截至10月31日，年内已有180多只基金率先调整基准。 新基准均朝着投资策略和风格清晰化方向推进，如体育文化主题基金的基准去掉沪深300指数，引入中证体育 产业指数。但这仅是第一步，基准精细化管理还要提高真实可比性。 相关研究指出，当前国内有近75%的基金基准是价格指数，其中的股票和混合基金几乎没基金以全收益指数作 为业绩比较基准。价格指数没有考虑红利回报和再投资回报等因素，回报一般低于全收益指数回报。用更"容 易"跑赢的指数作为基准，会降低基金业绩"及格线"，也掩盖了基金运作中的费率损耗，使基金评价真实性打 折扣。10月31日下发的公募基金基准指引和操作细则的征求意见稿（下称"基准新规"），对不符规则的存量产 品基准调整，给予1年或6个月过渡期。 180多只基金基准已更新 晨星研究显示，当前国内有近75%的基金基准是价格指数，其中的股票和混合基金几乎没基金以全收益指数作 为业绩比较基准。而在过去20年里，中证全指全收益和价格指数之间的年化回报分别是10.84%和9.31%；中证 综合债券财富指数和中证综合债券净价指数的年化回报分别为4.19%和0.39%。这些收益差距主要来自分红及 分红再投资，过去20年里 ...

Core Viewpoint - The public fund industry is undergoing a deep adjustment centered on benchmark reconstruction, driven by the "Action Plan for Promoting High-Quality Development of Public Funds" implemented since May 7, 2025. This adjustment reflects a shift from scale expansion to quality improvement, emphasizing the importance of benchmarks in defining product positioning and investment strategies [2][3]. Group 1: Benchmark Adjustment Overview - Since the implementation of the "Action Plan," 57 funds have initiated benchmark adjustments, with bond and mixed funds being the primary focus, each accounting for 18 funds, representing over 63% of the total adjustments. Stock funds follow with 14 adjustments, while FOF products have 5, indicating a concentrated effort in high market share and complex strategy fund types [6][8]. - The adjustments are characterized by a shift from broad indices to more targeted indices, such as moving from the "CSI All Bond Index" to the "China Bond Composite Index," which allows for a more accurate reflection of the fund's investment characteristics and risk-return profile [9][10]. Group 2: Specific Fund Adjustments - Notable examples of benchmark changes include the "浦银安盛稳健增利债券" fund, which changed its benchmark from "CSI All Bond Index 100%" to a combination of "China Bond Composite (Full Price) Index Yield 85% + CSI Convertible Bond Index Yield 5% + Bank Demand Deposit Rate (after tax) 10%" [9]. - The adjustments also reflect a trend of incorporating various yield factors, such as including bank deposit rates in benchmarks, which enhances the relevance of the benchmarks to the funds' investment strategies and risk profiles [10][20]. Group 3: Mixed and Stock Fund Adjustments - Mixed and stock funds are also adjusting their benchmarks to better align with their investment strategies, moving from broad indices like the "CSI 300" to more specific indices that reflect their investment focus, such as the "CSI Sports Industry Index" and "CSI TMT Industry Theme Index" [14][16]. - The adjustments aim to resolve the mismatch between benchmarks and strategies, ensuring that the benchmarks accurately reflect the funds' investment characteristics and risk-return profiles [15][17]. Group 4: Risk and Liquidity Management - Funds are adjusting their fixed income or cash components in benchmarks to balance risk and liquidity needs. High equity proportion funds are replacing bond indices with bank demand deposit rates to meet liquidity management requirements, while low equity proportion funds are adjusting bond index weights to align with their risk profiles [20][21].