中国证监会10月31日消息，证监会就《公开募集证券投资基金业绩比较基准指引（征求意见稿）》公开 征求意见，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操作细则（征求意见稿）》。规 则突出基准对产品的表征作用，强化基准对投资的约束作用，发挥基准对考核的指导作用，强化基准的 外部监督。 具体来看，规则突出基准对产品的表征作用。从境外成熟市场经验看，业绩比较基准能够在很大程度上 帮助投资者形成对基金产品风格的基本认识和对预期风险收益特征的基本判断，从而提升投资体验。为 此，指引、操作细则明确业绩比较基准应充分体现产品定位和投资风格，符合基金合同关于投资目标、 投资范围、投资策略、投资比例限制等约定。指引、操作细则还要求管理人根据产品定位、投资风格和 业绩比较基准任命具备相关投资研究经验的基金经理，且基准一经选定不得随意变化，不得仅因基金经 理变化、市场短期变动、业绩考核或者排名而变更基准。 按照《推动公募基金高质量发展行动方案》安排，下一步证监会将修订出台薪酬考核规则，细化基金经 理薪酬考核具体指标要求；完善基金管理人分类评价监管体系，将业绩比较基准相关考核指标纳入有关 指标体系；常态化注册与业绩比较基准挂 ...

原标题：财经深一度丨公募基金改革再"落子"，业绩"参照系"全面升级 10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作 细则，向社会公开征求意见。 证监会相关部门负责人介绍，这次改革就是要发挥业绩比较基准对基金投资行为的约束和指导作 用，尽量确保投资者"所见即所得"。完善对业绩比较基准的监管安排，也将引导基金行业进一步回归以 投资者为本的发展理念。 业绩"参照系"怎么全面升级 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。 本次业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关 键一步"，进入"存量改革"阶段。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好 坏。它不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基金经理的投资风格，让 他们别跑偏，确保基金老老实实按约定策略操作，追求相对基准的超额收益，并切实提升超 ...

中国证监会10月31日消息，证监会就《公开募集证券投资基金业绩比较基准指引（征求意见稿）》公开 征求意见，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操作细则（征求意见稿）》。规 则突出基准对产品的表征作用，强化基准对投资的约束作用，发挥基准对考核的指导作用，强化基准的 外部监督。 按照《推动公募基金高质量发展行动方案》安排，下一步证监会将修订出台薪酬考核规则，细化基金经 理薪酬考核具体指标要求；完善基金管理人分类评价监管体系，将业绩比较基准相关考核指标纳入有关 指标体系；常态化注册与业绩比较基准挂钩的浮动管理费基金产品。基金业协会将组织成立行业专家 组，研究建立基金行业业绩比较基准要素库，基准库未来将用于鼓励、引导行业机构规范选取表征权益 资产的基准要素。 发挥基准对考核的指导作用 规则突出基准对产品的表征作用，强化基准对投资的约束作用，发挥基准对考核的指导作用，强化基准 的外部监督。 具体来看，规则突出基准对产品的表征作用。从境外成熟市场经验看，业绩比较基准能够在很大程度上 帮助投资者形成对基金产品风格的基本认识和对预期风险收益特征的基本判断，从而提升投资体验。为 此，指引、操作细则明确业绩比较基 ...

Group 1: Capital Market Developments - The China Securities Regulatory Commission (CSRC) emphasizes the need to enhance the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period [1] - Key tasks include actively developing direct financing through equity and bonds, fostering high-quality listed companies, and creating a more attractive long-term investment environment [2][3] - The CSRC aims to improve the scientific and effective nature of capital market regulation and steadily expand high-level institutional openness [2] Group 2: Fund Performance Benchmark Guidelines - The CSRC has released a draft guideline for public offering securities investment fund performance benchmarks, seeking public feedback [3] - The guidelines require that performance benchmarks reflect product positioning and investment style, and that fund managers appoint experienced fund managers based on these benchmarks [5] - A decision-making mechanism for benchmark selection will be established, with company management responsible for the representativeness and sustainability of the selected benchmarks [5] Group 3: Company News - Weigao Blood Products announced plans to acquire 100% equity of Weigao Puri, constituting a major asset restructuring, with shares set to resume trading on November 3 [8] - Weigao Puri, established in 2018 with a registered capital of 106 million, specializes in pre-filled syringes and other medical packaging, supporting the localization of critical pharmaceutical materials [10] - Tianqi Co., Ltd. signed a strategic cooperation agreement with Foxconn to promote the application of intelligent robots in industrial settings, aiming to deploy at least 2,000 robots within five years [8]

Core Viewpoint - The release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" by the China Securities Regulatory Commission marks a significant step towards a more standardized, transparent, and professional development of China's public fund industry, focusing on the management of performance benchmarks and enhancing discipline in active investment processes [2][3][4]. Group 1: Industry Development - The implementation of the guidelines and operational details is seen as a systematic approach to promote high-quality development in the public fund industry, establishing a binding mechanism for interests and optimizing assessment and incentive constraints [3][4]. - The guidelines aim to standardize the selection and use of performance benchmarks, improve internal controls of fund managers, and protect investors' rights, thereby enhancing the role of public funds in managing residents' wealth [3][4][5]. Group 2: Investor Protection - The guidelines require fund managers to establish a performance assessment system centered on fund investment returns, linking compensation to fund performance and investor outcomes [5][6]. - The introduction of these guidelines is expected to address existing issues in the public fund market, such as arbitrary benchmark setting and low attention to benchmarks by fund managers, which have led to significant deviations in fund holdings [5][6]. Group 3: Performance Benchmarking - The guidelines emphasize the importance of performance benchmarks as a "anchor" for fund management, requiring that benchmarks be representative, objective, binding, and sustainable [7][8]. - Fund managers are mandated to create a comprehensive internal control system covering benchmark selection, disclosure, monitoring, evaluation, and correction, ensuring that investment behaviors align with established benchmarks [7][8][10]. Group 4: Enhancing Investor Experience - Clear performance benchmarks will help investors form reasonable return expectations and accurately identify product risk-return characteristics, facilitating better asset allocation decisions [7][9]. - The guidelines are designed to enhance the clarity and reliability of performance benchmarks, allowing investors to objectively understand product characteristics and make informed investment decisions [10][11].

基金经理的绩效薪酬将大幅下调！ 来源：财宝儿 重磅利好： 长期显著跑输业绩比较基准 #a股# 之前是公募基金没约束 导致很多基金经理装死，垃圾股也不调仓 反正不是自己的钱，根本不会抄底， 不只总追高，垃圾股还不止损换股 导致基民买个基金都要斟酌再三。 今后情况可能要变了，毕竟跟他们钱包相关了 相当于现在有kpi了，完不成kpi那就别想拿奖金！ 像之前葛兰、张坤这些人换都应该只发基本工资。 给他们发奖金都便宜他们了。 量发展行动方案》,规范公募基金业绩比较基准的 选取和使用,切实发挥业绩比较基准表征风格、约 束投资和衡量业绩等功能作用,完善基金管理人的 内部控制,保护投资者的合法权益,根据《证券投 资基金法》《公开募集证券投资基金运作管理办法 》及其他有关法律法规,中国证监会起草了《公开 募集证券投资基金业绩比较基准指引(征求意见稿 】》,现向社会公开征求意见。《指引》共六章二 十一条,主要内容如下:一是突出业绩比较基准的 表征作用,业绩比较基准应当体现基金合同约定的 核心要素和投资风格,一经选定则不得随意变更。 二是强化业绩比较基准的约束作用,基金管理人应 当建立全流程内控机制,提高内部决策层级,确保 投资风 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for the performance comparison benchmarks of publicly offered securities investment funds, aiming to standardize benchmarks to enhance active investment discipline and promote stable investment styles in the industry [1][7]. Group 1: Purpose of the Guidelines - The guidelines aim to clarify investment styles and constrain investment behaviors, preventing "style drift" in fund products and improving investment stability [2][3]. - The guidelines emphasize the importance of performance comparison benchmarks in helping investors understand fund styles and expected risk-return characteristics, thereby enhancing the investment experience [2]. Group 2: Implementation Mechanisms - Fund managers are required to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, evaluation, correction, and accountability of performance comparison benchmarks [3]. - The decision-making level for benchmark selection is elevated to company management, which will bear primary responsibility for the representativeness, constraint, and sustainability of the selected benchmarks [3]. Group 3: Performance Evaluation and Compensation - The guidelines mandate the establishment of a performance evaluation system centered on fund investment returns, linking compensation for fund managers to fund performance relative to benchmarks [4]. - Fund evaluation agencies are required to use performance comparison benchmarks as a key basis for assessing fund management performance, risk control capabilities, and style stability [4]. Group 4: External Supervision and Transparency - The guidelines require custodians to fulfill their supervisory responsibilities, including reviewing fund contracts and monitoring investment style stability [5]. - Fund managers and sales institutions must present both fund performance and benchmark performance to facilitate investor comparisons, thereby increasing transparency in fund operations [5]. Group 5: Transition Period and Future Measures - A transition period will be established to ensure that changes do not disrupt market stability, allowing for the optimization of existing product benchmarks [6][8]. - Future initiatives will include the establishment of a benchmark library and the revision of compensation assessment rules to better align the interests of fund managers with those of investors [8].

◎记者 汤立斌 中国证监会10月31日发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（下称《指 引》），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操作细则（征求意见稿）》（下称 《细则》），文件明确公募基金业绩比较基准应充分体现产品定位和投资风格；基准一经选定不得随意 变化；基金长期投资业绩明显低于业绩比较基准的，相关基金经理的绩效薪酬应当明显下降等内容。 发挥基准对考核指导作用 一方面，《指引》《细则》明确管理人应建立以基金投资收益为核心的考核体系，体现产品业绩和投资 者盈亏情况，健全与基金投资收益相挂钩的薪酬管理机制。在衡量主动权益基金业绩时，管理人应当加 强与业绩比较基准对比，基金长期投资业绩明显低于业绩比较基准的，相关基金经理的绩效薪酬应当明 显下降。 另一方面，《指引》《细则》规范基金评价评奖机制，改变全市场排名导向，文件要求基金评价机构应 当将业绩比较基准作为评价基金投资管理情况的重要依据，以更加科学客观地衡量基金投资业绩、风险 控制能力和风格稳定性。基金管理人、基金销售机构、基金评价机构原则上不得将不同类型、不同风格 业绩比较基准的权益类基金直接进行投资业绩排序或排名。 强 ...

《细则》从业绩比较基准规范、管理人内部控制、业绩比较基准外部监督、自律管理等方面，明确了管 理人选择业绩比较基准的相关要求，并强化了内外部监管力度。 根据《细则》，基金管理人应当在定期报告中披露基金实际投资与同期业绩比较基准的收益率、波动率 等对比情况。相关对比情况应当至少覆盖过去一年、过去三年、过去五年、过去十年、自基金合同首次 生效起至今等周期。基金管理人需通过定性和定量方法对基金与业绩比较基准之间的差异进行解释说 明。其中，定量指标包括跟踪误差、信息比率等。 ◎记者 梁银妍 中国证券投资基金业协会10月31日就新起草的《公开募集证券投资基金业绩比较基准操作细则（征求意 见稿）》（下称《细则》）公开征求意见。 根据《细则》，基金管理人应当建立覆盖产品设计全流程的业绩比较基准管理机制，中基协建立和维护 基金业绩比较基准要素一类库和二类库，基金托管人应当对风格库清单进行审查，基金评价机构应当围 绕业绩比较基准建立以五年期以上长周期业绩为核心的评价评奖体系。 根据《细则》，中基协建立和维护基金业绩比较基准要素一类库和二类库，业绩比较基准要素入库与业 绩比较基准要素使用适度分离。其中，一类库纳入市场表征性强、认可 ...

10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作细 则，向社会公开征求意见。 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。本次 业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关键一 步"，进入"存量改革"阶段。 业绩"参照系"怎么全面升级 此次公开征求意见的新规，在操作层面上明确了公募基金业绩"参照系"如何升级。据了解，基金管理人 可以从基金行业业绩比较基准要素库中选取基准要素。 ——怎么选？明确选用要求、规范行业操作标准。 真实匹配。业绩比较基准需真实反映基金的投资方向、策略和风格。 不能随意更改。一旦设定，不能因基金经理更换或市场热点变化就轻易调整，确保基金"名副其实"。若 需变更，必须严格履行程序。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好坏。它 不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基 ...