Group 1 - The core viewpoint of the article highlights the low performance benchmark achievement rate among fund managers, with only 65.99% of the 2005 fund managers meeting their benchmarks over the past three years [2][3] - The "Action Plan for Promoting High-Quality Development of Public Funds" was released on May 7, aiming to shift the focus of the industry from "scale" to "returns" and to establish a performance benchmark regulatory guideline [2] - Many public funds have yet to implement corresponding assessment systems in response to the new regulatory framework, primarily due to waiting for detailed guidelines and observing the actions of leading companies [5][6] Group 2 - Among the 2005 fund managers, 1323 achieved performance benchmarks, while 682 did not, indicating a significant disparity, especially within mixed fund managers where only 52.13% met the standards [3] - Active equity fund managers have a benchmark achievement rate of 52.19%, with a notable number of managers failing to meet benchmarks due to reliance on popular products launched in 2019-2020 [4] - The performance of stock fund managers shows a 61.54% achievement rate, with over 70% of those not meeting benchmarks concentrated in specific sectors like new energy and semiconductors [4] Group 3 - The industry response to the new assessment guidelines is cautious, with many firms preferring to wait for clearer regulations before making significant changes to their internal assessment systems [5][6] - Some large fund companies have submitted over 180 potential performance benchmark indices to provide a more diverse range of performance standards for their products, although this could complicate operations [6] - Current assessment practices vary, with some firms extending the assessment period to three years and focusing on excess returns relative to benchmarks to maintain investment direction and style consistency [7][8]

Core Viewpoint - The A-share banking sector has shown significant strength, reaching new highs not seen since mid-July 2015, with major banks like Agricultural Bank of China, Shanghai Bank, and China Everbright Bank hitting historical price peaks. This surge has positively impacted the ChiNext Index and the Shanghai Composite Index, which rose over 1% in the afternoon session [1]. Group 1: Market Performance - The banking sector's performance has led to a notable increase in stock prices, with several banks achieving record highs [1]. - Specific banks such as Zhengzhou Bank, Ningbo Bank, and Xiamen Bank have shown positive growth percentages, with increases of 3.09%, 2.87%, and 2.84% respectively [2]. Group 2: Fund Management Regulations - New regulations for public funds are expected to significantly boost the valuation recovery of A-share banking stocks, as these regulations will guide asset allocation towards the CSI 300 index, necessitating an increase in bank stock holdings due to a substantial "allocation gap" [2][3]. - As of the end of 2024, the proportion of bank holdings in actively managed funds is only 3.81%, while the banking sector's weight in the CSI 300 index is 13.67%, indicating a deviation of nearly 10 percentage points [3][9]. Group 3: Individual Bank Analysis - Under the new fund allocation trends, banks that were previously underweighted, such as China Merchants Bank, Industrial Bank, and Bank of Communications, are expected to benefit the most from increased fund allocations [5][12]. - Specific banks like China Merchants Bank and Industrial Bank have the highest underweight ratios, with deviations of 1.9% and 1.5% respectively [11]. Group 4: Regulatory Changes - The new public fund regulations emphasize a performance-based assessment system, increasing the weight of fund performance metrics in evaluating fund managers, with a minimum of 80% weight on fund product performance indicators [6][10]. - Funds that significantly deviate from performance benchmarks will be closely monitored, with quarterly reports required to detail industry allocation differences and adjustment plans [10].