Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a systematic regulation of performance benchmarks for public funds, indicating a move towards greater transparency and standardization in the fund industry [1] Group 1: Regulatory Changes - The proposed regulations aim to establish clear performance comparison standards for public funds, which could enhance investor confidence and improve market efficiency [1] - The CSRC's initiative reflects a broader trend towards regulatory tightening in the financial sector, focusing on protecting investors and ensuring fair practices [1] Group 2: Industry Impact - The new guidelines may lead to a more competitive environment among fund managers, as they will need to meet standardized performance metrics [1] - This regulatory shift could potentially influence investment strategies and fund allocation decisions within the industry, as funds will be compared against a unified benchmark [1]

证监会10月31日消息，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。征求意见稿突出基准衡量业绩的作用。 一是绩效考核。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，应当加强与业绩比较基 准对比，做好业绩归因分析，科学评估超额收益质量和偏离基准情况，合理剔除指数编制、风险应对等 客观因素带来的正负超额收益情况，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。 二是规范业绩展示。除货币市场基金、债券基金等基金类型外，管理人、销售机构展示基金业绩的，应 当同时在同一位置展示业绩比较基准的表现，并做好投资者教育工作，不得存在利用业绩比较基准误导 投资者、引导预期收益等对投资者不利的行为。 三是规范基金评价。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，以此衡 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。 ...

Group 1 - The core viewpoint of the articles indicates a slight cooling of interest rate cut expectations, leading to fluctuations in COMEX gold futures prices, which peaked at $4059.9 before retreating to around $4028 per ounce [1] - As of the latest data from CME's "FedWatch," the probability of a 25 basis point rate cut by the Federal Reserve in December is 74.7%, while the probability of maintaining the current rate is 25.3% [1] - The analysis from Wengxin Futures highlights that the recent phase of U.S.-China trade negotiations has mitigated overseas risks, which has been reflected in the significant decline in gold and silver prices previously [1] Group 2 - The market for precious metals is currently influenced by expectations surrounding the Federal Reserve's monetary policy, with Powell's statements regarding balance sheet expansion providing significant support for gold and silver prices [1] - As of the close, the performance of gold-related ETFs showed mixed results, with Huaxia Gold ETF (518850) rising by 1.07%, while the Gold Stock ETF (159562) fell by 0.14%, and the Nonferrous Metals ETF (516650) decreased by 1.88% [1] - The probability of cumulative rate cuts by the Federal Reserve by January next year stands at 57.7% for a 25 basis point cut, 16.6% for maintaining the rate, and 25.6% for a cumulative cut of 50 basis points [1]

2025.10. 31 本文字数：2155，阅读时长大约4分钟 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》）， 中 国证券投资基金业协会（下称" 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。 为此，《指引》《细则》做出以下针对性要求：一是管理人建立健全覆盖业绩比较基准选取、披露、监测、评 估、纠偏及问责的全流程管控机制，为业绩比较基准发挥功能作用提供保障。 二是提高基准选取的决策层级，由公司管理层对基准选取进行决策，并对选取基准的代表性、约束性和持续性承 担主要责任。 三是强化内部监督力度，由独立部门负责监测基金投资相对基准的偏离情况，由投资决策委员会对偏离的合理 性、科学性进行判断，从而对基金经理投资形成监督约束；合规负责人定期对内控机制进行检查，重点关注纠偏 机制的有效性。 证监会将会同基金业协会，指导行业机构在规则过渡期内，稳 ...

Group 1 - The A-share market has reached a significant milestone with the Shanghai Composite Index closing above 4000 points, marking the highest level since August 18, 2015 [1] - The market rally since September 24 has been primarily driven by several types of funds, including broad-based ETFs and margin financing, with active equity public funds and non-broad-based ETFs focusing on industry sectors playing a key role since July [1] - Institutional investors show a preference for cyclical and large financial sectors, while individual investors are more focused on the consumer sector; both groups are interested in gold and chips, with institutions also favoring military and dividend-related sectors, while individuals lean towards pharmaceuticals and securities [1] Group 2 - The current growth rate of household deposits has not significantly declined, indicating that while there is an emerging willingness among residents to invest, large-scale market entry has not yet commenced, suggesting that the entry of residents is still in the early stages [2] - There has been a notable shift in foreign capital flows since July, with a slowdown in active foreign capital outflows and a significant net inflow of passive foreign capital, driven by the attractiveness of China's emerging industries and competitive valuations in the global market [2] - The market is characterized by a steady allocation from institutional investors, gradual participation from individual investors, and improved inflow dynamics from overseas investors, highlighting the importance of monitoring individual investor participation, domestic policy implementation, and foreign capital flows for potential structural investment opportunities [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational rules for public fund performance benchmarks, aiming to standardize the management of performance benchmarks in the public fund industry and enhance investment management discipline [1][7][8]. Group 1: Regulatory Framework - The CSRC's draft guidelines and operational rules are seen as a significant step in filling regulatory gaps in public fund management, promoting the standardization of performance benchmarks [1][7]. - The guidelines emphasize the importance of aligning performance benchmarks with fund contracts and actual fund styles, ensuring market stability during the transition period for existing products [2]. Group 2: Industry Impact - The establishment of a performance benchmark element library by the fund industry association will encourage industry institutions to select appropriate benchmarks that represent equity assets [3]. - The guidelines aim to clarify investment styles and stabilize investment behaviors, addressing issues like "style drift" [6]. Group 3: Implementation Measures - The guidelines propose a comprehensive management mechanism for performance benchmarks, including selection, disclosure, monitoring, and accountability [9][10]. - Fund managers are required to establish independent departments to assess the reasonableness and potential risks of deviations from performance benchmarks [10][11]. Group 4: Performance Evaluation - The guidelines mandate that fund managers create a performance evaluation system linked to fund investment returns, ensuring that fund managers' compensation reflects long-term performance relative to benchmarks [12][14]. - Fund managers must ensure that performance benchmarks align with the asset categories, investment strategies, and market segments covered by the funds, enhancing clarity and reliability for investors [14][15].

Group 1: Fund Scale and Performance - The total net asset value of public funds reached 35.41 trillion yuan by the end of Q3 2025, an increase of 1.69 trillion yuan from the end of Q2 2025, with a quarterly growth of 2.65% in the A-share market [3][16]. - Non-monetary market fund scale reached 21.06 trillion yuan, up 1.56 trillion yuan from the previous quarter, representing a quarter-on-quarter increase of 8.02% and a year-on-year increase of 13.48% [3][16]. - Passive index bond funds led the growth with a scale of 1.82 trillion yuan, showing a quarter-on-quarter increase of 19.13% and a year-on-year increase of 80.38% [3][24]. Group 2: Active Equity Funds - As of the end of Q3 2025, there were 4,268 active equity funds with a total scale of 3.94 trillion yuan, reflecting a quarter-on-quarter increase of 1.06% and a year-on-year increase of 4.80% [4][25]. - The average holding ratio of active equity funds was 88.91%, with the top 10 holdings accounting for an average of 39.90% of the fund's net value, indicating a slight increase in concentration [4][27]. - The top ten fund companies accounted for 44.7% of the total active equity fund market, highlighting a significant concentration effect among leading firms [4][28]. Group 3: Fixed Income Plus Funds - By the end of Q3 2025, there were 1,631 fixed income plus funds with a total scale of 2.11 trillion yuan, with a notable increase in the number of funds in the medium and low elasticity categories [5][40]. - The market saw a significant increase in the allocation to electronic, power equipment and new energy, and non-ferrous metals sectors, with respective increases of 4.6%, 3.2%, and 3.0% in heavy positions [5][69]. - The top three fund companies managing fixed income plus funds were E Fund, Invesco Great Wall, and Fortune Fund, with E Fund managing over 237.2 billion yuan [5][46]. Group 4: FOF, ETF, QDII, and Quantitative Funds - As of Q3 2025, there were 518 FOF funds with a total scale of 1934.89 billion yuan, reflecting a quarter-on-quarter increase of 16.8% [6]. - The ETF market reached a total scale of 54,770.41 billion yuan, up 32.08% from Q2 2025 [6]. - The QDII market had 266 funds with a total scale of 740.3 billion yuan, indicating a quarter-on-quarter increase of 22.25% [6][24].

Report Summary 1. Market Overview - On October 31, 2025, the Shanghai Composite Index fell 0.81% to 3954.79 points, the Shenzhen Component Index dropped 1.14% to 13378.21 points, and the ChiNext Index declined 2.31% to 3187.53 points. The total trading volume of A - shares in the two markets was 2350.1 billion yuan. The top - performing sectors were Medicine and Biology (2.42%), Media (2.39%), and Commerce and Retail (2.08%), while the worst - performing sectors were Communication (-4.07%), Electronics (-3.06%), and Non - ferrous Metals (-2.03%) [2][6] 2. Stock ETFs - The top - trading - volume stock ETFs on this day were: Huatai - Peregrine CSI 300 ETF, which fell 1.39% with a premium rate of -1.38%; ChinaAMC CSI A500 ETF, down 1.10% with a premium rate of -1.09%; and ChinaAMC SSE STAR Market 50 ETF, dropped 3.06% with a premium rate of -3.02% [3][7] 3. Bond ETFs - The top - trading - volume bond ETFs were: Haifutong CSI Short - term Financing Bond ETF, up 0.01% with a premium rate of 0.01%; ChinaAMC CSI AAA Science and Technology Innovation Corporate Bond ETF, rose 0.12% with a premium rate of -0.09%; and Bosera CSI Convertible and Exchangeable Bond ETF, increased 0.07% with a premium rate of 0.00% [4][9] 4. Gold ETFs - Gold AU9999 rose 1.61% and Shanghai Gold increased 1.26%. The top - trading - volume gold ETFs were: Huaan Gold ETF, up 1.03% with a premium rate of 1.37%; Bosera Gold ETF, rose 1.14% with a premium rate of 1.29%; and E Fund Gold ETF, increased 1.09% with a premium rate of 1.28% [12] 5. Commodity Futures ETFs - Dacheng Non - ferrous Metals Futures ETF fell 0.61% with a premium rate of -0.99%; ChinaAMC Feed Soybean Meal Futures ETF rose 0.36% with a premium rate of 2.23%; and CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 0.40% with a premium rate of -1.24% [15] 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average fell 0.23%, the Nasdaq dropped 1.57%, the S&P 500 declined 0.99%, and the German DAX fell 0.02%. On this day, the Hang Seng Index dropped 1.43% and the Hang Seng China Enterprises Index fell 1.91%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, down 2.34% with a premium rate of -2.53%; GF CSI Hong Kong Innovative Drugs ETF, up 5.12% with a premium rate of 4.29%; and Huatai - Peregrine Hang Seng Technology ETF, dropped 1.25% with a premium rate of -1.69% [17] 7. Money Market ETFs - The top - trading - volume money market ETFs were Huabao Tianyi ETF, Yin Hua Rili ETF, and CCB Tianyi Money Market ETF [19]

Core Viewpoint - The reform of performance comparison benchmarks for public funds is a key step towards enhancing the quality and stability of the public fund industry, aiming to address issues such as style drift and excessive performance volatility [1][4][5]. Summary by Relevant Sections Performance Comparison Benchmark Reform - The China Securities Regulatory Commission (CSRC) has released draft guidelines for the performance comparison benchmarks of publicly offered securities investment funds, marking a significant move towards standardizing and regulating these benchmarks [1][3]. Functions and Importance of Performance Comparison Benchmarks - Performance comparison benchmarks serve as a standard for measuring fund investment performance, helping to clarify product positioning, investment strategies, and styles, while also constraining investment behaviors [3][4]. Key Issues Addressed by New Regulations - The new regulations aim to resolve issues such as style drift and the tendency of fund managers to chase short-term performance, which can lead to increased volatility and misalignment with the fund's original objectives [4][5]. Requirements for Fund Managers - The guidelines outline five key requirements for fund managers, including establishing a comprehensive control mechanism for benchmark selection and monitoring, ensuring decision-making at the management level, and linking performance compensation to benchmark performance [6][7]. External Responsibilities of Market Institutions - The new rules also emphasize the responsibilities of external market institutions, such as fund custodians and sales organizations, to ensure adherence to performance benchmarks and enhance the overall ecosystem surrounding these benchmarks [8][9]. Standards for Benchmark Selection and Use - The guidelines specify that benchmarks must accurately reflect the product's positioning and investment style, maintain consistency, and be transparent in their calculation methods and data sources [10][11][12]. Supporting Measures for Benchmark Reform - The reform includes a one-year transition period for fund managers to adjust existing benchmarks, the establishment of a benchmark element library, and the integration of performance benchmarks into the compensation assessment of fund managers [13][14].

中国资本市场学会自宣布成立开始，就备受各方关注。 今年6月18日，在2025陆家嘴论坛开幕式上，中国证监会、民政部和上海市人民政府联合举办了中国资 本市场学会揭牌仪式。7月26日，学会成立大会暨第一届第一次会员代表大会在上海召开。 网站显示，学会会长为证监会主席吴清，执行副会长为证监会副主席李超。学会副会长共9人，包括中 证金融研究院院长毛寒松、上海期货交易所理事长田向阳、北京大学光华管理学院院长刘俏、上海财经 大学校长刘元春、深圳证券交易所总经理李继尊、中国人民大学原副校长吴晓求、中国石油经济技术研 究院院长陆如泉、中信证券董事长张佑君、上海证券交易所总经理蔡建春。学会秘书长为魏刚。 第一财经记者获悉，推动成立中国资本市场学会，是为了进一步统筹发挥好资本市场的研究力量，积极 推动有研究能力、社会影响力的专家学者和市场人士，定期或不定期就市场关切的重大改革、监管政策 和市场形势组织研讨交流，围绕资本市场基础性、战略性、前瞻性问题开展联合攻关研究，提升对资本 市场重要政策的论证、分析、研究能力。 10月31日，中国资本市场研究网正式上线（https://www.ccms.org.cn/），该网站也是中国资本市场 ...