What happened: Financials including Banks and Insurance both up over 2% today

发生了什么：#金融板块，包括#银行 和#保险股，今日均上涨超过 2%

What's the driver: One key catalyst is the portfolio rebalancing effect after the new mutual fund management rules (announced mid last week) - as the new rule factor in a more important role of benchmark index, local fund managers are adding under - weight names (Banks and Insurance) and cutting over - weight names (High - end manufacturing) so they could align their fund performance more with benchmark

驱动因素是什么：一个关键催化剂是新互惠基金管理规则之后的投资组合再平衡效应（上周中旬宣布） - 由于新规则使基准指数扮演更重要的角色，本地基金经理正在增加权重较低的股票（银行和保险）并减少权重较高的股票（高端制造），以便使其基金业绩更贴近基准

Essentially, the new rule guides that

从本质上讲，新规定指导

1）Actively managed equity funds will be required to adopt a more fleble fee structure—particularly penalizing underperformance;

1）主动管理的股权基金将被要求采用更加灵活的费用结构 — 特别是对表现不佳的基金进行惩罚；

2）Factoring in whether fund performance beats benchmarks and the actual profit/loss status of investors in performance evaluations, which related to the compensation package for fund managers;

2）在绩效评估中考虑基金表现是否跑赢基准以及投资者的实际盈亏状况，这与基金经理的薪酬方案相关；

3）Mandating clear, benchmark - based comparisons for fund performance;

3）要求对基金业绩进行清晰的、基于基准的比较；

4）Requiring that long - term evaluations—spanning at least three years—account for 80% or more of total performance assessments

4）要求长期评估（跨度至少三年）占总绩效评估的 80% 或更多

Below chart looks at the sector performance since the new rule announced vs. the relative weighting of each sector against benchmark index:

下图查看了自新规则宣布以来的行业表现，以及每个行业相对于基准指数的权重：

1）Semi/TMT is the sector which local public funds outweigh most, a clear sell - off has started since last Friday

1）半导体 / 科技传媒通信（TMT）是本地公募基金持股最多的板块，自上周五开始已明显出现抛售

2）While Banks is the sector which local public funds underweight most, the sector has moved up quite significantly as a result from local fund managers to catch up weighting against benchmark

2）尽管银行业是本地公共基金配置最低的行业，但由于本地基金经理为追赶基准权重，该行业已显著上涨

3）We are expecting such trading pattern to continue as more local fund managers trying to align their fund performance with benchmark (in most cases it's CSI 300) in the scenario there is limited visibility of which sectors could significantly outperform in near future

3）我们预计这种交易模式将持续，因为在未来近期对哪些行业可能显著跑赢缺乏清晰预期的情况下，更多本地基金经理试图使其基金表现与基准（在大多数情况下是沪深 300 指数）保持一致。调研纪要更新