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]

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 增配规模为 218 亿元（约占建筑沪深 300 标的自由流通盘市值的 6.5%）。重点 ...

塞尔维亚央行将基准利率维持在5.75%不变。 ...

【导读】响应《推动公募基金高质量发展行动方案》，首批基金变更业绩比较基准 5月9日，浦银安盛基金宣布，即日起调整旗下三只债基产品的业绩比较基准，成为《推动公募基金高质量发展行动方案》（以下简称《行动方案》）发布 以来，首批变更业绩比较基准的公募产品。 三只债基产品变更业绩比较基准 浦银安盛基金表示，为维护基金份额持有人的权益，以更科学、合理的业绩比较基准评价基金的业绩表现，根据相关法律法规的规定，公司经与各基金托 管人协商一致，决定自2025年5月9日起对浦银安盛稳健增利、浦银安盛悦享30天持有、浦银安盛双债增强的业绩比较基准进行变更，并修改各基金《基金 合同》的相应条款。 具体来看，浦银安盛稳健增利的业绩比较基准由"中证全债指数"变更为"中债综合（全价）指数收益率*85%+中证可转换债券指数收益率*5%+银行活期存 款利率（税后）*10%"。 | 《基金合同》 | 变更前 | 変更后 | | --- | --- | --- | | 修改章节 | | | | 第十部分 基 本基金业绩比较基准:中证全 | | 本基金业绩比较基准:中债综 | | 金的投资 | 賃指数 | 合(全价)指数收益率*85%+中 | | ...

金十数据整理：每日全球外汇市场要闻速递（5月9日） 1. 英美达成贸易协议：保留对英10%的基准关税、扩大双方市场准入、取消对英钢铝关税、对美农产品 实行0关税、对英汽车进口实行阶梯关税。 10. 交易员：印度央行可能抛售美元以支撑面临压力的卢比。 11. 加拿大央行：近期主要关注的风险是市场出现无序抛售的可能性；在极端危机情况下，相关当局可 能不得不提供流动性支持。 12. 高盛预计英国央行将从2025年8月起在每次会议上都降息，并在2026年3月达到2.75%的终端利率。 5. 瑞典央行将关键利率维持在2.25%不变，暗示可能进一步降息。 6. 挪威央行将政策利率维持在4.5%不变，符合市场预期。 7. 马来西亚央行将银行准备金率下调100个基点至1%。 8. 秘鲁央行将参考利率从4.75%下调至4.5%。 9. 印巴紧张局势升级，印度卢比贬值。 2. 加央行行长"站队"鲍威尔：央行独立性神圣不可侵犯。 3. 英国央行降息25个基点，将基准利率从4.5%下调至4.25%，为本轮降息周期的第四次降息，符合市场 预期。 4. 高盛警告：美国通胀率可能在圣诞节前达到近4%。 ...

美国政坛对货币政策的分歧在本周持续发酵。副总统万斯周四接受媒体采访时，对美联储主席鲍威尔的 施政方针提出系统性批评，其言论与总统特朗普近期的政策攻势形成政治共振。 万斯指出，尽管承认鲍威尔的个人品格，但其政策执行存在"系统性滞后"：在应对拜登政府时期的通胀 飙升时反应迟缓，在通过贸易政策维护美国经济利益方面同样错失时机。"他在每个关键节点都判断失 误，这种被动应对正在侵蚀美国民众的财富安全。"副总统的表态与其上司特朗普的批评口径高度一致 ——特朗普本周将与美联储主席的沟通形容为"对牛弹琴"，并公开质疑联邦公开市场委员会维持 4.25%-4.5%基准利率区间的决策，特别指出全球主要央行已普遍转向宽松周期的背景下，美联储的按兵 不动显得格外突兀。 面对政治压力，鲍威尔在公开场合重申美联储的政策独立性。他强调当前就业市场保持韧性，核心通胀 率持续回落至2.4%区间，为审慎调整货币政策提供了空间。这位央行掌门人特别提及关税政策对经济 增长路径的扰动，指出贸易保护主义措施可能通过输入型通胀和供应链重构对经济前景构成不确定性。 美联储最新利率决议显示，联邦基金利率目标区间连续第三次维持不变，符合市场主流预期。决策层在 声 ...

Market Overview - Major stock indices in the US and Europe showed positive movements, with the Dow Jones Industrial Average rising by 1.07% and the S&P 500 increasing by 0.58% [2] - The UK FTSE 100 experienced a slight decline of 0.32%, while the German DAX30 rose by 1.02% [2] - In Asia, the Indian Sensex fell by 0.51%, contrasting with the Vietnamese VNINDEX which increased by 1.55% [2] Trade Agreement - The US and UK have reached a new trade agreement that includes partial tariff reductions and expanded market access for certain products [3] - Specific details of the agreement are still pending, with a 10% additional tariff on the first 100,000 cars exported from the UK to the US, and a 25% tariff on any excess [3] - The UK is expected to reduce or eliminate non-tariff barriers for US products, including beef, ethanol, and grains [3] Financial Developments - The Bank of England has lowered its benchmark interest rate by 25 basis points to 4.25%, indicating a cautious approach to future rate changes based on inflation trends [4] - Apple is developing new specialized chips for smart glasses and AI servers, aiming for production by 2026-2027, and is also working on new M-series Mac chips [4] - The US Consumer Financial Protection Bureau has reversed its decision to regulate Google’s payment business, indicating a shift in regulatory focus [4] Cryptocurrency Market - Coinbase has announced plans to acquire Deribit, the largest cryptocurrency options trading platform, for nearly $2.9 billion, which includes $700 million in cash and 11 million shares of Coinbase Class A common stock [5] - This acquisition is aimed at enhancing Coinbase's competitive position against major players like Binance in the global market [5] Philanthropic Commitment - Bill Gates has pledged to donate nearly all of his personal wealth, amounting to approximately $200 billion, to support the world's poorest populations through his foundation by 2045 [6] - Gates aims to accelerate his philanthropic efforts, stating a commitment to distribute his wealth before his death [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to optimize the fee structure for actively managed equity funds, shifting from a fixed management fee model to a performance-based floating management fee model, thereby addressing the issue of fund companies benefiting regardless of performance [1][3]. Group 1: Fund Management Fee Structure - The current fixed management fee model incentivizes fund companies to increase fund size, as larger funds generate higher fees, leading to a phenomenon referred to as "guaranteed income" for fund companies [1][3]. - The CSRC emphasizes the need for fund companies to balance fund size and profitability, as larger fund sizes can dilute performance due to limited investment opportunities [3][6]. Group 2: Performance Metrics and Incentives - The introduction of performance benchmarks will serve as a standard for measuring fund performance, with funds required to report whether they outperform these benchmarks in their financial disclosures [5][6]. - The floating management fee model will link fees to fund performance, encouraging fund managers to achieve better returns for investors, as higher performance will result in higher fees [6]. Group 3: Long-term Investment Focus - The CSRC's action plan mandates a long-term assessment of fund performance, with at least 80% of the evaluation weight given to returns over a three-year period, promoting a culture of long-term investment among investors [6].

Group 1 - The core viewpoint of the news is that several public funds managed by浦银安盛基金 have changed their performance benchmarks to better reflect their risk-return characteristics [1][2] - The performance benchmark for浦银安盛稳健增利债券基金 (LOF) has been modified from "中证全债指数" to a new formula that includes "中债综合（全价）指数收益率*85% + 中证可转换债券指数收益率*5% + 银行活期存款利率（税后）*10%" [1] - The benchmark for浦银安盛悦享30天持有期债券基金 has changed from "中债综合全价指数收益率*90% + 一年期定期存款利率（税后）*10%" to "中债综合全价（1年以下）指数收益率*80% + 银行一年期定期存款利率（税后）*10% + 银行活期存款利率（税后）*10%" [1] - The浦银安盛双债增强债券基金's benchmark has been adjusted from "中证可转换债券指数收益率*40% + 中证综合债券指数收益率*50% + 沪深300指数收益率*10%" to "中债综合（全价）指数收益率*55% + 中证可转换债券指数收益率*30% + 沪深300指数收益率*5% + 银行活期存款利率（税后）*10%" [1] Group 2 - The changes in performance benchmarks are among the first public fund products to be modified following the release of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds" on May 7 [2] - The "Action Plan" emphasizes the need to strengthen the regulatory role of performance benchmarks, establishing guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks, as well as mechanisms for correction [2] - The plan aims to ensure that performance benchmarks effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [2]

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2] Group 1: Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a "lifeline" for public fund products, establishing clear guidelines for setting, modifying, disclosing, and evaluating these benchmarks [2][3] - Fund companies are expected to be more cautious in setting performance benchmarks, potentially shifting the evaluation logic from beta returns to alpha returns [3][4] - The emphasis on performance benchmarks aims to constrain fund managers' investment behavior, ensuring they adhere to the agreed-upon industry or style, thereby reducing arbitrary deviations [2][3] Group 2: Theme Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for theme funds, enhancing monitoring and analysis of fund investment transactions [4][5] - Historically, theme funds have been prone to style drift, with instances of funds misaligning their investments with their stated themes, which the new regulations aim to address [4][5] - The plan encourages clearer definitions of investment directions in fund names and contracts to prevent misleading practices [4][5] Group 3: Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, mandating that at least 80% of the evaluation weight be based on performance over three years or more [5][6] - This mechanism is designed to reduce short-term market fluctuations' impact on investment performance evaluations, promoting a shift from a focus on scale to a focus on returns [6][7] - By encouraging a long-term investment approach, the plan aims to attract more stable capital into the stock market, enhancing market stability and resource allocation efficiency [6][7]