- 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]

Core Viewpoint - The establishment of the public fund performance benchmark element library marks a significant step in the reform of the public fund industry in China, aiming to standardize the selection and use of performance benchmarks, thereby protecting investors' rights and interests [2][11]. Group 1: Benchmark Element Library Release - The China Securities Investment Fund Association (CSIFA) has officially released the public fund performance benchmark element library, which includes 155 indices, an increase of 14 indices from the previous draft [1][14]. - The release follows the publication of guidelines and operational details for public fund performance benchmarks, indicating a move towards a more standardized management approach [2][11]. Group 2: Structure of the Benchmark Library - The benchmark library consists of two categories: Category One includes 82 indices that are highly representative and widely recognized, while Category Two includes 73 indices that offer innovation and differentiation [12][13]. - The indices in Category One are intended to encourage fund managers to select and use benchmarks in a standardized manner, enhancing comparability among fund performances [12][11]. Group 3: Adjustments and Requirements - Compared to the draft, the final version of the benchmark library has increased the average daily free float market value requirements for indices, with Category One requiring a minimum of 12 trillion yuan and Category Two requiring 8 trillion yuan [15]. - New thematic indices covering sectors such as manufacturing and green low-carbon have been added to Category One, expanding the scope of the benchmarks [16]. Group 4: Future Maintenance and Evaluation - The CSIFA plans to establish an expert group to oversee the dynamic maintenance of the benchmark library, with evaluations conducted quarterly for the entry and exit of benchmark elements [13][14]. - Adjustments between the two categories will be made based on expert evaluations, ensuring that the benchmarks remain relevant and effective [13].

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]