1月23日，证监会发布《公开募集证券投资基金业绩比较基准指引》(下称《指引》)，自2026年3月1日 起施行。 《指引》突出业绩比较基准的表征作用，强化基金管理人的内部控制和管理，同时加强对业绩比较基准 的外部约束。 证监会介绍，业绩比较基准是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，一般由指 数、合约价格、利率等要素构成，是基金合同的基本要素。从功能作用来看，业绩比较基准是基金投资 的"锚"和"尺"，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等重 要作用。从境外成熟市场经验来看，业绩比较基准能够帮助投资者形成对基金产品投资策略和投资方向 的基本认识，并对预期风险收益特征形成基本判断，从而提升投资体验。 《指引》明确业绩比较基准的要素与权重应当表征基金产品投资风格，符合基金合同关于投资目标、投 资范围、投资策略、投资比例限制等的约定，并与主要的资产类别、国别或地区、市场板块、货币类型 等相匹配。同时，基金管理人不得仅因基金经理变更、市场短期变动、业绩考核或排名等而变更业绩比 较基准。 二是强化风格稳定性管理。管理人应加强对基金经理、基金产品投资风格稳定性的持续管理， ...

Core Viewpoint - The recent reforms in public fund performance benchmarks aim to enhance the regulation and management of theme investment funds, addressing issues such as style drift and misalignment between fund names and actual investment strategies [1][5][11]. Summary by Sections Regulatory Framework - The China Securities Regulatory Commission (CSRC) released a consultation draft on October 31, 2023, focusing on the internal and external management of performance benchmarks for public funds [3]. - The China Securities Investment Fund Industry Association (AMAC) is seeking feedback from fund companies by November 15, 2023, on the newly proposed guidelines [2]. Theme Investment Style Management Guidelines - The guidelines establish a "style library" system for theme investment funds, which includes clear naming constraints, quantitative standards, and enhanced responsibilities for fund managers and custodians [4][6]. - The guidelines specify that theme investment funds must invest over 80% of their non-cash assets in specific investment directions, which can include market capitalization, industry, theme, or geographic focus [5][7]. Naming and Disclosure Requirements - Fund names must clearly indicate the investment direction and align with the fund contract, avoiding vague or misleading terms [7]. - The guidelines require that the investment style and direction be quantifiable and recognizable, ensuring that the fund's name accurately reflects its investment strategy [6][8]. Style Library and Monitoring - The style library must be updated at least once a year, with a maximum of twelve updates, to maintain stability and avoid frequent changes that could lead to style drift [10]. - Fund managers are required to monitor the stability of their theme funds and make timely adjustments if significant deviations from the investment direction occur [12]. Custodian Responsibilities - The role of custodians has been strengthened, requiring them to actively supervise the investment style and ensure compliance with the fund's investment direction [14][15]. - Custodians must verify the style library within five trading days and report any discrepancies to the fund manager and regulatory authorities [17]. Transition Period for Existing Funds - A 24-month transition period has been established for existing theme investment funds to comply with the new guidelines, allowing for necessary adjustments to fund contracts and prospectuses [18].

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market trends, fund positioning, and industry allocation changes, such as the decrease in active equity fund positions below 90% and the increase in electronic sector allocation[4][6][24] - Active equity funds showed a shift towards large-cap growth style, with large-cap growth exposure rising to 36.99% (+1.8pct), while large-cap value exposure dropped to 7.6% (-1.68pct)[5][31][33] - Industry allocation changes include increased exposure to electronics (20.50%, +1.27pct), non-bank financials (3.11%, +0.60pct), and machinery (6.06%, +0.49pct), while sectors like pharmaceuticals (10.48%, -1.12pct) and food & beverage (3.05%, -0.69pct) saw reductions[6][34][36] - ETF market trends show net inflows into broad-based indices like CSI 300 and CSI A500, while thematic ETFs experienced mixed flows, with TMT and financial sectors gaining, and cyclical manufacturing sectors losing[38][39][65] - Newly established funds this week include 62 domestic funds, with active equity funds accounting for 16, totaling 98.74 billion shares issued[44][68][69]

Core Viewpoint - The public fund industry is undergoing a performance benchmark reform, with significant attention on the poor performance of several equity products managed by Puyin Ansheng Fund, particularly under the leadership of Chief Equity Investment Officer Jiang Jialiang [2][3]. Performance Analysis - As of Q1 2025, Jiang Jialiang's managed fund, Puyin Ansheng Quality Selection A, has seen a net value decline of 46.75% over the past three years, while its benchmark has only increased by 0.46%, resulting in a deviation of 47.21 percentage points [3]. - Data from Tian Tian Fund shows that as of May 21, 2025, Puyin Ansheng Quality Selection A ranks at the bottom among similar products for both three-year and two-year performance, with a cumulative loss of 52.53% since inception [3]. Fund Management Issues - The fund has faced repeated investment decision errors, such as sticking to the electric vehicle sector during a valuation drop in 2022 and missing out on the AI market in 2023, indicating systemic flaws in the investment research framework [5]. - Out of the 12 products managed by Jiang Jialiang, 11 have negative returns, with Puyin Ansheng Quality Selection Mixed A showing a return of -36.43% and Puyin Ansheng Value Growth Mixed A at -19.19% [6]. Fee Structure Concerns - Despite the poor performance, high management fees continue to be charged. For instance, Puyin Ansheng Quality Selection Mixed A collected management fees of 10.16 million yuan in 2024, despite a decline in value [6]. Governance and Internal Challenges - The fund is also facing governance challenges, including a leadership change with the departure of Chairman Xie Wei and Vice President Li Hongyu, alongside a past incident involving a former fund manager being penalized for misconduct [8]. - As of Q1 2025, Puyin Ansheng's public fund scale is 356.2 billion yuan, ranking 28th in the industry, but 19 products are below the 50 million yuan liquidation threshold, with five below 16 million yuan [8]. Industry Context - The recent emphasis by the China Securities Regulatory Commission on stricter performance deviation regulations may compel fund companies to optimize their assessment mechanisms, prioritizing investor interests [9]. - The challenges faced by Puyin Ansheng highlight broader issues within bank-affiliated public funds, including a reliance on traditional fixed-income products and internal constraints on talent retention and brand perception [9].