1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided content. 2. Core Views of the Report - The "Action Plan" issued by the China Securities Regulatory Commission on May 7, 2025, emphasizes strengthening the binding effect of performance comparison benchmarks. This is to address the weak benchmark awareness in domestic public - offering funds and avoid widespread underperformance [6]. - Two adjustment strategies are proposed for domestic active managers under the constraint of performance comparison benchmarks. The first is to refer to quantitative index enhancement by controlling the proportion of constituent stocks and industry constraints to reduce deviation. The second is to adopt a split - position investment approach, with part of the position for benchmark index investment and the other part for active management [2][8]. - Overseas high - performing active management products still express clear views on individual stocks. They deviate from the benchmark to some extent in industries while maintaining distinct style characteristics [2][36]. 3. Summary by Relevant Catalog 3.1 《行动方案》强化业绩比较基准的约束作用 - The "Action Plan" proposes 25 specific measures in seven major areas to promote the high - quality development of the public - offering fund industry, with a clear emphasis on strengthening the binding effect of performance comparison benchmarks. Fund company evaluation, executive assessment, and fund manager assessment will be closely related to these benchmarks [6]. - In the past 10 years, the average annualized tracking error of US active equity funds relative to their performance comparison benchmarks was mostly between 3 - 6%, with an average of less than 5%. In contrast, the average tracking error of domestic equity - biased funds in the past 5 years was close to 15%, indicating weak benchmark awareness [6]. 3.2 参考量化指数增强：通过成分股比例、行业约束来降低偏离 - A conventional quantitative index enhancement constraint framework includes constraints on the proportion of constituent stocks, individual stock weight deviation, industry weight deviation, style factor deviation, and tracking error deviation. For active managers, the focus is on adjusting the proportion of constituent stocks, industry deviation, and individual stock deviation [10][11]. - Taking the CSI 300 as an example, when the investment proportion of constituent stocks is 80%, the portfolio is likely to outperform the index within three years at any time point, and industry deviation has little impact. When the proportion drops to 50%, it is recommended that the industry deviation be within 3%. If it further drops to 30%, the probability of underperforming the index by more than 10% within three years increases significantly [2][14][19]. 3.3 跟踪与主动管理并重：用多大仓位主动管理更合适？ - An approach of split - position investment is considered, with part of the position for benchmark index investment (using the top 50 constituent stocks for sampling replication) and the other part for active management. The Shenwan Hongyuan Active Equity High - Position Fund Index is used to represent the average performance of the market's active funds [24]. - When the investment performance of active fund managers is at the market average level, to avoid underperforming the price index by more than 10% within three years, the index investment position should not be less than 20%. To ensure not underperforming the index, a 50% replication position is recommended. For managers in the top 30% of performance, they can have more active management space [29][30]. - For funds with obvious style and industry biases, such as advanced manufacturing funds, at least 50% of the position should be invested in the index replication portfolio to avoid underperforming by 10% within three years [35]. 3.4 海外经验参考：绩优主动管理产品在个股上仍有明确观点 - US high - performing active equity products in different styles (large - cap core, large - cap growth, large - cap value) still maintain distinct active management characteristics. They deviate from the benchmark in industries while keeping clear style features and express clear views on individual stocks, with individual stock deviations generally reaching 3% [36][56]. - For example, Fidelity Contrafund has significant over - allocation in communication services and finance and under - allocation in technology and consumption. It over - allocates Meta by more than 10% and Berkshire by more than 8% [42].