Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released two important drafts aimed at enhancing the stability of public fund investment behavior, clarifying product investment styles, and improving investor experience through the establishment of performance benchmarks for publicly offered securities investment funds [2][4]. Group 1: Benchmark Representation - The performance benchmark should reflect the product's positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [3]. - Fund managers are required to appoint fund managers with relevant investment research experience based on the performance benchmark, and once selected, the benchmark should not be changed arbitrarily [3][4]. Group 2: Strengthening Constraints on Investment - The guidelines emphasize the need for a comprehensive control mechanism covering the selection, disclosure, monitoring, and accountability of performance benchmarks [7]. - Fund managers must establish independent departments to monitor deviations from the performance benchmark and ensure compliance with legal and contractual obligations [9]. Group 3: Guiding Assessment through Benchmarks - The guidelines require fund managers to create a performance assessment system centered on fund investment returns, linking compensation to performance relative to the benchmark [10]. - Fund managers should ensure that long-term performance significantly below the benchmark results in a notable decrease in the performance compensation of relevant fund managers [10]. Group 4: Building a Positive Interactive Ecosystem - The guidelines call for custodians, sales, and evaluation institutions to fulfill their supervisory roles regarding performance benchmarks, enhancing the accountability of all market participants [11]. - Fund evaluation agencies are required to use performance benchmarks as a key criterion for assessing fund management situations, ensuring a more scientific and objective evaluation of fund performance [12]. Group 5: Supporting Work Arrangements - The CSRC will guide industry institutions in optimizing existing products' benchmarks during the transition period to ensure alignment with fund contracts and actual styles [13]. - The establishment of a benchmark library is planned to encourage standardized selection of benchmarks representing equity assets [13]. - The CSRC will enhance daily supervision of fund managers, custodians, sales institutions, and evaluation agencies regarding the selection and use of performance benchmarks [14].

钛媒体App 10月31日消息，证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》。 意见稿提出，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。（证监会网站） ...

《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，确保投资风格稳定性。三是发挥业绩比较基 准的评价作用，规范薪酬考核、基金销售、基金评价等对业绩比较基准的使用要求。四是健全多道防 线，在基金管理人自我约束基础上，进一步加强信息披露和基金托管人监督。 证监会10月31日消息，为落实《推动公募基金高质量发展行动方案》，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。 为指导行业机构更好落实《指引》，基金业协会同步起草了《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）》，进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管理等具体 操作规范， ...

超36万亿元的公募基金行业，又有重大改革落地！ 业内人士表示，《指引》《操作细则》的出台，将推动境内公募基金业绩比较基准规范化，也是强化投 资管理的纪律性的"关键一步"。此举将引导行业机构构建更加稳定的投资风格，更好发挥公募基金价值 投资工具属性，为投资者提供长期稳健回报，也为资本市场引入更多中长期资金。 要点1：突出基准对产品的表征作用 一方面，《指引》明确，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。 另一方面，《指引》要求管理人根据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。 《操作细则》从产品设计、业绩比较基准展示、业绩比较基准与产品的匹配、指数基准编制要求等方面 细化《指引》要求，进一步明确管理人选择业绩比较基准的相关要求。 其中，从产品设计来看，要求管理人通过科学合理的测评方式，评估业绩比较基准的适当性，确保业绩 比较基准能够体现基金产品主要的投资目标、投资范围、投资策略、投资比例和投资风格。 从基准展示来看，《操作细则》对于如何明确、清晰、简 ...

Core Viewpoint - The marketing strategy of Shangyin Fund, which features the image of fund manager Chen Bo, has drawn criticism for being perceived as "fan culture" marketing, raising concerns about the focus on short-term performance rather than long-term investment strategies [1][4][7]. Group 1: Marketing Strategy - Shangyin Fund's advertisements in Shanghai, including on public buses, have sparked public debate due to their simplistic messaging and the use of the fund manager's photo [2][4]. - Critics argue that such marketing tactics do not educate investors about the products and may lead to irrational investment decisions [4][6]. - Industry insiders note that many fund companies utilize similar marketing strategies, indicating that Shangyin Fund is not alone in this approach [5][6]. Group 2: Fund Manager Performance - Chen Bo's short-term performance has been questioned, despite his long-term track record being commendable [8]. - Over the past three years, Chen Bo's funds have achieved a return of 34.77%, outperforming the CSI 300 index's return of 33.00% [8]. - As of the third quarter, the total assets under Chen Bo's management increased to 791 million yuan, up from 744 million yuan in the previous quarter [9]. Group 3: Regulatory Context - The China Securities Regulatory Commission has emphasized the importance of long-term performance assessments for fund managers, with new regulations requiring that long-term performance metrics account for at least 80% of evaluations [9]. - The marketing practices of fund companies must comply with existing regulations, which prohibit misleading claims about fund performance [6][9].

Group 1 - The core point of the article is that Meijin Energy has signed a partnership agreement to establish an equity investment fund with multiple parties, including Ningbo Lianchuang Yongjun [1] - The company will contribute 150 million yuan as a limited partner in the fund, which has completed its business registration and private equity fund filing [1] - The total capital contributed by all partners has reached 300 million yuan, and the fund is currently progressing with its operations [1] Group 2 - The article mentions potential risks associated with the fund, including the possibility of not raising sufficient capital and failing to achieve expected returns [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Guidelines for Performance Benchmark Selection and Use in Publicly Offered Securities Investment Funds" to enhance the quality of public fund management and protect investors' rights [1][2] Group 1: Guidelines Overview - The guidelines consist of six chapters and twenty-one articles, emphasizing the representation function of performance benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [1] - The guidelines strengthen the constraint function of performance benchmarks, requiring fund managers to establish a comprehensive internal control mechanism to ensure the stability of investment styles [1] - The guidelines aim to standardize the evaluation function of performance benchmarks, regulating their use in salary assessments, fund sales, and fund evaluations [1] - The guidelines propose a multi-layered defense system, enhancing information disclosure and supervision by fund custodians based on self-restraint by fund managers [1] Group 2: Industry Response - The Asset Management Association of China is concurrently drafting the "Operational Details for Performance Benchmark Selection in Publicly Offered Securities Investment Funds" to provide specific operational norms regarding benchmark selection, information disclosure, risk control, and compliance management [2] - The CSRC invites public feedback on the guidelines, which will be refined and implemented following the consultation process [2]

Core Viewpoint - The article highlights the challenges faced by Taixin Fund, particularly the scale crisis of several funds with net assets below 50 million yuan for over 60 consecutive working days, alongside issues of "style drift" that have led to negative ratings from professional agencies [1][2][6]. Fund Scale Challenges - Six funds under Taixin Fund are reported to have net assets below 50 million yuan, including Taixin CSI 200, Taixin Balanced Value A, Taixin Huixin Three-Month Open A, Taixin Internet + A, Taixin Advantage Growth, and Taixin Smart Growth A [2][4]. - The Taixin Advantage Leading Mixed Fund, established in September 2022, saw a net value drop of 9.63% in 2023, ranking in the top 30% of its peers, but by 2025, despite a 23.38% increase in net value, it fell to the 2979th position out of 4500 similar funds [2][3]. Regulatory Compliance and Solutions - The fund manager disclosed that the fund has been below the 50 million yuan threshold for over 60 days and has submitted a solution to the regulatory authority, which may include options like continued operation, conversion, merger with other funds, or termination of the fund contract [4][5]. - The fund management company has committed to maintaining the interests of fund holders by bearing the fixed costs associated with the affected funds [4]. Style Drift Issues - Taixin Fund's products have faced criticism for "style drift," leading to a lack of ratings from agencies like Jiaan Jinxin, which noted that significant deviations from the investment style outlined in the fund contracts could harm investors [6][8]. - For instance, the Taixin Internet + Mixed Fund, which should primarily invest in internet infrastructure, has shifted its focus to major holdings in companies like Kweichow Moutai and Agricultural Bank of China, raising concerns about adherence to its stated investment strategy [6][8]. Future Strategies - In response to the style drift concerns, Taixin Fund plans to focus on sectors that leverage modern technology and services, particularly in AI and healthcare, to align with its investment themes [9]. - The company aims to enhance its research and marketing strategies to foster sustainable growth, emphasizing the importance of matching product offerings with research capabilities rather than pursuing rapid scale expansion [10].

Core Insights - The article highlights the recent developments in China's mother fund industry, with a total management scale of 1,459 billion yuan, focusing on high-end equipment materials, biomedicine, and low-altitude economy investments [2][3]. Group 1: Fund Launches and Initiatives - A new central enterprise strategic emerging industry development fund has been launched in Beijing with an initial scale of 510 billion yuan, aimed at accelerating the development of strategic emerging industries [5][8]. - Jiangsu province is actively establishing various specialized mother funds, including those for intelligent manufacturing, high-end functional materials, and biomedicine, with scales ranging from 20 billion to 50 billion yuan [9][11][14][16][17]. - The Dongguan Songshan Lake industrial investment mother fund has completed its registration, marking a significant step in the region's industrial upgrade efforts with a total scale of 100 billion yuan [18][19]. Group 2: Investment Focus Areas - The newly established funds are primarily targeting strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, and quantum technology [8]. - Specific funds in Jiangsu are focusing on sectors like low-altitude economy, integrated circuits, and advanced manufacturing, with investment strategies emphasizing direct project investments and the establishment of sub-funds [16][17][33][36]. - The Anhui artificial intelligence theme mother fund has launched its first acquisition sub-fund, contributing to a total scale of nearly 230 billion yuan across its sub-funds [26]. Group 3: Policy and Regulatory Framework - Beijing has released guidelines to promote high-quality development in venture capital and private equity investment, aiming to enhance the role of these investments in supporting innovation and industrial upgrades [38][39]. - The guidelines emphasize the importance of creating a new ecosystem for venture capital and private equity, focusing on policy precision, full-cycle service ecology, and nurturing patient capital [39].

北京商报讯（记者 李海媛）10月31日，中国证监会发文称，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）》（以下简称《指引》）， 并向社会公开征求意见。 据悉，《指引》共六章二十一条，主要包括四方面内容。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，确保投资风格稳定性。三是发挥 业绩比较基准的评价作用，规范薪酬考核、基金销售、基金评价等对业绩比较基准的使用要求。四是健全多道防线，在基金管理人自我约束基础上，进一步 加强信息披露和基金托管人监督。 | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | 请输入关键字 | | | --- | --- | --- | --- | --- | --- | | (公)首页 价 机构概况 宣 新闻发布 | 国 政务信息 | 三. 办事服务 | 同 互动交流 | | lo0 统计信息 | | ♥ 当前位置：首页 > 政务信息 > 政府信息公开 > 主 ...