Group 1 - The core viewpoint emphasizes the importance of a well-defined performance benchmark for mutual funds, which serves as a reference point for investors to assess fund performance [1][2] - The article outlines three main areas for strengthening benchmarks: ensuring benchmarks match the fund's investment strategy, timely adjustments to benchmarks when investment styles change, and clear disclosure of benchmark composition and performance comparisons in fund reports [2] - The significance of this benchmark enhancement is highlighted, as it will provide investors with a reliable standard for making informed decisions, encourage fund companies to focus on improving research capabilities, and ultimately foster greater trust in the mutual fund industry, leading to a shift towards long-term value creation [2]

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" is a significant regulatory innovation in China's capital market, aimed at shifting the public fund industry from a "scale-driven" model to a "performance-driven" model, enhancing investor satisfaction and aligning fund managers' interests with those of investors [1] Group 1: Optimizing Evaluation System - The plan requires fund companies to establish a performance evaluation system centered on fund investment returns, incorporating metrics such as fund profitability and the proportion of profitable investors into the assessment of executives and fund managers [2] - By adjusting the evaluation system, the plan aims to guide fund managers and managers to prioritize shareholder returns, thereby improving investor satisfaction and avoiding practices that may harm investor interests [2] Group 2: Emphasizing Performance Benchmarks - The plan highlights the "anchoring" role of performance benchmarks, proposing regulatory guidelines for public fund performance comparison benchmarks and integrating these benchmarks into the performance evaluation of fund managers [3] - This approach is intended to clarify product positioning, reduce style drift, and discourage speculative investment behaviors, ultimately benefiting investors by facilitating risk matching and long-term holding [3] Group 3: Encouraging Equity Product Innovation - The plan promotes innovation in equity products, aiming to create a diverse range of investment tools that align with national development goals and provide long-term benefits to investors [4] - Additionally, the plan supports the development of floating fee rate funds, which will further align the interests of fund managers with those of investors, fostering a positive cycle of returns, capital inflow, and market stability [4]