Core Viewpoint - 华夏基金 announced an adjustment to the performance benchmark of its 华夏聚恒优选三个月 (FOF) fund, reflecting a trend in the industry where fund performance benchmarks are being modified, although such changes are relatively rare for FOF funds [1][3]. Group 1: Benchmark Adjustment Details - The previous benchmark was "中证800指数收益率×45%+中证港股通综合指数收益率×5%+中债综合指数收益率×50%", which will be changed to "中证偏股型基金指数收益率×12.5%+经汇率调整后的标准普尔500指数收益率×12.5%+上海期货交易所有色金属期货价格指数收益率×3%+大连商品交易所豆粕期货价格指数收益率×3.5%+上海黄金交易所Au99.99现货实盘合约收益率×3.5%+中证纯债债券型基金指数收益率×65%" [2]. - The new benchmark includes six indices instead of three, providing a more balanced and diversified reference compared to the previous structure [2]. Group 2: Industry Context and Trends - The domestic public FOF sector has seen rapid growth since its inception in September 2017, with the number of funds reaching 512 and total assets growing to 1510.79 billion yuan, an increase of 179.29 billion yuan compared to the end of 2024 [3]. - Many FOF funds have previously had simple performance benchmarks, often limited to major stock and bond indices, which may not fully reflect the diversified asset allocation strategies employed by fund managers [3][4]. - Over 100 public fund products have changed their performance benchmarks this year, with multi-asset combination products being the primary focus of these changes [3]. Group 3: Market Evolution and Regulatory Changes - The evolution of the benchmark system is driven by the expansion of the securities market and innovation in financial instruments, with the number of listed companies in A-shares surpassing 5,000 [4][5]. - New regulations emphasize the importance of benchmark transparency and investor protection, requiring institutions to clarify that benchmarks reflect allocation frameworks rather than income commitments [5].