Core Viewpoint - The new regulations for public fund performance benchmarks are set to be implemented on March 1, with companies already submitting modification plans and receiving multiple rounds of feedback from regulators [1][2]. Group 1: Regulatory Requirements - The new guidelines require strict adherence for new products, while existing products have a one-year transition period to adjust their performance benchmarks [2]. - Regulators are primarily concerned with whether benchmark adjustments lower standards, match historical operations, comply with contractual agreements, and align with future product positioning [3][4]. - Feedback from regulators includes detailed requirements for modifications, such as refining equity ratio coefficients and adjusting cash proportions in fixed-income products [3]. Group 2: Industry Response - Several fund companies have reported that they do not need to change benchmarks for existing products, indicating no significant pressure for adjustments [3]. - Companies are preparing for the new guidelines by enhancing internal control systems, organizational structures, workflows, and IT infrastructure [2]. - Some companies are cautiously advancing benchmark adjustments while maintaining product stability and investor confidence [2]. Group 3: Operational Challenges - The industry faces challenges in investor education regarding the purpose and implications of benchmark adjustments [4]. - There are time constraints despite the one-year transition period, which may complicate the adjustment process [4]. - Practical difficulties include potential deviations in performance calculations and the need for shareholder meetings for certain products, which could introduce uncertainty [4][5]. Group 4: Future Implications - The new benchmark regulations are viewed as a critical component for the high-quality development of public funds, providing a standard for investment operations and establishing a framework for industry discipline [6]. - The industry is encouraged to enhance the benchmark system through technical support and investor education [6].

Core Viewpoint - The new regulation, "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds," is set to enhance the quality and efficiency of the public fund industry, with a focus on compliance and professional standards [3][4]. Group 1: Regulation Overview - The guidelines will take effect on March 1, 2026, and are largely consistent with the previous draft, indicating a smooth transition for fund management companies [3][4]. - The guidelines have relaxed certain restrictions on fund companies regarding benchmark selection and the conditions for convening shareholder meetings [4]. - The guidelines emphasize the supervisory responsibilities of custodians and sales institutions, integrating benchmark management into the evaluation of fund sales institutions [5][6]. Group 2: Industry Impact - The guidelines are expected to act as a catalyst for improving the overall quality and sustainability of the industry, benefiting firms with strong compliance and research capabilities [3][6]. - Fund companies have reported that they are not yet making large-scale adjustments to performance benchmarks but are preparing proposals for regulatory approval [7]. - The guidelines include provisions for independent monitoring of fund performance against benchmarks, which several fund companies have already begun implementing [7]. Group 3: Challenges and Future Considerations - While the guidelines aim to strengthen the constraints on performance benchmarks, challenges remain in addressing the issue of style drift among funds [7]. - There is a call for further reforms, including linking manager compensation to benchmark performance, to maximize the guidelines' impact on the industry's high-quality development [8].

Core Viewpoint - The new regulation, "Guidelines for Performance Benchmark of Publicly Offered Securities Investment Funds," is set to take effect on March 1, 2026, and aims to enhance the quality and efficiency of the fund industry through improved compliance and management practices [2][6]. Group 1: Industry Response to New Regulation - Multiple fund companies have reported that they have not yet begun large-scale adjustments to performance benchmarks, but plans have been submitted to regulators [2][7]. - The industry has been able to respond calmly to the new regulation due to prior communication and a one-year transition period established by regulators [7]. - Fund companies have arranged for risk control departments to monitor deviations from actual investments compared to performance benchmarks, as required by the new guidelines [7]. Group 2: Changes in Regulatory Framework - The new guidelines maintain the core logic of the previous draft but include adjustments that ease some restrictions on fund companies, such as the conditions for convening shareholder meetings [3][4]. - The guidelines emphasize the supervisory responsibilities of custodians and sales institutions, integrating the selection, use, and management of performance benchmarks into the classification evaluation of fund sales institutions [5][6]. - The guidelines also broaden the responsibilities of fund custodians, requiring them to review style libraries for actively managed products and alert fund managers of any discrepancies [4]. Group 3: Implications for Fund Management - The guidelines are expected to act as a catalyst for improving the quality and sustainability of the industry, benefiting institutions with strong compliance management and stable long-term performance [2][6]. - The connection between performance benchmarks and manager compensation is anticipated to strengthen the alignment of interests between fund managers and investors, focusing on long-term returns [8]. - The adjustments in the guidelines are seen as more aligned with the current state of domestic public funds, which often cover multiple asset classes [3].