Core Viewpoint - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft guidelines for the performance comparison benchmarks of publicly raised securities investment funds, emphasizing the need for fund managers to enhance the stability management of investment styles [1] Group 1: Fund Management Guidelines - Fund managers are required to monitor the deviation of actual investments from performance benchmarks independently from the investment management department to prevent style drift [1] - Different monitoring indicators and thresholds for investment deviations should be prudently set based on product types, investment objectives, and strategies [1] - If warning indicators are triggered, fund managers are expected to make necessary adjustments within a specified timeframe or seek review from the investment decision committee [1] Group 2: Investment Decision Committee Responsibilities - The investment decision committee must prioritize the protection of fund shareholders' interests when deciding on breaches of threshold indicators and should enhance tracking and evaluation of decision execution [1] - The committee is required to analyze fund investment deviations at least quarterly and maintain proper records of the analysis reports for future reference [1]

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。 《指引》提到，基金管理人应当按照规定建立以基金投资收益为核心的考核体系，充分体现基金产品业 绩和投资者盈亏情况，建立健全与基金投资收益相挂钩的薪酬管理机制。 基金管理人衡量主动管理权益类基金产品业绩时，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。 主动管理权益类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。 责编:陶纪燕 | 审核:李震 | 监审:古筝 【大河财立方消息】10月31日，中国证监会就《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。 《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 ...

人民财讯10月31日电，10月31日，中基协发布了《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》），《操作细则》提到，协会建立和维护基金业绩比较基准要素一 类库和二类库。业绩比较基准要素入库与业绩比较基准要素使用适度分离。其中，一类库纳入市场表征 性强、认可度高的业绩比较基准要素，鼓励基金管理人在开发主动管理型基金时规范选取和使用。基金 管理人拟使用二类库内的股票指数表征权益资产的，应当在产品注册时说明选择二类库业绩比较基准要 素的考量；拟使用基准库外的股票指数的，除说明相关考量外，还需说明相关指数是否符合《指引》第 六条和本细则第十二条的规定。 ...

人民财讯10月31日电，10月31日，中基协发布了《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》），《操作细则》提到，基金管理人应当指定独立于投资部门的部 门并配备足够的人员，定期对基金偏离业绩比较基准的合理性和潜在风险进行全面评估，对基金投资风 格的稳定性进行持续监测和报告。基金管理人在监测业绩比较基准偏离过程中，应当综合考虑基金的投 资目标、投资风格、投资策略、风险收益特征等因素，建立合理的风控模型，设计有效的事前、事后风 控指标和阈值，科学运用业绩归因结果，及时发现并管理业绩比较基准偏离情况。 ...

10月31日，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。其中 提到，压实托管人投资监督职责。要求托管人加强对基金投资标的风格库的审慎复核，督促管理人夯实 研究支持，确保入库标的符合基金合同约定、与基金投资风格相匹配；同时，加强对投资风格稳定性的 监督，对主题型产品投资风格偏离主题、非主题型产品行业集中度过高等风险加强提醒。 ...

人民财讯10月31日电，中国证监会10月31日发布《公开募集证券投资基金业绩比较基准指引（征求意见 稿）》，同日，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）》，向社会公开征求意见。新规将以增强公募投资行为稳定性、明晰产品投资风格、提升投资者获 得感为目标，从基金管理人内部明确业绩比较基准设定、变更、披露规范，完善内部控制机制方面；到 外部加强托管、销售、评价等方面，全链条、多维度地完善业绩比较基准的监管要求。 ...

人民财讯10月31日电，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，其中提出，基金管理人应当按照规定建立以基金投资收益为核心的考核体系，充分体现基金产品 业绩和投资者盈亏情况，建立健全与基金投资收益相挂钩的薪酬管理机制。基金管理人衡量主动管理权 益类基金产品业绩时，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。主动管理权益类基金 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。 ...

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 [1][3][11]. 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 [3]. - 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 [3][11]. Group 2: Industry Response - Many fund companies have begun to proactively adjust their performance benchmarks in anticipation of the new regulations, with 176 funds having adjusted their benchmarks this year alone [8][7]. - Fund companies have received preliminary versions of the benchmark index library and are preparing to modify their performance benchmarks accordingly [5][4]. Group 3: Benchmark Construction Standards - There is a consensus in the industry regarding 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 [8][9]. 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 [11]. - Fund managers may need to adjust their portfolios to align with the new benchmarks, which could involve significant changes in holdings [12][11].

Core Viewpoint - The upcoming release of the public fund performance benchmark rules by the Asset Management Association of China aims to address long-standing discrepancies in the fund industry, aligning fund manager performance with investor expectations and enhancing transparency in performance evaluation [2][3][4]. Group 1: Fund Performance Benchmark Rules - The new benchmark rules are expected to become the core standard for evaluating whether fund managers outperform their peers and generate excess returns, which will also be linked to their compensation and industry awards [2]. - The current lack of transparency and scientific guidance in measuring fund performance has led to a disconnect between investor experiences and the claims made by fund companies [3][4]. - The performance benchmark has often served as a marketing tool rather than a true measure of risk and return characteristics, resulting in a misalignment of interests between fund companies, managers, and investors [3][4]. Group 2: Impact on Market Dynamics - Frequent redemptions by investors due to poor performance have increased liquidity management costs for funds and negatively impacted expected investment returns [3]. - The existing mechanism allows fund managers to report outperformance against benchmarks while investors may still incur losses, creating a misalignment of incentives [3][4]. - The anticipated changes in benchmark rules are expected to promote a wealth-sharing market, enhancing the effectiveness of the capital market in supporting consumer confidence and economic stability [4][5]. Group 3: Need for Reform and Professionalization - The reform of performance benchmarks requires a decisive approach to eliminate existing discrepancies and enhance the credibility of the rules [5]. - There is a call for the development of more specialized and precise total return indices to provide accurate measures for fund performance, ensuring transparency and professionalism in fund operations [5]. - The emphasis on recalibrating performance benchmarks is crucial for fostering a healthy fund industry and enabling the capital market to effectively contribute to consumer confidence and economic growth [5].

Group 1 - The core viewpoint of the article emphasizes the enhanced role of performance benchmarks in mutual funds, as mandated by the regulatory framework, which aims to improve the quality of fund development [2] - Investors are advised to assess whether a fund aligns with their preferences by examining the benchmark composition, such as whether it is based on broad indices like CSI 300 or sector-specific indices like semiconductor or renewable energy indices [2] - The article highlights the importance of evaluating a fund manager's performance against the benchmark over different time frames (3 years, 5 years) to determine the fund's true management capability and investment value [2] Group 2 - The performance benchmark is not static and may change when the fund's investment scope is adjusted, indicating a shift towards a more focused investment direction, such as Hong Kong stocks [3] - Investors are encouraged to stay updated on any announcements regarding benchmark adjustments to ensure that the fund's investment direction continues to meet their needs [3]