作为公募基金改革的关键环节，业绩比较基准新规如期落地。近日，中国证监会就《公开募集证券 投资基金业绩比较基准指引（征求意见稿）》（以下简称《指引》）公开征求意见。中国证券投资基金 业协会同步起草《公开募集证券投资基金业绩比较基准操作细则（征求意见稿）》（以下简称《操作细 则》），进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管理等具体操作规范，并向 社会公开征求意见。 业内人士表示，此次规则征求意见，有利于完善公募基金的基础性制度，填补监管规则的空白，推 动境内公募基金业绩比较基准规范化；有利于提高主动投资纪律性，促进公募基金形成更加稳定清晰的 投资风格，更好发挥公募基金的价值投资工具属性；有利于引导行业机构回归"受人之托、代客理财"的 初心，专注为投资者提供长期稳健回报，为资本市场引入更多中长期资金。 为公募基金划定"业绩标尺" 为强化业绩比较基准的约束作用，此次新规对基金管理人内部控制提出了全链条、全流程的高要 求。《指引》《操作细则》明确，管理人建立健全覆盖业绩比较基准选取、披露、监测、评估、纠偏及 问责的全流程管控机制，为业绩比较基准发挥功能作用提供保障。提高基准选取的决策层级，由公司管 ...

《基金"盲盒"时代要结束了》 ——从"模糊对标"到"精准锚定"，新规让公募基金更透明、更靠谱 你有没有买过这样的基金：宣传稳健如"养老型"，结果净值像"过山车"？ 别慌，这种"风格漂移"的乱象，终于要被按下暂停键了。 10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，配套操作细则同步亮相。这一次，监管层是要动真格 的——给公募基金的"导航仪"换代升级。 过去，不少基金喜欢"自定参照系"，对标宽松指数、展示虚高业绩。新规要求：业绩基准必须与投资策略匹配，一旦设定，不得随意修改；同时 引入内控与托管双重监管机制，基金经理再也不能随意"漂移"。更关键的是，绩效薪酬也要和基准挂钩，*跑赢才是真赢*。 对投资者而言，这意味着：你终于能看清一只基金的"真功夫"——不再被"包装业绩"迷惑，而是看到它到底值不值得托付。更透明、更稳定、更 专业，这才是中国基金行业高质量发展的应有模样。 基准升级，不只是换算法，而是重塑信任。 （唐加文，笔名金观平；本文成稿后，经AI审阅校对） ...

10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作细 则，向社会公开征求意见。 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。本次 业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关键一 步"，进入"存量改革"阶段。 这就说明业绩比较基准没有成为真正的"尺"和"锚"，基金公司和基金经理对业绩比较基准的重视程度不 够。 证监会相关部门负责人介绍，这次改革就是要发挥业绩比较基准对基金投资行为的约束和指导作用，尽 量确保投资者"所见即所得"。完善对业绩比较基准的监管安排，也将引导基金行业进一步回归以投资者 为本的发展理念。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好坏。它 不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基金经理的投资风格，让他们别 跑偏，确保基金老老实实按约定策略操作，追求相对基准的超额收益，并切实 ...

Core Viewpoint - The public fund fee reform has officially entered its final stage with the release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" by the China Securities Regulatory Commission (CSRC), aiming to enhance investor benefits and promote high-quality development in the public fund industry [1][7]. Summary by Sections Fee Reduction - The new regulations are expected to reduce costs for investors by approximately 300 billion yuan annually, with previous phases already yielding reductions of about 140 billion yuan and 68 billion yuan [2][7]. - The maximum subscription and redemption fees for stock funds have been lowered from 1.2% and 1.5% to 0.8%, while mixed funds have seen reductions from 1.2% and 1.5% to 0.5%. Bond funds' fees have been cut from 0.6% and 0.8% to 0.3% [2]. Investor Protection - All redemption fees will now be allocated to fund assets, ensuring that they belong to investors, and the redemption fee for holding periods of 7 to 30 days has been increased to 1% [3][4]. - This change aims to encourage fund sales institutions to shift from earning "flow" income to "retention" income, while also discouraging short-term speculative trading [3]. Tail Commission Adjustments - The regulations introduce differentiated arrangements for tail commission ratios, focusing on servicing individual investors and promoting equity funds [4][5]. - For personal investor sales, the tail commission will remain capped at 50% of management fees, while for institutional investors, the cap for non-equity funds will be reduced from 30% to 15% [5]. New Direct Sales Platform - The CSRC has approved the launch of the Fund Industry Service Platform (FISP) to enhance direct sales services for institutional investors, addressing the challenges faced by traditional direct sales operations [6]. Long-term Investment Development - The updated regulations are seen as a significant step towards fostering a long-term, value-oriented investment culture in the public fund industry, aligning with national policies aimed at high-quality development [7][8]. - Industry leaders believe that the fee reductions will enhance investor experience and encourage a focus on improving service capabilities [9].