如何挑选一个“好”的基准

GUOLIAN MINSHENG SECURITIE如何挑选一个“好的基准分析师：包承超、邓宇林、周长民2025年08月10日证券研究报告2025年8月清务必阅读技告术页的重要产明贝图：当前主动型基金各业绩基准指数TOP15情况业绩基准第一基准指数比例第二基准指数比例第三基准指数比例第四基准指数第五基准指数比例top1沪深30046.4%中债-综合财富（总值）指数15.8%恒生指数29.9%恒生指数17.4%恒生指数top 2中证80015.6%中证全资11.9%港股综合(CNY)19.9%中债-综合财富(总信)指数11.6%中债-综合财富（总值）指top3中证5003.3%国使洁数11.6%中债-综合全价（总伯）指数8.8%新兴成挡8.1%top 4800医药2.6%中债综合全价（总值）指数10.9%中债-综合财富（总值）指数8.7%港综合（CNY)5.8%top 5新兴成指1.9%恒生指数7.3%中债-总全价(总值指数%6'中债-综合全价（总但指数4.7%top 6内地消费1.7%中债-总全价(总值)指数7.0%中证全情3.2%恒生综合行业指数-原材料业%S'Etop7中证红利1.7%港综合(CNY)6.5%恒生综合指数3.1%内地国有3.5%top 8中证7000.9%沪深3003.2%国债指数2.7%港股通大消费CNY2.3%top9中证新兴0.9%中债-总财富（总值）指数1.0%001.2%中债-总全价（总值）指数2.3%op10中证高装0.8%恒生综合指数0.9%中债-新综合财富(总值)指数1.0%恒生综合指数1.2%op11恒生指数0.8%中债-新综合全价(总估)措数0.9%恒生综合行业指数-医疗保健业0.9%金魁剧地产1.2%op12证TMT0.7%中证国债0.6%港股通高段息(CNY)0.5%恒生中国企业指数1.2%op13中证10000.7%中债-新综合财富（总估）)指数0.5%港股通医药CCNY0.4%沪深3001.2%op14中证全快0.7%恒生综合行业指数-医疗保业0.4%中债-新综合全价(总值)指数%E'0中证短债1.2%op15中证新能0.7%中证8000.3%0.3%中证中游1.2%国联民生证券2中证800和中证500显著增加中证800和中证500显著增加图：跟踪相应基准指数的基金规模， 排名前30的规模占比情况（排名按2025年一季报规模）代码简称2009Q42010Q42011Q42012Q42013Q42014Q42015Q42016Q42017Q42018Q42019Q42020Q42021Q42022Q42023Q42024Q42025Q1420202025000300.5H沪深300%908%20878.2%79.7%79.4%75.8%64.1%65.5%65.2%63.4%60.3%48.8%47.8%47.9%47.8%48.1%46.6%-2.2%000906.SH中证8000.2%%E'00.4%2.9%10.3%9.4%10.5%10.7%12.1%17.0%19.0%18.4%18.2%18.8%19.0%1.9%000905.SH中证5000.2%0.2%0.3%0.3%0.2%1.0%1.3%1.6%2.0%2.4%4.2%3.7%4.1%4.9%4.5%4.4%[0.2%000933.SH800医药0.6%0.6%0.6%0.9%2.2%4.7%4.2%3.6%3.3%3.7%3.5%4.6%4.9%5.1%4.1%4.2%0.7%000171.CSI新兴成指1.2%1.5%1.7%1.4%1.4%1.4%1.7%[0.2%000942.CSI内地消费0.7%0.8%0.6%0.6%0.4%0.4%0.5%1.6%2.1%2.2%2.1%1.5%1.6%1.5%1.5%1.5%0.6%000907.CSI中证7000.4%1.5%2.5%1.8%1.3%0.6%0.5%%6'00.6%0.6%0.5%1.9%1.7%%5'L1.3%1.3%1.3%0.6%000998.C51中证TMT0.0%0.5%0.7%0.6%0.5%0.5%0.9%1.6%0.9%0.9%1.1%1.0%1.0%0.6%399808.SZ中证新能0.0%0.0%0.0%0.0%0.6%1.3%1.2%1.0%1.0%%6'0[0.4%000922.CSI中证红利%'00.2%0.2%0.7%0.3%0.4%0.4%0.7%1.1%1.4%1.9%1.1%0.7%0.6%0.6%1.0%%6'0I-0.2%000977.CS1内地低碳0.4%0.3%0.5%0.4%0.3%0.2%0.3%0.4%0.3%0.4%%9'00.6%000932.SH800消费0.1%0.2%0.6%0.5%0.5%0.6%1.0%1.0%1.0%1.0%0.9%%8'0%9'0I-0.3%000964.CSI中证新兴0.6%0.8%0.7%0.8%1.4%2.4%1.5%1.1%1.2%1.2%2.0%0.9%0.8%0.8%0.8%%L'01.2%HSI.HI恒生指数0.0%0.4%0.7%0.6%0.7%0.6%0.7%0.6%0.7%0.7%0.1%133333.CSIMSCI中国A段0.6%0.6%0.8%0.4%0.6%0.5%0.2%0.2%0.1%0.3%0.5%1.1%1.0%%6'00.8%0.8%0.7%-0.4%930850.CSI智能制造0.6%0.2%%000.1%0.1%0.1%0.2%0.6%0.6%930599.CSI中证高装0.1%0.1%0.2%0.7%0.7%0.7%0.6%0.6%0.6%1-0.1%000827.SH中证环保0.6%1.3%1.3%%6'00.7%0.6%0.5%0.8%0.8%0.7%0.6%0.6%%00801150.SI医药生钩(申万)0.7%0.5%0.5%%8'00.5%0.4%0.4%0.5%0.5%0.5%0.3%0.6%0.6%0.5%0.5%%00930933.C51 港股综合(CNY)0.0%0.1%0.1%0.3%0.4%0.4%0.5%0.5%[0.4%801250.51申万制造0.1%0.1%1.8%0.5%0.5%0.5%0.6%0.7%0.4%0.5%0.5%0.5%0.5%0.5%0.1%399976.SZCS新能车0.1%0.1%0.1%0.2%0.2%0.4%0.5%%S'00.5%0.5%%5'00.1%H11001.CSI中证全债0.5%1.1%0.9%1.3%0.5%0.5%0.6%0.7%0.5%0.5%0.5%0.0%000806.CSI消费服务0.2%0.1%0.0%0.1%0.1%0.1%0.1%0.3%0.4%%5'00.4%0.4%0.5%[0.2%399967.SZ中证军工0.1%0.1%0.1%0.3%0.5%%S'00.4%0.5%0.4%[0.1%H30184.CSI中证全指半导体国防军工（律万）0.0%0.5%0.1%0.3%0.3%0.4%[0.4%801740.S10.5%0.5%0.4%0.4%0.3%0.3%0.5%0.4%0.4%0.4%0.