《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].