中国基金报记者 忆山 公募基金业绩比较基准新规正式落地！ 1月23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》（以下简称《指引》）。 直击行业痛点 有利于提升投资者获得感 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，一般由指数、合约价格、利率等要素构成，是基金合同的基本要素。从功 能作用看，业绩比较基准是基金投资的"锚"和"尺"，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等重要作用。 但当前我国公募基金在业绩比较基准方面还存在以下问题： 一是法规制度缺乏专门性、系统性的规定，仅在信息披露、特殊产品设计等监管规则有零散要求，约束力不强。 二是多数管理人尚未建立覆盖业绩比较基准的全链条内控机制，托管、销售等机构也未有效监督和使用基准。 三是部分主动管理权益类基金业绩大幅偏离业绩比较基准，个别产品甚至出现"风格漂移"，对投资者获得感造成较大影响。 业内人士表示，《指引》通过强化基准约束，直击"风格漂移""基金盲盒"等行业痛点，有利于公募基金行业回归长期价值投资，提升投资者获得感。 突出业绩比较基准的表征作用 《指引》共六章二十一条，分为总则、基准 ...

21世纪经济报道记者 黎雨辰 备受市场关注的公募基金业绩比较基准新规，迎来正式文件。 1月23日晚间，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》（下称《指引》)，自2026年3月1日起施行。同日，中国证券投资基金业协会 同步发布《公开募集证券投资基金业绩比较基准操作细则》（下称《操作细则》）。 新规直指业绩基准在公募业长期存在的"用而不准、用而不实、用而不管"问题，旨在进一步突出业绩比较基准表征作用、强化约束作用、发挥考核作用并强 化外部监督。 在具体实施上，21世纪经济报道记者进一步获悉，未来监管将秉持尽量"调基准不调仓"的大原则，推动存量基金在一年内实现业绩基准的平稳过渡调整，防 范市场冲击。基金业协会方面，公募业绩比较基准库和薪酬考核规则也将在此后陆续落地。 重塑公募基金业绩标尺 据了解，《指引》和《操作细则》的正式文件基本沿袭了去年10月31日征求意见稿的核心内容，标志着《推动公募基金高质量发展行动方案》又一重要成果 落地，其整体共有四大核心看点： 1.突出基准对产品的表征作用 为纠正过往基准与产品"两张皮"的现象，《指引》与《操作细则》从两方面强化了对业绩基准的约束。一是明确要求业绩比 ...

Core Viewpoint - The new regulations for the public fund industry, effective from March 1, 2026, aim to address issues such as unclear benchmarks, style drift, and misleading fund presentations, marking a significant step towards enhancing the quality and transparency of fund performance evaluation [1][2][3]. Group 1: Regulatory Framework - The new regulations include guidelines for performance benchmarks that clarify product positioning, investment strategies, and performance measurement, filling a regulatory gap in the public fund sector [2]. - A one-year transition period is established for existing products to comply with the new benchmark requirements, ensuring a smooth implementation [2]. - The regulations emphasize the importance of accurate representation, investment constraints, performance assessment, and external supervision in managing fund investments [7][10]. Group 2: Industry Challenges Addressed - The regulations target four main issues: inaccurate benchmark settings, non-standard usage, lax management, and declining investor satisfaction [4][5]. - Many funds have previously used broad indices as benchmarks without aligning them with actual investment strategies, leading to a disconnect between benchmarks and fund performance [4]. - The focus on short-term performance has encouraged funds to chase market trends, resulting in significant volatility in excess returns [5]. Group 3: Implementation Details - The regulations require fund managers to establish comprehensive management mechanisms covering benchmark selection, disclosure, monitoring, evaluation, and accountability [9]. - Fund managers must ensure that benchmarks accurately reflect the fund's investment style and strategy, with any changes to benchmarks being strictly regulated [8]. - The new rules link fund manager compensation to fund performance relative to benchmarks, promoting accountability and long-term investment focus [9][10]. Group 4: Industry Impact and Future Outlook - The new regulations are expected to shift the industry from a focus on scale to a focus on capability, fostering a competitive landscape based on differentiated performance [11][12]. - The establishment of a standardized benchmark system will enhance the precision of fund product positioning and improve investor returns over the long term [12]. - The regulatory body plans to guide the industry in optimizing existing product benchmarks during the transition period to ensure alignment with actual fund strategies [12].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," aimed at addressing existing issues in the industry and enhancing investor experience [1]. Group 1: Industry Pain Points - Current public funds face several issues regarding performance benchmarks, including a lack of specialized and systematic regulations, leading to weak constraints [5]. - Many fund managers have not established comprehensive internal control mechanisms covering performance benchmarks, and custodians and sales institutions have not effectively supervised or utilized these benchmarks [6]. - Some actively managed equity funds have significantly deviated from their performance benchmarks, with certain products experiencing "style drift," negatively impacting investor satisfaction [7]. Group 2: Key Features of the Guidelines - The guidelines emphasize the serious and stable application of performance benchmarks, ensuring they align with the core elements of the fund contract and investment style, and cannot be changed arbitrarily once selected [9]. - They strengthen the internal control and management of fund managers, requiring benchmarks to be determined by company management and necessitating the establishment of robust internal control mechanisms [9]. - The guidelines enhance external constraints on performance benchmarks, clarifying the supervisory responsibilities of custodians and regulating the behavior of sales and evaluation institutions regarding benchmark usage [9]. Group 3: Implementation Timeline - The guidelines will take effect on March 1, 2026, with a transition period set for existing products that do not comply with the new regulations [10]. - A one-year transition period is provided for existing products to align their performance benchmarks with the guidelines and self-regulatory rules [11]. - Custodians are given a six-month transition period to adjust their supervision of fund investment style stability, considering the need for system adjustments and data interactions [11]. Group 4: Additional Regulations - On the same day, the China Securities Investment Fund Industry Association released the "Operational Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," which will also take effect on March 1, 2026 [12].

Core Viewpoint - The new regulations for the public fund industry, effective from March 1, 2026, aim to address issues such as unclear benchmarks, style drift, and misleading fund presentations, marking a significant step towards enhancing the quality and transparency of fund performance evaluation [1][2][3]. Group 1: Regulatory Framework - The new regulations include guidelines for performance benchmarks that clarify product positioning, investment strategies, and performance measurement, filling a regulatory gap in the public fund sector [2][4]. - A one-year transition period is established for existing products to comply with the new benchmark requirements, ensuring a smooth implementation [2][5]. - The regulations emphasize the importance of a well-defined benchmark as a "anchor" and "ruler" for fund performance, aiming to restore the functionality of benchmarks in the industry [5][10]. Group 2: Industry Challenges Addressed - The regulations target four main issues: inaccurate benchmark settings, non-standard usage, lax management, and declining investor satisfaction [4][5]. - Many funds have previously used broad indices as benchmarks without aligning them with actual investment strategies, leading to a disconnect between benchmarks and fund performance [4][5]. - The focus on short-term performance has led to excessive trading and volatility in fund returns, with managers often chasing market trends rather than adhering to established strategies [5][10]. Group 3: Implementation Details - The regulations require fund managers to establish comprehensive management mechanisms for benchmark selection, monitoring, and accountability, enhancing internal controls [7][8]. - Fund performance evaluations will now be linked to manager compensation, ensuring that underperformance relative to benchmarks results in reduced pay for fund managers [8][9]. - External oversight will be strengthened, with custodians responsible for verifying compliance with benchmark requirements and ensuring accurate information disclosure [9][10]. Group 4: Industry Impact and Future Outlook - The new regulations are expected to shift the industry focus from "scale competition" to "ability competition," fostering a more differentiated competitive landscape [10][11]. - Clear performance benchmarks will serve as a tool for investors to assess fund strategies and risk-return profiles, helping them make informed investment decisions [11]. - The regulatory body plans to guide the industry in optimizing existing product benchmarks during the transition period, ensuring alignment with fund contracts and actual investment styles [11].

【导读】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》 中国基金报记者 忆山 公募基金业绩比较基准新规正式落地！ 1 月 23 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》（以下简称《指 引》）。 直击行业痛点 有利于提升投资者获得感 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，一般由指 数、合约价格、利率等要素构成，是基金合同的基本要素。从功能作用看，业绩比较基准是 基金投资的 " 锚 " 和 " 尺 " ，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产 品业绩、约束投资行为等重要作用。 但当前我国公募基金在业绩比较基准方面还存在以下问题： 一是法规制度缺乏专门性、系统性的规定，仅在信息披露、特殊产品设计等监管规则有零散 要求，约束力不强。 二是多数管理人尚未建立覆盖业绩比较基准的全链条内控机制，托管、销售等机构也未有效 监督和使用基准。 三是部分主动管理权益类基金业绩大幅偏离业绩比较基准，个别产品甚至出现 " 风格漂移 " ，对投资者获得感造成较大影响。 业内人士表示，《指引》通过强化基准约束，直击 " 风格漂移 "" 基金盲盒 " 等行业痛点， 有利 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new guidelines for public fund performance benchmarks, emphasizing the importance of stable and serious application of performance benchmarks in fund management [1][6]. Group 1: Key Aspects of the New Guidelines - The guidelines stress that performance benchmarks must align with the core elements of the fund contract and the investment style of the product, and once selected, they cannot be changed arbitrarily [1][4]. - Fund managers are required to establish robust internal control mechanisms and management systems to ensure ongoing management of fund managers and the stability of investment styles [1][6]. - The guidelines enhance external constraints on performance benchmarks, specifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions [1][6]. Group 2: Impact on Fund Managers' Compensation - The new regulations stipulate that fund managers' performance compensation should reflect the fund's investment returns and the investors' profit and loss situation [3][8]. - Fund managers of actively managed equity funds with long-term performance significantly below the performance benchmark will see a notable decrease in their performance compensation [3][8]. - A tiered performance compensation adjustment mechanism is to be established, where managers of funds underperforming the benchmark by over 10% with negative profit margins will face a compensation reduction of at least 30% [8][9]. Group 3: Industry Context and Transition Period - The guidelines will take effect on March 1, 2026, with a one-year transition period for existing products that do not comply with the new benchmarks [5][6]. - The public fund industry, managing approximately 37.64 trillion yuan and involving over 4,100 fund managers, will be significantly impacted by these new regulations [5][6]. - The CSRC's reforms aim to address industry issues such as benchmark ambiguity and style drift, contributing to the high-quality development of public funds [6][7].

北京商报讯（记者 李海媛）为落实《推动公募基金高质量发展行动方案》，坚持以投资者为本，规范公募基金业绩比较基准的选取和使用，切实发挥业绩 比较基准表征产品投资风格、约束投资和衡量业绩等方面的功能作用，督促基金管理人完善内部控制和管理机制，保护投资者合法权益，中国证监会制定并 于1月23日发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），自2026年3月1日起施行。 据悉，《指引》共六章二十一条，主要内容包括四方面内容。一是突出业绩比较基准的表征作用，强调业绩比较基准运用的严肃性和稳定性。明确业绩比较 基准应当与基金合同约定的核心要素和产品投资风格相匹配，一经选定不得随意变更。二是强化基金管理人的内部控制和管理。明确业绩比较基准应当由公 司管理层决策确定，基金管理人应当建立健全内控机制和管理体系，加强对基金经理、基金产品投资风格稳定性的持续管理。 三是加强对业绩比较基准的外部约束。明确基金托管人的监督职责，规范基金销售机构、基金评价机构对业绩比较基准的展示、运用等行为，要求基金管理 人、基金销售机构做好投资者教育等工作。四是严格监管。中国证监会及其派出机构依法对基金管理人、基金托管人、基金销售机 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds," effective from March 1, 2026, aimed at enhancing the quality of public fund development and protecting investor rights [1][2]. Group 1: Key Aspects of the Guidelines - The guidelines emphasize the representational role of performance benchmarks, highlighting the seriousness and stability of their application, and stipulating that benchmarks must align with the core elements of the fund contract and investment style, with no arbitrary changes allowed once selected [1]. - The guidelines strengthen internal controls and management for fund managers, mandating that performance benchmarks be determined by company management and requiring the establishment of robust internal control mechanisms to ensure the stability of fund managers and investment styles [1]. - The guidelines enhance external constraints on performance benchmarks, clarifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions regarding the display and application of benchmarks, while also emphasizing the importance of investor education [1].

据证监会消息，为落实《推动公募基金高质量发展行动方案》，坚持以投资者为本，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产品投资风格、约束投资和衡量业绩等方面的功能 作用，督促基金管理人完善内部控制和管理机制，保护投资者合法权益，中国证监会制定了《公开募集 证券投资基金业绩比较基准指引》（以下简称《指引》），自2026年3月1日起施行。 基金频道更多独家策划、专家专栏，免费查阅>> 前期，中国证监会就《指引》向社会公开征求意见，社会各方总体对《指引》表示赞同认可，并提出具 体修改建议。中国证监会逐条研究反馈意见，认真吸收采纳，并对《指引》作出修改完善。后续，中国 证监会将做好《指引》实施工作。 责任编辑：山上 《指引》共六章二十一条，主要内容包括：一是突出业绩比较基准的表征作用，强调业绩比较基准运用 的严肃性和稳定性。明确业绩比较基准应当与基金合同约定的核心要素和产品投资风格相匹配，一经选 定不得随意变更。二是强化基金管理人的内部控制和管理。明确业绩比较基准应当由公司管理层决策确 定，基金管理人应当建立健全内控机制和管理体系，加强对基金经理、基金产品投资风格稳定性的持续 管理。三是加强对业绩 ...