- The report primarily discusses the new regulatory guidelines for performance benchmarks in public funds, issued by the China Securities Regulatory Commission (CSRC) on January 22, 2026, which will take effect on March 1, 2026. These guidelines aim to standardize the selection, adjustment, disclosure, and supervision of performance benchmarks, filling a long-standing gap in the industry for systematic benchmark management [7][15][16] - The guidelines emphasize that performance benchmarks must align with the fund's investment objectives, scope, and style. Selected indices should meet requirements for representativeness, liquidity, and continuous disclosure. Once selected, benchmarks cannot be arbitrarily changed unless specific conditions are met, such as the benchmark becoming non-operational, and changes must be announced 30 days in advance [11][18] - Fund managers are required to establish internal control mechanisms covering benchmark selection, monitoring, correction, and accountability. Independent departments must monitor investment deviations, set differentiated thresholds, and take corrective actions or escalate to the investment decision committee when thresholds are breached. Additionally, fund managers' performance compensation will be adjusted if active equity funds underperform their benchmarks over the long term [11][18] - External supervision and information disclosure are also strengthened. Custodian institutions must monitor fund operations and alert regulators to any violations. Sales institutions must present benchmark performance alongside fund performance, and evaluation agencies must incorporate benchmarks into performance rankings and evaluations. Fund contracts and periodic reports must detail the rationale for benchmark selection, its alignment with the fund's strategy, and performance differences. For one year after a benchmark change, both old and new benchmarks must be disclosed for comparison [11][18] - The guidelines provide a one-year transition period for existing products to adjust benchmarks that do not meet the new requirements. Custodian responsibilities and system upgrades are given a six-month transition period, allowing sufficient time for industry adaptation [11][18] - The report highlights that the new guidelines will lead to clearer product positioning, reduce style drift, and shift industry competition towards compliance and professional investment capabilities. This will provide investors with better tools for evaluating fund performance and reduce the complexity of investment decisions. The industry is expected to transition from a scale-driven to a quality-driven approach, encouraging long-term capital inflows and promoting stable capital market development [16][19] - As of January 25, 2026, 11 active equity funds have adjusted their benchmarks since the draft guidelines were released on October 31, 2025. Adjustments include shifting from broad-based indices to sector or style-specific indices (e.g., consumption, growth, value) and adding Hong Kong stock indices to A-share indices. However, the majority of benchmarks remain concentrated in broad-based indices like CSI 300, CSI 800, and CSI 500, which collectively account for approximately 62% of active equity fund assets [2][19][20] - In the Hong Kong stock market, benchmarks are also concentrated in broad-based indices, with the Hang Seng Index and Hong Kong Composite Index (in RMB or HKD) accounting for about 85% of active equity fund assets. The Hang Seng Index is the most commonly used benchmark, representing approximately 7.94 trillion yuan in assets across 972 funds [23][24] - For fixed-income benchmarks, the most commonly used index is the ChinaBond Composite Full Price Index, followed by the CSI Comprehensive Bond Index and the National Bond Index [26][27]

Core Viewpoint - The article discusses the impending maturity of over 50 trillion yuan in residential medium to long-term deposits by 2026, prompting investors to seek stable returns beyond traditional bank deposits [1] Group 1: Investment Products - Low-volatility public funds are expected to attract funds moving away from deposits [2] - Recommended products include: - Money market funds and short-term bond funds, which offer good liquidity and expected returns higher than current savings rates [3] - "Fixed income +" funds, which include secondary bond funds and mixed bond funds, aiming for excess returns by participating in equities or convertible bonds [3] - Low-volatility multi-asset products, such as low-volatility target risk funds in public fund of funds (FOF), which seek absolute returns and align with conservative investors' goals [3] Group 2: Performance Benchmarks - The performance benchmark for funds is a weighted calculation of multiple assets and indices, providing a clear measure for fund managers to outperform the market [4] - In contrast, bank wealth management benchmarks are typically a single value or range, indicating expected returns without guaranteeing outcomes [4] Group 3: Fund Types and Recommendations - "Fixed income +" is seen as an upgraded version of wealth management, with 70%-90% of assets in fixed income and 10%-30% in equities or alternative assets for enhanced returns [5] - FOFs are funds that invest in a basket of other funds, providing risk diversification and suitable for investors seeking a one-stop management solution [5] - For conservative investors, low-volatility FOFs are recommended, with a focus on stable returns and manageable volatility [6] Group 4: Expected Returns - In 2025, average returns for "fixed income +" funds are projected to be 5.6% for secondary bond funds and 6.5% for mixed bond funds, with manageable drawdowns [7] - Convertible bond funds are expected to perform well, with a projected increase of 21% in the Wind convertible bond fund index [7] Group 5: Market Behavior and Investment Strategy - Limited purchases of certain "fixed income +" and FOF products indicate high demand but do not guarantee future performance; investors should align choices with their risk tolerance [8] - New investors are advised to use spare funds, set stop-loss limits, and avoid blindly following popular investment trends, emphasizing a contrarian investment approach [9]

Core Viewpoint - The article discusses the impending maturity of over 50 trillion yuan in long-term deposits by 2026, prompting investors to seek alternatives for stable returns beyond traditional bank deposits [1] Group 1: Investment Alternatives - Low-volatility public funds are expected to attract funds moving away from deposits [2] - Options include money market funds and short-term bond funds, which offer better liquidity and expected returns than current savings accounts [3] - "Fixed income +" funds, which include secondary bond funds and mixed bond funds, aim for excess returns by participating in equities or convertible bonds [3] - Low-volatility multi-asset products, such as low-volatility target risk funds in public fund of funds (FOF), are suitable for conservative investors seeking stable returns [3] Group 2: Performance Benchmarks - Fund performance benchmarks are multi-asset, weighted calculations, while bank wealth management benchmarks are typically a fixed value or range [4] - The fund benchmark serves to clarify risk-return sources and helps investors understand strategy logic, while also providing clear investment boundaries for fund managers [4] Group 3: Fund Types and Investor Profiles - "Fixed income +" is seen as an upgraded version of wealth management, with 70%-90% of assets in fixed income and 10%-30% in equities or alternative assets [5] - FOFs are designed to reduce risk through diversification by investing in a basket of funds, suitable for investors seeking a one-stop management solution [5] - Conservative investors are recommended to start with low-volatility FOFs and gradually increase equity exposure based on risk tolerance [6] Group 4: Expected Returns - In 2025, secondary bond funds in the "fixed income +" category are projected to yield an average return of 5.6% with a maximum drawdown of 1.6% [7] - Mixed bond funds are expected to have an average return of 6.5% with a maximum drawdown of 2.3% [7] - Convertible bond funds are anticipated to perform well, with a projected index increase of 21% in 2025 [7] Group 5: Market Dynamics - The occurrence of purchase limits on some "fixed income +" and FOF products indicates high demand but does not guarantee future performance [8] - Investors are advised to align their choices with their risk tolerance rather than following market trends blindly [8] Group 6: Advice for New Investors - New investors should only use idle funds for investment, set stop-loss limits, and avoid blindly following popular investment strategies [9] - Emphasizing a contrarian investment approach, investors are encouraged to buy during market panic and remain calm during optimistic market conditions [9]

Group 1: Fund Performance Benchmark Guidelines - The China Securities Regulatory Commission released the "Guidelines for the Performance Benchmark of Publicly Raised Securities Investment Funds," effective from March 1, 2026, with a one-year transition period for existing products [1][7][9] - The guidelines emphasize the selection of benchmarks based on four principles: representativeness, objectivity, constraint, and continuity, and authorize the establishment of a benchmark element library by the fund industry association [7][8] - Strict requirements for benchmark changes are outlined, ensuring that benchmarks remain consistent and can only be changed under specific circumstances [7][8] Group 2: Mijiu Group (2097.HK) Performance and Outlook - Mijiu Group is expanding its main brand into overseas markets, with expectations of exceeding previous forecasts [2][11] - The company has opened three new stores in key U.S. cities, enhancing brand recognition and adapting its menu to local tastes, which is expected to increase customer retention [11][12] - Profit forecasts for 2025-2027 are raised to 6.1 billion, 7 billion, and 8.1 billion yuan respectively, with a current PE ratio of 25, 22, and 19 times [2][13] Group 3: Greenland Island Event and Investment Implications - The U.S. faces legal and public opinion barriers in acquiring Greenland, with four potential outcomes: agreement, long-term strategic lease, free association, or military intervention, with the first two being more likely [3][16][17] - The potential agreement may involve U.S. military bases and critical minerals, benefiting European defense giants and highlighting the importance of mineral resource autonomy in the context of great power competition [3][17] - The U.S. critical mineral supply chain resilience policies may present long-term investment opportunities [3][17] Group 4: Nonferrous Metals Industry Insights - The National Bureau of Statistics reported a 5.9% year-on-year increase in industrial added value for 2025, with a 5.2% increase in December [4][19] - The report indicates a growing preference for precious metals as a hedge amid rising risk aversion [4][19] - Zijin Mining announced the completion of the second phase of the Jilong Copper Mine, which will significantly increase its production capacity and is expected to become the largest copper mine in China [22]

Core Viewpoint - The formal release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" marks a new phase in the management of performance comparison benchmarks in China's fund industry, transitioning from a simple disclosure to a binding reference standard throughout product design, investment operations, evaluation, and market display [1][2]. Group 1: Key Changes in the Guidelines - The requirement for the "representativeness" of performance comparison benchmarks is more focused, emphasizing that benchmarks should reflect the fund's investment objectives and style, including investment strategies, directions, and risk-return characteristics [1][2]. - The rules for changing performance comparison benchmarks are clearer, shifting the judgment standard from formal aspects to whether the change affects the fund's risk-return characteristics and investor expectations [2][3]. - The external constraints on performance comparison benchmarks are strengthened, requiring a reasonable distinction between different types of fund products, which will be a key compliance review point for self-evaluations and third-party evaluations [3]. Group 2: Key Changes in the Operational Guidelines - The scope of application is expanded to include fund sales institutions, creating a complete regulatory loop with fund managers, custodians, and fund evaluation institutions [4]. - The positioning of the benchmark element library is clearer, emphasizing encouragement rather than mandatory restrictions, with a tiered design of primary and secondary libraries [4][5]. - Information disclosure requirements are more standardized, simplifying disclosure while adding requirements for fund-of-funds (FOF) to compare asset allocation ratios with performance benchmarks in reports [5]. - The monitoring requirements for custodians regarding deviations from benchmarks are detailed, particularly for actively managed funds based on industry-themed indices [6]. - The classification and performance ranking requirements for fund evaluation institutions are specified, emphasizing the need to consider asset weight, investment direction, and style characteristics [7]. Group 3: Implications of the New Regulations - The new regulations raise the standards for fund evaluation work, positioning evaluation institutions as crucial intermediaries between fund managers, sales institutions, and investors [8]. - The guidelines require fund evaluation institutions to use performance comparison benchmarks as a key basis for evaluating fund management capabilities, shifting the focus from absolute returns to quality of excess returns under benchmark constraints [9]. - The new regulations clarify the classification requirements for funds, mandating that evaluation institutions consider asset weight structures and investment styles, and prohibiting the mixed display of different fund types [9].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, the performance of major broad - based indices in the A - share market was divergent. The CSI 500, CSI 1000, and STAR 50 indices had higher returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext Index, and SSE Composite Index had lower returns of - 0.62%, - 0.34%, and 0.84% respectively [1]. - In terms of trading volume, the trading volume of major broad - based indices decreased last week. In the industry aspect, building materials, petroleum and petrochemicals, and steel had higher returns of 9.18%, 7.76%, and 6.98% respectively, while banks, communications, and food and beverage had lower returns of - 2.69%, - 1.68%, and - 1.57% respectively [1]. - As of last Friday, the central bank's net reverse repurchase injection was 22.95 billion yuan, with 95.15 billion yuan of reverse repurchases maturing and a net open - market injection of 118.1 billion yuan. Except for the 1 - year Treasury bond, the yields of Treasury bonds with different maturities declined, and the spread narrowed by 5.21 BP [1]. - Last week, 58 funds were reported, an increase compared to the previous week. The reported products included 5 FOFs and 17 ETFs [1][9]. Summary by Related Catalogs 1. Market Review 1.1 Related Hot - Spot Review - **Fund Declaration and Issuance Dynamics**: 58 funds were reported last week, with an increase in the number compared to the previous week. The reported products included 5 FOFs and 17 ETFs such as Cathay Haitong CSI Dividend Low - Volatility ETF, SDIC UBS SSE STAR Market 200 ETF, and Huabao CSI Power Grid Equipment Theme ETF [9]. - **Publication of the Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds**: On January 23, the China Securities Regulatory Commission formulated the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds", which will come into effect on March 1, 2026. The guidelines highlight the representational role of performance comparison benchmarks, strengthen the internal control and management of fund managers, enhance external constraints on performance comparison benchmarks, and implement strict supervision [10][11]. - **Establishment of the Third Japanese - funded Securities Firm**: Recently, Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, wholly - owned by Mizuho Securities Co., Ltd. Before its establishment, there were already two Japanese - funded securities firms in China, namely Nomura Orient International Securities and Daiwa Securities (China) [12]. - **E - Fund Wealth Launched Nearly 10,000 Funds**: As the industry's first professional institution centered on fund investment advisory, E - Fund Wealth has been advancing its business implementation at an unexpected speed. In the past two months, it has established efficient cooperation with more than 70 large - and medium - sized fund managers and launched nearly 10,000 fund products on its official App e - wallet [13][14]. 1.2 Stock Market - **Index Returns**: The performance of major broad - based indices in the A - share market was divergent last week. The CSI 500, CSI 1000, and STAR 50 indices had higher returns, while the CSI 300, ChiNext Index, and SSE Composite Index had lower returns. In the past month, the CSI 500 index had the highest return of 16.84%, and the CSI 300 index had the lowest return of 1.48%. Since the beginning of this year, the STAR 50 index has had the highest cumulative return of 15.59% [15]. - **Trading Volume**: The trading volume of major broad - based indices decreased last week. On a monthly basis, the average daily trading volume of major broad - based indices increased in the past month [16][20]. - **Industry Returns**: Last week, building materials, petroleum and petrochemicals, and steel had higher returns, while banks, communications, and food and beverage had lower returns. In the past month, the national defense and military industry had the highest cumulative return of 22.66%, and the banking industry had the lowest cumulative return of - 6.46%. Since the beginning of this year, non - ferrous metals, media, and national defense and military industry had relatively high cumulative returns [22]. 1.3 Bond Market - **Central Bank Operations**: As of last Friday, the central bank's net reverse repurchase injection was 22.95 billion yuan, with 95.15 billion yuan of reverse repurchases maturing and a net open - market injection of 118.1 billion yuan [25]. - **Interest Rates**: Except for the 1 - year Treasury bond, the yields of Treasury bonds with different maturities declined, and the spread narrowed by 5.21 BP. The yields of credit bonds with different maturities and ratings also declined, while the credit spreads of credit bonds with different maturities and ratings increased [26][29]. 1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 2.92%, with a cumulative trading volume of 439.6 billion yuan, a decrease of 70 billion yuan compared to the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 32.58%, a decrease of 1.07% compared to the previous week, and the median pure - bond premium rate was 34.46%, an increase of 3.61% compared to the previous week [30]. 2. Performance of Open - end Public Funds 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 1.51%, 1.37%, and 1.37% respectively. Since the beginning of this year, alternative funds have had the best performance, with a median return of 13.14%. The median returns of active equity, flexible allocation, and balanced hybrid funds were 7.52%, 6.27%, and 5.09% respectively [33][34]. 2.2 Quantitative Public Funds - Last week, the median excess return of index - enhanced funds was 0.31%, and the median return of quantitative hedging funds was 0.13%. Since the beginning of this year, the median excess return of index - enhanced funds was 0.23%, and the median return of quantitative hedging funds was 0.03% [35]. 2.3 FOF Funds - As of last weekend, there were 298 ordinary FOF funds, 108 target - date funds, and 150 target - risk funds in open - end public funds. Last week, 6 new FOF funds were established. Generally, target - date funds have a higher equity position, with the equity position mainly distributed in the range of 50% - 65%. Most target - risk funds have an equity position below 50%, and the equity positions of ordinary FOF funds are mainly distributed below 25% and in the range of 65% - 100%. Last week, the median returns of ordinary FOF, target - date, and target - risk funds were 0.41%, 0.6%, and 0.37% respectively. Since the beginning of this year, target - date funds have had the best median performance, with a cumulative return of 4.53% [38]. 3. Fund Manager Changes - Last week, the fund manager situations of 124 fund products of 41 fund companies changed, including Ping An Fund (21 products), CITIC Prudential Fund (13 products), and Hua An Fund (9 products) [42]. 4. Fund Product Issuance 4.1 Newly Established Funds Last Week - Last week, 42 new funds were established, with a total issuance scale of 44.454 billion yuan, an increase compared to the previous week. Among them, equity funds were issued at 28.753 billion yuan, hybrid funds at 9.42 billion yuan, and bond funds at 6.282 billion yuan. There were no new issues of alternative funds and money funds. The types with a relatively large number of newly established funds were partial - equity hybrid funds (13) and passive index funds (10), with issuance scales of 21.366 billion yuan and 4.434 billion yuan respectively [45][47]. 4.2 Funds Launched for the First Time Last Week - Last week, 40 funds entered the issuance stage for the first time [49]. 4.3 Funds to be Issued This Week - This week, 43 funds will enter the issuance stage, including 12 passive index funds, 10 partial - equity hybrid funds, and 5 hybrid FOFs [51].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has developed the "Guidelines for the Performance Benchmark of Publicly Offered Securities Investment Funds" to enhance the quality of public fund development, effective from March 1, 2026, focusing on investor protection and the proper use of performance benchmarks [1][2]. Group 1 - The guidelines consist of six chapters and twenty-one articles, emphasizing the serious and stable application of performance benchmarks, which must align with the core elements of the fund contract and investment style, and cannot be changed arbitrarily once selected [2]. - The guidelines strengthen internal controls and management for fund managers, requiring benchmarks to be determined by company management and necessitating the establishment of robust internal control mechanisms to manage fund managers and maintain investment style stability [2]. - External constraints on performance benchmarks are reinforced, specifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions regarding the display and use of benchmarks [2]. Group 2 - Strict regulatory measures will be enforced by the CSRC and its local agencies against any illegal activities by fund managers, custodians, sales institutions, evaluation agencies, and their personnel [2]. - Prior to finalizing the guidelines, the CSRC sought public opinion, receiving general approval and specific suggestions for modifications, which were carefully considered and incorporated into the final version of the guidelines [2]. - The CSRC will ensure effective implementation of the guidelines following their official release [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Guidelines for Performance Benchmark of Publicly Raised Securities Investment Funds," effective from March 1, 2026, aimed at enhancing the representation and objectivity of performance benchmarks, improving internal controls of fund managers, and protecting investors' rights [1][2]. Group 1: Performance Benchmark Guidelines - The guidelines define performance benchmarks as standards set in fund contracts and prospectuses to represent investment styles, measure performance, and constrain investment behavior [1]. - The guidelines consist of six chapters and twenty-one articles, covering the establishment, modification, internal control management, external constraints, and regulatory measures related to performance benchmarks [1][2]. - Fund managers are prohibited from changing performance benchmarks solely due to changes in fund managers, short-term market fluctuations, or performance assessments [2]. Group 2: Internal Control and Management - Fund managers must establish a comprehensive internal control and management system covering the selection, disclosure, monitoring, evaluation, correction, and accountability of performance benchmarks [3]. - New products should be developed based on reasonable and differentiated layouts, with clear product positioning and investment styles [3]. - Fund managers are required to continuously manage the stability of fund managers and investment styles, monitoring deviations from performance benchmarks [3]. Group 3: Performance Evaluation and Compensation - Fund managers must create a performance evaluation and compensation system centered on fund investment returns, reflecting fund performance and investor gains and losses [5]. - For actively managed equity funds, performance should be compared with benchmarks, and excess returns should be scientifically assessed [5][6]. - If an actively managed equity fund's long-term performance is significantly below the benchmark, the related fund manager's performance compensation should decrease accordingly [6]. Group 4: External Monitoring and Investor Education - The guidelines require custodians to establish mechanisms to monitor the stability of investment styles for equity funds, alerting on risks related to theme-based products and industry concentration [7]. - Fund managers and sales institutions must present past performance alongside benchmark performance, ensuring no misleading information is provided to investors [7]. - There is an emphasis on investor education regarding performance benchmarks, prohibiting misleading practices that could harm investor expectations [7].

Group 1 - The core viewpoint of the article is that the China Securities Regulatory Commission (CSRC) has released guidelines for the performance comparison benchmarks of publicly raised securities investment funds, emphasizing that fund managers' performance compensation should significantly decrease if the long-term investment performance of actively managed equity funds is notably lower than the benchmark [1][2]. Group 2 - The guidelines specifically address the performance evaluation of actively managed equity funds, indicating a direct link between fund performance and manager compensation [1][2].

Core Viewpoint - The new regulations aim to enhance the effectiveness of performance benchmarks in mutual funds, addressing issues such as vague benchmarks, style drift, and misleading fund representations [1][2]. Group 1: Regulatory Changes - The new rules require performance benchmarks to accurately reflect the product's positioning and investment style, prohibiting arbitrary changes [2]. - Fund managers' compensation and performance evaluations will be linked to these benchmarks, ensuring alignment with actual fund performance and investor returns [2]. - A comprehensive supervision mechanism will be established to oversee the setting, usage, and adjustment of performance benchmarks, ensuring accountability at all decision-making levels [2]. Group 2: Industry Impact - The mutual fund industry, with over 10,000 existing public funds, will benefit from clearer, more stable, and objective performance evaluations, reducing the likelihood of misleading fund offerings [2][3]. - The shift from a focus on market ranking to a more structured evaluation will help mitigate issues related to chasing market trends and high turnover rates, improving the overall investment experience [2][3]. - The regulatory changes are expected to lead to a new phase characterized by clear benchmarks, scientific assessments, and effective supervision, ultimately enhancing the industry's core competitiveness and fostering a healthier investment environment [3].