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。 具体来看，规则突出基准对产品的表征作用。从境外成熟市场经验看，业绩比较基准能够在很大程度上 帮助投资者形成对基金产品风格的基本认识和对预期风险收益特征的基本判断，从而提升投资体验。为 此，指引、操作细则明确业绩比较基准应充分体现产品定位和投资风格，符合基金合同关于投资目标、 投资范围、投资策略、投资比例限制等约定。指引、操作细则还要求管理人根据产品定位、投资风格和 业绩比较基准任命具备相关投资研究经验的基金经理，且基准一经选定不得随意变化，不得仅因基金经 理变化、市场短期变动、业绩考核或者排名而变更基准。 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 ...

Core Viewpoint - The release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" by the China Securities Regulatory Commission marks a significant step towards a more standardized, transparent, and professional development of China's public fund industry, focusing on the management of performance benchmarks and enhancing discipline in active investment processes [2][3][4]. Group 1: Industry Development - The implementation of the guidelines and operational details is seen as a systematic approach to promote high-quality development in the public fund industry, establishing a binding mechanism for interests and optimizing assessment and incentive constraints [3][4]. - The guidelines aim to standardize the selection and use of performance benchmarks, improve internal controls of fund managers, and protect investors' rights, thereby enhancing the role of public funds in managing residents' wealth [3][4][5]. Group 2: Investor Protection - The guidelines require fund managers to establish a performance assessment system centered on fund investment returns, linking compensation to fund performance and investor outcomes [5][6]. - The introduction of these guidelines is expected to address existing issues in the public fund market, such as arbitrary benchmark setting and low attention to benchmarks by fund managers, which have led to significant deviations in fund holdings [5][6]. Group 3: Performance Benchmarking - The guidelines emphasize the importance of performance benchmarks as a "anchor" for fund management, requiring that benchmarks be representative, objective, binding, and sustainable [7][8]. - Fund managers are mandated to create a comprehensive internal control system covering benchmark selection, disclosure, monitoring, evaluation, and correction, ensuring that investment behaviors align with established benchmarks [7][8][10]. Group 4: Enhancing Investor Experience - Clear performance benchmarks will help investors form reasonable return expectations and accurately identify product risk-return characteristics, facilitating better asset allocation decisions [7][9]. - The guidelines are designed to enhance the clarity and reliability of performance benchmarks, allowing investors to objectively understand product characteristics and make informed investment decisions [10][11].

【导读】引导投资行为回归产品定位，公募基金业绩比较基准改革落地 超36万亿元的公募基金行业，又有重大改革落地！ 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》），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（征求 意见稿）》（以下简称《操作细则》），向社会公开征求意见。 业内人士表示，《指引》《操作细则》的出台，将推动境内公募基金业绩比较基准规范化，也是强化投 资管理的纪律性的"关键一步"。此举将引导行业机构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，也为资本市场引入更多中长期资金。 要点1：突出基准对产品的表征作用 一方面，《指引》明确，基准应充分体现产品定位和投资风格，符合基金合同关于投资目标、投资范 围、投资策略、投资比例限制等约定。 其中，从产品设计来看，要求管理人通过科学合理的测评方式，评估业绩比较基准的适当性，确保业绩 比较基准能够体现基金产品主要的投资目标、投资范围、投资策略、投资比例和投资风格。 从基准展示来看，《操作细则》对于如何明确、清晰、简洁地展示业绩比较基准提出 ...

Core Viewpoint - The reform of performance comparison benchmarks for public funds is a key step towards enhancing the quality and stability of the public fund industry, aiming to address issues such as style drift and excessive performance volatility [1][4][5]. Summary by Relevant Sections Performance Comparison Benchmark Reform - The China Securities Regulatory Commission (CSRC) has released draft guidelines for the performance comparison benchmarks of publicly offered securities investment funds, marking a significant move towards standardizing and regulating these benchmarks [1][3]. Functions and Importance of Performance Comparison Benchmarks - Performance comparison benchmarks serve as a standard for measuring fund investment performance, helping to clarify product positioning, investment strategies, and styles, while also constraining investment behaviors [3][4]. Key Issues Addressed by New Regulations - The new regulations aim to resolve issues such as style drift and the tendency of fund managers to chase short-term performance, which can lead to increased volatility and misalignment with the fund's original objectives [4][5]. Requirements for Fund Managers - The guidelines outline five key requirements for fund managers, including establishing a comprehensive control mechanism for benchmark selection and monitoring, ensuring decision-making at the management level, and linking performance compensation to benchmark performance [6][7]. External Responsibilities of Market Institutions - The new rules also emphasize the responsibilities of external market institutions, such as fund custodians and sales organizations, to ensure adherence to performance benchmarks and enhance the overall ecosystem surrounding these benchmarks [8][9]. Standards for Benchmark Selection and Use - The guidelines specify that benchmarks must accurately reflect the product's positioning and investment style, maintain consistency, and be transparent in their calculation methods and data sources [10][11][12]. Supporting Measures for Benchmark Reform - The reform includes a one-year transition period for fund managers to adjust existing benchmarks, the establishment of a benchmark element library, and the integration of performance benchmarks into the compensation assessment of fund managers [13][14].

超36万亿元的公募基金行业，又有重大改革落地！ 业内人士表示，《指引》《操作细则》的出台，将推动境内公募基金业绩比较基准规范化，也是强化投 资管理的纪律性的"关键一步"。此举将引导行业机构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，也为资本市场引入更多中长期资金。 要点1：突出基准对产品的表征作用 一方面，《指引》明确，基准应充分体现产品定位和投资风格，符合基金合同关于投资目标、投资范 围、投资策略、投资比例限制等约定。 另一方面，《指引》要求管理人根据业绩比较基准任命具备相关投资研究经验的基金经理，且基准一经 选定不得随意变化，不得仅因基金经理变化、市场短期变动、业绩考核或者排名而变更基准。 《操作细则》从产品设计、业绩比较基准展示、业绩比较基准与产品的匹配、指数基准编制要求等方面 细化《指引》要求，进一步明确管理人选择业绩比较基准的相关要求。 其中，从产品设计来看，要求管理人通过科学合理的测评方式，评估业绩比较基准的适当性，确保业绩 比较基准能够体现基金产品主要的投资目标、投资范围、投资策略、投资比例和投资风格。 从基准展示来看，《操作细则》对于如何明确、清晰、简 ...

Core Viewpoint - The introduction of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" and the "Operational Details for Performance Benchmarking" by the China Securities Regulatory Commission (CSRC) aims to standardize performance benchmarks in the public fund industry, which is valued at over 36 trillion yuan, enhancing investment management discipline and promoting long-term stable returns for investors [1] Group 1: Benchmark Representation - The guidelines emphasize that benchmarks should accurately reflect the product's positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [2] - Fund managers are required to appoint experienced fund managers based on the selected performance benchmark, which cannot be changed arbitrarily due to manager changes, short-term market fluctuations, or performance assessments [2][3] - The operational details further specify requirements for product design, benchmark display, and the matching of benchmarks with products, ensuring that benchmarks reflect the fund's primary investment objectives and strategies [3] Group 2: Strengthening Investment Constraints - The guidelines mandate the establishment of a comprehensive control mechanism covering the selection, disclosure, monitoring, correction, and accountability of performance benchmarks [4] - Decision-making for benchmark selection is elevated to the company management level, which bears primary responsibility for the benchmark's representativeness and objectivity [4] - Independent departments are required to monitor deviations from benchmarks and assess the rationality and potential risks of such deviations [4][5] Group 3: Guiding Assessment through Benchmarks - The guidelines require fund managers to establish a performance assessment system centered on fund investment returns, linking compensation to fund performance relative to benchmarks [6] - Fund managers must ensure that if a fund's long-term performance significantly lags behind its benchmark, the performance-related compensation for the fund manager should decrease accordingly [6] Group 4: Constructing a Positive Interaction Ecosystem - The guidelines outline responsibilities for other market institutions, including custodians, sales organizations, and evaluation agencies, to ensure a cohesive industry ecosystem [7] - Custodians are tasked with supervising and reviewing fund contracts and investment styles, while sales organizations must present both fund performance and benchmark performance to investors [7][8] - Evaluation agencies are required to use benchmarks as a key criterion for assessing fund management performance, enhancing the objectivity of evaluations [7][8] Group 5: Ensuring Smooth Transition - The CSRC will guide industry institutions to optimize existing product benchmarks during the transition period, ensuring alignment with fund contracts and actual styles without destabilizing the market [10] - A benchmark library will be established to encourage standardized selection of representative benchmarks for equity assets [11] - The CSRC will enhance daily supervision of benchmark selection and usage, focusing on compliance and addressing violations [11]

【导读】引导投资行为回归产品定位，公募基金业绩比较基准改革落地 超36万亿元的公募基金行业，又有重大改革落地！ 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》），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（征求意见稿）》（以下简称《操作细则》），向社会公开征求意见。 业内人士表示，《指引》《操作细则》的出台，将推动境内公募基金业绩比较基准规范化， 也是强化投资管理的纪律性的"关键一步"。此举将引导行业机构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，也为资本市场引入更多 中长期资金。 中国基金报记者 李树超 王思文 要点1：突出基准对产品的表征作用 一方面， 《指引》明确，基准应充分体现产品定位和投资风格，符合基金合同关于投资目 标、投资范围、投资策略、投资比例限制等约定。 另一方面， 《指引》要求管理人根据业绩比较基准任命具备相关投资研究经验的基金经理， 且基准一经选定不得随意变化，不得仅因基金经理变化、市场短期变动、业绩考核或者排名 而变更基准。 《操作细则》从产品设计、业绩比较 ...