- The report focuses on the release of the "Public Fund Performance Benchmark Element Library" by the China Securities Investment Fund Association on January 27, 2026, which includes the operational guidelines and classification of stock indices into Category I and Category II libraries[2][5][12] - Category I library includes indices with strong market representation and high recognition, aiming to standardize the selection and usage of benchmarks for actively managed funds, thereby improving comparability among products[13][14] - Category II library complements Category I by incorporating innovative and differentiated indices with certain usage rates and large market capitalization, providing additional options for fund managers[13][14] - The inclusion criteria for Category I indices require a higher level of market representation, recognition, and alignment with national strategic directions, with specific conditions for broad-based, sectoral, and thematic indices[14][16] - The inclusion criteria for Category II indices focus on broad-based indices with diversified components, minimum market capitalization thresholds, and usage by at least two actively managed funds[14] - The benchmark element library achieves a coverage rate of approximately 96% for actively managed equity funds, with Category I covering 89.27% and Category II covering 10.21% of such funds[8][24][26] - The report suggests that the high coverage of Category I indices is unlikely to trigger significant adjustments in benchmarks for actively managed equity funds, while the coverage of Category II indices may increase as standardization progresses[8][25]

首批公募业绩比较基准要素库正式发布。 继《公开募集证券投资基金业绩比较基准指引》《公开募集证券投资基金业绩比较基准操作细则》发布后，中国证券投资基金业协会（以下简称"中基协"）于近日 公布了公募基金业绩比较基准要素库，最新的业绩比较基准要素库共纳入155只指数，较此前征求意见稿中的141只增加了14只指数，公募基金业绩比较基准要素库 运作说明相比征求意见稿也有多处修订。 首批业绩比较基准要素库正式发布 1月23日，历经两个多月的公开征求意见，中国证监会与中国证券投资基金业协会同步正式出台《公开募集证券投资基金业绩比较基准指引》及《公开募集证券投 资基金业绩比较基准操作细则》，围绕公募基金业绩比较基准这一核心"锚点"与"标尺"的制度革新正式落地。 1月27日，中基协宣布，为落实《推动公募基金高质量发展行动方案》部署，规范公开募集证券投资基金业绩比较基准选取和使用，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》《公开募集证券投资基金业绩比较基准指引》《公开募集证券投资基金业绩比较基准操作细则》及其 他有关法律法规，建立了公募基金业绩比较基准要素库。经第一届公募基金业绩比较基准要 ...

Core Viewpoint - The China Fund Industry Association has released a benchmark library to standardize the selection and use of performance comparison benchmarks for public funds, aiming to enhance comparability among fund products and guide industry practices [2][6][7]. Summary by Sections Benchmark Library Overview - The benchmark library includes operational guidelines and categorizes stock indices into two tiers, with major indices like the CSI 300 and CSI A500 included in the first tier, while others like the SSE 180 and CSI 2000 are in the second tier [2][7]. Key Regulations - The guidelines aim to address industry issues such as "ambiguous benchmarks," "style drift," and "fund blind boxes," ensuring that fund managers select benchmarks that accurately represent their investment strategies [6][7]. Selection and Categorization of Indices - The first tier of the benchmark library consists of widely recognized indices that reflect market performance, while the second tier includes indices with significant usage and market capitalization, serving as a supplement to the first tier [11][12]. Dynamic Management of the Benchmark Library - The library will be dynamically updated and managed to ensure the objectivity and fairness of the benchmarks, with an expert working group established to evaluate and decide on the inclusion and adjustment of benchmark elements [14][16]. Encouragement of Compliance and Quality - The guidelines also set requirements for index providers to enhance their service quality, including governance, compliance, and transparency in index maintenance [16].

Core Viewpoint - The announcement by the Asset Management Association of China (AMAC) aims to implement the "Action Plan for Promoting the High-Quality Development of Publicly Offered Funds" by standardizing the selection and use of performance benchmarks for publicly offered securities investment funds, thereby protecting investors' legal rights [1] Group 1 - AMAC has established a performance benchmark element library for publicly offered funds to enhance regulatory compliance [1] - The announcement is based on various legal frameworks, including the Securities Investment Fund Law and the Guidelines for Performance Benchmarks of Publicly Offered Securities Investment Funds [1] - The first meeting of the expert working group for the performance benchmark element library has been held and the results have been approved for release [1]

Core Viewpoint - The public fund performance benchmark element library and operational guidelines have been issued for consultation, categorizing benchmarks into two libraries: Class One and Class Two [1] Group 1: Benchmark Libraries - Class One library includes 69 indices that are highly representative of the market and widely recognized [1] - Class Two library consists of 72 indices that balance innovation and differentiation, including indices with significant usage frequency and larger capacity [1] Group 2: Monitoring and Evaluation - An expert group will establish a dynamic monitoring mechanism to evaluate the entry and exit of benchmark elements on a quarterly basis [1] - A semi-annual assessment will be initiated to adjust between Class One and Class Two libraries [1]