Core Viewpoint - The introduction of the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds" and "Operational Details for Performance Comparison Benchmarks" aims to enhance the constraint of performance benchmarks, curtail "style drift" in funds, and shift the industry focus from "scale competition" to "capability competition," thereby promoting high-quality development in the public fund industry [2][4][24]. Summary by Sections Performance Benchmark Guidelines - The guidelines emphasize that benchmarks should reflect product positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [4][24]. - Fund managers are required to appoint experienced fund managers based on the performance benchmark, and once selected, the benchmark cannot be changed arbitrarily [4][24]. Industry Impact - The new regulations are expected to clarify product positioning, improve investment behavior stability, and transform the assessment mechanism from short-term relative performance to long-term excess return stability [5][24]. - The guidelines aim to address current industry issues such as product style drift and misleading fund representations, enhancing investor understanding and trust in fund products [4][5][24]. Breakthrough Provisions - Key breakthroughs in the guidelines include a comprehensive internal control and accountability mechanism, linking compensation assessments to performance benchmarks, and requiring independent monitoring of benchmark deviations [7][8][24]. - The guidelines aim to prevent arbitrary changes to benchmarks and ensure that fund managers focus on long-term value creation [8][24]. Challenges in Implementation - Fund managers may face challenges in aligning their investment strategies with the new benchmarks, managing short-term volatility, and ensuring effective multi-departmental collaboration [9][10][24]. - The transition to the new assessment and compensation mechanisms requires a thorough understanding of benchmarks and the establishment of robust risk control models [10][11][24]. Establishment of Benchmark Library - The China Fund Industry Association has released a benchmark element library to assist fund managers in selecting appropriate performance benchmarks for new products [13][14][24]. - The library includes 69 indices in the first category and 72 in the second, categorized into broad-based indices, industry-themed indices, and strategy indices [17][24]. Guiding Fund Product Style and Transparency - The establishment of the benchmark library is seen as a key measure to address issues of unclear investment styles and short-term performance focus in the industry [20][24]. - The new regulations are expected to enhance the clarity of fund product styles and improve the transparency of fund manager performance evaluations [21][24]. Fund Evaluation and Standardization - The new regulations provide a standardized and quantifiable basis for fund evaluation, enhancing the precision and objectivity of performance assessments [25][26][24]. - Fund evaluation will increasingly focus on the relationship between fund performance and benchmarks, moving away from short-term rankings [27][24]. Future Management of Performance Benchmarks - Future management of performance benchmarks will require more precise selection and adjustment processes, moving away from broad indices to more tailored benchmarks based on investment goals [29][24]. - The new regulations aim to transform performance benchmarks from vague references to core metrics for evaluating funds, allowing investors to better understand the risk and return characteristics of fund products [29][24].

Report Industry Investment Rating - No information provided in the content Core Views - Important news: A database for performance comparison benchmarks of public funds is coming; the scale of bond ETFs has exceeded 70 billion yuan; the MSCI index has been adjusted, with 26 Chinese stocks newly included [3] - Market review: During the week of 20251103 - 20251107, major broad - based A - share indices showed an upward trend, while most overseas indices showed a downward trend [3][17] - Fund market review: Half of the active equity funds achieved positive returns this week, with the median interval return of active equity funds at 0.19%. Cyclical and financial real - estate themed funds performed prominently [3] - ETF fund statistics: The top three ETF categories in terms of performance this week were H - share broad - based, manufacturing, and cyclical themed ETFs. There were 490 ETFs with net capital inflows and 516 with net outflows [3] - Fund market dynamics: 52 public funds had new fund manager appointments, 48 new public funds were established, 44 public funds started their initial issuance, and 56 public funds were waiting to be issued [3] - Equity fund issuance tracking: The issuance scale of equity funds this week was 21.836 billion yuan, a decrease of 1.759 billion yuan from last week. There are still 276 newly issued funds in the position - building period [3] Summary by Relevant Catalogs 1. Important News 1.1 Market Dynamics - A database for performance comparison benchmarks of public funds is coming. The draft for soliciting opinions on the operation of the benchmark element library has been issued. The benchmark library mainly includes stock indices, divided into two categories, with 69 in the first category and 72 in the second [8] - The number of newly issued funds this year has reached a new high in the past three years. As of November 3, more than 1300 new funds have been issued this year, with over 700 new stock - type funds [9] - The ETF product of Jiaoyin Schroeder Fund has been approved and is expected to start issuing in December. It is the first time in 14 years that the company has restarted the layout of the ETF product line [10][11] 1.2 Product Hotspots - The scale of bond ETFs has exceeded 70 billion yuan. As of October 31, the scale reached 70.0044 billion yuan. The scale of single - product and the management scale of some fund companies have also increased significantly [11][12] - The compilation of the China Cheng Tong Brand Value Index has been launched, aiming to guide capital to state - owned central enterprises and benchmark private enterprises with core brand advantages [12] - New pharmaceutical indices have been frequently launched, such as the China Securities Science and Technology Innovation and Entrepreneurship Innovative Drug Index and the China Securities Science and Technology Innovation and Entrepreneurship Medical Device Index [12] 1.3 Overseas/Offshore Markets - The MSCI index has been adjusted, with 69 new inclusions and 64 exclusions in the MSCI Global Standard Index. In the MSCI China Index, 26 Chinese stocks were newly included and 20 were excluded [14] - Two Brazilian ETFs were snapped up by funds. They reached their fundraising scale limits on the first day of issuance, with the confirmed ratio of Huaxia Fund's Brazilian ETF at about 11.5% and that of E Fund at about 11.8% [15][16] - Public QDII funds are gradually replenishing their positions in US stocks, which has reduced the drawdown risk of some funds during the recent adjustment of the Hong Kong stock market [17] 2. Market Review - A - share market: Major broad - based indices showed an upward trend. The Shanghai Composite Index rose 1.08% to 3997.56, the CSI 300 Index rose 0.82% to 4678.79, etc. [17] - Overseas indices: Most showed a downward trend. The Nikkei 225 index fell 4.07%, the South Korean Composite Index fell 3.74%, and the Nasdaq index fell 3.04% [17] - Industry performance: The power equipment and new energy, and steel industries led the gains. The top five industries in the CITIC First - level Industry Index were power equipment and new energy (5.10%), steel (4.57%), etc. [21] 3. Fund Market Review 3.1 Active Equity Fund Performance - In the recent week, cyclical and financial real - estate themed funds performed prominently, with average interval returns of 1.55% and 0.78% respectively. In the recent three months, technology and cyclical themed funds led, with average interval returns of 25.67% and 21.54% respectively [24] - Half of the active equity funds achieved positive returns this week, with the median interval return at 0.19%. Cyclical and financial real - estate themed funds had median interval returns of 1.62% and 1.19% respectively [27] 3.2 High - performing Fund Performance Statistics - The Galaxy Core Advantage A (011629.OF) performed outstandingly this week, with an interval return of 11.65%. The report also listed the top five funds in each industry theme [29][30] 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return this week, the top three ETF categories were H - share broad - based (1.77%), manufacturing (1.62%), and cyclical themed ETFs (1.48%). In the recent month, the top three were international broad - based (7.11%), cyclical (5.51%), and commodity futures themed ETFs (4.49%) [31] 4.2 ETF Fund Capital Flow Statistics - In terms of net capital inflows this week, the top categories were technology (9.242 billion yuan), pharmaceuticals (9.059 billion yuan), and financial real - estate (7.223 billion yuan). The category with the largest net outflows was A - share broad - based (18.939 billion yuan) [34] - There were 490 ETFs with net capital inflows and 516 with net outflows. The top three ETFs with net inflows were Guotai CSI All - Index Securities Company ETF, Haifutong CSI Short - Term Financing ETF, etc. The top three with net outflows were Huatai - Peregrine CSI 300 ETF, Huaxia SSE 50 ETF, etc. [37] 4.3 ETF Fund Premium and Discount Statistics - As of November 7, 2025, the top three ETFs in terms of premium rate were Huatai - Peregrine China Securities Korea Exchange China - South Korea Semiconductor ETF, Huaan Mitsubishi UFJ Nikkei 225 ETF, etc. The top three in terms of discount rate were E Fund CSI Hong Kong Stock Connect China 100 ETF, Huaxia SSE Smart - Selection Science and Technology Innovation Value 50 Strategy ETF, etc. [39] 5. Fund Market Dynamics 5.1 Fund Manager Changes - 52 public funds had new fund manager appointments, involving 46 fund managers from 35 fund management companies. The top three fund management companies in terms of the number of affected funds were Fullgoal Fund, Bosera Fund, etc. [41] - 57 public funds had fund manager departures, involving 35 fund managers from 28 fund management companies. The top three fund management companies in terms of the number of affected funds were Yongying Fund, Dacheng Fund, etc. [42] 5.2 Newly Established Funds This Week - A total of 48 new public funds were established this week, with a combined issuance share of 26.5 billion [3] 5.3 Funds with Initial Issuance This Week - 44 public funds started their initial issuance this week, with the largest number being passive index funds (14) [3] 5.4 Funds Waiting to be Issued - As of November 9, 2025, there were 56 public funds waiting to be issued [3] 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds this week was 21.836 billion yuan, a decrease of 1.759 billion yuan from last week. There are still 276 newly issued funds in the position - building period, with an estimated 29.71% having a position - building ratio of less than 5% and an estimated 82.761 billion yuan of funds yet to be invested [3]

Core Insights - The A-share market is experiencing a structural divergence, with cyclical industries leading the gains while the technology sector is undergoing a correction. The overall market is expected to maintain a "slow bull" trend, supported by the recent "14th Five-Year Plan" which provides long-term investment direction focusing on technological self-reliance and modern industrial system construction [1] Group 1: Market Trends - In October, the Shanghai Composite Index successfully approached the 4000-point mark, indicating a recovery phase in the domestic economy [1] - The market is currently characterized by a rotation of funds among various sectors, with a focus on stocks that show changes in their fundamentals [2][3] Group 2: Sector Focus - The AI and terminal application sectors are highlighted as key areas for investment opportunities, with a cautious approach towards previously high-performing sectors [3][6] - The military industry is noted for its potential short-term catalysts, while the commercial aerospace sector is expected to accelerate in development in the coming months [5] Group 3: Investment Strategies - Investors are advised to look for stocks with strong performance and valuation support, particularly in the AI industry chain and consumer electronics [4][11] - The focus on AI applications is emphasized, with potential growth in sectors such as robotics, smart driving, and AI infrastructure [8][10] Group 4: Economic Outlook - The overall market sentiment is cautious as it enters a period of performance and policy vacuum, with expectations of a balanced market style towards the end of the year [9][10] - The technology innovation sector is viewed as a crucial growth engine, with ongoing developments in AI infrastructure and applications expected to create new investment opportunities [11]

Core Viewpoint - The A-share market is experiencing a significant style divergence, with technology and healthcare sectors facing adjustments while dividend assets like brokerage and banking ETFs are gaining traction [1][5][6] Market Performance - As of November 7, 41 funds have seen over 100% growth year-to-date, a decrease from 53 at the end of Q3, indicating a shift in the "doubling fund" landscape due to sector pullbacks [2] - The healthcare sector, particularly funds like Zhongyin Hong Kong Stock Connect Medical A, has seen a net value drop of 14.87% in Q4, with annual returns falling below 80% [2][3] - The technology sector has also faced volatility, with the AI index dropping 4.6% in Q4, and sub-sectors like optical modules experiencing a maximum drawdown of 14.12% [2][3] Fund Manager Strategies - Fund managers are adjusting their strategies, with some reducing positions in high-flying growth sectors due to high valuations and short-term risks [3][4] - There is a notable shift towards balancing portfolios by increasing exposure to sectors that are less correlated with technology, aiming to mitigate risks [3][4] Capital Flows - The dividend index has risen by 7.86% since Q4, outperforming the Shanghai Composite Index, which has seen less than 3% growth [5][6] - Significant capital inflows have been observed in brokerage and banking ETFs, with over 250 billion yuan flowing into these sectors, contrasting with over 5 billion yuan outflows from technology-focused ETFs [5][6] Market Sentiment and Future Outlook - The market is currently characterized by a cautious sentiment, with investors wary of high valuations in the technology sector and potential policy shifts impacting market dynamics [6][7] - Analysts suggest that the current style divergence may be a necessary phase of market rebalancing, with technology stocks expected to enter a range-bound trading phase [6][7]

Core Viewpoint - The China Securities Regulatory Commission has released a draft guideline and operational details for the performance comparison benchmarks of publicly offered securities investment funds, emphasizing higher quality development in the public fund industry [1][2]. Group 1: Regulatory Changes - The new guidelines and operational details propose five specific requirements: comprehensive process control mechanisms, elevated decision-making levels for benchmark selection, independent departmental responsibility, enhanced compliance management, and linking performance compensation to benchmark performance [2]. - The new regulations serve as both a "yardstick" and a hard constraint for fund managers, encouraging prudent benchmark setting and comprehensive risk control [2]. Group 2: Industry Development - The public fund industry is entering a new phase of high-quality development, shifting focus from traditional scale competition to comprehensive governance, research capabilities, and compliance risk control [2]. - Compliance and risk control are viewed as core competitive advantages, particularly in a rapidly evolving market, with a strong emphasis on building long-term trust and brand value [2]. Group 3: Company Strategy - The company has achieved significant excess returns in its products by leveraging the recent structural market trends, indicating a successful differentiation strategy [3]. - The company aims to become a first-class asset management firm by focusing on distinctive, diversified development and customer trust, emphasizing sustainable talent development, high-recognition product systems, and a customer-centric approach [3]. - The company has launched a service brand "With Finance" and conducted over 150 customer service activities this year to systematically implement its customer-centric service philosophy [3].

Core Viewpoint - The narrow-based products are becoming the main driving force for the growth of public funds, driven by the segmented demands of investors [1][2]. Group 1: Market Trends - The public fund industry is entering a tool-oriented era, where narrow-based products with distinct styles and specific industry scenarios are key to marketing strategies [2]. - Despite a slight overall redemption in public fund shares, narrow-based products have seen significant growth, indicating a shift in investor preference towards these products [3][4]. Group 2: Performance of Narrow-based Products - Narrow-based products have countered the shrinkage of wide-based ETFs, with significant net subscriptions observed in various narrow-based ETFs during the third quarter [4]. - Specific examples include the Satellite ETF with over 10 times net subscriptions, the Robot ETF with nearly 5 times, and the New Energy Battery ETF with about 8 times [4]. Group 3: Active Equity Funds - Active equity funds are also aligning with narrow-based strategies, with themes like innovative drugs, digital economy, and artificial intelligence leading performance rankings [5][6]. - The top 10 active equity funds are all industry-themed, showcasing a trend towards sector-focused investment strategies [5]. Group 4: Tool-oriented Product Development - The arrival of the tool-oriented era in public funds has led to a consensus that "whoever masters narrow-based products will dominate" [8]. - Fund companies are increasingly focusing on tool-oriented products that cater to specific investor needs, enhancing their competitive edge [8][9]. - The development of tool-oriented products is seen as a response to the challenges of extracting excess returns in an efficient market [9].

- The report does not contain any specific quantitative models or factors for analysis [1][2][3] - The report primarily focuses on market trends, fund positions, and industry movements without detailing quantitative models or factor construction [4][5][6] - No formulas, construction processes, or performance metrics related to quantitative models or factors are provided in the report [7][8][9]

来源：市场资讯 （来源：投基摸狗） 周末，聊聊基金业绩比较基准的征求意见稿。 证监会和协会的相关文件都出来了，协会业绩基准的指数库也公布了，相关媒体也都报道了，周末了说说我的看法。 上次的基金销售费率新规的征求意见稿，我支持，但是征求意见稿里面多个地方我也有不同意见，之前我写了，很多基民，甚至业内人士也发布了自己的 看法，这就很好，抛砖引玉。 这次的基金业绩基准这事，我和基民、基层的理财经理或是基金公司的人都有交流，大家整体判断比较正面，我个人认为：这事整体上对基金投资者、基 金销售人员和销售机构偏利好，但是对基金公司来说有的忙了。 一、为什么对基民或是销售人员、销售机构偏利好？ 现在或是过去几年，买基金遇到的一个问题就是：风格漂移。 基民买基金是出于对基金的信任，结果基金经理不干正事，什么火买什么，说得好听点叫做"风格漂移"，说得不好听就纯粹"挂羊头卖狗肉"，经常一地鸡 毛，结果亏的是投资者的钱。 银行或是券商的销售人员也很无语，我当时推荐给投资者的基金是这样的，谁能想到结果却。 销售机构、销售人员很容易被基金投资者投诉：又不是我们让基金经理搞成这样的。 基金选股好坏是能力问题，但是挂羊头卖狗肉，那可能就是 ...

Group 1 - Multiple mother funds have been established or announced in regions such as Jiangsu, Inner Mongolia, and Henan, focusing on sectors like new energy, electronic information, intelligent manufacturing, and artificial intelligence [2][6][9] - The Jiangsu Social Security Science and Technology Innovation Fund has a first phase scale of 50 billion RMB, aiming to support high-growth potential projects in strategic emerging industries [6][19] - Hohhot is set to establish 11 mother funds, including 8 industry-specific funds and 3 functional funds, to enhance the local modern industrial system [7][8] Group 2 - The Yancheng Economic and Technological Development Zone is selecting GP for its 1st phase industrial investment mother fund, which has a scale of 1 billion RMB, focusing on automotive, new energy, and digital economy sectors [3][5] - The Chengdu Electronic Information Industry Fund has been established with a total scale of 10 billion RMB, targeting major industrialization projects in the electronic information sector [26] - Wuhan has launched a 50 billion RMB industry fund in collaboration with China Information Communication Technologies Group, focusing on enhancing local industrial development [27][28] Group 3 - The establishment of a 20 billion RMB technology innovation supply chain investment fund in Wuhan aims to support early-stage projects and key technologies [24][25] - A 10 billion RMB fund focusing on embodied intelligence has been launched in Hubei, emphasizing investment in core technologies and key components [17] - The Guangzhou Baiyun District has initiated a 100 billion RMB biomanufacturing fund cluster to support the development of the biomanufacturing industry [18][19]

Core Viewpoint - The active equity funds are undergoing a transformation from focusing on scale to controlling scale, emphasizing investor returns over sheer size [1][5][7] Group 1: Fund Size Control - Multiple funds have implemented measures to limit their scale, such as setting upper limits, restricting purchases, and closing fundraising early [2][3] - Notable funds managed by well-known managers have reached their fundraising caps within days, indicating a trend towards controlled growth [2][3] - As of November 7, 39 out of 43 newly established equity funds with sizes over 1 billion yuan had fundraising scales below 30 billion yuan [2] Group 2: Historical Lessons - The industry has learned from past experiences where large funds underperformed, with over 85% of funds with net values below 1 yuan established between 2020 and 2022 [5][6] - A significant number of large funds launched in 2020 have seen substantial declines in net value despite short-term gains, highlighting the risks of scale without performance [6][5] Group 3: Optimal Fund Size - The optimal size for active equity funds is suggested to be between 3 billion and 5 billion yuan, balancing operational stability and flexibility in trading [8][7] - Factors such as market liquidity and the number of investable assets are critical in determining the appropriate scale for a fund [7][8] - The industry is shifting towards a model where fund size is aligned with investment strategies, promoting a healthier ecosystem focused on performance rather than just scale [8][7]