New Stock Subscription - A new stock subscription for Beixin Life is available with a subscription code of 787712 and an issue price of 17.52 yuan per share, with a subscription limit of 9,000 shares [6] Government and Regulatory Updates - The State Council Information Office will hold a press conference on January 26, 2026, at 3 PM to discuss the 2025 business work and operational situation [6] - On January 23, 2026, the China Securities Regulatory Commission (CSRC) released guidelines for the performance comparison benchmarks of publicly raised securities investment funds, marking another significant achievement in promoting high-quality development of public funds [6] - The CSRC added 14 new futures and options varieties for specific domestic products, including nickel futures and options, paraxylene futures and options, and lithium carbonate futures and options [6] Market Trends - Samsung Electronics has raised the supply price of NAND flash memory by over 100% in the first quarter of this year, significantly exceeding market expectations and highlighting the severe supply-demand imbalance in the semiconductor market [9] Company Performance Reports - **招商银行 (China Merchants Bank)** reported a net profit of 150.18 billion yuan for 2025, a year-on-year increase of 1.21% [12] - **中微公司 (Zhongwei Company)** expects a net profit growth of 28.74% to 34.93% year-on-year for 2025 [13] - **白银有色 (Silver Nonferrous Metals)** anticipates a net loss of 450 million to 675 million yuan for 2025, marking a shift from profit to loss [14] - **永创智能 (Yongchuang Intelligent)** projects a net profit increase of 721.57% to 894.86% year-on-year for 2025 [15] - **联化科技 (Lianhua Technology)** expects a net profit growth of 239.35% to 307.22% year-on-year for 2025 [16] - **道氏技术 (Daoshi Technology)** anticipates a net profit increase of 206.01% to 269.76% year-on-year for 2025 [17] - **英搏尔 (Yingboer)** expects a net profit growth of 139.43% to 167.6% year-on-year for 2025 [18] - **金凯生科 (Jinkai Biotechnology)** projects a net profit increase of 138.28% to 200.45% year-on-year for 2025 [19] - **神工股份 (Shengong Co.)** anticipates a net profit growth of 135.3% to 178.09% year-on-year for 2025 [20] - **福达合金 (Fuda Alloy)** expects a net profit increase of 119.14% to 219.95% year-on-year for 2025 [21] - **力生制药 (Lisheng Pharmaceutical)** projects a net profit growth of 116.77% to 138.44% year-on-year for 2025 [22] - **香农芯创 (Shannon Chip Creation)** anticipates a net profit increase of 81.77% to 134.78% year-on-year for 2025 [23] - **联创光电 (Lianchuang Optoelectronics)** expects a net profit growth of 80.36% to 120.57% year-on-year for 2025 [24] - **双一科技 (Shuangyi Technology)** projects a net profit increase of 80% to 100% year-on-year for 2025 [25] - **西菱动力 (Xiling Power)** anticipates a net profit growth of 77.82% to 117.33% year-on-year for 2025 [26] - **亚钾国际 (Yajia International)** expects a net profit increase of 75% to 107% year-on-year for 2025 [26] - **神开股份 (Shenkai Co.)** projects a net profit growth of 65.75% to 98.9% year-on-year for 2025 [26] - **宁水集团 (Ningshui Group)** anticipates a net profit increase of 62.16% to 94.59% year-on-year for 2025 [26] - **融捷健康 (Rongjie Health)** expects a net profit growth of 60.07% to 87.82% year-on-year for 2025 [26] - **飞荣达 (Feirongda)** projects a net profit increase of 57.23% to 83.43% year-on-year for 2025 [26] - **昊志机电 (Haozhi Electromechanical)** anticipates a net profit growth of 54.4% to 99.03% year-on-year for 2025 [26] - **联动科技 (Liandong Technology)** expects a net profit increase of 52.68% to 87.16% year-on-year for 2025 [26] - **安硕信息 (Anshuo Information)** projects a net profit growth of 52.44% to 98.83% year-on-year for 2025 [26] - **美畅股份 (Meichang Co.)** anticipates a net profit increase of 51.18% to 78.67% year-on-year for 2025 [26] - **派能科技 (Paine Technology)** expects a net profit growth of 50.82% to 109.21% year-on-year for 2025 [26] - **上海新阳 (Shanghai Xinyang)** projects a net profit increase of 50.82% to 82.12% year-on-year for 2025 [26] - **沙钢股份 (Shagang Co.)** anticipates a net profit growth of 50.69% to 78.37% year-on-year for 2025 [26] - **潍柴重机 (Weichai Heavy Machinery)** expects a net profit increase of 45% to 75% year-on-year for 2025 [26] - **晶方科技 (Jingfang Technology)** projects a net profit growth of 44.41% to 52.32% year-on-year for 2025 [26] - **飞凯材料 (Feikai Materials)** anticipates a net profit increase of 42.07% to 84.69% year-on-year for 2025 [26] - **奥特佳 (Aotega)** expects a net profit growth of 41.85% to 79.67% year-on-year for 2025 [26] - **鲁泰Ａ (Lutai A)** projects a net profit increase of 38.92% to 53.54% year-on-year for 2025 [26] - **大华股份 (Dahua Co.)** reported a net profit of 3.854 billion yuan for 2025, a year-on-year increase of 32.65% [27] - **光大证券 (Everbright Securities)** reported a net profit of 3.729 billion yuan for 2025, a year-on-year increase of 21.92% [27] - **亚联机械 (Yalian Machinery)** reported a net profit of 186 million yuan for 2025, a year-on-year increase of 20.17% [27] - **江中药业 (Jiangzhong Pharmaceutical)** reported a net profit of 906 million yuan for 2025, a year-on-year increase of 14.96% [27] - **杭州银行 (Hangzhou Bank)** reported a net profit of 19.03 billion yuan for 2025, a year-on-year increase of 12.05% [27] Company Losses and Adjustments - **宋城演艺 (Songcheng Performing Arts)** expects a year-on-year net profit decrease of 12.75% to 32.21% for 2025 [27] - **江铃汽车 (Jiangling Motors)** reported a net profit of 1.188 billion yuan for 2025, a year-on-year decrease of 22.71% [27] - **华东重机 (East China Heavy Machinery)** anticipates a year-on-year net profit decrease of 39.05% to 59.36% for 2025 [27] - **金百泽 (Jinbaize)** expects a year-on-year net profit decrease of 39.84% to 59.04% for 2025 [27] - **创力集团 (Chuangli Group)** anticipates a year-on-year net profit decrease of 43.96% to 53.3% for 2025 [27] - **复旦微电 (Fudan Microelectronics)** expects a year-on-year net profit decrease of 50.58% to 66.82% for 2025 [27] - **开开实业 (Kaikai Industry)** anticipates a year-on-year net profit decrease of approximately 63.14% for 2025 [27] - **上海能源 (Shanghai Energy)** expects a year-on-year net profit decrease of 63.69% to 69.97% for 2025 [27] - **大众交通 (Dazhong Transportation)** anticipates a year-on-year net profit decrease of 64.08% to 75.42% for 2025 [27] - **公元股份 (Gongyuan Co.)** expects a year-on-year net profit decrease of 66.39% to 74.01% for 2025 [27] - **拱东医疗 (Gongdong Medical)** anticipates a year-on-year net profit decrease of 67.37% to 74.36% for 2025 [27] - **淮北矿业 (Huaibei Mining)** expects a year-on-year net profit decrease of approximately 69.21% for 2025 [27] - **豫园股份 (Yuyuan Co.)** anticipates a loss in operating performance for the 2025 fiscal year [27]

Core Viewpoint - The implementation of the "Guidelines" and "Operational Rules" is a significant step towards promoting high-quality development in the public fund industry, shifting the focus from short-term relative rankings to creating long-term stable returns for investors [2][3]. Group 1: Performance Evaluation and Management - Fund managers are required to establish a performance evaluation and compensation management system centered on fund investment returns, reflecting product performance and investor gains and losses [1]. - When assessing the performance of actively managed equity funds, fund managers must strengthen comparisons with performance benchmarks, with significant underperformance leading to a notable decrease in the performance compensation of relevant fund managers [1]. - Fund evaluation agencies are mandated to use performance benchmarks as a key basis for evaluating fund investment management, enhancing the scientific and objective measurement of fund performance, risk control capabilities, and style stability [1]. Group 2: Industry Transformation and Governance - The new regulations aim to address the long-standing issue of "benchmark ambiguity" in the industry, allowing for precise positioning of fund products and aligning the interests of fund managers with those of investors [3]. - The shift from "soft constraints" to "hard constraints" in the new rules is expected to effectively govern "style drift," ensuring that fund managers' performance is linked to long-term benchmarks rather than mere ranking comparisons [2]. - The introduction of a "monitoring-warning-correction" mechanism is designed to manage style drift, requiring fund managers to set deviation thresholds and disclose them regularly, transforming implicit drift into explicit control [2]. Group 3: Long-term Investment Focus - The new guidelines encourage fund managers to focus on creating sustainable, stable excess returns for investors with specific risk-return preferences, moving away from short-term market speculation [3]. - The emphasis on a standardized performance reference system is expected to enhance the stability of public investment behavior, clarify product investment styles, and improve investor satisfaction [3].

基金研究 2026 年 1 月 25 日 基金点评 《公募基金业绩比较基准指引及操作细则》解读 证券分析师 | 陈 瑶 | 投资咨询资格编号 | | --- | --- | | | S1060524120003 | | | CHENYAO370@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 任书康 | 投资咨询资格编号 | | | S1060525050001 | | | RENSHUKANG722@pingan.com.cn | 研究助理 高 越 一般证券从业资格编号 S1060124070014 GAOYUE384@pingan.com.cn 《指引》和《细则》正式稿相对征求意见稿，主要调整内容包括：1）聚 焦投资风格匹配：明确投资目标和投资风格为核心内容，具体说明了投资 方向与投资风格应当关注的基准要素，强调应对不同类型产品分类展示或 排序。2）明确基准变更规则：规定基准变更须在新基准生效前三十日公 告，突出持续性要求，基准一经选定不得随意变更。3）扩大监管主体范 围：《 ...

来源：上海证券报·中国证券网 上证报中国证券网（记者 聂林浩）近日，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》（以下简称《指引》），规范公募基金业绩比较基准的选取和使用。中国证券投资基金业协会配套 发布《公开募集证券投资基金业绩比较基准操作细则》（以下简称《操作细则》），规范公募基金业绩 比较基准选取和使用的操作流程。 易方达基金副总裁王骏表示，此次《指引》及《操作细则》的发布，是贯彻落实《推动公募基金高质量 发展行动方案》的重要举措，通过对公募基金选取和使用业绩比较基准加强指引和规范，有助于切实发 挥业绩比较基准表征产品投资风格、约束投资和衡量业绩等方面的功能作用，更好地保护投资者合法权 益。业绩比较基准是基金管理人基于产品定位和投资目标为基金设定的业绩参考标准，是基金投资 的"锚"和"尺"，其合理性与稳定性直接关系到投资者能否准确识别产品特征、评估绩效水平。此次发布 的《指引》共六章二十一条，从业绩比较基准的选取、应用、内部管理及外部监督等环节建立了全链条 的规范框架。 王骏进一步分析，首先，《指引》强化业绩比较基准的"表征"与"约束"功能，并明确要求，将业绩比较 基准需与基金的投资目标、投 ...

1月23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》（以下简称《指引》），规范 公募基金业绩比较基准的选取和使用。同日，中国证券投资基金业协会配套发布《公开募集证券投资基 金业绩比较基准操作细则》（以下简称《操作细则》），规范公募基金业绩比较基准选取和使用的操作 流程。 同时，将业绩比较基准深度嵌入绩效考核体系。《指引》明确提出，基金管理人应建立以基金投资收益 为核心的考核机制，并将基金业绩与基准的比较情况作为重要依据。特别是当基金长期业绩明显低于其 业绩比较基准时，相关基金经理的绩效薪酬将受到直接影响。这一规定旨在从激励约束机制上，驱动投 资行为与产品定位及持有人利益长期保持一致。 加强基准外部约束 设置过渡期安排 《指引》进一步明确了基金托管人的监督职责，要求其对业绩比较基准的合理性及投资组合的相符性进 行复核与监督。同时，规范基金销售机构与评价机构的行为，要求其在产品推介和业绩评价中合理使用 并显著展示业绩比较基准，帮助投资者做出有效判断，共同营造透明规范的市场环境。上述举措将推动 形成内外部协同监督合力。 易方达基金副总裁王骏表示，此次《指引》及《操作细则》的发布，是贯彻落实《推动公募基 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released guidelines for the performance comparison benchmarks of publicly offered securities investment funds, aiming to standardize the selection and use of these benchmarks, thereby enhancing investor protection and promoting high-quality development in the fund industry [1][6]. Group 1: Establishing a Benchmark - Performance comparison benchmarks serve as a "baseline" for fund companies, reflecting the characteristics of the fund based on its type, investment scope, and strategy [2][7]. - The guidelines emphasize that the selection and use of benchmarks must adhere to principles of representativeness, objectivity, constraint, and continuity, positively impacting both fund managers and investors [2][7]. - Fund companies are required to set objective and reasonable performance benchmarks based on their investment strategies, which cannot be changed arbitrarily once selected [2][7]. Group 2: Clarifying Performance Metrics - The guidelines mandate that the elements and weights of performance benchmarks should represent the investment style of the fund and align with the fund contract's investment goals, scope, strategies, and restrictions [3][8]. - This will enhance the clarity of fund product positioning and investment styles, allowing investors to better understand product characteristics through performance comparisons with benchmarks [3][8]. - Understanding the product before investment is crucial for guiding investors to form reasonable expectations and make informed decisions, thereby protecting their rights and enhancing their investment experience [3][8]. Group 3: Strengthening Accountability and Evaluation - A significant highlight of the guidelines is the linkage of performance benchmarks to fund manager performance evaluations, requiring the establishment of a performance assessment and compensation management system centered on fund investment returns [4][9]. - Fund managers must compare the performance of actively managed equity funds against benchmarks and conduct performance attribution analysis to assess the quality of excess returns and deviations from benchmarks [4][9]. - If a fund's long-term performance significantly lags behind its benchmark, the performance compensation of the relevant fund manager should decrease accordingly, promoting a shift from a scale-oriented to a return-oriented industry focus [4][9][10]. Group 4: Implementation and Future Steps - The company plans to systematically review and evaluate the performance benchmarks of its funds in accordance with the new guidelines and establish a rational assessment mechanism [5][10]. - The fund manager evaluation system will be refined to deepen the connection with investor returns, aiming to provide high-quality services to investors [5][10].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint On January 23, 2026, the reform plan for the performance comparison benchmark of publicly - offered securities investment funds was officially implemented. This report focuses on the main adjustments of the official version compared with the draft for soliciting opinions [1]. 3. Summary by Relevant Catalogs 3.1 Performance Comparison Benchmark Specification - **Benchmark Element Library Selection**: The official version weakens the requirement for the fund manager to explain when selecting a stock index from the second - category library or outside the benchmark element library. It encourages fund managers to select and use performance comparison benchmark elements from the first - category library when developing actively managed funds [2][3]. - **Benchmark Element Preference Rules**: Different from the draft, the official version deepens the perspective to the underlying assets of the fund, providing targeted requirements for different underlying asset classes of the same fund, which is more in line with the current development status of domestic public funds [3]. - **Disclosure Requirements in Periodic Reports**: The official version has three main changes: relaxing the requirements for special fund types, weakening the disclosure requirements for the credit rating distribution comparison of bond - type funds, and adding the requirement to disclose the comparison of the asset allocation of FOFs and their benchmarks [6]. 3.2 External Supervision, Sales and Evaluation - **Fund Custodian's Monitoring of Benchmark Deviations**: The official version requires fund custodians to focus on the single - industry deviation of actively managed funds with industry - themed indices as benchmarks [8][9]. - **Sales Display Requirements**: The official version includes the performance display of fund evaluation institutions and limits the covered fund types to stock funds, hybrid funds, and FOFs [10][11]. - **Business Requirements for Fund Evaluation Institutions**: The official version provides more detailed suggestions and key indicators for classifying funds based on benchmarks and states that fund managers and sales institutions can adopt the classification results of fund evaluation institutions [11]. 3.3 Regulatory Assessment and Transition Period - **Supervision and Management**: The official version includes fund sales institutions in the classified evaluation and supervision system [12]. - **Transition Period**: The transition period for the fund custodian to establish a supervision mechanism for the investment style stability of equity funds remains six months. The transition period for the performance comparison benchmark display rectification of fund managers, sales institutions, and evaluation institutions is extended from six months to one year. Additionally, one - year transition periods are set for three aspects including information transmission of benchmark changes and disclosure of performance comparison benchmarks in periodic reports [12].

直击行业痛点 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 公募基金业绩比较基准新规正式落地！ 1 月 23 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》（以下简称《指 引》）。 有利于提升投资者获得感 业绩比较基准是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，一般由指 数、合约价格、利率等要素构成，是基金合同的基本要素。从功能作用看，业绩比较基准是 基金投资的 " 锚 " 和 " 尺 " ，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产 品业绩、约束投资行为等重要作用。 但当前我国公募基金在业绩比较基准方面还存在以下问题： 一是法规制度缺乏专门性、系统性的规定，仅在信息披露、特殊产品设计等监管规则有零散 要求，约束力不强。 二是多数管理人尚未建立覆盖业绩比较基准的全链条内控机制，托管、销售等机构也未有效 监督和使用基准。 三是部分主动管理权益类基金业绩大幅偏离业绩比较基准，个别产品甚至出现 " 风格漂移 " ，对投资者获得感造成较大影响。 业内人士表示，《指引》通过强化基准约束，直击 " 风格漂移 "" 基金盲盒 " 等行业痛点， ...

据中国证监会1月23日消息，为落实《推动公募基金高质量发展行动方案》，坚持以投资者为本，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产品投资风格、约束投资和衡量业绩 等方面的功能作用，督促基金管理人完善内部控制和管理机制，保护投资者合法权益，中国证监会制定 了《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），自2026年3月1日起施行。 （文章来源：期货日报） 《指引》共六章二十一条，主要内容包括：一是突出业绩比较基准的表征作用，强调业绩比较基准运用 的严肃性和稳定性。明确业绩比较基准应当与基金合同约定的核心要素和产品投资风格相匹配，一经选 定不得随意变更。二是强化基金管理人的内部控制和管理。明确业绩比较基准应当由公司管理层决策确 定，基金管理人应当建立健全内控机制和管理体系，加强对基金经理、基金产品投资风格稳定性的持续 管理。三是加强对业绩比较基准的外部约束。明确基金托管人的监督职责，规范基金销售机构、基金评 价机构对业绩比较基准的展示、运用等行为，要求基金管理人、基金销售机构做好投资者教育等工作。 四是严格监管。中国证监会及其派出机构依法对基金管理人、基金托管人、基金销售机 ...

本报记者 吴晓璐 公募基金业绩比较基准指引正式落地。1月23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》（以下简 称《指引》），中国证券投资基金业协会（以下简称"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》（以下简称《操作细则》）。 《指引》《操作细则》的发布，有助于健全基础制度，构建基金业绩比较基准的专门性、系统性制度，填补公募基金监管 规则的空白，推动境内公募基金业绩比较基准管理更加规范化；有助于行业坚守信义义务本源，《指引》直击"风格漂移""基 金盲盒"等行业痛点，通过强化基准约束，引导基金管理人和基金经理更加注重投资纪律，减少短期博弈，专注为投资者提供 长期稳健回报；有助于促进行业高质量发展，推动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，成为机构投资者参与资本市场的有效工具，赋能基金投顾业务发展，为资本市场引入更多中长期资金；有助于引导投资 者理性客观看待基金投资收益，新规通过明确基准定位、优化展示披露，培育投资者长期投资理念，让投资者明白基准是衡量 基金经理主动管理能力的标尺，而非市场热点或短期收益。 强化基准对投资的约束作用 具 ...