Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission (CSRC) is set to bring profound changes to the public fund industry [1] Group 1: Regulatory Changes - The new regulations strengthen the constraints on performance benchmarks, requiring fund companies to be more stringent in setting, modifying, and disclosing benchmarks, and linking performance to fund manager compensation [2][4] - The CSRC's plan emphasizes the "anchor" function of performance benchmarks, integrating benchmark comparisons into the evaluation system for fund companies [4] Group 2: Market Impact - As of now, nearly 57% of active equity funds use the CSI 300 index as their primary performance benchmark, but there is a significant "allocation gap" as these funds underweight sectors like banking and non-bank financials while overweighting sectors like electronics and machinery [2][4] - In 2024, active stock mixed funds have shown a substantial underweight in banking and non-bank financial sectors compared to the CSI 300 index, while showing an overweight in machinery and electronics [6][7] Group 3: Benchmark Changes - Nearly 120 funds have changed their performance benchmarks this year, with some opting to replace the CSI 300 index entirely [8] - For example, the Jianxin Information Industry Stock Fund changed its benchmark from the CSI 300 index to the CSI TMT Industry Theme Index, reflecting a shift towards more relevant performance metrics [8][9] Group 4: Fund Company Responses - Multiple fund companies, including Puyin Ansheng and Huaxia Fund, have adjusted their performance benchmarks for various public funds since the announcement of the new regulations [11][15] - The number of funds changing their benchmarks has significantly increased, with 118 funds making changes this year compared to 45 in the same period last year, indicating a trend towards clearer performance benchmarks to avoid style drift [15]

Group 1 - The core viewpoint of the article is that several funds are changing their performance benchmarks to better reflect their risk-return characteristics and investment strategies [1][4][5] - On May 9, 2023,浦银安盛基金 announced changes to the performance benchmarks of three bond funds, indicating a trend of adjusting benchmarks across the industry [4][5] - As of May 11, 2023, a total of 73 funds have changed their performance benchmarks this year, including various types such as equity mixed funds and bond funds [5][6] Group 2 - The adjustments in performance benchmarks are primarily driven by fund managers' considerations of more appropriate benchmarks in light of changes in investment direction [5][6] - The China Securities Regulatory Commission (CSRC) has emphasized the need to strengthen the constraints of performance benchmarks in its recent action plan for the high-quality development of public funds [7][8] - The CSRC aims to establish regulatory guidelines for setting, modifying, disclosing, and continuously evaluating performance benchmarks to ensure they serve their intended purpose effectively [8]