2025.10. 31 本文字数：3316，阅读时长大约5分钟 作者 | 第一财经 曹璐 周楠 当标榜消费主题基金却猛炒科技股、号称稳健混合却波动赛过股票……为根治基金投资风格漂移、破解产品名不 副实的行业顽疾，公募基金行业正迎来一场旨在强化"基准锚定"的深度变革。 作为基金的"投资坐标"，业绩比较基准本应通过锚定风格、丈量表现，约束投资行为并引导理性考核。但现实 是，截至10月30日，超六成主动权益基金近三年跑输业绩基准。 10月31日，在业内讨论已久的公募基金业绩比较基准迎来相关规定的征求意见稿。新规直击行业长期痛点核心是 让业绩比较基准真正发挥"锚"与"尺"的作用：既约束投资行为，防止"挂羊头卖狗肉"，也将直接与基金经理的薪 酬挂钩，此举严于部分境外成熟市场。 据第一财经了解，为平稳推进存量产品的基准调整，监管层已初步设立一年的过渡期。下一步还将修订出台薪酬 考核规则，细化基金经理薪酬考核具体指标要求。 事实上，业内对此次新规落地早有预期，部分机构已提前行动。Wind数据显示，截至10月31日，年内至少132 只基金产品出现基准变更，数量已超过去年全年，释放出行业加速规范的强烈信号。 这场围绕"锚"和" ...

【导读】响应《推动公募基金高质量发展行动方案》，首批基金变更业绩比较基准 5月9日，浦银安盛基金宣布，即日起调整旗下三只债基产品的业绩比较基准，成为《推动公募基金高质量发展行动方案》（以下简称《行动方案》）发布 以来，首批变更业绩比较基准的公募产品。 三只债基产品变更业绩比较基准 浦银安盛基金表示，为维护基金份额持有人的权益，以更科学、合理的业绩比较基准评价基金的业绩表现，根据相关法律法规的规定，公司经与各基金托 管人协商一致，决定自2025年5月9日起对浦银安盛稳健增利、浦银安盛悦享30天持有、浦银安盛双债增强的业绩比较基准进行变更，并修改各基金《基金 合同》的相应条款。 具体来看，浦银安盛稳健增利的业绩比较基准由"中证全债指数"变更为"中债综合（全价）指数收益率*85%+中证可转换债券指数收益率*5%+银行活期存 款利率（税后）*10%"。 | 《基金合同》 | 变更前 | 変更后 | | --- | --- | --- | | 修改章节 | | | | 第十部分 基 本基金业绩比较基准:中证全 | | 本基金业绩比较基准:中债综 | | 金的投资 | 賃指数 | 合(全价)指数收益率*85%+中 | | ...

Core Viewpoint - The "Action Plan for High-Quality Development of Public Funds" released by the China Securities Regulatory Commission (CSRC) aims to reshape the fund industry ecosystem and significantly influence the behavior of fund managers and investors [1][2]. Summary by Sections Regulatory Changes - The CSRC has emphasized the importance of performance benchmarks for public funds, requiring fund companies to establish a compensation management mechanism linked to investment returns and to improve industry assessment and evaluation systems [1][2]. - A clear performance benchmark will be set for each fund to avoid issues like style drift and misalignment with product names and positioning [2]. Industry Response - As of May 7, 2023, at least 61 fund products have changed their performance benchmarks, a significant increase from 19 in the same period last year, indicating a strong signal of accelerated industry standardization [1][2]. - Some fund companies had already anticipated these regulatory changes and made adjustments in advance [2]. Benchmark Adjustments - Specific funds have updated their performance benchmarks to better reflect their investment strategies, such as changing from the CSI 300 Index to more relevant indices like the CSI TMT Industry Theme Index [3][5]. - In the bond fund category, adjustments have also been made, with some funds shifting their benchmarks to better align with their investment focus [3]. Investor Awareness - Despite the importance of performance benchmarks, many investors remain largely unaware or indifferent to them, often focusing more on absolute returns rather than relative performance against benchmarks [6]. - The CSRC's new regulations aim to correct this oversight by linking fund manager assessments directly to performance benchmarks, thereby enhancing the evaluation of fund performance [7][8]. Implications for Fund Managers - The new benchmark regulations are expected to help fund managers focus their investment strategies more effectively, reducing the likelihood of style drift and promoting a clearer investment approach [8]. - Fund managers will be evaluated based on their performance relative to these benchmarks, which could lead to more stable and predictable fund styles for investors [8].