Core Viewpoint - The recent release of the "Guidelines for the Selection and Use of Performance Benchmarks for Publicly Offered Securities Investment Funds" and the "Operational Details for Performance Benchmarks" by the China Securities Regulatory Commission aims to standardize the selection and use of performance benchmarks in the public fund industry, enhancing internal controls and protecting investors' rights [2][4]. Group 1: Performance Benchmark Significance - Performance benchmarks serve as a critical "baseline" for fund companies, reflecting the characteristics of the fund based on its type, investment scope, and strategy [4]. - The guidelines emphasize that benchmarks should accurately represent the product's positioning and investment style, and once selected, they should not be changed arbitrarily due to manager changes or short-term market fluctuations [4][5]. - The new regulations are expected to enhance the clarity and specificity of performance benchmarks, helping investors understand product characteristics and form reasonable return expectations [5][6]. Group 2: Control and Compliance - The guidelines aim to establish a comprehensive internal control system covering the selection, disclosure, monitoring, evaluation, and correction of benchmarks, addressing issues like "style drift" [5][6]. - By reinforcing the constraints of performance benchmarks, the guidelines will clarify product positioning and help prevent deviations from investment strategies, leading to clearer risk-return profiles [5][6]. Group 3: Linking Benchmarks to Manager Performance - A significant aspect of the reform is linking performance benchmarks to fund manager performance evaluations, which is expected to promote long-term value investing [6][7]. - The guidelines encourage fund managers to select benchmarks more prudently and manage deviations from them, fostering a performance evaluation system centered on long-term results [7][8]. - Enhanced external supervision related to benchmarks, including custodial oversight and information disclosure, is also part of the new framework to create a positive interaction ecosystem around benchmarks [7][8].

业绩比较基准改革是推动公募基金高质量发展的系统性工程。 牛市来了还没上车？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！ 基金公司火线解读行业重磅文件。 10月31日，中国证监会发布了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（以下简称 《指引》），基金业协会同步发布了《公开募集证券投资基金业绩比较基准操作细则（征求意见稿）》 （以下简称《操作细则》），向社会公开征求意见。 基金公司及相关机构普遍认为，《指引》及《操作细则》的实施，标志着我国公募基金行业向着更加规 范、透明、专业的方向发展，其核心在于推进公募基金业绩比较基准的规范管理，并强化主动投资过程中 的纪律约束，以此引导行业机构恪守"受人之托，代客理财"的初心，夯实各类投资风格的基础，致力于为 投资者提供长期可持续的回报，推动公募基金行业高质量发展，促进资本市场改革发展稳定。 引导行业机构恪守"受人之托，代客理财"初心 广发基金认为，《指引》和《操作细则》是公募基金行业落实《行动方案》基础性、整体性制度安排的切 实措施，对于行业建立健全利益绑定机制、优化考核与激励约束机制等，提供了重要的制度依据 ...

中国证监会10月31日消息，证监会就《公开募集证券投资基金业绩比较基准指引(征求意见稿)》公开征 求意见，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(征求意见稿)》。规则突 出基准对产品的表征作用，强化基准对投资的约束作用，发挥基准对考核的指导作用，强化基准的外部 监督。 按照《推动公募基金高质量发展行动方案》安排，下一步证监会将修订出台薪酬考核规则，细化基金经 理薪酬考核具体指标要求；完善基金管理人分类评价监管体系，将业绩比较基准相关考核指标纳入有关 指标体系；常态化注册与业绩比较基准挂钩的浮动管理费基金产品。基金业协会将组织成立行业专家 组，研究建立基金行业业绩比较基准要素库，基准库未来将用于鼓励、引导行业机构规范选取表征权益 资产的基准要素。 发挥基准对考核的指导作用 今年5月，证监会印发行动方案，坚持以投资者为本的理念，提出围绕公募基金业绩比较基准的系列改 革措施。 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，可以发挥"锚"和"尺"的 功能作用。其中，"锚"的作用主要表现为明晰投资风格、约束投资行为，防止基金产品投资"风格漂 移"、提高投资稳定性；"尺"的作 ...

Core Insights - The report emphasizes the importance of the "representativeness" of performance benchmarks for public funds, which should reflect the fund's investment style, objectives, scope, strategy, and proportions [1] - Internal controls are directly linked to performance benchmarks, enhancing the investment managers' focus on these benchmarks. Significant deviations from the benchmark will require review by the investment decision committee [1] - The weight of performance benchmarks in performance evaluation and fund assessment has significantly increased, with clear guidelines on how to compare active equity fund performance against benchmarks [1] Summary by Sections Performance Benchmark Adjustments - Adjustments to performance benchmarks can be made without convening a holder's meeting, except when there are changes to the investment scope, such as adding Hong Kong stock investments [1] - Existing products will have a one-year transition period for benchmark adjustments [1] Market Impact Discussion - The report suggests that public fund managers will likely reduce overall deviations from benchmarks, but the ability to make subjective adjustments remains crucial for generating excess returns [1] - During market opportunities, public funds may still have strong incentives to deviate from benchmarks to pursue relative returns, but in market correction phases, there may be a tendency to align more closely with benchmarks [1] - Historical trends indicate that growth-style managers tend to outperform benchmarks in growth-dominant phases, while value-style managers face more challenges in outperforming during value-dominant phases [1] - The distinction between indices suitable for active versus passive investment is clear, with active investment indices having more diverse constituents and greater stock differentiation [1]

每经记者｜李蕾 每经编辑｜何小桃 彭水萍 《每日经济新闻》记者获悉，备受市场关注的公募基金业绩比较基准新规征求意见稿正式公布。 10月31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（征求意见稿）》（以下简称《指引》），基金业协会同步发布了《公开募集证券 投资基金业绩比较基准操作细则（征求意见稿）》（以下简称《操作细则》），向社会公开征求意见。 今年5月，证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），对公募基金高质量发展提出系列改革任务。其中，业绩比较基 准改革是本次公募基金改革的关键举措之一，基准的规范选取和有效使用也将有助于提升公募基金投资风格的清晰度和投资行为的稳定性，纠治"风格漂 移"等问题。 此次出台《指引》《操作细则》，既是落实《行动方案》要求的具体举措，填补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， 强化投资管理的纪律性的"关键一步"，将引导行业机构回归"受人之托、代客理财"的初心，构建更加稳定的投资风格，更好发挥公募基金价值投资工具属 性，为投资者提供长期稳健回报，为资本市场引入更多中长期资金。 《操作细则》共六章二十九条，进一步明确了 ...

证监会10月31日消息，证监会起草了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，现 向社会公开征求意见。征求意见稿突出基准衡量业绩的作用。 一是绩效考核。明确管理人应建立以基金投资收益为核心的考核体系，体现产品业绩和投资者盈亏情 况，健全与基金投资收益相挂钩的薪酬管理机制。在衡量主动权益基金业绩时，应当加强与业绩比较基 准对比，做好业绩归因分析，科学评估超额收益质量和偏离基准情况，合理剔除指数编制、风险应对等 客观因素带来的正负超额收益情况，基金长期投资业绩明显低于业绩比较基准的，相关基金经理的绩效 薪酬应当明显下降。 二是规范业绩展示。除货币市场基金、债券基金等基金类型外，管理人、销售机构展示基金业绩的，应 当同时在同一位置展示业绩比较基准的表现，并做好投资者教育工作，不得存在利用业绩比较基准误导 投资者、引导预期收益等对投资者不利的行为。 三是规范基金评价。基金评价机构应当将业绩比较基准作为评价基金投资管理情况的重要依据，以此衡 量基金投资业绩、风险控制能力和风格稳定性。基金管理人、基金销售机构、基金评价机构原则上不得 将不同类型、不同风格业绩比较基准的权益类基金直接进行投资业绩排序或排名。 ...

Core Viewpoint - The article discusses the transformation in China's public fund industry regarding the recognition and application of performance benchmarks, emphasizing the importance of the "Active Share" metric to help investors identify differences in investment strategies and avoid pitfalls associated with "pseudo-active" funds [2][8]. Group 1: Introduction and Regulatory Changes - The article highlights the issue of fund managers in China neglecting performance benchmarks, leading to significant deviations in fund holdings and resulting in poor investor experiences [1]. - The China Securities Regulatory Commission (CSRC) issued an action plan on May 7, 2023, aimed at enhancing the quality of public funds, which emphasizes the central role of benchmarks in defining product positioning, investment strategies, and performance evaluation [1]. Group 2: Active Share Metric - Active Share is defined as a quantitative measure of the difference between a fund's portfolio and its benchmark, calculated by summing the absolute differences in weights of individual securities [4][5]. - The metric allows for a clearer distinction between active management and passive replication, addressing limitations of traditional metrics like R-squared and tracking error [6][7]. Group 3: Current State of Active Equity Funds - As of June 30, 2025, the average Active Share for three categories of active equity funds in China is 89.82%, with 87% of funds having an Active Share above 80% [10][14]. - The article notes that active fund managers often deviate from benchmarks in terms of style, industry, and individual stock selection, leading to high Active Share levels [13]. Group 4: Category Analysis - The average Active Share for large-cap growth, large-cap balanced, and small-cap funds is reported as 89.86%, 86.29%, and 96.26%, respectively, indicating that small-cap funds exhibit significantly higher Active Share [14]. - The article explains that the concentration of large-cap stocks in indices limits the active management opportunities, while small-cap stocks provide a broader range of potential excess returns [14]. Group 5: Case Studies - The article compares two funds within the same category, highlighting significant differences in their Active Share due to varying investment strategies, with one fund maintaining a stable Active Share around 70% and the other nearing 100% [17]. - The contrasting strategies illustrate how fund managers' approaches to portfolio construction can lead to different levels of risk and performance volatility [17]. Group 6: Future Insights - The next article will delve into the relationship between Active Share and fund performance, as well as how to identify strategy drift and "pseudo-active" funds in light of new regulations [23].

Core Viewpoint - The new regulatory guidelines for performance benchmarks in public funds are imminent, marking a significant step towards high-quality development in the fund industry, with clearer product positioning and enhanced constraints on investment behavior [2][4]. Group 1: Regulatory Framework - The "Action Plan" mandates the establishment of regulatory guidelines for performance benchmarks, detailing the setting, modification, disclosure, continuous evaluation, and correction mechanisms for fund companies [4]. - The guidelines aim to strictly regulate the selection of performance benchmarks by fund companies, ensuring they effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [4][12]. Group 2: Industry Response - Over 176 funds have adjusted their performance benchmarks this year, reflecting a proactive response to regulatory expectations [9]. - Fund companies have begun to modify benchmarks to better align with actual investment strategies, addressing the disconnect between traditional static benchmarks and the evolving market structure [9][10]. Group 3: Benchmark Construction Standards - There is a consensus on the standards for constructing scientific benchmarks, which include matching risk-return characteristics with the fund, accurately reflecting investment strategies and styles, ensuring transparency in benchmark composition and calculation methods, and adequately covering major industries for thematic funds [10][11]. Group 4: Short-term Challenges - The implementation of the new guidelines is expected to have a profound impact on the public fund industry, but it may also lead to short-term pressures for concentrated adjustments [12]. - Fund managers may need to adjust their portfolios to align with the new benchmarks, which could involve significant rebalancing and necessitate careful management to minimize market impact [13][14]. Group 5: Long-term Implications - The adjustment of performance benchmarks will transform the assessment mechanisms, shifting the focus from short-term relative performance to long-term stable excess returns [13][14]. - Fund companies will adopt a more cautious approach in selecting benchmarks and defining investment themes, ensuring that benchmarks are not overly broad or misaligned with fund objectives [14].

Group 1 - Shenzhen Municipal Financial Management Bureau and other departments released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", aiming for a total market value of listed companies to exceed 20 trillion yuan by the end of 2027 and to cultivate 20 companies with a market value of 100 billion yuan [1] - The plan encourages social capital participation in mergers and acquisitions and supports corporate venture capital (CVC) to focus on key links in the industrial chain and enhance technological advantages [1] Group 2 - The China Securities Investment Fund Association is set to release a draft for public consultation on performance comparison benchmarks for public funds, which will serve as a core standard for evaluating fund managers' performance [2] - The selected performance benchmarks will be binding and cannot be changed arbitrarily, impacting fund managers' compensation and industry awards [2] Group 3 - U.S. President Trump expressed expectations for a trade agreement with China at the upcoming APEC summit, although he noted that a meeting between the two heads of state may not occur [3] - The Chinese Foreign Ministry emphasized the importance of high-level diplomatic engagement in guiding China-U.S. relations [3] Group 4 - Huawei officially launched the HarmonyOS 6, which allows file transfer between HarmonyOS and Apple devices without using data, enhancing cross-ecosystem connectivity [4][6] Group 5 - The micro-stock index reached a new high, with a nearly 4.9% increase in October, indicating active trading in the mechanical sub-sector [5] Group 6 - Gold prices experienced a significant drop, with a daily decline of 6.7%, marking the largest single-day drop since August 2020, raising questions about the future of the gold market [6] - Despite the recent downturn, many institutions believe that the gold bull market is not over and that there is still potential for upward movement in the medium to long term [6] Group 7 - In the U.S. stock market, Beyond Meat saw a dramatic increase of 66%, while other major stocks like Texas Instruments and Netflix faced declines [7] - The current U.S. federal government shutdown has reached its second-longest duration in history, raising concerns about its potential impact on the market [8] Group 8 - The Federal Reserve is expected to lower interest rates by 25 basis points next week, with significant uncertainty regarding the interest rate path for next year [9] Group 9 - Samsung launched the Galaxy XR mixed reality headset, aiming to compete with Apple's Vision Pro, highlighting the growth potential in the headset industry [11][12] - The headset market in China is projected to reach a scale of 100 billion yuan by 2025, with applications across various sectors [12] Group 10 - China Unicom reported a 5.2% year-on-year increase in net profit for the first three quarters, indicating positive performance in the telecommunications sector [18] - Other companies like Tonghuashun and Junshi Biosciences also reported significant profit increases and successful FDA inspections, respectively [18]

有公募人士向21世纪经济报道记者分析称，业绩比较基准规则的推出，意味着基金业协会或将同步发布 多项业绩比较基准，供基金管理人根据旗下产品特性从中选择使用。该基准将成为评价基金经理是否跑 赢同业、创造超额收益的核心标准。 围绕公募基金改革，又一大重磅细则即将落地。 10月22日，21世纪经济报道记者独家获悉，中国证券投资基金业协会即将于近日发布公募基金业绩比较 基准规则征求意见稿。 同时据记者前期自行业机构了解，以头部基金公司为主的多家管理人已上报了一批拟作为业绩比较基准 的指数，种类涵盖宽基、行业、风格等多种类型。不过对于进入实际基准库的指数数量，监管层的态度 整体较为审慎。 公募"业绩基准库"将落地 作为《推动公募基金高质量发展行动方案》中提及的关键细则之一，公募基金业绩比较基准规则的推 出，是贯彻新"国九条"精神，推动公募基金改革落实的重要举措。 今年5月7日，证监会曾发布《推动公募基金高质量发展行动方案》，围绕公司治理、产品发行、投资运 作、考核机制等基金运营管理多个关键层面，细化25条举措，全方位勾勒出公募基金行业改革发展路 径。 其中《行动方案》特别强调，要强化业绩比较基准的约束作用，并提到要制定公 ...