Core Viewpoint - The public fund industry is undergoing a transformation where performance benchmarks are shifting from being mere decorative elements to becoming essential tools for guiding investment decisions and enhancing investor experience [2][6]. Group 1: Pain Points - Many investors focus solely on past performance and rankings of actively managed equity funds, leading to poor long-term results and dissatisfaction [1]. - The lack of emphasis on performance benchmarks has been attributed to various factors, including inappropriate benchmark selection and performance evaluation criteria that prioritize rankings over long-term excess returns [1]. Group 2: Transformation - The China Securities Regulatory Commission (CSRC) released an action plan in May 2025 to redefine the role of performance benchmarks, emphasizing their importance in determining product positioning, clarifying investment strategies, and measuring performance [2]. Group 3: Functions of Benchmarks - Benchmarks serve as a "manual" that defines investment scope and style, ensuring funds adhere to their stated investment focus [3]. - They act as a "lens" for assessing risk and return, allowing investors to evaluate whether a fund aligns with their investment goals and risk tolerance [3]. - Benchmarks function as a "touchstone" for measuring investment capability, enabling comparisons between fund performance and market movements [3]. - They serve as a "compass" for asset allocation, helping investors identify suitable funds based on their preferred industry and style [3]. Group 4: Sources of Investor Satisfaction - Benchmarks provide reasonable return expectations, helping to manage investor anxiety and set realistic goals [4]. - They facilitate rational evaluations, allowing investors to perceive relative performance positively even during market downturns [4]. - Investors gain a sense of value recognition when they see that management fees correlate with superior returns over benchmarks [5]. - Benchmarks encourage a long-term investment perspective, helping investors focus on sustained excess returns rather than short-term volatility [5]. Group 5: Summary - The transition of performance benchmarks from "decorative" to "core" signifies a shift in the public fund industry from prioritizing scale to emphasizing returns, leading to clearer product characteristics and more reliable evaluation standards for investors [6].

Core Viewpoint - The public fund industry is experiencing a wave of adjustments regarding performance benchmarks, with nearly 80 funds changing their benchmarks since the beginning of the year to better reflect risk-return characteristics and improve comparability with performance benchmarks [1][3][4]. Group 1: Adjustments in Performance Benchmarks - As of May 20, 2023, around 80 public funds have changed their performance benchmarks, significantly higher than in previous years [3]. - Fund companies are adjusting benchmarks to scientifically and reasonably evaluate fund performance [4]. - The adjustments mainly fall into three categories: 1. Significant changes in the weight of indices within the benchmark [6]. 2. Updating the main weights in thematic fund benchmarks [6]. 3. Complete overhaul of the performance benchmark [6]. Group 2: Regulatory Environment - The regulatory framework is evolving, with plans to establish a "benchmark library" to standardize the setting of performance benchmarks [9][12]. - The "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the constraint role of performance benchmarks, indicating that more funds will actively adjust their benchmarks [7][10]. - Regulatory measures will include strict oversight of the establishment, modification, disclosure, and ongoing evaluation of performance benchmarks [11]. Group 3: Challenges and Future Directions - Fund companies face challenges in selecting appropriate benchmarks that accurately reflect their investment strategies and styles [14][15]. - There are concerns that standardizing performance benchmarks may limit innovation in fund products [13]. - Future adjustments will require fund companies to manage benchmarks more effectively and establish regular evaluation mechanisms to ensure alignment with actual investment strategies [14].

今日，A股多个指数收涨，其中上证指数涨幅0.86%，站上了3400点。保险、证券午后纷纷拉升，中证银 行指数更是连续6个交易日收涨，今日涨幅也达到0.81%。 那么，究竟是谁在买金融板块？ 今日，市场传出原因可能是公募基金高质量发展行动方案发布之后，基金经理为了匹配业绩比较基准， 有配置的需求。 还有一位管理红利主题的基金经理表示，"据我了解是有人加仓了，但是我自己没有加，因为我觉得更多 的还是来自于事件催化，市场这一表现跟行业基本面关系相对较弱"。加仓与否不仅看比较基准，也看具 体考核细则 其实长期以来，公募基金对金融行业处于低配的状态。 据记者了解，基金经理的个体配置差异也比较明显，有的基金经理表示，确实有加仓的动作，买了非 银。不过也有基金经理表示，自己这几天并没有买，这波行情更多是事件催化。谁在买入金融板块？ 今日午后，非银金融的保险、证券集体拉升，截至收盘时，保险行业上涨超6%，证券行业上涨超3%。 | 全部板块 二级行业 概念板块 风格板块 地区板块 统计指数 80 47 | | | | | --- | --- | --- | --- | | . | 名称 | 涨幅%↓ 圳价 | ・・ 代码 | ...