2026年公募基金行业迎来首个新规落地。 1月23日，证监会与基金业协会同步发布《公开募集证券投资基金业绩比较基准指引》及《公开募集证券投资基金业绩 比较基准操作细则》（下称"新规"），直指"基准模糊""风格漂移""基金盲盒"等行业痛点。 所谓业绩比较基准，本源是基金合同约定的，用来衡量基金投资业绩的标准，在有效管理机制下，业绩比较基准可以 发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等多方面的功能作用。 经过两个多月的征求意见阶段，这场围绕业绩基准"锚"与"尺"的制度革新正式落地，落实《推动公募基金高质量发展 行动方案》要求的具体举措，填补了公募基金监管规则的空白，也是推动境内公募基金业绩比较基准规范化、提高主 动投资纪律性的"关键一步"。 新规自2026年3月1日起施行，并设置过渡期，一是对存量产品业绩比较基准设置和其他内容不符合《指引》和基金业 协会自律规则规定的，给予1年的实施过渡期。二是为确保业绩比较基准相关信息披露、业绩展示、评价评奖、排名排 序的客观性和准确性，避免误导投资者，将相关要求与存量产品基准调整过渡期拉齐为1年。三是托管人监督基金投资 风格稳定性的要求，考虑 ...

2026年公募基金行业迎来首个新规落地。 1月23日，证监会与基金业协会同步发布《公开募集证券投资基金业绩比较基准指引》及《公开募集证券投资基金业绩 比较基准操作细则》（下称"新规"），直指"基准模糊""风格漂移""基金盲盒"等行业痛点。 所谓业绩比较基准，本源是基金合同约定的，用来衡量基金投资业绩的标准，在有效管理机制下，业绩比较基准可以 发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等多方面的功能作用。 经过两个多月的征求意见阶段，这场围绕业绩基准"锚"与"尺"的制度革新正式落地，落实《推动公募基金高质量发展 行动方案》要求的具体举措，填补了公募基金监管规则的空白，也是推动境内公募基金业绩比较基准规范化、提高主 动投资纪律性的"关键一步"。 新规自2026年3月1日起施行，并设置过渡期，一是对存量产品业绩比较基准设置和其他内容不符合《指引》和基金业 协会自律规则规定的，给予1年的实施过渡期。二是为确保业绩比较基准相关信息披露、业绩展示、评价评奖、排名排 序的客观性和准确性，避免误导投资者，将相关要求与存量产品基准调整过渡期拉齐为1年。三是托管人监督基金投资 风格稳定性的要求，考虑 ...

监管立规严打基准策略"两张皮" 长久以来，投资者被迫面对"基金盲盒"的困惑或将终结。 近日，中国证监会正式发布《公开募集证券投资基金业绩比较基准指引》（下称《指引》），基金业协 会同步发布了《公开募集证券投资基金业绩比较基准操作细则》（下称《操作细则》），相关文件直指 行业长期存在的风格漂移、重排名轻基准等顽疾。 此次新规的核心思路，是彻底扭转基准被虚置的局面，让其真正成为投资管理的"指挥棒"和投资者判断 的"标尺"。更关键的是，新规再次强调未来基金经理的薪酬将直接与战胜基准挂钩，而非短期市场排 名。 同时，托管人变身"盯梢哨兵"，销售平台强制晒出基准成绩单等。这意味着，追逐热点、偏离风格的投 资行为将受到严格约束。投资者也能买到"所见即所得"的产品，最终提升持有人的真实获得感。 这场重塑行业公信力的变革，正推动公募基金从"拼排名"转向"守契约"，为亿万基民的钱袋子装上"安 全阀"。 新规首要明确基准需"名副其实"，必须与基金投资策略、投资方向及风险收益特征精准匹配，从根源上 杜绝"基准与策略两张皮"现象。例如，主打新能源投资的基金，不得简单套用沪深300等宽基指数作为 业绩基准。同时，基准一经确定不得随意变 ...

公募基金产品近日披露的2025年四季报显示，2025年四季度，资金向绩优产品集中的趋势显著，多只主 动权益类基金的规模环比增长，还有部分基金增长超10倍。与此同时，基金经理普遍维持高仓位运行， 平均股票仓位达86.78%，还有44%的产品仓位超过90%，反映出对市场的乐观预期。 同时，已披露季报的4只净值翻倍基金包括中欧数字经济、前海开源沪港深乐享生活、华富科技动能、 融通产业趋势甄选均保持高仓位股票配置，仓位范围在87.34%至94.5%之间。这些基金重点配置人工智 能（AI）基础设施等科技赛道。 值得注意的是，整体来看，增持AI基础设施与资源板块是四季度绩优基金的主流操作。其中，中欧周 期优选混合大幅调整前十大重仓股，新增盛屯矿业（600711）、云铝股份（000807）等资源股，其中云 铝股份四季度涨幅超50%。 随着2026年A股春季行情展开，多位基金经理在2025年四季报中也做好了准备。整体来看，AI产业链、 资源安全、人形机器人等成为基金经理共识度最高的大方向。 东方阿尔法科技智选混合基金经理梁少文看好存储行业2026年一季度的投资机会，"存储芯片价格上涨 趋势仍在延续，相关公司业绩将释放出来。" ...

Core Viewpoint - The public fund industry is entering a new stage of high-quality development, emphasizing the interests of investors, but there are still loopholes in the mechanisms binding fund managers' interests to those of investors [1][9]. Group 1: Fund Manager Operations - A fund manager from an insurance-backed public fund has profited significantly from investing personal funds in technology stocks, while the managed public fund is heavily invested in value stocks, leading to poor performance [2][4]. - The disparity in investment strategies between personal accounts and public fund products raises ethical concerns regarding the alignment of interests between fund managers and investors [3][4]. - Some industry insiders argue that fund managers may prioritize value stocks to mitigate volatility risks for investors, but the core issue remains the misalignment of interests due to differing investment strategies [3][4]. Group 2: Regulatory Environment - Different companies have varying compliance standards regarding fund managers' personal trading activities, with some prohibiting it entirely while others allow it under strict reporting procedures [5][6]. - The current regulatory focus is primarily on "trading similarity," leaving gaps in oversight regarding "differential operations" by fund managers [10]. - There are calls for improved regulatory measures, including transparency in fund managers' personal account holdings and self-audits by fund companies to address discrepancies in investment strategies [10][11].

会议强调，当前资本市场总体稳中向好，但仍然面临内外风险交织、新旧矛盾叠加的复杂严峻挑战。证 监会系统要深入贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署，按照中央金 融委会议、全国金融系统工作会议要求，坚持稳中求进、提质增效，紧扣防风险、强监管、促高质量发 展的工作主线，持续深化资本市场投融资综合改革，提高制度包容性、适应性和竞争力、吸引力，努力 实现质的有效提升和量的合理增长，切实增强市场内在稳定性，更好助力稳就业、稳企业、稳市场、稳 预期，为"十五五"良好开局积极贡献力量。 据中国证监会消息，1月15日，中国证监会召开2026年系统工作会议，总结2025年工作，分析当前形 势，研究部署2026年工作。中国证监会党委书记、主席吴清出席会议并讲话。 一是坚持稳字当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调节，强化交 易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违规行为，坚 决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出各类适配长 期投资的产品和风险管理工具，积极引导长期投资、理性投资、价值投资，全力营 ...

Core Viewpoint - The public fund industry in China is set to deepen reforms in 2026, focusing on stabilizing the market and promoting long-term investments through various product offerings and risk management tools [1][5]. Group 1: Market Environment and Fund Role - The A-share market has shown a continuous upward trend, with the Shanghai Composite Index surpassing 4100 points and several equity funds achieving over 30% returns in just half a month [2]. - Amidst this market prosperity, irrational tendencies are emerging, particularly in sectors like commercial aerospace and AI applications, leading to inflated valuations [2]. - Public funds are urged to act as "stabilizers" in the market, maintaining professionalism and guiding rational investments rather than fueling speculative behavior [2][3]. Group 2: Reform Directions and Suggestions - The current assessment system encourages fund managers to chase hot trends for quick scale gains, which can amplify systemic risks and lead to significant market volatility [3]. - It is recommended that the public fund industry reform its evaluation metrics to focus on risk-adjusted returns, incorporating measures like the Sharpe ratio and maximum drawdown [3][6]. - Fund companies should diversify their product offerings to include stable value-oriented funds and absolute return strategies, especially during market exuberance [4][6]. Group 3: Long-term Investment Ecosystem - The China Securities Regulatory Commission emphasizes the need to broaden channels for long-term capital and develop products suitable for long-term investments [5][6]. - There is a call to enhance the inflow of long-term funds, such as pensions and insurance capital, into the market while creating products that meet their needs [6][7]. - Fund companies are encouraged to develop products that focus on absolute returns and risk management tools to cater to the lower risk appetite of long-term investors [7]. Group 4: Investor Experience and Transparency - Improving investor experience is crucial, with a shift needed from focusing solely on fund performance to also considering investor profitability [8][9]. - There is a proposal to include investor profit and loss data in fund disclosures to enhance transparency and accountability [8][9]. - Fund companies should prioritize customer-centric management, ensuring that the right products are matched with the appropriate investors and providing ongoing support [9][11]. Group 5: Sales Practices and Accountability - The sales practices within the public fund industry have been criticized for prioritizing asset management scale over responsible selling [11]. - A shift in the incentive structure is necessary, focusing on long-term client benefits rather than short-term sales metrics [11][12]. - Regulatory bodies are urged to enforce stricter penalties for misleading sales practices to protect investors and ensure ethical conduct in the industry [11][12].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the construction of a financial power as a key component for national development and modernization, assigning unprecedented responsibilities and opportunities to the financial industry [1]. Group 1: Financial System Development - The core essence of building a financial power lies in creating a modern financial system that is complete in function, stable, efficient, open, and symbiotic with the real economy [2]. - The public fund industry plays an irreplaceable role in optimizing financing structures, promoting innovative capital formation, stabilizing capital markets, and increasing residents' property income [2]. Group 2: Responsibilities and Actions - The public fund industry must align its development with national strategies, focusing on serving the real economy and promoting high-level circulation of technology, capital, and industry [2][4]. - There is a commitment to enhancing financial literacy and protecting investor rights through diverse and transparent fund products, contributing to common prosperity [3]. Group 3: Risk Management and Compliance - Financial safety is a cornerstone of national security, necessitating a robust compliance and risk management framework within the fund industry to prevent cross-market and cross-industry risk contagion [3][5]. - The industry must establish a comprehensive risk management system that adapts to business scale and complexity, covering various types of risks [5]. Group 4: Innovation and Technology - Embracing financial technology is essential for enhancing core competitiveness, with a focus on applying big data and AI in customer service, investment research, risk control, and operational management [5]. - Continuous investment in research and development is crucial to build a stable and professional investment research team, fostering a unique and sustainable investment research system [5]. Group 5: Collaborative Efforts - Building a financial power requires collaboration among regulatory bodies, self-regulatory organizations, market institutions, and investors [6]. - The industry should adopt a long-term development strategy, aligning its goals with national strategic needs while promoting rational and long-term investment principles [6].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the construction of a financial powerhouse as a key component for China's modernization and national rejuvenation, assigning unprecedented historical responsibilities and opportunities to the financial industry [1][2]. Group 1: Financial System Development - The core essence of building a financial powerhouse is to create a modern financial system that is complete in function, stable, efficient, open, and symbiotic with the real economy [2]. - The public fund industry plays an irreplaceable role in optimizing financing structures, promoting innovative capital formation, stabilizing capital markets, and increasing residents' property income [2]. Group 2: Responsibilities and Actions - The public fund industry must align its development with national strategies, focusing on serving the real economy and guiding social capital towards key areas of the national economy [2][4]. - Emphasizing inclusive finance, the industry aims to provide diverse, transparent, and convenient fund products to help residents share in economic growth and capital market benefits [3]. Group 3: Risk Management and Compliance - Financial safety is a cornerstone of national security, necessitating a robust compliance and risk management framework within the fund industry to prevent cross-market and cross-industry risk contagion [3][5]. - The industry must enhance governance capabilities to meet the high standards set for financial institutions, establishing comprehensive risk management systems that cover various types of risks [5]. Group 4: Innovation and Technology - The industry should embrace financial technology transformations, applying advanced technologies like big data and artificial intelligence to improve decision-making efficiency and reduce operational costs [5]. - Continuous investment in research and development is essential to build a stable and professional investment research team, enhancing the industry's core competitiveness [5]. Group 5: Collaborative Efforts - Building a financial powerhouse requires collaboration among regulatory bodies, self-regulatory organizations, market institutions, and investors [6]. - The industry must adopt a long-term development strategy, aligning its goals with national strategic needs and fostering communication and cooperation with other market participants [6].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is a significant meeting aimed at advancing towards the second centenary goal, providing direction and fundamental guidelines for the "14th Five-Year Plan" period and ensuring decisive progress in achieving socialist modernization [1] Group 1: Capital Market Development - The capital market has steadily expanded in scale, improved its system, and continuously played its role in serving high-quality development during the "14th Five-Year Plan" period [1] - The public fund industry is encouraged to enhance its ability to meet residents' wealth management needs and support the real economy and national strategies [1] - The public fund industry should focus on a people-centered value orientation, enhancing its asset pricing and value discovery functions to create a more adaptive, competitive, and inclusive capital market [1] Group 2: Support for Modern Industrial System - The "15th Five-Year Plan" emphasizes the development of new productive forces, with a vibrant and competitive capital market becoming a key driver for technological industry development [2] - The public fund industry is urged to optimize its research and investment systems to better identify and value technology innovation companies, actively investing in emerging and future industries [2] Group 3: Expanding Domestic Demand - The "15th Five-Year Plan" suggests that achieving people's aspirations for a better life is the starting point and goal of Chinese-style modernization [2] - The public fund industry should help residents gain property income through the capital market, thereby boosting consumption and promoting domestic demand growth [2] - There is a need to strengthen performance benchmarks and develop more floating-rate fund products linked to fund performance to encourage long-term investment [2] Group 4: Coordinated Development of Investment and Financing - The "15th Five-Year Plan" calls for a capital market that coordinates investment and financing functions, which can provide strong support for building a financial power [2] Group 5: Responsible Investment and Investor Education - The public fund industry should integrate ESG principles into investment decision-making and risk management processes, enhancing corporate governance and quality improvement [3] - There is a focus on improving investor services and education to enhance the investment experience and promote long-term capital investment [3] Group 6: High-Level Opening Up - The "15th Five-Year Plan" emphasizes the necessity of open cooperation and mutual benefit in Chinese-style modernization [4] - The public fund industry is encouraged to align with international leading asset management institutions and expand cross-border business to attract overseas long-term capital [4] - The company aims to enhance its global competitiveness and market leadership through efficient collaboration between parent and subsidiary companies [4] Group 7: Future Outlook - The company will continue to implement the spirit of the 20th Central Committee's Fourth Plenary Session, optimizing its investment research system and product offerings to better serve the real economy and residents' wealth management needs [5] - There is a commitment to support technological innovation and enhance the inclusiveness and adaptability of the capital market [5]