来源：鹏华基金 鹏华基金连续四年荣获 "固收类公募产品业务"推介 近日，中国保险资产管理业协会正式发布了"IAMAC推介——2025年保险资产管理业投资业务合作机构"推介结果。其中，鹏华基金在公募基金公 司推介中荣获"综合"、"固收类公募产品业务"和"专户业务"三项推介，这也是自2021年以来连续四年获得"固收类公募产品业务"的推介。 实现完备产品线布局 管理固收类资产规模已破万亿 鹏华固收自2003年成立旗下首只一级债基——鹏华普天债券以来，已积淀超过20年的深厚管理经验，通过持续整合投研资源，构建起以"平台化、 专业化、团队作战"为核心竞争力的运作模式，有效促进不同领域的能力互补，为投研体系的长远稳健运行提供坚实支撑，目前共有超90名成员， 八大赛道均衡发展，实现了主、被动各类型债券基金的完备产品线布局，管理固收类资产规模已突破万亿元。 在不断打磨投研能力中，鹏华固收团队努力为客户创造长期可持续的盈利体验。据基金中报统计，鹏华固收团队2025年上半年为持有人赚取利润 超67亿元，截至2025年6月底，持有人总户数超5600万户。 从净利润数据看，鹏华固收旗下货币基金、非货债基上半年净利润分别为33.78、 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund managers' compensation to long-term performance, addressing the industry's focus on scale over returns [2] Group 1: Fund Manager Compensation - Fund managers with products underperforming their benchmarks by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [2] - Conversely, fund managers whose performance significantly exceeds benchmarks may see reasonable increases in their compensation [2] Group 2: Underperforming Funds - As of May 21, nearly 6000 public funds have been managed for over three years, with 1341 funds underperforming their benchmarks by over 10 percentage points, involving 735 fund managers [3] - Among these, 31 funds have underperformed their benchmarks by over 50 percentage points, including notable managers like Yao Zhipeng from Harvest Fund and Shi Cheng from Guotai Junan [3] - The worst performer is Morgan Fund's Guo Chen, whose fund has a cumulative return of -23.03%, lagging behind the benchmark by 128 percentage points [3] Group 3: High-Performing Funds - There are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding benchmarks by over 50 percentage points [6] - Notable high performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, managed by Guo Xin, which achieved a cumulative return of 194%, surpassing its benchmark by 176 percentage points [6][7] - The North Exchange theme funds have emerged as a concentrated area of excess returns, with several funds exceeding their benchmarks by over 60 percentage points [7] Group 4: Adjustments to Performance Benchmarks - In response to the new action plan, many fund companies have begun to adjust their performance benchmarks, with over 100 funds changing their benchmarks by May 26 [8][10] - Adjustments are made to ensure benchmarks accurately reflect the risk-return characteristics of the funds, addressing previous inadequacies in benchmark design [10][11] - The CSRC emphasizes the need for strict regulation of benchmark selection and modification to ensure alignment with investment strategies and product positioning [11]

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]

今年以来，已有不少基金产品已变更业绩比较基准。统计显示，截至5月12日，年内已有70多只基金变 更业绩比较基准，具体类型包括偏股混合型基金、灵活配置混合型基金、普通股票型基金、养老目标 FOF、一级混合债基、二级混合债基、中长期纯债基金、被动指数型债基以及QDII基金。 5月13日，鹏华基金发布公告称，旗下鹏华普天债券的业绩比较基准将从5月13日起调整，原约定的业绩 比较基准"中证综合债指数收益率"，现拟变更为"中债综合全价(1年以下)指数收益率"。 今年以来，已有多家公司开展有针对性的基金业绩比较基准调整，细化标准、匹配投资策略。前不久， 中国证监会发布的《推动公募基金高质量发展行动方案》也明确，强化业绩比较基准的约束作用，切实 发挥其确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为的作用。 又有基金变更业绩比较基准 5月13日，鹏华基金发布公告称，旗下鹏华普天债券的业绩比较基准将从5月13日起调整，原约定的业绩 比较基准"中证综合债指数收益率"，现拟变更为"中债综合全价(1年以下)指数收益率"。 在公告业绩比较基准发生调整的同时，基金合同也公布了修订方案，对应调整前后的业绩比较基准差 ...