行业规范发展再添 "核心支撑" 近年来，公募基金行业实现快速发展，公募管理总规模超过37万亿元。但在规模扩张与业态升级的进程中，一 系列长期困扰行业高质量发展的核心痛点日益凸显，比如"基准模糊""风格漂移""基金盲盒"等问题。这些痛点 直接导致投资者在"选基"过程中面临严重的信息不对称，难以清晰判断基金产品的真实投资方向、风险收益特 征及管理人主动管理能力，进而使得投资者整体投资获得感不佳，部分投资者甚至对基金行业产生信任裂痕。 与此同时，行业内部分机构及从业人员存在短期博弈导向的投资行为，过度追求短期业绩排名，忽视了长期价 值创造的核心逻辑，进一步制约了行业生态的良性发展与投资者信任度的提升。 针对行业发展过程中存在的上述弊病，此次公募基金业绩比较基准新规聚焦四大核心要点，构建起全方位的规 范体系：一是提升基准的表征精准度，确保基准与产品实际投资方向、风格高度匹配；二是健全基准全流程内 控管理机制，强化机构合规运作责任；三是树立长期价值导向的行业评价体系，引导机构摒弃短期投机导向； 四是完善多维度协同监督体系，推动监管、机构、市场形成监督合力。 业内人士普遍认为，新规的落地将实现多方共赢。基准的规范化要求将 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 受访业内机构表示，这场围绕业绩基准"锚"与"尺"的制度革新， 是公募基金行业高质量发展 进程中的重要里程碑， 一场聚焦长期价值的行业生态重塑正式启幕。 通过制度化"硬约束" 筑牢 公募基金投资之"锚" 业绩比较基准是基金的"投资坐标"，新规围绕"表征、约束、考核、监督"四大维度构建全流 程管控体系，同时配套过渡期与基准库建设，筑牢"锚尺"制度防线。 易方达基金副总裁王骏表示，此次《指引》及《操作细则》的发布，是贯彻落实《推动公募 基金高质量发展行动方案》（ 以 下 简 称《行动方案》）的重要举措，通过对公募基金选取 和使用业绩比较基准加强指引和规范，有助于切实发挥业绩比较基准表征产品投资风格、约 束投资和衡量业绩等方面的功能作用，更好地保护投资者合法权益。 近日 ，中国证监会与中国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指引》 （ 以 下 简 称《指引》）及《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》），直指"基准模糊""风格漂移""基金盲盒"等行业痛点。 富国基金表示， 本 ...

记者丨黎雨辰 编辑丨姜诗蔷 备受市场关注的公募基金业绩比较基准新规，迎来正式文件。 1月23日晚间，中国证监会发布了《公开募集证券投资基金业绩比较基准指引》（下称《指 引》)，自2026年3月1日起施行。同日，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》（下称《操作细则》）。 新规直指业绩基准在公募业长期存在的"用而不准、用而不实、用而不管"问题，旨在进一步突 出业绩比较基准表征作用、强化约束作用、发挥考核作用并强化外部监督。 在具体实施上，21世纪经济报道记者进一步获悉， 未来监管将秉持尽量"调基准不调仓"的大 原则，推动存量基金在一年内实现业绩基准的平稳过渡调整 ，防范市场冲击。基金业协会方 面， 公募业绩比较基准库和薪酬考核规则也将在此后陆续落地。 据了解，《指引》和《操作细则》的正式文件基本沿袭了去年10月31日征求意见稿的核心内 容，标志着《推动公募基金高质量发展行动方案》又一重要成果落地， 其整体共有四大核心 看点： 1.突出基准对产品的表征作用 为纠正过往基准与产品"两张皮"的现象，《指引》与《操作细则》从两方面强化了对业绩基准 的约束。一是明确要求业绩比较基准须 ...

Core Viewpoint - The new regulations issued by the China Securities Regulatory Commission (CSRC) aim to address long-standing issues in the mutual fund industry, such as style drift and the prioritization of rankings over benchmarks, ultimately enhancing investor confidence and ensuring that performance benchmarks serve their intended purpose [1][2][3]. Group 1: Regulatory Changes - The CSRC has released the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds," which emphasizes the need for benchmarks to accurately reflect investment strategies and risk-return characteristics [1][3]. - The new rules require fund managers to align their performance with established benchmarks, with a focus on preventing style drift and ensuring that benchmarks are not arbitrarily changed [3][4]. - Fund custodians will play a more active role in monitoring compliance with these benchmarks, and sales platforms will be required to disclose benchmark performance to investors [1][6]. Group 2: Benchmark Authority Restructuring - The new regulations aim to restore the authority of performance benchmarks, which have been undermined by inconsistent application and management within the industry [2][3]. - The guidelines mandate that benchmarks must be relevant to the fund's investment strategy, preventing the use of broad indices that do not accurately represent the fund's focus [3][4]. - A comprehensive internal control mechanism will be established to oversee the selection, disclosure, monitoring, and correction of benchmarks, enhancing accountability among fund managers [4][5]. Group 3: Assessment Mechanism Reform - The new rules introduce a performance assessment system that ties fund managers' compensation directly to their ability to meet benchmark performance, moving away from a ranking-centric approach [6][7]. - Fund managers will face significant salary reductions if their funds consistently underperform relative to benchmarks, promoting a focus on long-term value creation rather than short-term gains [6][7]. - The regulations also require that performance rankings consider benchmarks, fostering a more rational evaluation of fund performance [6][7]. Group 4: Investor Protection and Transparency - The new regulations include measures to enhance transparency, requiring fund managers and sales institutions to display benchmark performance alongside fund performance, allowing investors to make informed decisions [6][7]. - The industry is encouraged to adopt a long-term investment perspective, helping investors understand that benchmarks are essential for evaluating fund managers' active management capabilities [7]. - A transition period of at least one year has been established to facilitate the adjustment of existing products to the new benchmark requirements, minimizing market disruption [7].

《每日经济新闻》记者获悉，近段时间公募行业迎来监管政策密集落地期，包括《公开募集证券投资基 金业绩比较基准指引（征求意见稿）》在内的一系列文件相继下发，围绕业绩比较基准规范、投资风格 管控展开，旨在纠治"风格漂移"问题，推动行业回归"受人之托、代客理财"初心，构建更规范透明的行 业生态。 在积极认同新规核心导向的同时，基金公司结合业务实操，正在就具体执行层面的问题提出审慎反馈。 记者了解到，反馈重点集中在基准调整、投研适配、考核机制等多个方面。 举个例子，华北某公司产品部人士透露，主动基金可能会面临基准约束与投资运作的适配问题，"基金 经理的持仓都是经过专业判断的最优选择，另外如果所有产品都过度贴近基准运作，是否也会影响到主 动基金的价值发现"。 面对改革的深入推进，基金公司第一时间积极响应，全面投身新规学习研讨、意见反馈与落地筹备工 作。记者了解到，各家机构纷纷组织产品、投研、风险合规等多部门协同联动，系统梳理新规对业务实 操的影响，一方面积极认同新规对行业长期发展的正向引导作用，另一方面结合自身业务实际，聚焦基 准调整、投研适配、考核机制等关键环节，审慎梳理实操痛点与优化建议，全力确保反馈意见贴合监管 导 ...

Macro Overview - The long-term growth potential of China's economy is significant, with a stable macroeconomic total expected by 2025, but structural differentiation is evident, necessitating policy solutions for weak domestic demand in 2026 [4] - Asset restructuring is crucial, with inflation expectations playing a vital role in wealth management for residents [5] - Global economic and monetary system restructuring is leading to changes in the pricing framework for assets like gold, the US dollar, and US Treasuries [6] Hong Kong Stock Market Strategy - Hong Kong stocks have substantial upward valuation potential, with the overall valuation still considered low despite a rapid recovery in 2025 [11] - The market is expected to attract a significant amount of incremental capital, with over 1.5 trillion yuan anticipated from domestic investors in 2026 [12] - The scarcity of quality assets in the Hong Kong market is a strong supporting factor for upward movement, particularly in sectors like internet, new consumption, and innovative pharmaceuticals [12] - The technology sector is projected to be the main focus for 2026, driven by the AI wave and supportive policies [13] Non-Banking Sector Regulations - The China Securities Regulatory Commission is seeking opinions on new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to address systemic issues in performance comparison and management mechanisms [19][20] - The new regulations will enhance the selection, change, disclosure, and constraint of benchmarks, improving investment transparency and potentially increasing the proportion of index products in the market [21] Asset Overview - Equity markets are outperforming bonds and commodities, with significant gains in Asian markets, particularly Japan and South Korea [25][26] - The bond market shows a "bull steep" characteristic in China, while US Treasuries exhibit a "bear flat" trend due to hawkish signals from the Federal Reserve [27] - Commodity indices have seen declines, with gold and oil leading the downturn, while the US dollar index has risen [28]

Core Viewpoint - The newly released guidelines and operational rules for public fund performance benchmarks aim to enhance the clarity of investment styles and stabilize investment behaviors, addressing issues like "style drift" in the public fund industry [3][4][5]. Summary by Sections Regulatory Framework - The China Securities Regulatory Commission (CSRC) has published the "Guidelines for Publicly Raised Securities Investment Fund Performance Benchmarks (Draft for Comments)" and the "Operational Rules for Publicly Raised Securities Investment Fund Performance Benchmarks (Draft for Comments)" to solicit public opinions [1][5]. Importance of Performance Benchmarks - Performance benchmarks serve as a critical reference point for fund companies based on fund type, investment scope, and strategies, allowing investors to assess the risk-return characteristics of fund products and the active management capabilities of fund managers [4][5]. Key Features of the Guidelines - The guidelines emphasize the representation role of performance benchmarks, requiring them to reflect core elements and investment styles as stipulated in fund contracts, and prohibit arbitrary changes once selected [5][8]. - They also stress the need for fund managers to establish comprehensive internal control mechanisms to ensure investment style stability and enhance the evaluation role of benchmarks in salary assessments and fund evaluations [5][10]. Operational Rules - The operational rules provide detailed specifications on the selection, display, information disclosure, risk control, and compliance management of performance benchmarks [6]. Highlights of the New Regulations - **Representation Role**: The guidelines require benchmarks to align with product positioning and investment strategies, ensuring that changes are not made arbitrarily due to managerial shifts or short-term market fluctuations [8]. - **Constraint Role**: The guidelines mandate fund managers to create a full-process control mechanism for benchmark selection and monitoring, enhancing internal supervision and accountability [9][10]. - **Evaluation Role**: Fund managers are instructed to develop a performance assessment system linked to fund investment returns, with significant implications for the compensation of fund managers based on their performance relative to benchmarks [11]. - **Ecosystem Interaction**: The guidelines aim to foster a collaborative ecosystem among custodians, sales, and evaluation institutions to enhance the effectiveness of performance benchmarks [12]. - **Interest Alignment**: Future revisions will integrate performance comparisons into the compensation assessment of fund managers, reinforcing the alignment of interests between fund managers and investors [13][14]. Industry Reactions - Fund management companies view the guidelines and operational rules as essential measures for establishing a binding mechanism for interests and optimizing assessment and incentive structures within the industry [14][15].