基金的业绩比较基准，是基金公司按产品投资策略与资产配置设定的业绩目标参考。 对于投资者来说，它也是判断基金业绩优劣的重要依据——对于被动指数基金而言，它不仅划 定了投资范围也决定了业绩目标；对于主动基金来说，它还承担着检验基金创造超额收益能力 的责任。 然而在过去很长一段时间里，很多人因为认为"基准指数不难战胜"，所以对基准的关注度也不 高。这也催生了不少问题，比如部分基金会通过大幅偏离基准的投资范围来博取短期业绩，最 终让投资者承担了预期以外的风险。 监管部门也非常关注这些问题，在今年5月专门发文强调，要求规范基金业绩比较基准设置， 让其充分发挥衡量业绩的"标尺"作用。 在这样的背景下，我们也有必要重新深入讨论一个问题：基准是否真的像大家印象中的那样好 战胜吗? 晨星近期的研究发现，答案并非如此——选用不同收益处理方式的指数作为基准，会对基金相 对收益产生显著的影响。接下来，我们就来深入探究一下这个问题，看看到底什么指数才是基 金"可比"的业绩比较基准？"用错"基准又会对业绩比较造成哪些影响？ 01 投资收益从哪来？ 在此之前，我们得弄清楚一个基本的问题：我们实际到手的投资收益到底从哪来？ 无论是股票还是债 ...

Core Insights - Over 180 funds have adjusted their benchmarks as of October 31, 2023, moving towards clearer investment strategies and styles [1][2] - The new guidelines for public fund benchmarks aim to enhance comparability and accuracy in performance evaluation [1][4] Fund Benchmark Adjustments - The number of funds changing their performance benchmarks since 2025 is 183, with over 70 changes occurring after the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2023 [2] - Many funds are shifting from broad indices to more specific industry indices, such as a sports culture fund changing its benchmark from the CSI 300 to a combination of industry-specific indices [2][3] Focus on Full Return Indices - Current research indicates that nearly 75% of domestic fund benchmarks are price indices, with very few using total return indices, which account for dividends and reinvestment [5][6] - The annualized returns over the past 20 years show a significant difference between total return indices and price indices, highlighting the importance of using full return indices for accurate performance comparison [5][6] Need for Enhanced Benchmark Management - The adjustment of benchmarks is seen as a necessary step towards more refined management, with a focus on improving the comparability of benchmarks [4][7] - Factors to consider for effective benchmark management include risk-return characteristics, strategy alignment, transparency, and market representation [8]

Core Viewpoint - Understanding the performance benchmark of mutual funds is crucial for investors to establish a rational investment perspective, as it conveys important information about the fund's investment direction, style, and strategy [1][2]. Group 1: Importance of Performance Benchmarks - The regulatory framework has elevated the significance of performance benchmarks in mutual funds, guiding product positioning, investment strategies, and performance evaluation [1]. - Performance benchmarks help investors identify the investment focus and style of funds, such as large-cap blue-chip stocks or specific sectors like semiconductors [2][3]. - Composite benchmarks, such as a mix of equity and bond indices, indicate a balanced investment strategy, while more complex benchmarks reflect specific asset allocation strategies [3]. Group 2: Evaluating Fund Performance - Performance benchmarks serve as a tool to filter market styles and assess the true management capabilities of fund managers, allowing for a more accurate evaluation of their performance [3][4]. - For actively managed funds, deviations from benchmarks can indicate attempts to achieve excess returns, while passive index funds rely heavily on accurately tracking their benchmarks [4]. - The introduction of floating fee structures linked to performance benchmarks ensures that investors pay for value, with fund managers receiving higher compensation only when they outperform the benchmark [4]. Group 3: Analyzing Fund Selection - Investors should analyze benchmarks to determine if a fund aligns with their preferences, considering the composition of the benchmark and its implications for risk and return [5][6]. - The choice of benchmark is critical; funds using price indices rather than total return indices may mislead investors regarding their true performance and management effectiveness [6]. - Adjustments to performance benchmarks may occur as funds change their investment focus, necessitating investor awareness of such changes to ensure alignment with their investment goals [7].

Group 1 - The core viewpoint emphasizes the importance of adhering to a long-term investment strategy focused on high dividend assets, considering quality factors, avoiding crowded trades, and paying attention to expected dividends [1] - High dividend strategies yield returns from both capital gains and dividend income, primarily involving mature companies with strong cash flow and high return on equity (ROE), which tend to distribute profits as dividends [1][2] - The report identifies mainstream high dividend indices, including pure dividend indices and Smart Beta strategies, highlighting their differences in weighting methods, sample constraints, and industry distribution [1] Group 2 - There are three key misconceptions about high dividend strategies: they can outperform the market in various market conditions, interest rate changes have a limited impact, and short-term gains post-dividend distribution are often less than 50% [2] - "Cash cow" companies are defined by their stable cash flow, which is influenced by their business model, resource allocation, and profitability drivers [2] - Different asset and liability structures create four types of cash cow paradigms, with heavy asset industries relying on scale and quality, while light asset industries depend on brand and channel efficiency [3] Group 3 - Investing in cash cows requires understanding their business model and industry cycle, with defensive characteristics across different paradigms [4] - The optimal investment timing is during the transition from growth to clearing phases in the industry cycle, focusing on fundamental leaders within the respective paradigms [4] - True cash cows exhibit resilience across cycles, and long-term investments should prioritize strong business models and reasonable forward valuations [4]

Strategy Overview - The report highlights that the Shanghai Composite Index has surpassed the 3500-point mark, primarily driven by strong performance in the financial sector and expectations surrounding the "anti-involution" policy [1][2] - For the index to advance further, the effectiveness of incremental policies such as "anti-involution" needs to be demonstrated [2] Market Sentiment - There is a notable psychological focus on the 3500-point threshold, which may lead to passive selling by quantitative funds when this integer level is reached [2] - The report suggests downplaying the emphasis on the index's integer levels and instead focusing on the total return index, which better reflects the true performance of the Shanghai market [2] Financial Sector Contribution - As of July 8, the Shanghai Composite Index has recorded a year-to-date increase of 4.2%, with the financial sector contributing 2.8% to this growth [2][4] - The strong performance of bank and insurance stocks is identified as a core reason for the index's ability to reach the 3500-point level [2] Trading Volume Considerations - The report discusses the importance of trading volume in maintaining the index above 3500 points, suggesting that the focus should be on the financial sector's index performance rather than overall market trading volume [2] - Historical trends indicate that the banking sector's index benefits from incremental capital flows, with a stable trading volume leading to gradual price increases [2] Policy Impact - The "anti-involution" policy, as defined in the sixth meeting of the Central Financial Committee, is expected to aid in macroeconomic structural adjustments and improve pricing factors, which could facilitate a classic market structure of "weight lifting and technology growth" [2] - This structure is anticipated to help the index achieve a "two steps forward, one step back" effect, leading to an upward shift in the market's central tendency [2] Sector Rotation and Investment Focus - The report notes a rapid rotation among sectors, with high absolute readings in sentiment indicators, suggesting a dual constraint of "upside risk" and "drawdown control" [2] - It recommends focusing on relatively undervalued technology growth sectors for potential investment opportunities [2]