Core Viewpoint - The article highlights the trend of diversification and refinement in the performance benchmarks of multi-asset investment products, particularly "Fixed Income +" and Fund of Funds (FOF), indicating a shift towards more sophisticated investment strategies in the industry [2][9]. Summary by Sections Performance Benchmark Composition - Recent FOF and "Fixed Income +" products have performance benchmarks composed of 4 to 6 asset classes, including U.S. stocks, Hong Kong stocks, commodities, and deposits, reflecting a more nuanced approach compared to previous simpler stock-bond combinations [4][5]. - Examples of performance benchmarks include: - Morgan's "Yingyuan Stable Three-Month Holding" benchmark: 80% of the yield from the China Bond Pure Bond Index, 5% from the China Equity Fund Index, 5% from the MSCI World Index, 5% from Shanghai Gold Exchange AU99.99, and 5% from after-tax demand deposit rates [4]. - "Yongying Yuan Stable Multi-Asset 90-Day Holding" benchmark: 70% from the China Bond Comprehensive Index, 10% from the CSI 300 Index, 5% from the S&P 500 Index, 5% from the Hang Seng Index, 5% from Shanghai Gold Exchange AU99.99, and 5% from after-tax demand deposit rates [4]. Reasons for Refinement - The refinement of performance benchmarks aims to highlight the "stable multi-asset" positioning of products, optimizing risk-return structures through cross-market and cross-asset diversification [5]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, and signals global allocation characteristics and inflation-hedging attributes [5][6]. Industry Trends - The trend towards refined performance benchmarks reflects a broader shift in public fund multi-asset investment strategies from traditional equity and fixed income configurations to more diversified asset allocations, including commodities, overseas assets, and REITs [6][9]. - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the need for stricter performance benchmark constraints to better regulate fund managers' investment behaviors [5]. Implications for Investors and Fund Managers - Refined benchmarks serve as both a performance measurement tool and a guide for investment management, clarifying investment boundaries and enhancing investment discipline [8]. - For investors, detailed benchmarks facilitate better assessment of fund strategies and alignment with personal investment goals and risk tolerance [8][9]. - For fund managers, refined benchmarks support improved portfolio management and decision-making, enhancing transparency and investor confidence in fund products [8].