核心观点 公募基准新规明确了业绩基准的选取原则和信披规范，突出并强化业绩基准的日常约束作用。预计2026下半年将有相当比例的权益类公募基金存在调整业 绩基准的需求，因此我们构建出独家的"选择基准工具表"，并以"国投瑞银新丝路"作为分析案例，从跑赢胜率、跑赢含金量、匹配程度、跑赢程度、超额 稳定性、配平压力六大维度拆解并筛选出最适合其参照的业绩基准。从案例综合结果来看，我们认为国投瑞银新丝路最适合参照的业绩基准是中证800。 此外，国证1000、中证A500、中证500、中证全指等也可纳入备选，需要基金管理人进行更全面的考量。 内容摘要 1、维度一：跑赢胜率——相对于基准的年跑赢率 我们统计基金自成立以来，跑赢所有一类库比较基准年度数量的占比，即基金的年跑赢率，作为跑赢胜率指标。理想目标是年跑赢率越高越好，高胜率表 明基金能够在多数市场环境下具备持续战胜基准的能力。 2、维度二：跑赢含金量——业绩基准的夏普比 单纯的高胜率并不能完全说明基金跑赢基准的含金量，基准自身的质量对吸引投资者也同样重要，我们统计各个业绩基准的夏普比率作为主要指标。理想 目标是基准的夏普比率越高越好，战胜一个高夏普比的"聪明基准"更能体现 ...

Core Insights - The new public fund benchmark regulations clarify the principles for selecting performance benchmarks and enhance the disclosure standards, emphasizing the daily constraints of performance benchmarks. It is expected that a significant proportion of equity public funds will need to adjust their performance benchmarks in the second half of 2026 [1][15][16] - An exclusive "benchmark selection tool" has been developed, using "Guotou Ruijin New Silk Road" as a case study to analyze and select the most suitable performance benchmark based on six dimensions: winning rate, winning quality, matching degree, winning degree, excess stability, and balancing pressure. The analysis concludes that the most suitable benchmark for Guotou Ruijin New Silk Road is the CSI 800, with other options including CSI 1000, CSI A500, CSI 500, and CSI All Index [1][8][38] Dimension Summaries Dimension 1: Winning Rate - The winning rate is defined as the proportion of years the fund outperformed all benchmarks since its inception. A higher winning rate indicates the fund's ability to consistently outperform the benchmark across various market conditions. For Guotou Ruijin New Silk Road, the winning rates against benchmarks like CSI 800 and CSI 1000 are around 80% [2][17] Dimension 2: Winning Quality - The quality of the benchmark is assessed using the Sharpe ratio, which indicates the risk-adjusted return. A higher Sharpe ratio for the benchmark signifies a more challenging standard for the fund to outperform. Benchmarks such as CSI New Energy and CSI Chip Industry have high Sharpe ratios above 0.5, while others like CSI 800 Medical and CSI All Index are lower [3][19] Dimension 3: Matching Degree - The matching degree measures the correlation between the fund and various benchmarks. A higher correlation indicates a better alignment between the fund's investment strategy and the benchmark. Guotou Ruijin New Silk Road shows a high correlation of 0.91 with the Shenzhen Composite Index [4][22] Dimension 4: Winning Degree - The winning degree is represented by the average annual excess return of the fund compared to the benchmarks. Guotou Ruijin New Silk Road has an average annual excess return exceeding 10% against several benchmarks, indicating strong alpha generation capabilities [5][24] Dimension 5: Excess Stability - Excess stability is evaluated through the information ratio, which reflects the fund's ability to generate stable excess returns with minimal active risk. Guotou Ruijin New Silk Road has high information ratios against benchmarks like CSI 300 Growth and Consumer Services, indicating stable performance [6][28] Dimension 6: Balancing Pressure - Balancing pressure is assessed by the total deviation of the fund's industry allocation from the benchmark. A lower total deviation indicates lower rebalancing costs and market impact. Guotou Ruijin New Silk Road shows low total deviations against several benchmarks, suggesting manageable rebalancing pressures [7][31] Optimal Benchmark Output - Based on the six evaluation dimensions, the "benchmark selection tool" indicates that the CSI 800 is the theoretical optimal performance benchmark for Guotou Ruijin New Silk Road. Other high-scoring benchmarks include CSI 1000, CSI A500, and CSI All Index, which should be considered by fund managers for a comprehensive evaluation [8][38]