【导读】引导投资行为回归产品定位，公募基金业绩比较基准改革落地 超36万亿元的公募基金行业，又有重大改革落地！ 10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》 （以下简称《指引》），中国证券投资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）》（以下简称《操作细则》），向社会公开征求意见。 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。 中国基金报记者 李树超 王思文 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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft guidelines for the performance comparison benchmarks of publicly raised securities investment funds, emphasizing the need for fund managers to enhance the stability management of investment styles [1] Group 1: Fund Management Guidelines - Fund managers are required to monitor the deviation of actual investments from performance benchmarks independently from the investment management department to prevent style drift [1] - Different monitoring indicators and thresholds for investment deviations should be prudently set based on product types, investment objectives, and strategies [1] - If warning indicators are triggered, fund managers are expected to make necessary adjustments within a specified timeframe or seek review from the investment decision committee [1] Group 2: Investment Decision Committee Responsibilities - The investment decision committee must prioritize the protection of fund shareholders' interests when deciding on breaches of threshold indicators and should enhance tracking and evaluation of decision execution [1] - The committee is required to analyze fund investment deviations at least quarterly and maintain proper records of the analysis reports for future reference [1]

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。 《指引》提到，基金管理人应当按照规定建立以基金投资收益为核心的考核体系，充分体现基金产品业 绩和投资者盈亏情况，建立健全与基金投资收益相挂钩的薪酬管理机制。 基金管理人衡量主动管理权益类基金产品业绩时，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。 主动管理权益类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。 责编:陶纪燕 | 审核:李震 | 监审:古筝 【大河财立方消息】10月31日，中国证监会就《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。 《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 ...

Core Insights - The A-share market has experienced a structural rally since the second half of 2025, with index-based products becoming the primary investment method for participants [1] - The average net value growth rate of index-enhanced funds in the past year is 35.54%, outperforming the benchmark by 6.93%, with over 80% of these funds achieving excess returns [1] - The launch of the Guangfa CSI 300 Index Quantitative Enhanced Fund reflects the growing interest in index-enhanced products, which aim to optimize investment portfolios based on quantitative analysis and fundamental research [1][3] Market Overview - As of the end of Q3, the total management scale of public funds reached 36.45 trillion yuan, an increase of 2.41 trillion yuan from the end of Q2, with stock index funds seeing the largest growth in the stock fund category [1] - The stock index fund segment saw a quarterly increase of 1.06 trillion yuan, with index-enhanced products experiencing a significant growth rate of 21.15% [1] Fund Performance - The returns of index-enhanced funds can be divided into Beta returns from the underlying index's rise and Alpha returns from active management [2] - The CSI 300 Index, which consists of the 300 largest and most liquid stocks in the A-share market, has shown a cumulative increase of 367% since its inception, outperforming other broad-based indices [2] - The CSI 300 Index accounted for 74.67% of total A-share dividends in 2024, indicating strong dividend capabilities compared to the average A-share level [2] Management Capabilities - The ability of fund managers to extract excess returns is crucial when selecting index-enhanced funds, with Guangfa Fund having multiple products tracking various indices [3] - The Guangfa CSI 300 Index Quantitative Enhanced Fund will employ a strategy combining active quantitative management and AI enhancement to optimize stock selection and adapt to market dynamics [3]

人民财讯10月31日电，10月31日，中基协发布了《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）》（以下简称《操作细则》），《操作细则》提到，协会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、认可度高的业绩比较基准要素，鼓励基金管理人在开发主动管理型基金时规范选取和使用。基金 管理人拟使用二类库内的股票指数表征权益资产的，应当在产品注册时说明选择二类库业绩比较基准要 素的考量；拟使用基准库外的股票指数的，除说明相关考量外，还需说明相关指数是否符合《指引》第 六条和本细则第十二条的规定。 ...

在近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅导读本》中，证 监会主席吴清发表题为《提高资本市场制度包容性、适应性》的署名文章。吴清明确了"十五五"时期提 高资本市场制度包容性、适应性的重点任务举措。 重点任务包括： 二是推动培育更多体现高质量发展要求的上市公司。持续深化并购重组市场改革，提升再融资机制灵活 性、便利度。研究完善上市公司激励约束机制，督促和引导上市公司更加积极开展现金分红、回购注销 等。巩固深化常态化退市机制。 三是营造更具吸引力的"长钱长投"制度环境。推动建立健全对各类中长期资金的长周期考核机制，提高 投资A股规模和比例。扎实推进公募基金改革，大力发展权益类公募基金，推动指数化投资高质量发 展。促进私募股权和创投基金"募投管退"循环畅通。 四是着力提升资本市场监管的科学性、有效性。完善对金融创新活动的监测监管和风险应对机制。加强 战略性力量储备和稳市机制建设，强化重点领域风险和跨市场跨行业跨境风险防范化解，持续提升资本 市场内在稳定性。严厉打击财务造假、欺诈发行、市场操纵和内幕交易等恶性违法行为。 五是稳步扩大资本市场高水平制度型开放。支持企业用好国内国际两个市 ...

四道防线与要素库制度 《指引》共六章二十一条，系统构建起"管理人内控—托管人监督—协会自律—证监会监管"的四道防线。监管首次明确，业绩比较基准应成为基金合同的核 心制度要素，一经确定不得随意变更，只有在指数停用、编制方案重大修订或法律法规变化等客观情形下方可调整，且需履行公告、注册、持有人大会等程 序。 在行业机制建设方面，《指引》授权中国证券投资基金业协会建立"基金行业业绩比较基准要素库"，基金管理人可从库中选取基准要素。这一制度设计被视 为行业首创，意味着未来基金基准选取将实现标准化与透明化，避免"自创指数"或"模糊基准"现象。 10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（下称《指引》），并同步公开征求社会意见。这是继《推动公募 基金高质量发展行动方案》之后，监管层在行业基础制度建设领域推出的又一重要举措，旨在规范公募基金业绩比较基准的选取与使用，完善内部控制机 制，强化外部监督约束，切实保护投资者合法权益。 证监会在《起草说明》中指出，业绩比较基准是基金合同的基本要素，是基金投资的"锚"和"尺"，在表征投资风格、衡量业绩与约束投资行为方面发挥重要 作用。但当前我国 ...

人民财讯10月31日电，10月31日，中基协发布了《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）》（以下简称《操作细则》），《操作细则》提到，基金管理人应当指定独立于投资部门的部 门并配备足够的人员，定期对基金偏离业绩比较基准的合理性和潜在风险进行全面评估，对基金投资风 格的稳定性进行持续监测和报告。基金管理人在监测业绩比较基准偏离过程中，应当综合考虑基金的投 资目标、投资风格、投资策略、风险收益特征等因素，建立合理的风控模型，设计有效的事前、事后风 控指标和阈值，科学运用业绩归因结果，及时发现并管理业绩比较基准偏离情况。 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Operational Guidelines for the Selection and Use of Performance Benchmarks for Publicly Raised Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks, enhance internal controls of fund managers, and protect investors' rights [1][3]. Group 1: Regulatory Framework - The guidelines are based on various laws and regulations, including the Securities Investment Fund Law and the Management Measures for Publicly Raised Securities Investment Funds [3][4]. - The guidelines apply to fund managers, custodians, and evaluation institutions involved in the selection and use of performance benchmarks [4]. Group 2: Requirements for Fund Managers - Fund managers are required to establish a comprehensive mechanism covering the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [4][10]. - The performance benchmark should reflect the fund's investment objectives, scope, strategy, and style [10][11]. Group 3: Benchmark Selection and Matching - Performance benchmarks must match the main asset types that the fund can invest in, with specific guidelines for equity and bond funds [6][7]. - For equity funds, benchmarks should generally be broad-based indices or specific strategy indices, while bond funds should use mainstream comprehensive bond indices [6][9]. Group 4: Disclosure and Reporting - Fund managers must disclose the fund's actual investment performance compared to the benchmark in regular reports, covering various time frames [8][9]. - Any changes to the performance benchmark must be reported within one year, detailing the differences and reasons for the change [9]. Group 5: Internal Control and Compliance - Fund managers must implement a management mechanism for performance benchmarks that includes risk control and compliance checks [10][11]. - Compliance departments are responsible for reviewing the legality and compliance of benchmark selection and usage [11]. Group 6: External Supervision - Fund custodians are tasked with establishing mechanisms for reviewing contracts, monitoring investments, and verifying disclosures related to performance benchmarks [12][13]. - Custodians must ensure that the selected benchmarks are representative and objective, and they should communicate any discrepancies to fund managers [12][13]. Group 7: Self-Regulation and Violations - The association will take self-regulatory measures or disciplinary actions based on the nature and circumstances of any violations by fund managers or custodians [15][16]. - Violations of laws or regulations will be reported to the China Securities Regulatory Commission for further action [15].

智通财经APP获悉，10月31日，深交所发表公告，根据《深圳证券交易所深港通业务实施办法》的 有关规定，港股通ETF名单发生调整，调入工银南方中国(03167)、南方恒生生科(03174)、招商恒生科 技(03423)、南方港股通(03432)、南方东西精选(03441)、南方港美科技(03442)。相关调整自2025年11月 10日起生效。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...