越南基准股指收复4月2日来的全部失地。 ...

当地时间5月15日，墨西哥央行宣布，将基准利率下调50个基点至8.00%。墨央行表示，在未来的货币 政策会议上可能继续以类似幅度降息。(央视新闻) ...

中国新闻周刊注意到，行动方案发布以来，已有基金公司迅速反应，对新政中多次提到的重要指标"业 绩比较基准"进行变更。 基金行业内，饱受投资者诟病的机构公司"旱涝保收""躺平赚钱"等现象正在由此消亡。 近日，中国证监会公开印发《推动公募基金高质量发展行动方案》（以下简称"行动方案"），针对目前 基金行业发展中存在的诸多问题，提出了一揽子具体的、可操作的改革措施，以推动行业加快实现高质 量发展。 其中，建立健全基金公司收入报酬与投资者回报绑定机制，督促基金公司建立健全与基金投资收益相挂 钩的薪酬管理机制等新规引发投资者群体高度关注与讨论。 管理费将与基金业绩表现挂钩 所谓业绩比较基准，是用来衡量基金表现优劣的参考标准，通常由一组具有代表性的市场指数、指数组 合或固定收益率构成，常见如某混合型基金的业绩比较基准为"沪深300指数收益率*75%+中债总指数收 益率*25%"。业绩比较基准一般反映基金的投资目标和风险收益特征，也用于评估基金经理的投资能 力。 晨星（中国）基金研究中心高级分析师李一鸣向中国新闻周刊分析表示，此次新政要求管理费与基金业 绩表现关联，将敦促基金公司从规模驱动转向业绩驱动，基金公司将更加注重投资 ...

波兰央行官员Wnorowski：未来可能进一步降息，幅度最有可能为25个基点。到2025年底，基准利率将 达到"4开头"，而目前的利率为5.25%。 ...

路透调查：52%的经济学家预计，日本央行将在今年年底前将基准利率至少提高至0.75%。 ...

Group 1 - The core viewpoint of the news is that the new performance benchmark assessment for public funds has led to increased attention on bank stocks, as funds need to outperform the CSI 300 index to avoid penalties [1][3] - Bank stocks have seen a significant rise, contributing to the Shanghai Composite Index breaking through 3400 points, indicating a potential shift in fund allocations towards large financial institutions [1][3] - The argument that public funds will buy bank stocks due to performance concerns is considered flawed, as many fund managers aim to outperform the market and have historically not relied on bank stocks for excess returns [3][4] Group 2 - The current valuation of large bank stocks is relatively high, and buying them to meet performance benchmarks could be seen as a risky move for fund managers [3] - The new assessment criteria, which focus on a three-year performance period rather than annual assessments, allow funds to adopt a more strategic approach to investment without immediate pressure [4] - The intrinsic nature of active equity funds is to generate excess returns while managing risks, and deliberately investing in bank stocks to meet benchmarks could diminish the value proposition of these funds for investors [4]

Core Viewpoint - The fund management company, Zhejiang Zheshang Securities Asset Management Co., Ltd., has announced a change in the performance benchmark for the Zheshang Huijin Quantitative Selected Stock Investment Fund, effective May 15, 2025, to better reflect the fund's investment strategy and performance characteristics [1][2]. Performance Benchmark Change - The performance benchmark will change from "CSI 500 Index return × 50% + CSI Hong Kong Stock Connect Composite Index return × 40% + China Bond Total Wealth Index return × 10%" to "CSI 500 Index return × 85% + China Bond Total Wealth Index return × 10% + CSI Hong Kong Stock Connect Composite Index return × 5%" [1][2]. Fund Contract Revision - The fund contract will be revised to reflect the new performance benchmark, specifically in the section regarding the fund's investment performance [1][2]. Index Descriptions - The CSI 500 Index is designed to reflect the overall development trend of the A-share market, covering a significant portion of the market capitalization with highly liquid stocks [1]. - The CSI Hong Kong Stock Connect Composite Index represents the overall status and trends of companies listed within the Hong Kong Stock Connect scope, making it suitable for the fund's Hong Kong investments [2]. - The China Bond Total Wealth Index encompasses various bond types across different markets, providing a comprehensive reflection of the bond market's overall price and return situation [2]. Other Notes - The changes to the performance benchmark and fund contract will not adversely affect the interests of fund shareholders and do not involve significant changes to the rights and obligations of the parties involved in the fund contract [2][3]. - The updated fund contract and related documents will be published on the fund management company's designated website and the China Securities Regulatory Commission's electronic disclosure website [3][4].

Group 1 - The People's Bank of China announced a reduction in reserve requirements and interest rates on May 7, leading to adjustments in the bank wealth management market [1] - Several institutions, including Tangshan Bank and CMB Wealth Management, have lowered their performance benchmarks for wealth management products, with some adjustments exceeding 100 basis points and lower limits below 2% [1] - Market interest rates are declining, with interbank certificate of deposit yields falling below 2% and 10-year government bond yields decreasing from 2.8% in 2024 to 2.1% in May 2025, compressing the interest spread [1] Group 2 - The traditional high-interest deposit model is becoming unsustainable in a persistently loose liquidity environment, leading to a general downward trend in wealth management product yields [2] - It is expected that over 70% of wealth management products will actively lower their performance benchmarks within the next 3 to 6 months [2] - Financial institutions are advised to innovate products and manage risks to balance returns and liquidity, with a focus on developing short-term, high-liquidity products to meet current low-interest environment demands [2]

今日，A股多个指数收涨，其中上证指数涨幅0.86%，站上了3400点。保险、证券午后纷纷拉升，中证银 行指数更是连续6个交易日收涨，今日涨幅也达到0.81%。 那么，究竟是谁在买金融板块？ 今日，市场传出原因可能是公募基金高质量发展行动方案发布之后，基金经理为了匹配业绩比较基准， 有配置的需求。 还有一位管理红利主题的基金经理表示，"据我了解是有人加仓了，但是我自己没有加，因为我觉得更多 的还是来自于事件催化，市场这一表现跟行业基本面关系相对较弱"。加仓与否不仅看比较基准，也看具 体考核细则 其实长期以来，公募基金对金融行业处于低配的状态。 据记者了解，基金经理的个体配置差异也比较明显，有的基金经理表示，确实有加仓的动作，买了非 银。不过也有基金经理表示，自己这几天并没有买，这波行情更多是事件催化。谁在买入金融板块？ 今日午后，非银金融的保险、证券集体拉升，截至收盘时，保险行业上涨超6%，证券行业上涨超3%。 | 全部板块 二级行业 概念板块 风格板块 地区板块 统计指数 80 47 | | | | | --- | --- | --- | --- | | . | 名称 | 涨幅%↓ 圳价 | ・・ 代码 | ...

美国共同基金业绩比较基准如何披露并监管？ （1）美国证监会（SEC）自 1993 年起逐步完善对共同基金业绩比较基准的监 管框架，对基准重视程度高。1993 年，SEC 发布的《共同基金业绩与投资组 合管理人披露规则》首次要求共同基金在招募说明书中披露与宽基指数的业绩 对比；1998、2001、2022 年分别对 Form N-1A 进行数次修订。发展至今，Form N-1A 对于业绩比较基准相关披露规定已较为明确。 （2）渠道端提高对业绩比较基准的披露要求。2020 年 12 月美国证监会修订 了《1940 年投资顾问法》，投资顾问仅展示收益而无视指数基准表现的情况存 在虚假陈述嫌疑，推荐采用相关指数或基准作为比较，披露其投资业绩。 （3）行业自律层面，GIPS 作为行业较为权威的统一标准规范行业发展。GIPS 对于基准的设定原则、披露方法进行了细致的规定，为行业自律提供指导。 证 券 研 究 报 告 非银金融行业跟踪报告 如何定义比较基准？海外经验与考核探讨 推荐（维持） ——公募基金改革跟踪系列报告二 前言：5 月 7 日，证监会印发《推动公募基金高质量发展行动方案》，提出强 化业绩比较基准的约束作用， ...