巴西基准股指收盘上涨1.79%，报139,000点，创历史最高收盘水平。 ...

Core Viewpoint - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the binding force of performance benchmarks for fund products, transforming them into crucial metrics for investment behavior, product performance evaluation, and fund positioning [1][3]. Group 1: Importance of Performance Benchmarks - The industry has historically undervalued performance benchmarks due to a focus on overall market rankings, leading to issues such as style drift among fund managers and concentrated industry allocations [2][3]. - Data indicates that a significant number of actively managed equity funds have underperformed their benchmarks, with 2,532 out of 4,243 funds failing to beat their benchmarks over the past year, and nearly half underperforming by over 10 percentage points over three years [2][3]. Group 2: Regulatory Measures - The Action Plan proposes to strengthen the regulatory framework surrounding performance benchmarks, including guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks [3][4]. - Fund managers whose products underperform their benchmarks by over 10 percentage points for three years will see a significant decrease in performance compensation, while those who exceed benchmarks may receive reasonable increases [3]. Group 3: Industry Transformation - The Action Plan is viewed as a new pillar for the high-quality development of the fund industry, adding a "benchmark as anchor" concept to the existing foundational structures established since 1998 [3][4]. - The focus on performance benchmarks is expected to lead to a reduction in the pursuit of star fund managers and short-term products, promoting a more stable investment environment [7]. Group 4: Impact on Fund Management - Fund managers will face increased pressure to align with performance benchmarks, necessitating adjustments in investment methodologies and enhanced risk control [8]. - The industry may see a shift towards more passive investment strategies, with ETFs and stable active management funds becoming more prevalent as performance benchmarks are strictly adhered to [8].

Group 1 - The Central Bank of Brazil has lowered its inflation expectations for 2025 from 5.53% to 5.5% and for 2026 from 4.51% to 4.50% [1] - The National Monetary Council of Brazil has set the inflation management target for 2024 to 2026 at 3%, allowing for a fluctuation of 1.5 percentage points [1] - The Central Bank maintains its economic growth forecast for 2025 at 2.00% and the benchmark interest rates for 2025 and 2026 at 14.75% and 12.5% respectively [1] Group 2 - The Central Bank's Focus Report is based on a survey of over 100 financial institutions and is published weekly to predict important domestic economic data trends [1]

(0) 财通证券 CAITONG SECURITIES 1、5月7日，证监会发布《推动公募基金高质量发展行动方案》，政策旨在鼓励基金确定合理的业绩比较基准、规范投资行为。《推动公募基金高质 量发展行动方案》提出：1）建立与基金业绩表现挂钩的浮动管理费收取机制，根据其持有期间产品业绩表现确定具体适用管理费率水平。2）强化业 绩比较基准的约束作用，明确基金产品业绩比较基准的设定、修改、披露、持续评估及纠偏机制。 2、相关政策背景在于近三年跑赢业绩基准的主动基金占比偏低。2015年至今，主动基金相对业绩基准的表现在不同市场环境下波动较大，其中 2016-2018年、2022-2024年间，跑赢基准的基金占比持续偏低，这与基金配置长期偏离基准不无联系。此次强化约束有利于纠偏基金业绩比较基准 设立不合理、基金风格漂移的现象，强化投资者信心。 3、当前以沪深300、中证800、中证500为业绩比较基准的基金规模，占全部生动基金的71%，普遍低配金融、公用。截至1Q25，以沪深300/中证 800/中证500为业绩比较基准的主动基金规模合计约2.5万亿元，三类基金分别占3.5万亿元主动基金的48%/19%/4%。其中：a） ...

Group 1 - The central bank of Chile predicts that the benchmark interest rate will be 5% in June and July, and will decrease to 4.5% by December [1]

随着大语言模型在内容创作、代码生成与科学问答等领域掀起巨大变革浪潮，以严谨逻辑与精密结构著称的数学领域也迎来了深刻的转型契机。 当前，数学理论的复杂性不断提升，许多重要定理的证明规模已远超传统人工审阅的能力边界。动辄数百页的证明不仅挑战了同行评审的极限，更暴露出人工验证 过程的缓慢与脆弱性。针对这一困境，形式化数学方法开始成为重要的解决路径。这一方法通过将数学命题严格表达为形式逻辑语言，并借助计算机进行自动化验 证，有效地提升了定理证明的准确性和可靠性。 在形式化数学日益成为趋势的背景下，来自爱丁堡大学的博士研究生辛华剑自2022年起致力于将大语言模型技术与形式化数学方法结合，曾分别在DeepSeek和字节 跳动Seed团队进行相关研究。 2025年5月9日，辛华剑在由剑桥中国AI协会、锦秋基金、清华大学学生通用人工智能协会、 清华大学学生创业协会联合举办的主题分享会上，以《大语言模型时代 的形式化数学革命》为题，详细阐述了形式化数学的历史演进、现状挑战以及未来发展方向。 他认为： 以下内容为此次报告的整理与深化，经由分享人本人审阅补充。 引言 当大语言模型（LLM）以空前规模席卷内容创作与科学研究等领域之际 ...

Core Viewpoint - The U.S. Secretary of Commerce, Gina Raimondo, indicated that a 10% baseline tariff is likely to remain in place for the foreseeable future, with the burden of these tariffs falling on foreign companies rather than U.S. consumers [1] Group 1: Tariff Implications - The 10% baseline tariff is expected to persist, impacting global trade dynamics [1] - Companies are urged to compete by selling products to U.S. consumers without incurring these tariffs on domestically produced goods [1] - Consumer goods companies have already indicated that they may raise product prices due to the ongoing effects of these tariffs [1]

作为衡量基金业绩的标尺，业绩比较基准有望发挥更重要的作用。 近日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），提出强化业绩比 较基准的约束作用，明确基金业绩比较基准的设定、修改、披露、持续评估及纠偏机制，并对基金公司 选用基准的行为实施严格监管。 业内人士指出，此举旨在解决当前市场中存在的"风格漂移""赌赛道"等问题。业绩基准将成为更清晰的 标尺，帮助投资者精准识别基金的真实水平，推动公募基金迈向更高质量发展新阶段。 重塑行业生态 《行动方案》明确要求强化业绩比较基准的刚性约束，从设定、披露到纠偏全链条升级监管。 在新规约束下，基金产品业绩基准设定的逻辑以及基金经理的投资策略将面临深刻调整。 天相投顾基金评价中心表示，新规要求基金所选基准必须与产品类型和投资策略高度匹配，这一举措有 助于提高行业的透明度和一致性，确保基准能准确反映产品的投资方向和风险特征。 新规规定基金经理绩效薪酬需与三年以上的业绩表现挂钩，跑输基准将面临降薪压力，取得超额收益则 可能获得奖励，这将促使基金经理减少短期博弈行为，致力于获取长期稳定的超额收益。 以往部分基金"赌赛道"的做法也将受到制约。盈米基金研究院权 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 ...

Group 1 - The core viewpoint of the article is that several funds are changing their performance benchmarks to better reflect their risk-return characteristics and investment strategies [1][4][5] - On May 9, 2023,浦银安盛基金 announced changes to the performance benchmarks of three bond funds, indicating a trend of adjusting benchmarks across the industry [4][5] - As of May 11, 2023, a total of 73 funds have changed their performance benchmarks this year, including various types such as equity mixed funds and bond funds [5][6] Group 2 - The adjustments in performance benchmarks are primarily driven by fund managers' considerations of more appropriate benchmarks in light of changes in investment direction [5][6] - The China Securities Regulatory Commission (CSRC) has emphasized the need to strengthen the constraints of performance benchmarks in its recent action plan for the high-quality development of public funds [7][8] - The CSRC aims to establish regulatory guidelines for setting, modifying, disclosing, and continuously evaluating performance benchmarks to ensure they serve their intended purpose effectively [8]