本报记者 昌校宇 3月1日，《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》）将正式施行。这份旨在强 化业绩比较基准约束作用的新规，正推动全行业对存量基金业绩比较基准设置进行一场全面的"校准"。 业绩比较基准是基金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。《指引》明确要求 规范其选取与使用，并为存量产品设置了至2027年2月28日（自施行日起一年）的过渡调整期。 在新规实施倒计时的"滴答"声中，《证券日报》记者对多家公募机构进行了摸底调查。从采访情况来 看，行业存量基金业绩比较基准调整工作正稳步推进，监管部门与机构之间的沟通持续深入，部分细节 虽待明确，但"回归合同、贴近实际"的大方向已逐渐明晰。 多家机构已上报调整方案 此次《指引》的出台，并非一次简单的技术性修订，而是监管部门对公募基金行业长期存在的痛点问题 的精准施策。过去一段时间，由于法规制度缺乏专门性、系统性的规定，业绩比较基准的约束力不强。 部分基金业绩大幅偏离其基准，甚至出现"风格漂移"等现象，影响了投资者的真实获得感，也对行业规 范发展构成了挑战。《指引》正是通过规范基准的选取和使用，切实发挥业绩比较基准表征产品投资风 ...

3月1日，《公开募集证券投资基金业绩比较基准指引》(以下简称《指引》)将正式施行。这份旨在强化 业绩比较基准约束作用的新规，正推动全行业对存量基金业绩比较基准设置进行一场全面的"校准"。 业绩比较基准是基金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。《指引》明确要求 规范其选取与使用，并为存量产品设置了至2027年2月28日(自施行日起一年)的过渡调整期。 在新规实施倒计时的"滴答"声中，《证券日报》记者对多家公募机构进行了摸底调查。从采访情况来 看，行业存量基金业绩比较基准调整工作正稳步推进，监管部门与机构之间的沟通持续深入，部分细节 虽待明确，但"回归合同、贴近实际"的大方向已逐渐明晰。 多家机构已上报调整方案 此次《指引》的出台，并非一次简单的技术性修订，而是监管部门对公募基金行业长期存在的痛点问题 的精准施策。过去一段时间，由于法规制度缺乏专门性、系统性的规定，业绩比较基准的约束力不强。 部分基金业绩大幅偏离其基准，甚至出现"风格漂移"等现象，影响了投资者的真实获得感，也对行业规 范发展构成了挑战。《指引》正是通过规范基准的选取和使用，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 ...

Core Viewpoint - The new regulations for public fund performance benchmarks aim to address industry issues such as "benchmark ambiguity," "style drift," and "fund blind boxes," establishing a more standardized and transparent framework for fund evaluation and performance comparison [1] Group 1: Return to Benchmark Fundamentals - The new regulations break traditional fund classifications by setting targeted requirements for different underlying asset categories, enhancing the accuracy of performance benchmarks for mixed funds [2] - The public fund industry is shifting focus from scale expansion to quality improvement, with increasing investor demand for clear risk-return characteristics [2] Group 2: Improving Disclosure Efficiency - The final version of the regulations introduces three main changes to the disclosure requirements for performance benchmarks in periodic reports, including relaxed requirements for certain fund types and a focus on core investor concerns [3] - These adjustments aim to enhance operational efficiency in the industry and ensure that disclosures are more aligned with investor needs [3] Group 3: Enhancing Fund Classification Evaluation Precision - The new regulations provide detailed suggestions and key indicators for fund evaluation institutions, allowing fund managers and sales organizations to adopt these standardized classification results [4] - This standardization helps investors better identify the risk-return characteristics of funds and reduces communication costs for fund companies [4] Group 4: Regulating Sales Display Behavior - The new regulations adjust sales display requirements by including performance displays from evaluation institutions and limiting fund types to stock funds, mixed funds, and FOFs [6] - The regulations are seen as a significant milestone for the public fund industry, promoting high-quality development and better serving wealth management and economic growth [6]

Group 1 - The core point of the report indicates that the total number of newly issued open-ended wealth management products decreased to 115, a reduction of 27 products compared to the previous week, with a market share of 20.28% and an average performance benchmark of 1.91%, which increased by 0.21 percentage points [1] - Wealth management companies issued the most products, totaling 103, accounting for 89.57% of the new offerings, while city commercial banks also held a significant share. The average performance benchmark for city commercial bank products was 2.27%, up by 0.06 percentage points, while that for wealth management companies was lower at 1.85%, increasing by 0.18 percentage points [1] - Fixed income products were the most prevalent, with 112 products issued, a decrease of 26 from the previous week. Mixed products followed with 3 offerings, down by 1, while commodity and financial derivatives, as well as equity products, were negligible, totaling 0. The average performance benchmark for fixed income products was 1.91%, which increased by 0.23 percentage points [1] Group 2 - In terms of risk levels, R2 products were the most numerous with 95 offerings, down by 24, followed by R3 products with 14, which increased by 7. R1 products were limited to 6, while R4 and R5 products were absent. The average performance benchmark for R3 products was 2.40%, down by 0.3 percentage points, while R1 products had a lower average benchmark of 1.39%, which increased by 0.04 percentage points [2]

Investment Rating - The report assigns an "Overweight" rating to the non-bank financial sector, indicating that the sector is expected to outperform the broader market index (CSI 300) by at least 10% over the next six months [4]. Core Insights - The report highlights the recent decline in the non-bank financial index, which fell by 1.5%, underperforming the CSI 300 by 0.9 percentage points. The brokerage and insurance indices also experienced declines of 0.6% and 4%, respectively, with the insurance index showing a significant drop [4]. - The implementation of the new public fund performance benchmark guidelines is expected to stabilize product styles and enhance internal management mechanisms within the industry. This is anticipated to catalyze performance disclosures and improve market sentiment [4]. - The insurance sector is experiencing a slight decrease in the preset interest rate, now at 1.89%, but this is not expected to reach the adjustment threshold. The report suggests that the long-term interest rate will remain stable, enhancing product design sustainability [4]. Summary by Sections Market Review - The report notes that the average daily trading volume for stock funds was 34,429 billion yuan, a decrease of 15.8% from the previous week. The margin financing balance slightly decreased by 0.3% to 2.72 trillion yuan, while the stock pledge market value increased by 3% to 3.17 trillion yuan [4][16]. Brokerage Insights - The new public fund performance benchmark guidelines, effective from March 1, are expected to stabilize fund management practices and enhance long-term performance assessments. The report emphasizes the importance of monitoring deviations from benchmarks to protect investor interests [4]. - Recent earnings forecasts from listed brokerages indicate a significant improvement in performance driven by market elasticity, suggesting potential positive catalysts for the sector [4]. Insurance Insights - The report indicates that the insurance sector is seeing a trend of increasing confidence as major insurers are launching products with higher preset interest rates to attract funds from the banking sector. This is expected to boost sales during the "opening season" [4]. - The report also highlights that the active trading in the A-share market, driven by favorable policies and economic recovery expectations, is enhancing market sentiment towards the insurance sector [4]. Investment Recommendations - For brokerages, the report suggests focusing on opportunities related to mergers and acquisitions, wealth management transformation, and enhancing return on equity (ROE). It recommends investing in large brokerages with strong capital and stable operations [4]. - In the insurance sector, the report advises monitoring large comprehensive insurers with competitive advantages, especially in the context of high-quality development under stringent regulatory frameworks [4].

Core Viewpoint - The China Securities Regulatory Commission has released the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," effective from March 1, 2026, marking a new phase of systematic and standardized benchmark management in the public fund industry, aimed at addressing issues like "style drift" and enhancing product transparency and investment discipline [1][3]. Group 1: Guidelines and Framework - The guidelines establish a comprehensive framework covering the selection, change, and disclosure of performance benchmarks, as well as internal controls and external constraints [4]. - The guidelines emphasize the serious and stable application of performance benchmarks, ensuring they reflect product positioning and investment style, and are aligned with investment strategies and risk-return characteristics [4][5]. Group 2: Impact on Investment Behavior - The introduction of these guidelines is expected to prevent the long-criticized phenomenon of style drift in public funds, thereby enhancing investment stability and protecting investors' rights [2][3]. - Fund managers are required to establish a comprehensive internal control mechanism for performance benchmarks, with management responsible for decision-making and compliance oversight [5]. Group 3: Link to Compensation and Performance Evaluation - The guidelines link performance benchmarks to fund manager compensation, encouraging a focus on long-term returns for investors [6]. - Fund evaluation mechanisms are being regulated to ensure that performance benchmarks are used as a key criterion for assessing fund management, promoting a more scientific and objective evaluation of investment performance [6].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector and highlights a positive long-term outlook despite short-term market pressures [6][37]. Core Insights - The official guidelines for public fund performance benchmarks were released, emphasizing the importance of benchmarks in measuring performance and the responsibilities of fund managers [1][21]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement products, despite short-term adjustments in the A-share market [4][37]. - The securities sector is experiencing heightened market risk appetite and active trading, benefiting both IT companies and brokerages [4][37]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a slight decline while the securities sector remained active [11]. - The public fund performance benchmark guidelines will take effect on March 1, 2026, with a focus on enhancing the accountability of fund managers and improving the transparency of performance metrics [1][21]. Insurance - The insurance industry is seeing a compound annual growth rate of over 20% in commercial health insurance over the past decade, with over 11,000 medical insurance products available [15]. - The China Insurance Association is working on industry demonstration clauses and drug payment lists to support high-quality development in the sector [15]. - China Pacific Insurance reported a premium income of CNY 258.11 billion for the past 12 months, with a year-on-year growth of 8.08% [17]. Securities - The average daily trading volume for stock funds was CNY 22,757.32 billion, reflecting a 44.37% decrease from the previous week [28]. - The number of IPOs approved was five, with a total fundraising amount of CNY 3.087 billion [28]. - The report highlights the performance of various brokerages, with significant year-on-year growth expected for several firms [24]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, indicating a move towards greater market integration [35]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing changes in commodity trading [35].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive long-term outlook despite short-term adjustments in the A-share market [4]. Core Insights - The official release of the public fund performance benchmark guidelines emphasizes the importance of benchmarks in measuring performance and enhancing accountability among fund managers [1][20]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement security, despite short-term pressures on sentiment and funding [4][36]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from improved valuations and performance [4][36]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a decline of 1.45% and the securities sector a slight decrease of 0.34% during the week [10]. - The ten-year government bond yield decreased to 1.8298%, reflecting a slight decline from the previous week [17]. Insurance - The insurance industry is focusing on high-quality development, with a significant emphasis on commercial health insurance, which has seen a compound annual growth rate exceeding 20% over the past decade [14]. - The China Insurance Industry Association is working on industry demonstration clauses and drug payment lists to enhance collaboration between medical, pharmaceutical, and insurance sectors [14]. - China Pacific Insurance reported a total premium income of CNY 258.11 billion for the past year, marking an 8.08% year-on-year increase, driven primarily by the rapid expansion of the bancassurance channel [16]. Securities - The official guidelines for public fund performance benchmarks will take effect on March 1, 2026, establishing clear requirements for benchmark selection and management responsibilities [20][21]. - The report highlights the importance of maintaining a consistent performance benchmark to ensure transparency and accountability in fund management [21]. - The average daily trading volume for stock funds reached CNY 22,757.32 billion, a decrease of 44.37% from the previous week, indicating fluctuations in market activity [27]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, which may enhance market liquidity and trading opportunities [34]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing developments in the commodities market [34].

Core Viewpoint - The introduction of the "Guidelines for Performance Benchmark Selection and Use of Publicly Offered Securities Investment Funds" and the "Operational Details" aims to address industry issues such as "style drift" and "misrepresentation," thereby enhancing the value investment attributes of public funds and promoting high-quality development in the industry [1][7]. Group 1: Performance Benchmark Importance - Performance benchmarks serve as a reference standard for fund managers based on product positioning and investment goals, playing a crucial role in defining product positioning, clarifying investment strategies, representing investment styles, measuring performance, and constraining investment behavior [2]. - The new guidelines emphasize the need for benchmarks to accurately reflect the risk-return characteristics of funds and to be closely related to the fund's investment strategy and scope [3]. Group 2: Strengthening Investment Constraints - The guidelines and operational details focus on enhancing the constraints imposed by performance benchmarks, requiring fund managers to establish comprehensive control mechanisms covering benchmark selection, disclosure, monitoring, correction, and accountability [4]. - Fund managers are required to create a performance evaluation and compensation management system centered on fund investment returns, ensuring that long-term performance significantly below benchmarks results in a decrease in the performance compensation of relevant fund managers [4]. Group 3: Industry Development and Long-term Focus - The implementation of these guidelines is seen as a significant step towards high-quality development in the public fund industry, shifting the focus from short-term ranking competition to creating long-term stable returns for investors [7]. - The new regulations aim to align the interests of fund managers with those of investors by linking performance with long-term benchmarks rather than short-term rankings, promoting rational and disciplined behavior among fund managers [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced guidelines to standardize the selection and use of performance benchmarks for public funds, effective from March 1, aiming to address issues like "style drift" and "misrepresentation" in the industry, thereby enhancing the value investment tool attributes of public funds and promoting high-quality development in the sector [1][2]. Group 1: Importance of Performance Benchmarks - Performance benchmarks serve as a reference standard set by fund managers based on product positioning and investment objectives, playing a crucial role in defining product positioning, clarifying investment strategies, representing investment styles, measuring product performance, and constraining investment behavior [2]. - The lack of specialized and systematic regulations has led to significant deviations in the performance of actively managed equity funds from their benchmarks, impacting investor perception [2]. Group 2: Guidelines and Operational Details - The guidelines emphasize the representation role of benchmarks, outlining basic requirements for their selection and use, and reinforcing the primary responsibility of fund managers [2][3]. - Benchmarks must accurately reflect the risk-return characteristics of the fund and be closely related to the fund's investment strategy and scope, with changes to benchmarks being restricted once established [3]. Group 3: Strengthening Investment Constraints - The guidelines and operational details focus on enhancing the constraints imposed by benchmarks on investments and their role in performance assessment [4]. - Fund managers are required to establish comprehensive control mechanisms covering the selection, disclosure, monitoring, correction, and accountability related to performance benchmarks, ensuring their effective functionality [4].