基金的业绩比较基准，是基金公司按产品投资策略与资产配置设定的业绩目标参考。 对于投资者来说，它也是判断基金业绩优劣的重要依据——对于被动指数基金而言，它不仅划 定了投资范围也决定了业绩目标；对于主动基金来说，它还承担着检验基金创造超额收益能力 的责任。 然而在过去很长一段时间里，很多人因为认为"基准指数不难战胜"，所以对基准的关注度也不 高。这也催生了不少问题，比如部分基金会通过大幅偏离基准的投资范围来博取短期业绩，最 终让投资者承担了预期以外的风险。 监管部门也非常关注这些问题，在今年5月专门发文强调，要求规范基金业绩比较基准设置， 让其充分发挥衡量业绩的"标尺"作用。 在这样的背景下，我们也有必要重新深入讨论一个问题：基准是否真的像大家印象中的那样好 战胜吗? 晨星近期的研究发现，答案并非如此——选用不同收益处理方式的指数作为基准，会对基金相 对收益产生显著的影响。接下来，我们就来深入探究一下这个问题，看看到底什么指数才是基 金"可比"的业绩比较基准？"用错"基准又会对业绩比较造成哪些影响？ 01 投资收益从哪来？ 在此之前，我们得弄清楚一个基本的问题：我们实际到手的投资收益到底从哪来？ 无论是股票还是债 ...

Core Viewpoint - The launch of the "Xin Zhi Zhen" full-account fund diagnosis tool by Guosen Securities in collaboration with Morningstar marks a significant breakthrough in the post-sale service sector of public funds, aiming to assist investors in their fund investments [1][3]. Group 1: Investor-Centric Approach - Guosen Securities and Morningstar are jointly exploring new models for post-sale services in public funds, focusing on investor needs and leveraging innovative tools and professional teams [3]. - Guosen Securities is a large national comprehensive securities company with over 10,000 employees, excelling in client service capabilities and holding qualifications for public fund advisory services [3]. Group 2: Features of "Xin Zhi Zhen" - "Xin Zhi Zhen" addresses investor issues by allowing the import of E-account files for more accurate and convenient holding information retrieval [5]. - The tool provides a comprehensive analysis of user holdings, utilizing a unified global stock industry classification system for consistent categorization and evaluation [6]. Group 3: Comprehensive Service System - Participants in the "Xin Zhi Zhen" service receive an account diagnosis report and have the opportunity to access designated fund advisory services from Guosen Securities, tailored for public fund investors [7]. - The service combines online and offline approaches to create a more complete post-sale service system for public funds, enhancing the overall investor experience [7].