Regulatory Framework - The China Securities Regulatory Commission (CSRC) issued the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" on January 23, 2026, which will take effect on March 1, 2026[1] - The guidelines consist of six chapters and twenty-one articles, emphasizing the serious and stable application of performance comparison benchmarks[2] Internal Control and Management - Fund managers are required to establish robust internal control mechanisms and management systems to ensure the stability of fund managers and investment styles[3] - The guidelines mandate that performance benchmarks must align with the core elements of the fund contract and investment style, and cannot be changed arbitrarily once selected[9] External Constraints and Supervision - The guidelines enhance external constraints by clarifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions regarding performance benchmarks[2] - Strict regulatory measures will be enforced by the CSRC against violations by fund managers, custodians, sales institutions, and evaluation agencies[10] Performance Benchmark Standards - The "Operational Guidelines" consist of six chapters and twenty-eight articles, detailing the standards for establishing performance benchmarks, which must be representative and sustainable[11] - Fund managers must regularly assess the rationality and potential risks of deviations from performance benchmarks, ensuring compliance and accountability[11] Industry Development Trends - The public fund industry is expected to focus on equity funds, with a need for repositioning in actively managed equity funds[12] - Future adjustments may include thematic funds covering multiple industries and multi-asset investment funds to diversify risks and enhance performance stability[13] Policy Implications - The guidelines support the high-quality development of public funds, addressing issues such as significant performance deviations from benchmarks in actively managed equity funds[12] - The government aims for publicly raised funds to increase their holdings of A-shares by at least 10% annually over the next three years[12]

首批公募业绩比较基准要素库正式发布。 继《公开募集证券投资基金业绩比较基准指引》《公开募集证券投资基金业绩比较基准操作细则》发布后，中国证券投资基金业协会（以下简称"中基协"）于近日 公布了公募基金业绩比较基准要素库，最新的业绩比较基准要素库共纳入155只指数，较此前征求意见稿中的141只增加了14只指数，公募基金业绩比较基准要素库 运作说明相比征求意见稿也有多处修订。 首批业绩比较基准要素库正式发布 1月23日，历经两个多月的公开征求意见，中国证监会与中国证券投资基金业协会同步正式出台《公开募集证券投资基金业绩比较基准指引》及《公开募集证券投 资基金业绩比较基准操作细则》，围绕公募基金业绩比较基准这一核心"锚点"与"标尺"的制度革新正式落地。 1月27日，中基协宣布，为落实《推动公募基金高质量发展行动方案》部署，规范公开募集证券投资基金业绩比较基准选取和使用，保护投资者的合法权益，根据 《证券投资基金法》《公开募集证券投资基金运作管理办法》《公开募集证券投资基金业绩比较基准指引》《公开募集证券投资基金业绩比较基准操作细则》及其 他有关法律法规，建立了公募基金业绩比较基准要素库。经第一届公募基金业绩比较基准要 ...

Core Viewpoint - The China Securities Regulatory Commission has released the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," aiming to standardize the selection and use of performance benchmarks, enhance internal controls, and protect investors' rights [1][2]. Group 1: Guidelines Overview - The guidelines consist of 21 articles addressing benchmark standardization, internal controls for fund managers, external constraints, and supervision [1]. - The guidelines emphasize the importance of performance benchmarks in defining product investment styles, constraining investment behavior, and measuring performance [2]. Group 2: Current Issues in the Industry - Current public funds face issues such as a lack of specific regulations on performance benchmarks, weak internal control mechanisms, and significant deviations from benchmarks by actively managed equity funds [2]. - The guidelines and accompanying "Operational Details" aim to address these issues by providing a structured approach to benchmark management [2]. Group 3: Strengthening Benchmark Constraints - The guidelines stress the serious and stable application of performance benchmarks, requiring them to match the core elements of fund contracts and investment styles [3]. - Changes to benchmarks are strictly regulated, requiring prior notice and adherence to specific procedures to ensure transparency and protect investor interests [3]. Group 4: Performance Measurement - The guidelines link fund performance directly to benchmarks, establishing a core constraint for performance evaluation and management compensation [5]. - Fund managers are required to conduct performance attribution analysis and ensure that long-term performance aligns with benchmarks, with penalties for underperformance [5]. Group 5: Transition Periods - A one-year transition period is provided for existing products to comply with the new benchmark guidelines, ensuring a smooth adjustment process [5]. - A six-month transition period is allocated for custodians to enhance their supervision of fund investment style stability [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 来源 ：中国基金报 【导读】中国基金业协会发布基准库，规范公募基金业绩比较基准选取和使用 中国基金报记者 李树超 随着公募基金业绩基准新规公布，落实新规部署的基准库也快速发布。 1月27日，中国基金业协会发布公募基金业绩比较基准要素库（以下简称基准库）及运作说明的公告， 基准库包括《公募基金业绩比较基准要素库运作说明》和股票指数一类库、二类库，重点规范股票指数 选取，分层设置基准库。沪深300指数、中证A500指数等纳入一类库，上证180指数、中证2000指数等 纳入二类库。 业内人士表示，基准库的建设优先纳入使用广泛、投资者认可度高的指数，有利于引导基金管理人更好 落实相关要求，提高产品间业绩的可比性。同时，基准库内的指数未来将构成鼓励、引导行业机构规范 选取表征权益资产的基准要素，将有效规范投资行为，引导公募基金业绩基准"归位"，以投资之"锚"重 塑行业生态。 重点规范股票指数选取 公告显示，基准库包括《公募基金业绩比较基准要素库运作说明》和股票指数一类库、二类库。主要内 容包括以下方面： 一是重点规范股票指数选取。为落实《推动公募基金高质量发展行动方案》 ...

Core Viewpoint - The China Fund Industry Association has released a benchmark library to standardize the selection and use of performance comparison benchmarks for public funds, aiming to enhance comparability among fund products and guide industry practices [2][6][7]. Summary by Sections Benchmark Library Overview - The benchmark library includes operational guidelines and categorizes stock indices into two tiers, with major indices like the CSI 300 and CSI A500 included in the first tier, while others like the SSE 180 and CSI 2000 are in the second tier [2][7]. Key Regulations - The guidelines aim to address industry issues such as "ambiguous benchmarks," "style drift," and "fund blind boxes," ensuring that fund managers select benchmarks that accurately represent their investment strategies [6][7]. Selection and Categorization of Indices - The first tier of the benchmark library consists of widely recognized indices that reflect market performance, while the second tier includes indices with significant usage and market capitalization, serving as a supplement to the first tier [11][12]. Dynamic Management of the Benchmark Library - The library will be dynamically updated and managed to ensure the objectivity and fairness of the benchmarks, with an expert working group established to evaluate and decide on the inclusion and adjustment of benchmark elements [14][16]. Encouragement of Compliance and Quality - The guidelines also set requirements for index providers to enhance their service quality, including governance, compliance, and transparency in index maintenance [16].

近日，中国证监会发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），中国 证券投资基金业协会同步发布《公开募集证券投资基金业绩比较基准操作细则》（以下简称《操作细 则》），《指引》自2026年3月1日起施行。这标志着公募基金行业基准管理步入系统化、规范化新阶 段，有助于根治基金"风格漂移"、基准滥用等乱象，强化产品透明度与投资纪律。 中信证券研究部认为，业绩基准作为公募基金投资的"锚"和"尺"，《指引》的推出，从源头上防范 公募基金"风格漂移"问题。《指引》覆盖范围全面，向内明确了基金公司全链条内控机制，向外对基金 业务三方机构的协同监督机制提出统一要求。 明确"锚"和"尺"作用 业绩比较基准，是指基金管理人在基金合同、招募说明书等基金法律文件中约定的，用于表征产品 投资风格、衡量产品业绩、约束投资行为的参考标准。从功能作用看，业绩比较基准是基金投资 的"锚"和"尺"，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等重 要作用。 分析人士认为，"锚"用来明确投资风格、约束投资行为、防范"风格漂移"、提升投资稳定 性；"尺"可以衡量基金业绩是否跑赢市场，对基金经理进行考核 ...

Group 1 - UK Prime Minister Starmer will visit China from January 28 to 31, marking the first visit by a UK Prime Minister in eight years. Discussions will focus on bilateral relations and trade investment cooperation [3][6] - US President Trump stated that he is not concerned about the decline of the US dollar, which has recently dropped over 1% to a nearly four-year low of 95.7905 [3][6] - A new wave of price increases is sweeping the global chip industry, with Samsung and SK Hynix significantly raising prices for LPDDR memory used in iPhones by over 80% and nearly 100%, respectively [3][6] Group 2 - Clawdbot has gained significant attention in the tech industry, seen as a precursor to the future of AI agents. Meanwhile, domestic AI models are also gaining traction, with DeepSeek releasing a new OCR model [4] - The Ministry of Human Resources and Social Security announced plans to enhance labor rights for new employment forms and revise paid leave regulations [5] - The National Bureau of Statistics reported that profits of large industrial enterprises in China reached 7.4 trillion yuan in 2025, a 0.6% year-on-year increase, reversing a three-year decline [5] Group 3 - Anta Sports announced a deal to acquire a 29.06% stake in Puma for 15.06 billion euros (approximately 122.8 billion yuan), making Anta the largest shareholder of Puma [9] - The China Fund Industry Association released a performance benchmark database for public funds, focusing on stock indices [9] - The resource product LOF purchase limit has been upgraded, with major funds suspending large purchases starting January 28 [9] Group 4 - Companies such as Guotai Junan and Shenwan Hongyuan expect significant profit increases in 2025, with projected growth rates ranging from 41.76% to 115% [11] - Aisen Co. plans to invest 20 billion yuan in a semiconductor materials manufacturing base in East China [12] - The central bank reported a decrease in real estate loans, with a total balance of 51.95 trillion yuan at the end of 2025, down 963.6 billion yuan year-on-year [12]

Market Review - The A-share market showed a mixed performance among major indices, with the CSI 500, CSI 1000, and Sci-Tech 50 indices leading with returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext, and Shanghai Composite indices lagged with returns of -0.62%, -0.34%, and 0.84% respectively [5][11] - The construction materials, oil and petrochemicals, and steel sectors performed well, with returns of 9.18%, 7.76%, and 6.98% respectively, while the banking, telecommunications, and food and beverage sectors underperformed with returns of -2.69%, -1.68%, and -1.57% respectively [17][18] Fund Issuance - A total of 42 new funds were established last week, with a total issuance scale of 444.54 billion yuan, showing an increase compared to the previous week [3] - 58 funds were reported for issuance last week, including 5 FOFs and 17 ETFs, indicating an increase in the number of applications [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.51%, 1.37%, and 1.37% respectively last week [29] - Alternative funds have shown the best performance this year, with a median return of 13.14%, while active equity, flexible allocation, and balanced mixed funds had median returns of 7.52%, 6.27%, and 5.09% respectively [29][37] Regulatory Updates - The China Securities Regulatory Commission (CSRC) issued guidelines for the performance comparison benchmarks of public funds, effective from March 1, 2026, to enhance investor protection and ensure the stability of performance benchmarks [7][8] New Market Entrants - Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, marking the third Japanese securities firm in China [9]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注： T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 免责声明 国债期货日报 2026/1/26 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.180 | -0.02% T主力成交量 | 59708 | -6575↓ | | | TF主力收盘价 | 105.850 | -0.02% TF主力成交量 | 47329 | -15830↓ | | | TS主力收盘价 | 102.392 | -0.02% TS主力成交量 | 29013 | 5574↑ | | | TL主力收盘价 | 112.510 | 0.2% TL主力成交量 | 72096 | -23480↓ | | 期货价差 | TL2603-2606价差 | -0.17 | +0.00↑ T03-TL03价差 | -4.33 | -0.22↓ | | | T2603-2606价差 | 0.00 | -0.01↓ TF03-T03价差 ...

Core Viewpoint - The financial market is experiencing a tight balance in liquidity, with various indicators showing mixed trends in both domestic and international debt markets, alongside significant movements in commodity prices. Group 1: Domestic News - The People's Bank of China (PBOC) Governor Pan Gongsheng stated that by 2025, the "Technology Board" in the bond market is expected to issue a total of 1.8 trillion yuan in technology innovation bonds [2] - The China Securities Regulatory Commission (CSRC) has released guidelines for public fund performance benchmarks, effective from March 1, aimed at addressing issues like "style drift" and enhancing the value investment attributes of public funds [2] Group 2: International News - In January, the S&P Global PMI report indicated that U.S. business activity continues to grow, with the manufacturing PMI at 51.9, slightly below expectations, and the services PMI at 52.5, also below forecast [4] - The Bank of Japan maintained its policy interest rate at 0.75%, aligning with market expectations, while raising its medium- to long-term inflation forecasts, indicating a more optimistic view on price pressures [5] Group 3: Commodity Market - International crude oil prices increased, with WTI crude rising by 2.88% to $61.07 per barrel, and natural gas prices surged over 10% [6] Group 4: Financial Market Operations - On January 23, the PBOC conducted a 125 billion yuan reverse repo operation at a fixed rate of 1.40%, resulting in a net liquidity injection of 38.3 billion yuan for the day [7] - The liquidity in the market remains tight, with the DR001 and DR007 rates slightly declining to 1.398% and 1.494%, respectively [8] Group 5: Bond Market Dynamics - The bond market showed slight strength, with the yield on the 10-year government bond decreasing by 1.00 basis points to 1.8300% [9] - In the secondary market, several corporate bonds saw significant price movements, with some bonds from Vanke rising over 10% [11] Group 6: Convertible Bonds - The convertible bond market followed the equity market's upward trend, with major indices rising by approximately 1.28% to 1.32%, and a total trading volume of 104.1 billion yuan [19] - Notable individual convertible bonds saw substantial increases, with some rising over 19% [19] Group 7: Overseas Bond Market - U.S. Treasury yields generally declined, with the 10-year yield down by 2 basis points to 4.24% [21] - In the European bond market, the 10-year yields showed mixed trends, with Germany's yield rising by 2 basis points to 2.90% while France's yield fell by 2 basis points [24]