Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On October 31, 2025, the China Securities Regulatory Commission and the Asset Management Association of China jointly released the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds (Exposure Draft)" and the "Operating Rules for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds (Exposure Draft)", which stipulate fund performance rankings, style classifications, and style deviations [2]. - From a quantitative perspective, the report characterizes investable stock pools and fund styles under different styles, providing reference solutions for fund companies' risk control and product departments to implement regulatory documents [2]. - In the stock pool section, focusing on sector, industry, and thematic funds, the report expands the investable space and optimizes risk - return of traditional sector stock pools such as technology through the quantitative construction of the "technological innovation" investable pool while ensuring relatively controllable tracking errors [2][9]. - At the fund style characterization level, in addition to the traditional large - small cap and growth - value styles, strategy styles such as sentiment, GARP, and contrarian are introduced to further depict fund managers' capabilities and profiles [2]. 3. Summary by Relevant Catalogs 3.1科技创新股票池定义 (Definition of Technological Innovation Stock Pool) - Traditional market - cap or growth - value style stock pools have clear benchmark index references from regulators, with relatively broad benchmark index thresholds, providing sufficient investment space for fund managers [9]. - For sector, industry, and thematic funds, the pain points of stock pools are: limited investable space when strictly following the benchmark index sample space, and lack of freedom for active fund managers with no guaranteed performance advantage over passive funds; when expanding the investable range, it is necessary to ensure the sector's characteristics while expanding the investable space [9]. - Taking the "technological innovation" investable pool as an example, the report expands the investable space and optimizes risk - return of traditional sector stock pools such as technology while ensuring relatively controllable tracking errors [9]. 3.2基金投资与策略风格 (Fund Investment and Strategy Styles) - **Fund Classification**: Funds are classified by investment type (position), style (including market - cap, growth - value, and strategy styles), sector, industry, theme, and individual stock characteristics such as position concentration and turnover rate. Strategy styles include sentiment, GARP, quality - growth, contrarian, trend, and dividend strategies [23]. - **Advanced Strategy Characterization Case: Contrarian Strategy**: To judge a fund's contrarian strategy, it is required that the average proportion of long - term dark - horse stocks reaches 50%, and a 50% win - rate is used as the judgment threshold for ability selection. The nature of long - term continuously held dark - horse stocks is also an important reference for the contrarian strategy. Market - concentrated stocks are defined, and the proportion of dark - horse stocks in a fund's heavy - position stocks and the win - rate of dark - horse stock selection are calculated [30][31]. 3.3产品特征与投资能力圈匹配:长期跑赢基准的基础 (Matching Product Characteristics with Investment Capability Circles: The Foundation for Long - Term Outperformance of Benchmarks) - Measuring a fund manager's capability circle is an important basis for product design or benchmark selection. Taking industry allocation ability as an example, it is necessary to measure the radius of the fund manager's capability circle and investment strength in each industry. The fund manager's time and energy input in an industry should be reflected in a higher allocation ratio in historical positions, but high allocation does not necessarily mean excellent investment strength. It is also necessary to calculate stock - selection and timing abilities and measure the breadth and depth of the fund manager's capability circle from multiple angles such as multi - period average industry allocation ratio, average excess return, excess return win - rate, timing return, and timing win - rate. The report also conducts a capability boundary study on popular tracks [35].

Core Viewpoint - The bond market has shown signs of recovery, with various fixed-income products experiencing an increase in net value, particularly those with embedded options, indicating a favorable investment environment for fixed-income strategies [2][3][11]. Summary by Sections Fixed Income Product Performance Review - Over the past month, the bond market has further recovered, with net values of fixed-income products rising. The performance ranking of products is as follows: - Option-embedded bond funds: 0.83% (previously 0.21%) - Medium to long-term bond funds: 0.35% (previously 0.12%) - Short-term bond funds: 0.22% (previously 0.12%) - High-grade interbank certificate index: 0.15% (unchanged) - Cash management products: 0.10% (unchanged) [3][9][10]. Bond Market Review - The bond market sentiment has improved, with mid to long-term bonds outperforming short-term bonds. The yield curve has slightly flattened, influenced by two main factors: 1. Economic headwinds have increased, with consumption and investment slowing down, which is favorable for the bond market. 2. The central bank has resumed bond purchases, signaling a more accommodative monetary policy, leading to a decline in bond market interest rates [11][12][18]. Market Outlook - **Short-term (1 month)**: - Interbank certificate rates are expected to stabilize and decline slightly. The 10-year government bond yield is projected to fluctuate between 1.7% and 1.9%, with a focus on trading opportunities [11][31]. - **Medium-term (3-6 months)**: - Economic recovery expectations are likely to continue, with funds remaining relatively abundant, leading to a potential range-bound market for bonds. The 10-year government bond yield may face upward pressure but within a limited range [11][31]. Investment Strategy Recommendations - For investors needing liquidity management, it is advisable to maintain cash-like products and consider increasing allocations to stable low-volatility wealth management and short-term bond funds [41][42]. - For conservative investors, it is recommended to continue holding pure bond products, with the possibility of profit-taking if economic pressures increase and monetary easing expectations rise [43]. - For more aggressive investors, it is suggested to consider allocating to fixed-income plus products that include convertible bonds and equity assets, as liquidity is expected to remain relatively ample [45]. Regulatory Developments - Recent regulatory changes include the introduction of guidelines to promote the healthy development of pension wealth management and the asset management trust management measures, which aim to enhance the investment capabilities of institutions and improve the overall market structure [38][39].

登录新浪财经APP 搜索【信披】查看更多考评等级 "买基金如开盲盒"的现象，终于迎来监管重拳！近期，证监会发布了《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》），中国基金业协会同步发布了《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）》（下称《细则》），直击"货不对板""风格漂移"等行业顽疾。那 么，这套新规到底如何让咱们把钱投得更明白？今天，诺德基金就来给广大投资者们一一拆解！ 到底什么是业绩比较基准？ 首先，这个被反复提及的"业绩比较基准"，到底是什么呢？ 它其实就是基金投资的"锚"和"尺"，具体来说主要有三个核心作用： 第一，定位产品属性，明确风险收益特征。 业绩基准通常由股票、债券等指数按一定比例构成，能较为直接地反映出基金的大类资产配置方向。例 如，若某基金的基准是"沪深300指数收益率×80% + 中债总指数收益率×20%"，那么就说明它是一只偏 股型基金，预期风险和收益都是相对较高的。 第二，检验投资策略是否"言行一致"。 投资者可依据基准，来在一定程度上判断基金的实际持仓是否偏离其宣称的风格。例如，名为"低碳主 题"的基金若重仓白酒股，就像专营川菜的餐厅却卖起 ...

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to regulate theme investment funds, addressing issues such as unclear product positioning and style drift, ultimately promoting high-quality development in the industry [1][7]. Summary by Sections Guidelines Overview - The guidelines apply to publicly offered securities investment funds that invest over 80% of non-cash assets in specific investment directions, including market capitalization, industry, theme, and asset class [1][2]. Fund Naming and Contractual Clarity - Fund names must be closely related to their contracts and actual investments, eliminating ambiguity in investment scope and strategy, thus reducing instances of style drift and misleading fund representations [2][4]. Establishment of Style Library - Theme investment funds are required to establish a style library, with securities included based on specific investment directions, using authoritative data as a basis. The library must be updated at least once a year [2][3]. Internal Management and Compliance - Fund managers must develop comprehensive internal management systems covering product design, investment management, risk control, and compliance, ensuring systematic management of the style library [4][6]. Transition Period for Existing Funds - Existing theme investment funds that do not comply with the new guidelines must rectify their contracts and prospectuses within 24 months of the guidelines' implementation [5]. Impact on Fund Management Practices - The guidelines are expected to lead to significant changes in the public fund industry, promoting diversified investments rather than concentrated bets on specific sectors, thereby enhancing investment performance stability [5][8]. Long-term Industry Development - The guidelines are part of a broader initiative to shift the industry from "scale competition" to "capability competition," emphasizing long-term investment behaviors and enhancing the overall regulatory framework [7][8].

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds (Draft for Comments)" to standardize the management of theme investment funds and promote high-quality development in the public fund industry [1][6]. Summary by Sections Theme Investment Fund Naming and Style Library - The guidelines require theme investment funds to have clear and consistent naming that reflects their investment direction, avoiding misleading terms [1][2]. - A style library must be established for theme investment funds, with entry standards directly related to the investment direction, prioritizing data from authoritative institutions [2]. Investment Management and Concentration - Theme investment funds should adhere to principles of portfolio management, diversification, and long-term investment, with internal management systems to control investment concentration [2][3]. - Fund managers must continuously track and assess the stability of the investment style and make timely adjustments if there are significant deviations [3]. Responsibilities of Fund Managers and Custodians - Fund managers are required to establish comprehensive internal management mechanisms covering product design, investment management, risk control, and compliance [3]. - Custodians must enhance their supervisory functions, ensuring clarity and accuracy in the investment direction and style library standards [4]. Performance Benchmark Reform - Recent reforms targeting the performance benchmarks of public funds aim to address industry issues, emphasizing the importance of stable investment styles and internal control mechanisms [5]. - The performance benchmark library includes 69 major indices and 72 additional indices, promoting standardized selection and usage to improve comparability among products [5]. Overall Impact on the Industry - The issuance of these guidelines is expected to regulate the management of theme investment funds, curb disorderly development of single-track funds, and enhance the clarity and stability of investment directions in the public fund industry [6].

Core Viewpoint - The Asset Management Association has drafted the "Guidelines for the Management of Theme Investment Styles in Publicly Raised Securities Investment Funds" to address issues such as "style drift" and high investment concentration in certain products, seeking feedback from fund managers by November 15 [1] Group 1 - The guidelines aim to standardize the contractual agreements of theme investment funds, the management of investment styles by fund managers, and the supervision of investment styles by custodians [1] - The initiative is a response to industry criticisms regarding past instances of style drift and excessive investment concentration [1] - The guidelines provide clear requirements to regulate the management and supervision of investment styles in theme investment funds [1]

Group 1 - Recently, Dahua Bank (China) Limited applied to the China Securities Regulatory Commission (CSRC) for the cancellation of its public offering securities investment fund sales business license, which has been approved by the CSRC [2][3] - The cancellation is in accordance with relevant regulations including the Administrative Licensing Law and the Securities Investment Fund Law [2] Group 2 - In February 2025, Dahua Bank announced a strategic business adjustment, transferring its personal business to Fubon Bank, which includes customer accounts, deposits, loans, and related wealth management products [5] - On June 12, 2025, Shanghai Dongfang Securities Asset Management Company announced the termination of its fund distribution cooperation with Dahua Bank [5] - On June 25, 2025, Guangfa Fund announced that it would stop processing subscription, purchase, and transfer-in services for its funds through Dahua Bank starting June 30 [5]

Regulatory Framework - The China Securities Regulatory Commission (CSRC) released the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" on October 31, 2025, marking a significant regulatory update[5] - The guidelines aim to enhance the representativeness and binding force of performance benchmarks, ensuring clear risk-return characteristics of fund products[25] Key Features of the Guidelines - The guidelines emphasize the establishment of a comprehensive internal control mechanism for fund managers regarding benchmark selection, modification, and disclosure[6] - Fund managers are required to embed benchmark management throughout the product lifecycle, ensuring effective internal constraints[8] - The guidelines mandate that benchmarks must accurately reflect the product's investment style and strategy, preventing arbitrary changes due to market fluctuations[9] Market Impact - Traditional broad-based indices remain the primary benchmark choice for newly launched products, with indices like the Hang Seng Index and CSI 800 being the most popular[15] - The guidelines have led to a significant increase in the number of funds adjusting their benchmarks to better align with their investment strategies, with 16 funds adjusting their asset composition ratios since the guidelines were issued[21] Investor Protection - The new regulations enhance transparency by requiring detailed disclosures comparing fund portfolios with benchmarks, allowing investors to assess fund performance more effectively[26] - The guidelines aim to shift investor focus from absolute returns to a more rational evaluation of relative performance, fostering a more informed investment culture[26]

Group 1: Policy and Financial Instruments - The National Development and Reform Commission (NDRC) announced that 500 billion yuan of new policy financial instruments have been fully deployed within a month, driving project investments of approximately 7 trillion yuan [1] - The central government has allocated 500 billion yuan in local government debt limits, with 200 billion yuan designated as new special bond quotas to expedite project construction and physical work volume [1] Group 2: Fund Management Regulations - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft guidelines for performance benchmarks of publicly raised securities investment funds, emphasizing the importance of stable investment styles and internal control mechanisms [2] - The guidelines aim to standardize the use of performance benchmarks in fund management, including salary assessments and fund evaluations [2] Group 3: Asset Management Trust Regulations - The draft Asset Management Trust Management Measures has been released, marking the first specialized management measures for asset management trusts since the 2018 regulations [4] - The new measures require alignment of sales assessments with bank wealth management regulations and the establishment of independent custody "firewalls" to mitigate industry risks [4] Group 4: Local Government Financing and Debt Management - The Ministry of Finance emphasizes the need for a unified long-term regulatory system for local government debt and strict accountability for illegal borrowing practices [5] - The focus is on optimizing debt structures and establishing a sustainable government debt management mechanism that aligns with high-quality development [5] Group 5: Monetary Policy and Market Dynamics - The People's Bank of China (PBOC) is expected to adopt more flexible approaches in its bond buying operations to ensure market stability and support fiscal policies [8] - The bond market has shown signs of recovery, with long-term interest rates stabilizing, although uncertainties remain regarding future market conditions [8] Group 6: Bond Market Performance - In September, the bond market issued a total of 81,027.8 billion yuan across various categories, including government bonds and corporate credit bonds [7] - The bond market is experiencing fluctuations, with many listed banks reporting declines in non-interest income due to bond market volatility [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational details for public offering securities investment fund performance benchmarks, aiming to address existing issues in the industry and enhance investor trust [1][2]. Group 1: Issues Addressed - The previous performance benchmarks for funds were ineffective, leading to phenomena such as style drift and extreme concentration, which negatively impacted fund performance and investor experience [1][2]. - The lack of substantial constraints on fund investment portfolios resulted in unpredictable fund performance, with managers often making erratic investment choices [2]. Group 2: New Guidelines and Operational Details - The new guidelines require that benchmarks reflect the product's positioning and investment style, aligning with the fund's contract regarding investment goals, scope, strategies, and limits [2]. - Fund managers will face increased supervision and constraints in their investment decisions, addressing the issues of style drift and erratic investment strategies [2]. - The guidelines stipulate that fund managers' performance compensation should be directly linked to their performance relative to the benchmarks, promoting accountability [2]. Group 3: Expected Outcomes - The implementation of these guidelines is expected to enhance the stability of public fund investment behaviors and create a more predictable investment style, ultimately improving investor satisfaction [2].