1）参考量化指数增强的优化框架，在选股的同时针对基准指数控制成分股的投资比例、行业权重偏离、个股权重偏 离； 2）分仓位投资，一部分仓位用于基准指数的投资或尽可能跟住指数，另一部分仓位仍按照原来的主动管理思路。 下面部分中，我们将首先讨论这两种方案的效果，另外最后部分中我们也将参考海外绩优产品的实际偏离情况给予启 发。 1. 《行动方案》强化业绩比较基准的约束作用 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称"《行动方案》"），提出了推进公募行业 高质量发展的七大项25项具体举措，其中明确提出强化业绩比较基准的约束作用，基金公司评价体系、公司高管的考 核以及基金经理的考核都将与业绩比较基准密切相关。以基金经理为例："对三年以上产品业绩低于业绩比较基准超过 10个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比较基准的基金经理，可 以合理适度提高其绩效薪酬"。 在此前后明星时代公募基金研究的系列报告中我们也曾经测算，过去10年美国主动权益基金相对其业绩比较基准的年 化跟踪误差多数在3~6%之间，平均水平不足5%，而国内偏股基金过去5年平均跟踪误差接近15%， ...

1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided content. 2. Core Views of the Report - The "Action Plan" issued by the China Securities Regulatory Commission on May 7, 2025, emphasizes strengthening the binding effect of performance comparison benchmarks. This is to address the weak benchmark awareness in domestic public - offering funds and avoid widespread underperformance [6]. - Two adjustment strategies are proposed for domestic active managers under the constraint of performance comparison benchmarks. The first is to refer to quantitative index enhancement by controlling the proportion of constituent stocks and industry constraints to reduce deviation. The second is to adopt a split - position investment approach, with part of the position for benchmark index investment and the other part for active management [2][8]. - Overseas high - performing active management products still express clear views on individual stocks. They deviate from the benchmark to some extent in industries while maintaining distinct style characteristics [2][36]. 3. Summary by Relevant Catalog 3.1 《行动方案》强化业绩比较基准的约束作用 - The "Action Plan" proposes 25 specific measures in seven major areas to promote the high - quality development of the public - offering fund industry, with a clear emphasis on strengthening the binding effect of performance comparison benchmarks. Fund company evaluation, executive assessment, and fund manager assessment will be closely related to these benchmarks [6]. - In the past 10 years, the average annualized tracking error of US active equity funds relative to their performance comparison benchmarks was mostly between 3 - 6%, with an average of less than 5%. In contrast, the average tracking error of domestic equity - biased funds in the past 5 years was close to 15%, indicating weak benchmark awareness [6]. 3.2 参考量化指数增强：通过成分股比例、行业约束来降低偏离 - A conventional quantitative index enhancement constraint framework includes constraints on the proportion of constituent stocks, individual stock weight deviation, industry weight deviation, style factor deviation, and tracking error deviation. For active managers, the focus is on adjusting the proportion of constituent stocks, industry deviation, and individual stock deviation [10][11]. - Taking the CSI 300 as an example, when the investment proportion of constituent stocks is 80%, the portfolio is likely to outperform the index within three years at any time point, and industry deviation has little impact. When the proportion drops to 50%, it is recommended that the industry deviation be within 3%. If it further drops to 30%, the probability of underperforming the index by more than 10% within three years increases significantly [2][14][19]. 3.3 跟踪与主动管理并重：用多大仓位主动管理更合适？ - An approach of split - position investment is considered, with part of the position for benchmark index investment (using the top 50 constituent stocks for sampling replication) and the other part for active management. The Shenwan Hongyuan Active Equity High - Position Fund Index is used to represent the average performance of the market's active funds [24]. - When the investment performance of active fund managers is at the market average level, to avoid underperforming the price index by more than 10% within three years, the index investment position should not be less than 20%. To ensure not underperforming the index, a 50% replication position is recommended. For managers in the top 30% of performance, they can have more active management space [29][30]. - For funds with obvious style and industry biases, such as advanced manufacturing funds, at least 50% of the position should be invested in the index replication portfolio to avoid underperforming by 10% within three years [35]. 3.4 海外经验参考：绩优主动管理产品在个股上仍有明确观点 - US high - performing active equity products in different styles (large - cap core, large - cap growth, large - cap value) still maintain distinct active management characteristics. They deviate from the benchmark in industries while keeping clear style features and express clear views on individual stocks, with individual stock deviations generally reaching 3% [36][56]. - For example, Fidelity Contrafund has significant over - allocation in communication services and finance and under - allocation in technology and consumption. It over - allocates Meta by more than 10% and Berkshire by more than 8% [42].