10月31日，中国证监会起草了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（以下简称 《指引》），并向社会公开征求意见。同时，基金业协会同步起草了《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）》，进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管 理等具体操作规范。 21世纪经济报道记者 黎雨辰 公募基金改革又一项重磅指引正式落地。 作为基金产品设计的核心要素，业绩比较基准贯穿基金投资运作全周期，是界定基金投资范围和风格的 重要指标，也是评估基金业绩的专业标尺。今年5月，证监会印发《推动公募基金高质量发展行动方 案》，对公募基金高质量发展提出系列改革任务，其中便特别强调，要强化业绩比较基准的约束作用， 并提到要制定公募基金业绩比较基准监管指引。 在多家业内机构看来，此次业绩比较基准指引及操作细则的出台，将有效规范基金管理人的投资行为， 加强公募基金行业服务居民财富管理需求的作用，提升投资者体验。 强化业绩基准作用 压实主体责任 据了解，此次《指引》共二十一条，分为总则、基准的规范、管理人的内部控制、基准的外部约束、监 督管理、附则等六章，主要内容如下： 一是突出业绩比较基准的表 ...

新京报贝壳财经讯（记者胡萌）10月31日，中国证监会、基金业协会分别发布了《公开募集证券投资基 金业绩比较基准指引（征求意见稿）》和《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）》，并向社会公开征求意见。 编辑 陈莉 校对 柳宝庆 ...

Core Points - The China Securities Regulatory Commission (CSRC) has released a draft guideline for public solicitation of opinions on the "Guidelines for Performance Benchmark Selection of Publicly Raised Securities Investment Funds" to enhance the quality of public funds [2] - The guideline aims to standardize the selection and use of performance benchmarks, ensuring they reflect the core elements and investment styles agreed upon in fund contracts [2] - The guideline consists of six chapters and twenty-one articles, focusing on the representation, constraint, and evaluation roles of performance benchmarks [2][3] Group 1 - The performance benchmark should reflect the core elements and investment style as stipulated in the fund contract, and once selected, it should not be changed arbitrarily [2] - Fund managers are required to establish a comprehensive internal control mechanism to ensure the stability of investment styles [2] - The guideline emphasizes the need for proper use of performance benchmarks in salary assessments, fund sales, and evaluations [2] Group 2 - The Asset Management Association of China is drafting operational details to guide industry institutions in implementing the guidelines, focusing on benchmark selection, information disclosure, risk control, and compliance management [3] - The operational details will also be open for public consultation to ensure industry-wide adherence [3]

《指引》共六章二十一条，主要内容如下：一是突出业绩比较基准的表征作用，业绩比较基准应当体现 基金合同约定的核心要素和投资风格，一经选定则不得随意变更。二是强化业绩比较基准的约束作用， 基金管理人应当建立全流程内控机制，提高内部决策层级，确保投资风格稳定性。三是发挥业绩比较基 准的评价作用，规范薪酬考核、基金销售、基金评价等对业绩比较基准的使用要求。四是健全多道防 线，在基金管理人自我约束基础上，进一步加强信息披露和基金托管人监督。 证监会10月31日消息，为落实《推动公募基金高质量发展行动方案》，规范公募基金业绩比较基准的选 取和使用，切实发挥业绩比较基准表征风格、约束投资和衡量业绩等功能作用，完善基金管理人的内部 控制，保护投资者的合法权益，根据《证券投资基金法》《公开募集证券投资基金运作管理办法》及其 他有关法律法规，中国证监会起草了《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。 为指导行业机构更好落实《指引》，基金业协会同步起草了《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）》，进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管理等具体 操作规范， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Guidelines for Performance Benchmark Selection and Use in Publicly Offered Securities Investment Funds" to enhance the quality of public fund management and protect investors' rights [1][2] Group 1: Guidelines Overview - The guidelines consist of six chapters and twenty-one articles, emphasizing the representation function of performance benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [1] - The guidelines strengthen the constraint function of performance benchmarks, requiring fund managers to establish a comprehensive internal control mechanism to ensure the stability of investment styles [1] - The guidelines aim to standardize the evaluation function of performance benchmarks, regulating their use in salary assessments, fund sales, and fund evaluations [1] - The guidelines propose a multi-layered defense system, enhancing information disclosure and supervision by fund custodians based on self-restraint by fund managers [1] Group 2: Industry Response - The Asset Management Association of China is concurrently drafting the "Operational Details for Performance Benchmark Selection in Publicly Offered Securities Investment Funds" to provide specific operational norms regarding benchmark selection, information disclosure, risk control, and compliance management [2] - The CSRC invites public feedback on the guidelines, which will be refined and implemented following the consultation process [2]

中国证监会10月31日发布 公募基金业绩比较基准指引 征求意见稿 完善对业绩比较基准的监管安排 全面升级公募基金业绩"参照系" 引导行业形成更加稳定清晰的投资风格 更好发挥公募基金价值投资属性 证监会相关部门负责人介绍，新规将切实发挥业绩比较基准对基金投资行为的约束和指导作用，完善对业绩比较基准的 监管安排，引导基金行业进一步回归投资者利益导向，保护投资者利益，促进基金行业服务能力提升，推动基金行业高 质量发展。 新华社权威快报 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）》。中国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）》，向社会公开征求意见。征求意见截止到11月29日。 新华社国内部出品 记者：刘慧、刘羽佳 海报制作：刘羽佳 ...

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）》。中国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）》，向社会公开征求意见。征求意见截止到11月29日。 中国证监会10月31日发布 公募基金业绩比较基准指引 征求意见稿 完善对业绩比较基准的监管安排 全面升级公募基金业绩"参照系" 引导行业形成更加稳定清晰的投资风格 更好发挥公募基金价值投资属性 新华社权威快报 证监会相关部门负责人介绍，新规将切实发挥业绩比较基准对基金投资行为的约束和指导作用，完善对业绩比较基准的 监管安排，引导基金行业进一步回归投资者利益导向，保护投资者利益，促进基金行业服务能力提升，推动基金行业高 质量发展。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 ...

中国证监会10月31日发布 公募基金业绩比较基准指引 征求意见稿 完善对业绩比较基准的监管安排 全面升级公募基金业绩"参照系" 引导行业形成更加稳定清晰的投资风格 更好发挥公募基金价值投资属性 新华社权威快报 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）》。中国 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）》，向社会公开征 求意见。征求意见截止到11月29日。 证监会相关部门负责人介绍，新规将切实发挥业绩比较基准对基金投资行为的约束和指导作用，完 善对业绩比较基准的监管安排，引导基金行业进一步回归投资者利益导向，保护投资者利益，促进基金 行业服务能力提升，推动基金行业高质量发展。 记者：刘慧、刘羽佳 海报制作：刘羽佳 新华社国内部出品 【纠错】 【责任编辑:邱丽芳】 ...

Report Industry Investment Rating - Not provided in the report Core View of the Report - After the high - level oscillation in September, the stock index is expected to enter a direction - selection phase again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity - based assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme in the current upward market trend, considering the potential increase in Q4's growth - stabilizing policies and the resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **Futures Price and Volume**: For IF contracts, the previous day's closing prices of IF current month, next month, next quarter, and far - quarter were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80 and increases of 1.50%, 1.49%, 1.37%, and 1.48%. Similar data are provided for IH, IC, and IM contracts. The trading volumes and open interests of each contract are also presented, along with the changes in open interests [1] - **Inter - month Spread**: The current values of the inter - month spreads of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month are - 13.60, 0.20, - 52.00, and - 71.20 respectively, compared with previous values of - 12.80, - 0.80, - 51.40, and - 69.80 [1] 2. Stock Index Spot Market - **Index Performance**: The previous value of the CSI 300 index was 4660.68, with a previous two - day value of 4606.34 and an increase of 1.18%. Similar data are provided for the SSE 50, CSI 500, and CSI 1000 indices. The total trading amounts and trading volumes are also given [1] - **Industry Performance**: Different industries showed different growth rates. For example, the energy industry decreased by 0.42%, while the telecommunications business increased by 5.50% [1] 3. Futures - Spot Basis - The previous values of the basis of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively, compared with previous two - day values of - 12.74, - 25.54, - 52.54, and - 89.54. Similar data are provided for IH, IC, and IM contracts [1] 4. Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index had previous values of 3950.31, 13289.18, 8139.58, and 3171.57 respectively, with increases of 0.71%, 2.02%, 1.81%, and 3.57% [1] - **Overseas Indices**: The Hang Seng Index, Nikkei 225, S&P, and DAX Index had certain previous values and growth rates, such as the Hang Seng Index increasing by 0.74% [1] 5. Macroeconomic Information - **Sino - US Economic and Trade Consultation**: From October 25th to 26th, Sino - US economic and trade consultations were held in Kuala Lumpur, Malaysia. The two sides reached a basic consensus on important economic and trade issues [2] - **Central Bank Operations**: The People's Bank of China carried out 900 billion yuan of MLF operations on October 27th, with a net investment of 200 billion yuan this month. It also conducted 1.7 trillion yuan of outright reverse repurchases, resulting in a net investment of 400 billion yuan after hedging the matured ones. The total net investment of medium - term liquidity this month is 600 billion yuan [2] - **APEC Meeting**: President Xi Jinping will attend the 32nd APEC Economic Leaders' Meeting in South Korea from October 30th to November 1st [2] 6. Industry Information - **Fund Industry**: The draft regulatory guidelines for the performance comparison benchmarks of public funds may be released soon. As of October 26th, 176 funds have adjusted their performance comparison benchmarks this year [2] - **Banking Industry**: Since October, many banks have raised the minimum investment threshold for gold accumulation. Short - term gold price fluctuations may become the norm [2] - **Power Industry**: As of the end of September, the cumulative installed power generation capacity in China was 3.72 billion kilowatts, with solar power and wind power showing significant year - on - year growth [2]

Group 1: Public Fund Industry - The China Securities Investment Fund Industry Association is set to release a draft for public fund performance benchmark rules, which will allow fund managers to select from multiple benchmarks based on their product characteristics [1] - The introduction of performance benchmarks will serve as a core standard for evaluating fund managers' ability to outperform peers and generate excess returns, impacting their compensation and industry awards [1] - A new fee war is emerging among small and medium-sized distribution agencies, with some offering subscription fees as low as 0%, indicating a trend towards reduced fees to attract users [1] Group 2: Banking and Financial Services - The average interest rates for fixed-term deposits in September 2025 showed a slight decline across various terms, with the 1-year rate at 1.277% and the 3-year rate at 1.688% [2] - The Hong Kong Stock Exchange reported a significant increase in IPO financing, with a total of HKD 182.9 billion raised in the first three quarters of 2025, more than doubling compared to the same period in 2024 [2] Group 3: Agriculture and Food Industry - Pork prices in China have been declining for ten consecutive weeks, with expectations that mid-October prices may represent the lowest point for the year due to increased supply and seasonal demand fluctuations [2] Group 4: Technology and E-commerce - Cainiao Supply Chain is joining Taobao's flash purchase business to provide rapid delivery services, expanding the range of products available for quick purchase during the Double 11 shopping festival [3] - The iPhone Air has launched with lower resale premiums compared to previous iPhone models, indicating a cooling demand in the resale market [4] Group 5: Automotive Industry - Global automotive giants are implementing large-scale layoffs due to weak market demand, with over 100,000 job cuts reported from major manufacturers and suppliers [4] - Mercedes-Benz is executing its largest-ever layoff plan, aiming for around 30,000 voluntary departures, with significant compensation packages for senior employees [4] Group 6: Corporate Developments - Alibaba's small loan company has officially completed its deregistration, with its business now fully transitioned to Ant Bank [5] - Peng'an Fund Management announced a leadership change with Yang Bin succeeding Zhang Guoyong as chairman [5] - ST Nanchuan and its subsidiaries received a consumption restriction order due to a financial dispute, although business operations remain unaffected [6] - Tengjing Technology's subsidiary secured a sales order worth 87.606 million yuan for YVO4 products [7] - Zhongyan Dadi won a bid for a sports project in Beijing valued at 74.035 million yuan [8] - Sanwang Communication plans to repurchase shares worth 20 to 40 million yuan [9] Group 7: Financial Performance - Anke Rui reported a 21.31% year-on-year increase in net profit for the first three quarters of 2025, with total revenue of 837 million yuan [11] - Taishan Petroleum's net profit surged by 112.32% year-on-year, despite a revenue decline of 5.6% [12] - Zhejiang Xiantong achieved a 17.4% increase in net profit, with revenue growth of 21.74% [13] - Xiongdi Technology's net profit rose by 71.16%, with a revenue increase of 5.63% [14] - Haichen Pharmaceutical reported a 16.22% increase in net profit, with a significant revenue growth of 30.80% [15] - Qiaoyuan Co. saw a 40.54% increase in net profit, with revenue growth of 8.75% [16] - Fuda Co. reported an 83.27% increase in net profit, with a revenue increase of 27.32% [17] Group 8: Market Overview - The stock market experienced a decline, with the three major indices closing lower and trading volume shrinking to 1.67 trillion yuan, marking a significant drop from previous days [18][19]