【中文版】

基准年化收益率是指将非年度基准收益率转化为年度基准收益率，以便于进行比较和计算。具体来说，基准年化收益率是以某个时间长度为基准，将该时间长度内的平均收益率进行年化处理，从而得到一个统一的收益率指标。

在金融领域中，基准年化收益率被广泛应用于衡量投资组合的收益水平。例如，某个投资组合在过去的三个月内的平均收益率为5%，那么该投资组合的基准年化收益率就是将这个平均收益率乘以4，得到年化收益率20%。这个指标可以用来评估投资组合在不同时间段内的表现，并与其它投资组合或市场平均收益率进行比较。

基准年化收益率还可以用于计算风险调整后的收益。例如，某个投资组合的基准年化收益率为15%，而该投资组合的风险等级为中等，那么根据风险调整后的收益率计算方法，该投资组合的风险调整后收益率为10%。这个指标可以用来衡量投资组合在不同风险水平下的盈利能力。

总之，基准年化收益率是一种重要的金融指标，可以用于比较和评估投资组合在不同时间段内的表现和风险水平，为投资者提供重要的参考信息。

【英文版】

Benchmark annualized rate of return refers to the process of converting non-annual benchmark rates of return into annual benchmark rates of return for comparison and calculation purposes. Specifically, the benchmark annualized rate of return uses a certain time period as the benchmark, and annualizes the average rate of return during that time period to obtain a uniform rate of return indicator.

In the financial field, the benchmark annualized rate of return is widely used to measure the level of investment portfolio returns. For example, if an investment portfolio has an average return of 5% over the past three months, the benchmark annualized rate of return for that investment portfolio is obtained by multiplying the average return by 4 and obtaining an annualized rate of return of 20%. This metric can be used to evaluate the performance of investment portfolios in different time periods and compare it with other investment portfolios or market average returns.

The benchmark annualized rate of return can also be used to calculate risk-adjusted returns. For example, if an investment portfolio has a benchmark annualized rate of return of 15% and a medium risk level, then using risk-adjusted return calculations, the risk-adjusted rate of return for that investment portfolio is 10%. This metric can be used to measure the profitability of investment portfolios at different risk levels.

In summary, the benchmark annualized rate of return is an important financial indicator that can be used to compare and evaluate the performance and risk levels of investment portfolios in different time periods, providing important reference information for investors.