealth management needs, with residents moving from real estate investments to diversified financial assets, indicating a new phase in wealth management during the "15th Five-Year Plan" [4][5]. - The industry anticipates a transformation in wealth management trends, emphasizing long-term, diversified, and experience-focused investment strategies [5][6]. Group 2: Investment Research and Product Innovation - Investment research capability is deemed essential for asset management, with firms like China Europe Fund implementing a "professional, industrialized, and intelligent" research strategy to enhance product quality [3][7]. - Companies are focusing on product innovation and aligning offerings with investor needs, aiming to provide stable long-term returns and improve investor experiences [7][8]. - The emphasis on performance benchmarks is expected to guide investment strategies and enhance accountability within the industry [3][8]. Group 3: Enhancing Investor Experience - The industry aims to improve investor satisfaction by prioritizing long-term sustainable returns and adjusting performance evaluation metrics to focus on long-term outcomes [8]. - Companies are adopting service principles that emphasize regular communication and innovation to enhance investor engagement and experience [7][8]. - The public fund sector is transitioning from a scale-driven approach to one that prioritizes investor interests, aiming for a symbiotic relationship between value creation and investor satisfaction [8].

Investment Rating - The industry investment rating is maintained at "Add" [1][7] Core Viewpoints - The report discusses the release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" by the CSRC, which aims to guide industry institutions in establishing a more stable investment style and providing long-term stable returns for investors, thus further implementing public fund reforms [4] - The guidelines emphasize the importance of performance comparison benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [4] - The report highlights the establishment of a performance comparison benchmark element library, which will encourage and guide industry institutions to standardize the selection of benchmarks representing equity assets [4] Summary by Sections - **Event Overview**: The CSRC has published guidelines and operational details for performance comparison benchmarks, which will help in the high-quality development of public funds [4] - **Key Guidelines**: The guidelines include the necessity for benchmarks to reflect product positioning and investment style, the establishment of internal control mechanisms by fund managers, and the need for performance compensation to be linked to whether the fund outperforms its benchmark [4] - **Implementation Timeline**: A one-year transition period is set for fund managers to adjust existing products' benchmarks to better align with fund contracts and actual styles without impacting market stability [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding performance benchmarks for public funds, indicating a shift towards a clearer and more stable reference system for evaluating fund performance [1][2]. Group 1: Performance Benchmark Reform - The new guidelines aim to upgrade the performance benchmarks for public funds, marking a significant step into the "stock reform" phase of public fund reform [1]. - The performance benchmark serves as a "yardstick" for public funds, helping investors understand the fund's investment focus and risk-return characteristics [2]. - The reform addresses issues of "style drift" and "misalignment" in fund performance, ensuring that fund managers adhere to their stated investment strategies [2]. Group 2: Selection and Management of Benchmarks - Fund managers are required to select benchmarks from an established library of benchmark elements, ensuring that the benchmarks accurately reflect the fund's investment direction and strategy [3][4]. - Once set, benchmarks cannot be easily changed due to manager turnover or market trends, ensuring that funds remain true to their stated objectives [5]. - The calculation methods and data sources for benchmarks must be transparent, with funds required to disclose the basis for benchmark selection in contracts and reports [6]. Group 3: Accountability and Oversight - The new regulations mandate that fund companies establish systems for the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [7]. - The decision-making process for benchmark selection will be elevated to the management level, ensuring accountability [7]. - Independent departments within fund companies will monitor deviations from investment styles, with a compliance management system in place [7]. Group 4: Impact on Fund Management and Sales - The new rules require that performance benchmarks be reasonably integrated into fund manager compensation, sales practices, and fund evaluations to mitigate aggressive investment behaviors [8]. - Fund managers whose long-term performance significantly lags behind benchmarks will see a notable decrease in performance-related compensation [8]. Group 5: Transition for Existing Products - The transition to new benchmarks for existing products will be gradual, with a one-year period for adjustments to avoid market disruption [9]. - Fund managers are encouraged to align benchmarks with the actual investment styles of their products, preventing drastic portfolio adjustments that could affect market stability [9]. - The CSRC's previous initiatives have already begun to shift the focus of fund companies from scale to returns, with new floating fee models being introduced [9]. Group 6: Future Directions - Future reforms will continue to deepen, with upcoming revisions to fund manager compensation rules that will incorporate performance comparisons against benchmarks [10]. - The goal is to further align the interests of fund companies with those of investors, ensuring that poor performance leads to reduced compensation for fund managers [10].

原标题：财经深一度丨公募基金改革再"落子"，业绩"参照系"全面升级 10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作 细则，向社会公开征求意见。 证监会相关部门负责人介绍，这次改革就是要发挥业绩比较基准对基金投资行为的约束和指导作 用，尽量确保投资者"所见即所得"。完善对业绩比较基准的监管安排，也将引导基金行业进一步回归以 投资者为本的发展理念。 业绩"参照系"怎么全面升级 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。 本次业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关 键一步"，进入"存量改革"阶段。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好 坏。它不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基金经理的投资风格，让 他们别跑偏，确保基金老老实实按约定策略操作，追求相对基准的超额收益，并切实提升超 ...

Core Insights - The public fund scale has surpassed 36 trillion yuan, reaching a historical high, with equity funds being the main driver of this growth [1][2] - Fund companies are increasingly focusing on investor experience alongside performance, aiming to enhance investor satisfaction and trust [4] Fund Scale and Performance - As of the end of Q3, over 13,000 funds collectively reached a scale of 36.45 trillion yuan, an increase of 2.4 trillion yuan from the end of Q2 [2] - Equity products, particularly pure stock index funds, saw significant growth, with their scale exceeding 5 trillion yuan, a 26.29% increase [2] - The performance of equity funds has been strong, with both mixed equity funds and stock funds showing approximately 40% growth over the past year [2] Growth of Specific Fund Types - QDII funds also experienced rapid growth, reaching 904.52 billion yuan by the end of Q3, marking a 33% increase [2] - Bond funds were the only category to see a decline in scale, dropping over 140 billion yuan to 10.62 trillion yuan [2] Popularity of High-Performance Products - Several high-performing active equity funds have rapidly increased in scale, with some achieving over 800% growth [3] - Passive products, particularly large ETFs, attracted significant inflows, with notable increases in their scales [3] Focus on Investor Experience - Fund companies are changing their assessment mechanisms to improve investor experience, incorporating metrics that directly affect investor satisfaction [4] - Companies aim to build a comprehensive investment advisory service system to better align professional capabilities with investor needs [4]

Core Viewpoint - The 2025 Financial Street Forum emphasizes the theme of "Innovation, Transformation, and Reshaping Global Financial Development," highlighting the importance of reforms in the Chinese financial market to enhance investor confidence and support long-term growth [1]. Group 1: Market Reforms - Deepening the reform of the ChiNext board is expected to expand the capacity and scale of related ETFs, increasing the weight of the technology sector in A-shares and supporting a long-term trend dominated by technology [1]. - Enhancing the early risk management capabilities and preventing significant market fluctuations, along with strict enforcement against financial fraud, can create a low-volatility market environment, boosting investor confidence and providing foundational support for a stable upward trend in the stock market [1]. Group 2: Long-term Investment Strategies - Promoting reforms in public funds and implementing long-term assessments for corporate pensions and insurance funds can introduce sustained incremental capital focused on long-term value investment, supporting a healthy and stable upward trajectory in the stock market [1]. - Advancing the high-quality development of the Beijing Stock Exchange will further broaden financing channels for innovative small and medium-sized enterprises, increase their trading activity and market share, and attract more funds and qualified investors, fostering a positive investment ecosystem and market style for innovative small-cap companies [1].

Core Viewpoint - The A-share market has shown resilience, with the Shanghai Composite Index breaking the 4000-point mark, reflecting improved market sentiment and investor confidence, driven by progress in US-China trade negotiations and supportive regulatory policies [2][4]. Market Performance - As of the morning close, the Shanghai Composite Index rose by 0.21%, closing at 4005 points, with a total trading volume of 1.36 trillion yuan, a decrease of 216.5 billion yuan compared to the previous day [2]. - The index's ability to maintain above 4000 points is seen as a psychological barrier that could attract more capital inflow and support future market trends [4]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has introduced measures to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [2]. - Future plans include the introduction of a refinancing framework to broaden support for mergers and acquisitions, alongside encouraging listed companies to improve governance and increase shareholder returns through dividends and buybacks [3]. Investment Sentiment - Analysts suggest that the market is currently experiencing a "slow bull" trend, with expectations of continued upward movement in the index, albeit with increased volatility [5]. - There is a cautionary note regarding high valuations in certain sectors, particularly technology and semiconductors, which may lead to profit-taking behavior among investors [3][4]. Economic Context - The market's recent performance is influenced by global economic conditions, including expectations of a potential interest rate cut by the Federal Reserve and the possibility of a meeting between US and Chinese leaders at the APEC summit, which could ease geopolitical tensions [5]. - The overall market sentiment is supported by a marginally easing domestic policy environment, which is expected to bolster risk appetite among investors [3].

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, at the 2025 Financial Street Forum outlines a comprehensive plan for the high-quality development of the capital market during the "14th Five-Year Plan" and sets forth four key reform tasks to better serve economic and social development as well as the construction of a financial powerhouse [1] Group 1: Multi-layered Market System Reform - Wu Qing emphasized the need to deepen the reform of market segments to enhance the inclusiveness and coverage of the multi-layered market system, responding to market expectations for institutional inclusiveness and financing efficiency [2] - The construction of a multi-layered capital market system, including the main board, Sci-Tech Innovation Board, Growth Enterprise Market, Beijing Stock Exchange, and the National Equities Exchange and Quotations, has accelerated during the "14th Five-Year Plan" period, forming a mature system [2] - The CSRC announced the "1+6" policy measures for the Sci-Tech Innovation Board in June, with plans to deepen reforms in the Growth Enterprise Market and improve the differentiated listing, information disclosure, and trading systems of the New Third Board [2] Group 2: Financial Support for Innovation - The continuous improvement of the multi-layered capital market will promote high-quality development and better serve the real economy, providing a complete financial support chain for enterprises at different stages and in various industries [3] - The CSRC plans to introduce a refinancing framework to broaden support channels for mergers and acquisitions and encourage listed companies to enhance governance and increase dividends and buybacks [3] Group 3: Public Fund and Long-term Investment Reform - Wu Qing proposed solid progress in public fund reforms, promoting long-term investment products and risk management tools to create a "long money, long investment" market ecosystem [3][4] - Institutional investors should prioritize investor interests, optimize assessment mechanisms, and enhance professional management capabilities to build a healthy and orderly market ecosystem [4] Group 4: Opening Up Capital Markets - Wu Qing stated the intention to steadily expand high-level institutional opening-up, integrating capital and systems on a larger and deeper scale [5] - The introduction of the "Qualified Foreign Institutional Investor" (QFI) system optimization plan aims to provide a more transparent and efficient environment for foreign investors, enhancing the internationalization and marketization of China's financial market [6] Group 5: Investor Protection and Market Integrity - The CSRC aims to enhance the quality and effectiveness of investor rights protection and establish a long-term market stabilization mechanism while cracking down on various illegal activities such as financial fraud and insider trading [7] - The CSRC released opinions on strengthening the protection of small and medium investors, focusing on enhancing fairness in trading environments and promoting rational investment [7]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of long-term funds as a stabilizing force in the financial market, advocating for reforms in public funds and the implementation of long-term assessments for corporate pensions and insurance funds [1] Group 1 - The focus is on enhancing the role of medium to long-term funds as a "ballast" and "stabilizer" in the financial market [1] - There is a commitment to advancing public fund reforms to better support long-term investments [1] - The initiative includes enriching products and risk management tools that are suitable for long-term investments [1]

Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the importance of long-term funds as a "ballast" and "stabilizer" in the financial market, advocating for reforms in public funds and the implementation of long-term assessments for corporate annuities and insurance funds [1] Group 1 - The focus is on enhancing the role of medium to long-term funds in stabilizing the financial market [1] - There is a commitment to advancing public fund reforms to better support long-term investments [1] - The initiative aims to enrich products and risk management tools that are suitable for long-term investments [1]