Group 1 - The article analyzes the performance benchmark adjustments of public funds from 2022 to May 7, 2025, highlighting that the new benchmark in 2024 yielded lower returns compared to the old benchmark [1] - A total of 208 funds were sampled, with 21 in 2022, 47 in 2023, 82 in 2024, and 58 in 2025, categorized into three main types: equity indices, pure bond indices, and cash [1] - The positioning of pure products has become clearer, with short-term bond funds shifting their benchmarks significantly towards cash, while long-term bond funds remained unchanged [1] Group 2 - Mixed product adjustments vary, with funds having less than 20% equity significantly lowering their cash and equity weight, aiming to outperform pure bonds [2] - Funds with 20%-80% equity reduced cash weight and shifted more towards equity, while those with over 80% equity decreased pure bond weight and increased equity, focusing more on style/sector within equity [2]

Core Viewpoint - Recent discussions regarding public fund assessment benchmarks leading to market adjustments are deemed inaccurate and unprofessional, with no large-scale repositioning observed in public funds [1][2] Group 1: Market Trends and Fund Performance - The "Action Plan for Promoting the High-Quality Development of Public Funds" has sparked a surge in financial stocks, particularly in the banking sector, which saw a 6.68% increase from May 7, marking a historical high [2] - The banking, non-bank financial, and electronics sectors hold the highest weights in the CSI 300 index, with respective allocations of 13.7%, 10.6%, and 10.2% [3] - Active equity funds are expected to align their performance closer to market-wide benchmarks, leading to a more balanced asset allocation in the future [1][2] Group 2: Fund Management and Strategy Adjustments - A total of 5743 funds were analyzed, with 2356 funds (over 41%) using the CSI 300 index as their performance benchmark [2] - The shift towards stricter adherence to performance benchmarks may compress excess returns for average fund managers, pushing them towards a more passive investment strategy [6] - Future performance benchmarks may be categorized into broad-based, industry-specific, and thematic categories, with most products likely to adopt broad-based benchmarks [7] Group 3: Implications for Fund Managers - Fund managers will face increased pressure to align their portfolios with performance benchmarks, which could lead to a decrease in turnover rates and a focus on maintaining high positions post-establishment [7][8] - The emphasis on performance benchmarks will significantly influence fund managers' compensation and management fee structures, making adherence to these benchmarks critical [8] - The competition among fund managers will increasingly revolve around stock selection capabilities within the framework of performance benchmarks, with a potential rise in demand for stable, actively managed equity products [8]