10月31日，中国证监会发布《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》），基金业协会同步发布《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）》 （以下简称《操作细则》），向社会公开征求意见。 业内人士表示，推动境内公募基金业绩比较基准规范化，意在提高主动投资纪律性，促进公募基金形成 更加稳定清晰的投资风格，更好发挥公募基金的价值投资工具属性，引导行业机构回归"受人之托、代 客理财"的初心，专注于为投资者提供长期稳健回报，为资本市场引入更多中长期资金。 发挥比较基准 "锚"和"尺"的作用 一方面，《指引》《操作细则》明确业绩比较基准应充分体现产品定位和投资风格，符合基金合同中关 于投资目标、投资范围、投资策略、投资比例限制等约定。另一方面，《指引》《操作细则》要求管理 人根据产品定位、投资风格和业绩比较基准任命具备相关投资研究经验的基金经理，且基准一经选定不 可随意变化，不得仅因基金经理变化、市场短期变动、业绩考核或者排名而变更基准。 同时，此次规则强化了基准对投资的约束作用。包括管理人建立健全覆盖业绩比较基准选取、披露、监 测、评估、纠偏及问责的全流程管控机制，为业绩比 ...

◎记者 汤立斌 中国证监会10月31日发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（下称《指 引》），基金业协会同步发布《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）》（下称 《细则》），文件明确公募基金业绩比较基准应充分体现产品定位和投资风格；基准一经选定不得随意 变化；基金长期投资业绩明显低于业绩比较基准的，相关基金经理的绩效薪酬应当明显下降等内容。 发挥基准对考核指导作用 一方面，《指引》《细则》明确管理人应建立以基金投资收益为核心的考核体系，体现产品业绩和投资 者盈亏情况，健全与基金投资收益相挂钩的薪酬管理机制。在衡量主动权益基金业绩时，管理人应当加 强与业绩比较基准对比，基金长期投资业绩明显低于业绩比较基准的，相关基金经理的绩效薪酬应当明 显下降。 另一方面，《指引》《细则》规范基金评价评奖机制，改变全市场排名导向，文件要求基金评价机构应 当将业绩比较基准作为评价基金投资管理情况的重要依据，以更加科学客观地衡量基金投资业绩、风险 控制能力和风格稳定性。基金管理人、基金销售机构、基金评价机构原则上不得将不同类型、不同风格 业绩比较基准的权益类基金直接进行投资业绩排序或排名。 强 ...

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" ...

事关公募基金业绩比较基准新规出炉。 10月31日，中国证监会就《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》）公开征求意见。 为指导行业机构更好落实《指引》，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，并向社会公开征求意见。 速览：《指引》共六章二十一条，主要内容如下： 一是突出业绩比较基准的表征作用，业绩比较基准应当体现基金合同约定的核心要素和投资风格，一经 选定则不得随意变更。 二是强化业绩比较基准的约束作用，基金管理人应当建立全流程内控机制，提高内部决策层级，确保投 资风格稳定性。 三是发挥业绩比较基准的评价作用，规范薪酬考核、基金销售、基金评价等对业绩比较基准的使用要 求。 四是健全多道防线，在基金管理人自我约束基础上，进一步加强信息披露和基金托管人监督。 明确"锚"和"尺" 从《指引》起草背景看，业绩比较基准是基金合同的基本要素，是基金管理人基于产品定位和投资目标 而为基金设定的业绩参考标准。从功能作用看，业绩比较基准是基金投资的"锚"和"尺"，发挥确定产 ...

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 ...

10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（下称《指 引》）。《指引》共二十一条，分为总则、基准的规范、管理人的内部控制、基准的外部约束、监督管 理、附则等六章。 基准应表征基金的投资风格 《指引》明确基准的选取规范。一是代表性要求。基准的构成要素与权重应当符合基金合同关于投资目 标、投资范围、投资策略、投资比例等约定，能够表征基金的投资风格。 《指引》加强基准的信息披露。一是法律文件。在基金合同、招募说明书等法律文件中披露基准的设定 及原因，所涉及的发布机构、计算方式和查询途径，管理人管理投资偏离基准的定性或定量方法、基准 变更的情形和程序等信息。 二是定期报告。在基金定期报告中披露基金实际投资与基准在收益率、波动率、资产配置、行业分布等 方面的对比情况，并通过定性和定量方法对基金业绩与基准的差异进行解释说明。涉及基准变更的，在 变更基准后一年内，定期报告还需将基金业绩表现与变更前后的业绩比较基准进行比较。基金托管人应 当对披露内容加强复核监督。 二是客观性要求。基准的计算方法、数据来源等信息应当清晰透明、可持续、可量化，标的资产可公允 定价。 三是指数的特别要求。选 ...

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].