Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for the performance comparison benchmarks of publicly offered securities investment funds, aiming to standardize benchmarks to enhance active investment discipline and promote stable investment styles in the industry [1][7]. Group 1: Purpose of the Guidelines - The guidelines aim to clarify investment styles and constrain investment behaviors, preventing "style drift" in fund products and improving investment stability [2][3]. - The guidelines emphasize the importance of performance comparison benchmarks in helping investors understand fund styles and expected risk-return characteristics, thereby enhancing the investment experience [2]. Group 2: Implementation Mechanisms - Fund managers are required to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, evaluation, correction, and accountability of performance comparison benchmarks [3]. - The decision-making level for benchmark selection is elevated to company management, which will bear primary responsibility for the representativeness, constraint, and sustainability of the selected benchmarks [3]. Group 3: Performance Evaluation and Compensation - The guidelines mandate the establishment of a performance evaluation system centered on fund investment returns, linking compensation for fund managers to fund performance relative to benchmarks [4]. - Fund evaluation agencies are required to use performance comparison benchmarks as a key basis for assessing fund management performance, risk control capabilities, and style stability [4]. Group 4: External Supervision and Transparency - The guidelines require custodians to fulfill their supervisory responsibilities, including reviewing fund contracts and monitoring investment style stability [5]. - Fund managers and sales institutions must present both fund performance and benchmark performance to facilitate investor comparisons, thereby increasing transparency in fund operations [5]. Group 5: Transition Period and Future Measures - A transition period will be established to ensure that changes do not disrupt market stability, allowing for the optimization of existing product benchmarks [6][8]. - Future initiatives will include the establishment of a benchmark library and the revision of compensation assessment rules to better align the interests of fund managers with those of investors [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational details for public fund performance benchmarks, aiming to enhance the foundational system of public funds and ensure a stable investment style while linking fund manager compensation to long-term performance [2][3]. Group 1: Benchmark Selection and Management - The performance benchmark must reflect the product's positioning and investment style, adhering to the fund contract's investment objectives and strategies [3]. - Once selected, the benchmark cannot be changed arbitrarily due to manager changes, short-term market fluctuations, or performance evaluations [3]. - Fund managers are required to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [4]. Group 2: Performance Evaluation and Compensation - Fund managers should create a performance evaluation system centered on investment returns, linking compensation to fund performance relative to the benchmark [5]. - If a fund's long-term performance significantly underperforms the benchmark, the related fund manager's compensation should decrease accordingly [5]. - The guidelines also aim to change the market ranking approach, emphasizing the benchmark as a critical basis for evaluating fund management performance [5]. Group 3: External Supervision and Transparency - The guidelines require custodians to fulfill their supervisory responsibilities, including reviewing fund contracts and monitoring investment style stability [6]. - Fund managers and sales institutions must display both fund performance and benchmark performance to facilitate investor comparisons [6]. - Information disclosure requirements are standardized to enhance transparency regarding performance benchmarks in fund contracts and periodic reports [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for public fund performance benchmarks, aiming to standardize the selection and use of performance benchmarks in public funds, enhance internal controls, and protect investors' rights [1][2][3] Group 1: Regulatory Framework - The new guidelines and operational rules aim to fill regulatory gaps in the public fund sector, promoting the standardization of performance benchmarks [3] - The CSRC's previous action plan emphasizes investor-centric reforms, including measures related to performance benchmarks [2] Group 2: Benchmark Functions - Performance benchmarks serve as a "anchor" to clarify investment styles and constrain investment behaviors, preventing style drift and enhancing investment stability [2] - They also act as a "yardstick" to measure fund performance against the market, influencing the assessment of fund managers and executives [2] Group 3: Implementation Measures - The guidelines require fund managers to establish comprehensive internal control mechanisms covering the entire process of benchmark selection, disclosure, monitoring, evaluation, and accountability [4] - Fund managers must ensure that selected benchmarks reflect the product's positioning and investment style, and cannot be changed arbitrarily [4] Group 4: Performance Assessment - The guidelines mandate the establishment of a performance assessment system centered on fund investment returns, linking manager compensation to performance relative to benchmarks [5] - Fund evaluation mechanisms will be revised to incorporate benchmarks as a key criterion for assessing fund management performance [5] Group 5: External Supervision - The guidelines outline responsibilities for custodians and sales institutions to ensure compliance with benchmark-related regulations, enhancing transparency in fund operations [6] - Fund managers and sales institutions are required to display benchmark performance alongside fund performance to facilitate investor comparisons [6] Group 6: Future Initiatives - The CSRC plans to guide industry institutions in optimizing existing products' benchmarks during the transition period to ensure alignment with fund contracts and actual styles [7] - A benchmark element library will be established to encourage standardized selection of benchmarks that represent equity assets [8] - Future revisions to compensation assessment rules will further align the interests of fund managers and investors, enhancing investor satisfaction [8]

2025.10. 31 本文字数：3316，阅读时长大约5分钟 作者 | 第一财经 曹璐 周楠 当标榜消费主题基金却猛炒科技股、号称稳健混合却波动赛过股票……为根治基金投资风格漂移、破解产品名不 副实的行业顽疾，公募基金行业正迎来一场旨在强化"基准锚定"的深度变革。 作为基金的"投资坐标"，业绩比较基准本应通过锚定风格、丈量表现，约束投资行为并引导理性考核。但现实 是，截至10月30日，超六成主动权益基金近三年跑输业绩基准。 10月31日，在业内讨论已久的公募基金业绩比较基准迎来相关规定的征求意见稿。新规直击行业长期痛点核心是 让业绩比较基准真正发挥"锚"与"尺"的作用：既约束投资行为，防止"挂羊头卖狗肉"，也将直接与基金经理的薪 酬挂钩，此举严于部分境外成熟市场。 据第一财经了解，为平稳推进存量产品的基准调整，监管层已初步设立一年的过渡期。下一步还将修订出台薪酬 考核规则，细化基金经理薪酬考核具体指标要求。 事实上，业内对此次新规落地早有预期，部分机构已提前行动。Wind数据显示，截至10月31日，年内至少132 只基金产品出现基准变更，数量已超过去年全年，释放出行业加速规范的强烈信号。 这场围绕"锚"和" ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for public offering fund performance benchmarks, aiming to standardize the selection and use of performance benchmarks in the mutual fund industry, thereby enhancing internal controls and protecting investors' rights [1][4]. Summary by Sections General Principles - The guideline consists of six chapters and twenty-one articles, emphasizing the representation, constraint, and evaluation roles of performance benchmarks [2]. Benchmark Selection Norms - The guideline specifies that benchmarks must reflect the core elements and investment style outlined in the fund contract, and once selected, they should not be changed arbitrarily [2][6]. - Benchmarks must be representative, objective, and meet specific requirements for indices, including strong representation and reasonable compilation schemes [6][7]. Internal Control and Responsibilities - Fund managers are required to establish comprehensive internal control mechanisms regarding performance benchmarks, ensuring stable investment styles [2][3]. - The responsibilities of fund managers and custodians are reinforced, with custodians required to review fund contracts and assess benchmark selection and changes [7]. Benchmark Change Requirements - The guideline imposes strict requirements for changing benchmarks, including a 30-day notice for general changes and specific procedures for significant changes [8]. Information Disclosure and Constraints - Enhanced information disclosure is mandated, requiring funds to disclose benchmark settings, reasons, and performance comparisons in regular reports [9]. - The guideline emphasizes the need for robust internal control mechanisms to ensure compliance and stability in investment styles [9]. Performance Evaluation and Compensation - The guideline highlights the importance of benchmarks in performance evaluation, requiring fund managers to establish compensation mechanisms linked to fund investment returns [10]. - A transition period of one year is provided for existing products to align with the new benchmark requirements, and a six-month period for custodians to adjust their supervisory roles [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for performance benchmarks of publicly offered securities investment funds, aiming to enhance the regulatory framework and improve fund management practices [1][5][6]. Summary by Sections Guidelines and Operational Rules - The guidelines and operational rules emphasize that performance benchmarks should accurately reflect product positioning and investment style, aligning with the fund contract's investment objectives, scope, strategies, and restrictions [2][9]. - Fund managers are required to appoint fund managers with relevant investment research experience based on product positioning and investment style, and once a benchmark is selected, it cannot be changed arbitrarily due to changes in fund managers, short-term market fluctuations, or performance evaluations [2][9]. Management Responsibilities - Company management is responsible for the selection of benchmarks, ensuring their representativeness, constraint, and sustainability [3][10]. - Fund managers must strengthen the comparison of active equity fund performance against benchmarks, with significant underperformance leading to a decrease in the performance compensation of relevant fund managers [5][11]. Evaluation and Accountability - Fund evaluation agencies are required to use performance benchmarks as a key criterion for assessing fund management, enhancing the scientific and objective measurement of fund performance, risk control, and style stability [3][11]. - Custodians are tasked with supervisory responsibilities, including reviewing fund contracts, monitoring investment style stability, and ensuring proper information disclosure [7][12]. Transition and Benchmark Library - The CSRC plans to facilitate a smooth transition for existing products to optimize benchmarks, ensuring they align with fund contracts and actual styles without destabilizing the market [13][14]. - An industry expert group will be established to create a benchmark element library, which will guide industry institutions in selecting appropriate benchmarks for equity assets [7][14]. Compensation and Performance Assessment - Future revisions will include detailed requirements for fund manager compensation assessment, linking it to fund performance relative to benchmarks [4][11][14]. - The guidelines aim to reinforce the binding of interests between fund managers, executives, and investors, enhancing investor satisfaction [14].

业绩基准不再"纸上谈兵"，行业"盲盒"时代要结束？ 当标榜消费主题基金却猛炒科技股、号称稳健混合却波动赛过股票……为根治基金投资风格漂移、破解 产品名不副实的行业顽疾，公募基金行业正迎来一场旨在强化"基准锚定"的深度变革。 作为基金的"投资坐标"，业绩比较基准本应通过锚定风格、丈量表现，约束投资行为并引导理性考核。 但现实是，截至10月30日，超六成主动权益基金近三年跑输业绩基准。 10月31日，在业内讨论已久的公募基金业绩比较基准迎来相关规定的征求意见稿。新规直击行业长期痛 点核心是让业绩比较基准真正发挥"锚"与"尺"的作用：既约束投资行为，防止"挂羊头卖狗肉"，也将直 接与基金经理的薪酬挂钩，此举严于部分境外成熟市场。 据第一财经了解，为平稳推进存量产品的基准调整，监管层已初步设立一年的过渡期。下一步还将修订 出台薪酬考核规则，细化基金经理薪酬考核具体指标要求。 事实上，业内对此次新规落地早有预期，部分机构已提前行动。Wind数据显示，截至10月31日，年内 至少132只基金产品出现基准变更，数量已超过去年全年，释放出行业加速规范的强烈信号。 这场围绕"锚"和"尺"的改革，能否终结基金"盲盒"乱象？答案将 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for the performance comparison benchmarks of publicly raised securities investment funds, aiming to standardize benchmark selection and enhance transparency and accountability in fund management [2]. Group 1: Benchmark Selection Criteria - The guideline specifies that benchmarks must represent the fund's investment style, with components and weights aligning with the fund's contract regarding investment objectives and strategies [3]. - Benchmarks must be objective, with clear and quantifiable calculation methods and data sources, ensuring fair pricing of underlying assets [3]. - Selected indices should have strong representativeness, reasonable compilation schemes, good liquidity of constituent securities, and robust research and operational capabilities from the index providers [3]. - Fund managers are required to develop products based on differentiated and rational layouts, clearly defining product positioning and investment styles, and selecting appropriate benchmarks [3]. Group 2: Benchmark Change Requirements - The guideline enforces strict requirements for changing benchmarks, emphasizing that benchmarks should not be altered due to changes in fund managers, short-term market fluctuations, or performance rankings [4]. - Procedures for changing benchmarks must be clearly defined, requiring prior notice and agreement between the management and custodians [4]. - Fund managers and sales institutions are obligated to promptly inform investors of any benchmark changes, recognizing the significant impact on investment decisions [4]. Group 3: Information Disclosure Enhancements - The guideline mandates that fund contracts and prospectuses disclose the rationale for benchmark selection, including the publishing institution, calculation methods, and monitoring processes [5]. - Regular reports must compare the fund's actual investments against benchmarks in terms of returns, volatility, asset allocation, and industry distribution, with explanations for any performance discrepancies [5]. - Fund managers must establish robust internal control mechanisms for benchmark management, with the management team responsible for decision-making and compliance oversight [5][6]. Group 4: Performance Assessment and Manager Accountability - The guideline emphasizes the importance of benchmarks in performance assessment, requiring fund managers to create a performance evaluation system linked to fund returns [7]. - Fund managers must display benchmark performance alongside fund performance to avoid misleading investors and ensure proper investor education [7]. - Fund evaluation agencies are instructed to use benchmarks as a key criterion for assessing fund management performance, risk control, and style stability [7]. Group 5: Transition Period for Existing Products - A one-year transition period is granted for existing products that do not comply with the new benchmark guidelines, allowing managers to adjust benchmarks appropriately [8]. - A six-month transition period is provided for custodians to adapt to new requirements regarding the supervision of investment style stability and benchmark display [8].

公募基金改革又一项重磅指引正式落地。 10月31日，中国证监会起草了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（以下简称 《指引》），并向社会公开征求意见。同时，基金业协会同步起草了《公开募集证券投资基金业绩比较 基准操作细则（征求意见稿）》，进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管 理等具体操作规范。 作为基金产品设计的核心要素，业绩比较基准贯穿基金投资运作全周期，是界定基金投资范围和风格的 重要指标，也是评估基金业绩的专业标尺。 今年5月，证监会印发《推动公募基金高质量发展行动方案》，对公募基金高质量发展提出系列改革任 务，其中便特别强调，要强化业绩比较基准的约束作用，并提到要制定公募基金业绩比较基准监管指 引。 在多家业内机构看来，此次业绩比较基准指引及操作细则的出台，将有效规范基金管理人的投资行为， 加强公募基金行业服务居民财富管理需求的作用，提升投资者体验。 强化业绩基准作用，压实主体责任 证监会指出，《指引》的出台旨在落实《推动公募基金高质量发展行动方案》，规范公募基金业绩比较 基准的选取和使用，切实发挥业绩比较基准表征风格、约束投资和衡量业绩等功能作用，完善基金管 ...

Core Viewpoint - The introduction of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" aims to enhance the regulation of performance benchmarks, ensuring they effectively represent fund investment styles and serve as a tool for evaluating fund performance [1][5]. Summary by Sections General Principles - The guidelines consist of 21 articles divided into six chapters, focusing on the representation, constraint, evaluation, and supervision of performance benchmarks [3]. Benchmark Norms - Performance benchmarks must be representative and objective, ensuring that selected indices are reasonable and liquid. Fund managers and custodians are responsible for product development and contract review [3]. Strengthening Constraints - Benchmarks cannot be adjusted arbitrarily due to short-term factors, and any changes must follow specific procedures. Fund legal documents must disclose the basis for benchmark selection and changes, with regular reports comparing fund performance against benchmarks [3][5]. Evaluation Role - The guidelines specify requirements for using performance benchmarks in salary assessments, fund sales, and evaluations, ensuring they play a significant role in these areas [3]. Multi-layered Safeguards - The guidelines emphasize internal controls for fund managers and enhanced supervision by custodians to ensure compliance with benchmark standards [3]. Supporting Measures - The China Securities Regulatory Commission (CSRC) has authorized the establishment of a benchmark element library to encourage standardized selection and use of benchmarks by fund managers [4]. A one-year transition period is provided for existing products to comply with the new guidelines [4][5]. Investor Experience - The guidelines are expected to improve investor experience by providing clear standards for evaluating funds and binding fund managers to their investment behaviors, thus enhancing transparency and professionalism in the public fund industry [7][8][9].