《准则》共3章36条，是将现行的《内容与格式准则》第2号（年报）、3号（半年报）、4号（季报）整 合成一个规范性文件，并根据各类型定期报告特点，保留相应个性化披露要求；同时根据《信披办法》 等上位法规定和行业最新实践，更新了各类型定期报告的信披内容与格式要求。此外，本次修订后的 《准则》还删除了大量重复信披内容，信息披露规则体系更加简明，有利于减轻行业机构负担。 新修订的《XBRL模板》有三项重要改动：一是要求管理人在年报、半年报、季报披露中新增产品过去 7年、10年的中长期业绩，而不再披露过去1个月的业绩，引导行业更加注重"长期投资、价值投资"理 念；二是要求管理人在年报、半年报中披露过去一年的主动管理的股票型和混合型基金盈利投资者占比 情况，推动行业更加重视投资者利益；三是要求基金管理人在年报中披露报告期内相关产品的股票换手 率数据，强化投资行为稳定性的信息揭示，督促基金管理人，基金经理形成更加审慎、理性的投资观 念，纠治过于激进的投资行为。 此外，证监会在新修订的《内容与格式准则一定期报告》中进行充分授权，将《XBRL模板》的层级 由"规范性文件"调整为"基金业协会自律规则"。本次修订工作完成后，将形成 ...

同时，根据《信披办法》等上位法规定和行业最新实践，更新了各类型定期报告的信披内容与格式要 求。 "一调整"是在新修订的《内容与格式准则—定期报告》中进行充分授权，将《XBRL模板》的层级由"规 范性文件"，调整为"基金业协会自律规则"。 前述业内人士表示，修订工作完成后，将形成"部门规章+规范性文件+自律规则"的定期报告信息披露 规则体系，在保持规则的简明性和权威性基础上，进一步增强规则的灵活性和适应性。 "当前，部分主动管理的股票型、混合型基金存在换手率较高的问题，有悖于价值投资、长期投资理 念，可能导致投资者长期收益不佳。"业内人士表示，这是《XBRL模板》中，要求基金管理人在年报 中披露报告期内相关产品的股票换手率数据，强化投资行为稳定性的信息披露的原因。 1月30日，中国证监会就《公开募集证券投资基金信息披露内容与格式准则第2号一定期报告的内容与格 式》（以下简称《内容与格式准则—定期报告》）向社会公开征求意见，中国基金业协会同步就《证券 投资基金信息披露XBRL模板》（以下简称《XBRL模板》）征求行业意见。此次调整体现为"一简、两 增、一调整"的特点。 "一简"是将此前的多份《内容与格式准则》信息 ...

Group 1 - The core viewpoint is that long-term investors (10, 20, or 30 years) should prefer stocks over gold, despite the current high interest in gold. Goldman Sachs CEO David Solomon emphasizes that stocks outperform gold over decades [1] - In 2025, international gold prices surged nearly 70%, and in 2026, gold prices reached over $5600 per ounce. Solomon notes that while central bank gold purchases are noteworthy, stocks remain the superior long-term investment choice [1] - Geopolitical tensions are identified as a key driver for the recent rise in gold prices. Solomon stresses the importance of distinguishing between "noise" and substantive developments in investment decisions, indicating that the global economic structure remains fundamentally unchanged [1] Group 2 - Regarding the Chinese economy, Solomon acknowledges that China achieved its growth targets last year, highlighting its significant role in the global economy and its strengths in technological innovation and manufacturing [3] - He points out that China needs to shift from an export-driven economy to a consumption-driven one, predicting that future growth will increasingly come from consumption and services rather than manufacturing exports [3] - Solomon believes that the Chinese stock market remains attractive, although it is not as cheap as it was a year ago. He notes a gradual increase in foreign investment in the Chinese market, with expectations for a more balanced and open economy [3] Group 3 - Goldman Sachs' business in China focuses on investment banking, with recent improvements in IPO activity in Hong Kong and a recovery in consulting services, expanding opportunities for the firm [4] - Solomon advises young investors to create diversified investment portfolios to harness the power of compound interest, suggesting that a 7% annual return could lead to significant growth over time [6] - He emphasizes the importance of patience and a long-term perspective in wealth accumulation, encouraging young people to work hard and invest wisely for future financial security [6]

据介绍，本次修订将现行《内容与格式准则》第2号（年报）、3号（半年报）、4号（季报）整合成一个规范 性文件（即《内容与格式准则—定期报告》），并根据各类型定期报告特点，保留相应个性化披露要求。 同时，根据《信披办法》等上位法规定和行业最新实践，更新了各类型定期报告的信披内容与格式要求。 "两增"是本次《XBRL模板》，要求管理人在年报、半年报、季报中新增产品过去7、10年中长期业绩，不再 披露过去1个月的业绩；要求管理人在年报、半年报中披露过去一年的主动管理的股票型和混合型基金盈利投 资者占比情况。 分析指出，这是落实《推动公募基金高质量发展行动方案》的要求。《方案》明确提出，公募基金要综合展示 产品中长期业绩、业绩比较基准对比、投资者盈亏情况等信息。同时，这也有利于引导行业更加注重"长期投 资、价值投资"理念，同时推动行业更加重视投资者利益。 "当前，部分主动管理的股票型、混合型基金存在换手率较高的问题，有悖于价值投资、长期投资理念，可能 导致投资者长期收益不佳。"业内人士表示，这是《XBRL模板》中，要求基金管理人在年报中披露报告期内 相关产品的股票换手率数据，强化投资行为稳定性的信息披露的原因。 1月3 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 汤立斌）1月30日，中国证监会就《公开募集证券投资基金信息披露内容与 格式准则第2号—定期报告的内容与格式》（下称《准则》）向社会公开征求意见，基金业协会同步就 《证券投资基金信息披露XBRL模板》（下称《XBRL模板》）征求行业意见。 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 汤立斌）1月30日，中国证监会就《公开募集证券投资基金信息披露内容与 格式准则第2号—定期报告的内容与格式》（下称《准则》）向社会公开征求意见，基金业协会同步就 《证券投资基金信息披露XBRL模板》（下称《XBRL模板》）征求行业意见。 本次修订后，公募基金信息披露规则体系更加简明，删除了大量重复信披内容，减轻行业机构负担。同 时，披露内容更加突出"以投资者为本"的理念，新增中长期业绩披露等要求。监管导向上，本次修订更 加偏重提升投资行为的稳定性，要求基金管理人披露股票换手率数据等。 总的看，随着公募基金行业二十余年来持续发展，公募基金信息披露标准体系不断健全，对于提 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Guidelines for Information Disclosure Content and Format of Publicly Raised Securities Investment Funds No. 2 - Content and Format of Regular Reports," aiming to enhance the clarity and efficiency of information disclosure in the mutual fund industry [1][2]. Group 1: Regulatory Changes - The revision integrates existing guidelines for annual, semi-annual, and quarterly reports into a single normative document, thereby streamlining the information disclosure framework [3]. - The updated guidelines will maintain specific disclosure requirements based on the characteristics of different types of regular reports while aligning with higher-level regulations and industry practices [3][4]. - The hierarchical structure of the XBRL template will be adjusted from a "normative document" to a "self-regulatory rule" by the fund industry association, enhancing the flexibility and adaptability of the rules [4]. Group 2: Investor-Centric Approach - The revised guidelines emphasize an "investor-centric" philosophy, focusing on long-term performance and investor interests [5]. - The fund industry association will require the disclosure of long-term performance data (7 and 10 years) in annual, semi-annual, and quarterly reports, moving away from short-term performance metrics [6]. - Fund managers will be mandated to disclose the proportion of profitable investors in actively managed equity and mixed funds over the past year, promoting a focus on investor benefits [6]. Group 3: Stability in Investment Behavior - The regulatory approach aims to enhance the stability of investment behavior by addressing high turnover rates in actively managed equity and mixed funds, which contradict the principles of value and long-term investing [7][8]. - Fund managers will be required to disclose turnover rate data in annual reports, encouraging a more prudent and rational investment mindset among fund managers and mitigating overly aggressive investment practices [8].

"当前，部分主动管理的股票型、混合型基金存在换手率较高的问题，有悖于价值投资、长期投资理 念，可能导致投资者长期收益不佳。"业内人士表示，这是《XBRL模板》中，要求基金管理人在年报 中披露报告期内相关产品的股票换手率数据，强化投资行为稳定性的信息披露的原因。 "一调整"是在新修订的《内容与格式准则—定期报告》中进行充分授权，将《XBRL模板》的层级由"规 范性文件"，调整为"基金业协会自律规则"。 1月30日，中国证监会将就《公开募集证券投资基金信息披露内容与格式准则第2号一 定期报告的内容与格式》（下称《内容与格式准则—定期报告》）向社会公开征求意 见，中国基金业协会同步就《证券投资基金信息披露XBRL模板》（下称《XBRL模 板》）征求行业意见。此次调整体现为"一简、两增、一调整"的特点。 "一简"是将此前的多份《内容与格式准则》信息披露要求合并为一份规范性文件。 据介绍，本次修订将现行《内容与格式准则》第2号（年报）、3号（半年报）、4号（季报）整合成一 个规范性文件（即《内容与格式准则—定期报告》），并根据各类型定期报告特点，保留相应个性化披 露要求。 同时，根据《信披办法》等上位法规定和行业最新实 ...

Group 1 - Goldman Sachs CEO David Solomon emphasized that for long-term investors, stocks outperform gold over decades, despite the current high interest in gold [1] - In 2025, international gold prices surged nearly 70%, continuing strong momentum into 2026, with prices exceeding $5,600 per ounce [1] - Geopolitical tensions are identified as a key driver for the recent rise in gold prices, but Solomon stressed the importance of distinguishing between "noise" and substantive developments in investment decisions [1] Group 2 - Solomon noted that while uncertainty is higher than before, it is not excessively so, and political rhetoric can amplify this uncertainty, affecting investment and market strategies [1] - He recommended a diversified investment portfolio covering major markets like the US, Europe, and China, balancing stocks and fixed income assets [1] - For younger investors, Solomon suggested increasing equity asset allocation to leverage long-term compounding for wealth accumulation, while older investors should adopt a more conservative approach [1] Group 3 - Solomon highlighted the need for China to shift from an export-driven economy to a consumption-driven one, given its large population and wealth growth potential [2] - He expressed optimism about China's economic growth over the next decade, primarily driven by consumption and service sector development rather than manufacturing exports [2] - The attractiveness of the Chinese stock market remains, although it is not as cheap as it was a year ago, with foreign investment in China expected to continue a moderate recovery [2] Group 4 - Solomon has witnessed significant progress in China's industrial development and technological innovation since his first visit in the 1990s, recognizing China as a key global economic player [3] - Goldman Sachs is committed to the Chinese market, encouraged by the gradual opening of capital markets, which presents new opportunities for growth [3] - The firm’s investment banking business in China is focused on IPO activity in Hong Kong and the development of innovative technology companies [3] Group 5 - Solomon advised young people to invest in diversified portfolios to achieve long-term compounding, emphasizing the importance of hard work and continuous investment [4] - He explained that with a 7% annual return, investments could double every ten years, potentially growing eightfold over 30 years [4] - The power of compounding is highlighted, with a focus on the importance of patience and a long-term perspective on wealth accumulation [5]

2025年，国际黄金价格一路狂飙，全年涨幅近70%。进入2026年，黄金仍然涨势强劲，一度突破5600美 元/盎司。在回应黄金与股票的选择时，苏德巍强调，尽管近期央行购金趋势引人关注，但就长期投资 来看，股票仍是更优选择。 地缘政治紧张局势是推动本轮金价上涨的关键驱动因素之一。谈及地缘政治事件对投资决策的影响，苏 德巍表示，当前，如何区分"噪音"和实质性发展非常重要。"媒体会放大噪音，但全球经济结构没有根 本性变化。大经济体仍需在该结构下增长和运作。" 在他看来，当前，不确定性确实高于以往，但"并不过高"。"政治言论和地缘政治可能放大不确定性， 影响投资和市场，美国政府也会在市场对不确定性作出反应的情况下，迅速调整策略。" 苏德巍建议，资本配置都应采用广泛而多元的投资组合，覆盖美国、欧洲、中国等主要市场，并平衡配 置股票与固定收益资产。针对不同年龄段投资者，他提出差异化建议：年轻人可增加权益资产配置，利 用长期复利积累财富；年长者则需更保守配置。 中国经济需加速转向消费导向 对于中国经济，他表示，中国去年达成了其设定的增长目标，这是非常积极的。他说，中国在全球经济 中具有重要地位，是一个广泛、多元且复杂的经济 ...

本报记者 吴晓璐 公募基金信披规则迎来系统性修订！ 1月30日，证监会对《证券投资基金信息披露内容与格式准则第2号—年度报告的内容与格式》（以下简称"《内容与格式 准则》第2号（年报）"）《证券投资基金信息披露内容与格式准则第3号—半年度报告的内容与格式》（以下简称"《内容与格 式准则》第3号（半年报）"）《证券投资基金信息披露内容与格式准则第4号—季度报告的内容与格式》（以下简称"《内容与 格式准则》第4号（季报）"）进行了整合修订，并更名为《公开募集证券投资基金信息披露内容与格式准则第2号—定期报告 的内容与格式》（以下简称《准则》），现向社会公开征求意见。 6.《XBRL模板》要求基金管理人在年报中披露报告期内相关产品的股票换手率数据，强化投资行为稳定性的信息揭示， 督促基金管理人，基金经理形成更加审慎、理性的投资观念，纠治过于激进的投资行为。 提高行业透明度 2025年5月份，证监会正式印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），明确提出"加强透明度 建设"的改革任务。为贯彻落实《行动方案》要求，证监会系统梳理了公募基金信息披露制度体系。总的看，随着行业二十余 年来的持续发展，公募 ...