重塑"业绩尺"：以高标准打造"核心刻度" 一方面，业绩基准偏差披露趋于深度化。《指引》要求定期报告必须详尽披露基金实际投资与业绩比较 基准在收益率、波动率、资产配置、行业分布、久期等多维度的对比情况，并明确管理人需结合定性描 述与定量指标对两者差异进行分析。定量指标可包括跟踪误差、信息比率、最大回撤、年化波动率等。 这使得业绩表现得以被清晰"解剖"，投资者与评价者能够有效区分收益来源——是源于对基准风格的简 单复制、对特定行业或因子的大幅暴露，还是来自真正的主动管理能力。 另一方面，基金评价导向更趋科学。《指引》明确要求评价机构必须结合业绩比较基准进行分类评价， 禁止对不同风险收益特征的权益类基金进行简单化的直接业绩排序或排名。这实质上确立了"以基准为 锚，衡量超额收益获取能力" 为核心的新评价范式，推动行业关注点从短期相对排名转向长期超额收益 的稳定性和持续性。 近日，中国证监会正式发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），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》）。这不仅 是对《推动公募基金高质量发展行动方案》的系统性落实，更标志着公募 ...

近日，中国证监会正式发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），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》）。这不仅 是对《推动公募基金高质量发展行动方案》的系统性落实，更标志着公募基金行业进入新阶段，全面转 向以投资者利益为本、以专业能力立身的高质量发展。新规通过强化业绩比较基准的"锚定"效力与"标 尺"功能，着力提升基金业绩的可理解性与可比较性，引导基金管理人更加注重投资纪律和风格稳定， 致力于为投资者创造可持续的长期回报。 破除"软约束"：从"参考项"到"硬约束" 公募基金高质量发展的基石在于"可预期、可信任"。本次《指引》的出台，标志着业绩比较基准正式 从"软性参考"升级为贯穿产品全生命周期的"刚性约束"。其确立的"代表性、客观性、持续性、约束 性"四大核心原则，构筑了不可逾越的制度底线。 锚定"高质量"：以"投资之锚"重塑行业生态 一是明确价值创造标尺，引导资源聚焦长期阿尔法。《指引》通过强化基准的严肃性与稳定性，并配套 建立"业绩比较基准要素库"，引导基金管理人必须在明确划定的能力圈与风格赛道内进行深度耕耘。这 促使行业竞争从追逐短 ...

Group 1 - The U.S. CFTC released the weekly positions report, indicating market trends [3] - U.S. Treasury Secretary Besant may announce the Federal Reserve Chair candidate around Davos [3] - Apple announced a price reduction of 1,000 yuan for iPhone and other products from January 24 to January 27 [3] Group 2 - U.S. stock indices closed mixed, with the Dow down 0.58%, Nasdaq up 0.28%, and S&P 500 up 0.03% [4] - Precious metals saw significant gains, with silver rising over 4% and gold reaching a high of 4,990 USD [5] - European stock indices showed mixed results, with Germany's DAX up 0.18% and France's CAC40 down 0.07% [6] Group 3 - China's banking wealth management market reached a scale of 33.29 trillion yuan by the end of 2025, growing 11.15% from the beginning of the year [12] - The China Securities Regulatory Commission announced reforms to upgrade the performance comparison benchmarks for public funds [11] - The National Energy Administration projected that the national electricity market transaction volume will reach 6.6 trillion kWh by 2025, a year-on-year increase of 7.4% [15] Group 4 - The Chinese Ministry of Commerce held a roundtable with British-funded enterprises to explore new growth points in bilateral trade [9][10] - The Chinese government is promoting service industry cooperation with the UK, focusing on consumption, green transformation, and technological innovation [10] Group 5 - Tesla's Full Self-Driving (FSD) system is expected to be approved in China soon, although reports of this have been disputed [20] - Li Auto plans to close some low-efficiency stores to improve overall operational efficiency [29] - China Eastern Airlines plans to operate 14 domestically produced C919 aircraft during the Spring Festival, with new routes expected to be launched in mid-February [27]

Group 1 - The U.S. CFTC released its weekly positions report, indicating market trends and investor sentiment [3] - U.S. Treasury Secretary Besant hinted at an announcement regarding the Federal Reserve Chair position around the Davos event [3] - Apple announced a price reduction of 1,000 yuan for its iPhone and other products in China from January 24 to January 27 [3] Group 2 - U.S. stock indices closed mixed, with the Dow down 0.58%, the Nasdaq up 0.28%, and the S&P 500 up 0.03% [4] - The precious metals sector saw significant gains, with silver rising over 4% and gold reaching a high of 4,990 USD per ounce [5] - European stock indices showed mixed results, with Germany's DAX up 0.18% and France's CAC40 down 0.07% [6] Group 3 - China's banking wealth management market reached a scale of 33.29 trillion yuan by the end of 2025, growing 11.15% from the beginning of the year [11] - The China Securities Regulatory Commission announced new guidelines for public fund performance benchmarks to enhance transparency and accountability [10] - The National Energy Administration projected that the national electricity market transaction volume would reach 6.6 trillion kWh by 2025, a year-on-year increase of 7.4% [14] Group 4 - The Chinese Ministry of Commerce held a roundtable with British-funded enterprises to explore new growth points in bilateral economic and trade relations [9] - Tesla's Full Self-Driving system is expected to receive approval in China soon, although reports of its imminent approval were deemed inaccurate [20] - Li Auto plans to close some low-efficiency stores to improve overall operational efficiency and focus on core markets [31]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has developed the "Guidelines for the Performance Benchmark of Publicly Offered Securities Investment Funds" to enhance the quality of public fund development, effective from March 1, 2026, focusing on investor protection and the proper use of performance benchmarks [1][2]. Group 1 - The guidelines consist of six chapters and twenty-one articles, emphasizing the serious and stable application of performance benchmarks, which must align with the core elements of the fund contract and investment style, and cannot be changed arbitrarily once selected [2]. - The guidelines strengthen internal controls and management for fund managers, requiring benchmarks to be determined by company management and necessitating the establishment of robust internal control mechanisms to manage fund managers and maintain investment style stability [2]. - External constraints on performance benchmarks are reinforced, specifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions regarding the display and use of benchmarks [2]. Group 2 - Strict regulatory measures will be enforced by the CSRC and its local agencies against any illegal activities by fund managers, custodians, sales institutions, evaluation agencies, and their personnel [2]. - Prior to finalizing the guidelines, the CSRC sought public opinion, receiving general approval and specific suggestions for modifications, which were carefully considered and incorporated into the final version of the guidelines [2]. - The CSRC will ensure effective implementation of the guidelines following their official release [2].

2026年公募基金行业迎来首个新规落地。 1月23日，证监会与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指引》及《公开募集证券投资基金业绩比较基准操作细则》 （下称"新规"），直指"基准模糊""风格漂移""基金盲盒"等行业痛点。 经过两个多月的征求意见阶段，这场围绕业绩基准"锚"与"尺"的制度革新正式落地，落实《推动公募基金高质量发展行动方案》要求的具体 举措，填补了公募基金监管规则的空白，也是推动境内公募基金业绩比较基准规范化、提高主动投资纪律性的"关键一步"。 新规自2026年3月1日起施行，并设置过渡期， 一是对存量产品业绩比较基准设置和其他内容不符合《指引》和基金业协会自律规则规定的， 给予1年的实施过渡期。 二是为确保业绩比较基准相关信息披露、业绩展示、评价评奖、排名排序的客观性和准确性，避免误导投资者，将 相关要求与存量产品基准调整过渡期拉齐为1年。三是托管人监督基金投资风格稳定性的要求，考虑到涉及系统调整和数据交互等工作，给 予6个月的实施过渡期。 随着新规落地，一场聚焦长期价值的行业生态重塑正式启幕。 新规落地，直击四大行业沉疴 业绩比较基准本是基金的"投资坐标"，但长期以来，部分基 ...

Core Viewpoint - The article discusses the speculation surrounding Chen Qiming's potential departure from Huafu Fund, following a series of personnel changes and the company's restructuring efforts [2][4]. Group 1: Personnel Changes - Chen Qiming, a "Double Ten" fund manager with over 10 years of experience and an annualized return exceeding 10%, has been rumored to leave Huafu Fund since late 2025 [2][3]. - On January 17, 2026, Huafu Fund announced changes in fund management, including the appointment of new co-managers for several funds previously managed by Chen Qiming, further fueling speculation about his departure [4][5]. - Chen Qiming resigned as Vice General Manager of Huafu Fund on December 23, 2025, citing "personal reasons," which has led to increased market speculation regarding his future [2][4]. Group 2: Company Restructuring - Huafu Fund has experienced frequent personnel changes since 2025, including the resignation of key executives and adjustments in its internal structure [7][8]. - The company has seen the departure of its chairman and two vice general managers within a year, raising concerns about the stability of its core investment research team [8]. - Huafu Fund's largest shareholder, Huazhong Securities, is planning to increase its stake to gain control, which may influence the company's strategic direction [9]. Group 3: Fund Performance and Management - Chen Qiming managed 10 funds at Huafu Fund, with a peak management scale of nearly 5 billion yuan in Q2 2022, which has since decreased to 1.8 billion yuan by Q3 2025 [5]. - His performance has been notable, with returns of 47.87%, 50.30%, and 16.58% over the past one, two, and three years, respectively, all outperforming the CSI 300 Index [5]. - Huafu Fund has a total of 23 fund managers, with only Chen Qiming and another manager meeting the "Double Ten" criteria, indicating a potential gap in experienced leadership following his departure [5].

Market Overview - The A-share market in 2025 showed a clear upward trend amidst structural fluctuations, with the Shanghai Composite Index reaching a nearly ten-year high and touching the 4000-point mark [1] - The market capitalization of A-shares surpassed 100 trillion yuan, with an average daily trading volume exceeding 1.7 trillion yuan, indicating sustained market activity [1] Fund Performance - Over 96% of active equity funds established for more than a year achieved positive returns, with 75 funds doubling their value within a year [2] - Among these, E Fund stood out by having 10 of the "doubling funds," showcasing its strong active management capabilities [2] - Notable fund managers like Wu Yang and Liu Jianwei achieved annual returns around 120% and 110% respectively, with their funds performing exceptionally well [2] Long-term Performance Metrics - The focus on long-term performance has increased, with a new regulatory framework emphasizing long-term return assessments for funds [5] - In the past three years, 41 active equity funds achieved annualized returns over 30%, with E Fund having five of these funds, leading among fund companies [5] - In the last five years, E Fund also had a significant number of funds with annualized returns exceeding 15% [5] Fund Management and Strategy - E Fund's investment strategy emphasizes a robust research and investment system, which has been crucial for its performance [8] - The company employs a "large platform, small team" management model, integrating internal and external resources to enhance investment and research capabilities [8] - This approach aims to create sustainable alpha and deliver stable long-term returns for clients in a complex market environment [8]

Core Viewpoint - In 2025, Bosera Asset Management aims to implement high-quality development requirements for public funds, focusing on three capability enhancements and the group's "third entrepreneurship" while maintaining stability and progress [1][3]. Group 1: Financial Performance and Goals - By the end of 2025, the company's total asset management scale is projected to reach 1.8 trillion yuan, with over 95% of investors achieving profits in the past three years, significantly enhancing investor satisfaction [1][3]. - The company is committed to adapting to the demands of high-quality development amidst economic structural transformation and growing wealth management needs [3]. Group 2: Strategic Vision and Cultural Commitment - Bosera Asset Management aims to become a leading asset management company focused on value discovery and investor interests, striving to create customer value and discover investment value [3]. - The company emphasizes the importance of political and public aspects of financial work, adhering to the "Five Musts and Five Must Nots" of Chinese financial culture [3]. Group 3: Future Outlook - In 2026, as the beginning of the "14th Five-Year Plan," Bosera Asset Management will work to create greater value returns for the nation, society, and clients, contributing to the goal of building a financial power in the context of Chinese modernization [4].

Group 1 - The report predicts that the A-share bull market will continue in 2026, driven by resilient overseas economies, likely continued dollar liquidity easing, and domestic policies maintaining a "dual easing" tone, with technology growth remaining the long-term market focus [4][7][8] - During the New Year holiday, the Hang Seng Technology Index rose by 4.00%, and the Hang Seng Index increased by 2.76%, indicating a positive market sentiment driven by technology and materials sectors [4][8] - The manufacturing PMI returned to the expansion zone at 50.1% in December, marking the first increase since April, driven by policy support and pre-holiday inventory buildup [8][9] Group 2 - The report highlights the importance of service consumption policies, with the National Development and Reform Commission announcing a 2.95 billion yuan investment plan and 625 million yuan in special bonds to support consumption [9][10] - The real estate sector is expected to experience a significant divergence in policy expectations, with new housing sales projected to stabilize at 700-800 million square meters annually during the 14th Five-Year Plan period [11][12] - The public fund industry is expected to see a high-quality development trend, with new regulations aimed at reducing investor costs and promoting long-term holding of funds, potentially saving investors 51 billion yuan annually [12]