Core Insights - The China Securities Regulatory Commission and the Asset Management Association of China jointly released a draft guideline for performance comparison benchmarks for publicly offered securities investment funds, emphasizing precise matching principles for equity, bond, and index funds [1] Equity Funds - The new rules stipulate that broad-based indices or corresponding strategy indices will serve as benchmarks for all market stock selection strategy products, limiting the use of thematic indices [1] - As of November 8, 2025, there are 5,385 actively managed equity funds that have shown excess returns, with 1,915 funds outperforming their benchmarks, representing 35.56% of the total [2] Fund Performance Rankings Top Performing Funds - In the top 10 equity mixed funds, the threshold for excess return over the benchmark is set at 92.61%, with the highest performer managed by 华夏基金, achieving a return of 269.38% [3][6] - The top three funds in the equity mixed category are managed by 华夏基金, 中信建投基金, and 汇添富基金 [3] Ordinary Stock Funds - The top 10 ordinary stock funds have a minimum excess return threshold of 61.6%, with notable managers including 张仲维 from 景顺长城基金 [9][13] Flexible Allocation Funds - The top 10 flexible allocation funds have the highest threshold for excess returns at 123.29%, with 刘元海 from 东吴基金 leading with a return of 217.81% [15][19] Balanced Mixed Funds - The top 10 balanced mixed funds have a minimal excess return threshold of 0.54%, with multiple products from 南方基金 and 易方达基金 making the list [20][22]