证监会出手根治！36万亿基金最严新规，以后再也不怕挂羊头卖狗肉

Core Viewpoint - The article highlights the issue of "style drift" in mutual funds, where funds marketed as focusing on specific themes, such as healthcare, are actually investing heavily in unrelated sectors like renewable energy, leading to significant losses for investors [1][3]. Group 1: Fund Performance and Style Drift - A report from Ji'an Jinxin Fund Evaluation Center indicates that in Q3 2024, 15 funds exhibited clear "style drift," misleading investors by shifting focus from their advertised themes to speculative investments [3]. - Data from Q1 2025 shows that actively managed equity funds had an average stock allocation of 85.1%, exceeding benchmarks by 9.5 percentage points, while bond allocations were significantly lower than benchmarks [3]. - Funds that over-allocated to stocks by more than 10% underperformed their benchmarks by an average of 14.3 percentage points from 2022 to 2024 [3]. Group 2: Regulatory Changes - On October 31, 2025, the China Securities Regulatory Commission (CSRC) released a draft guideline aimed at addressing "style drift" by establishing a comprehensive regulatory framework [5]. - The new regulations require that performance benchmarks must reflect the core elements and investment style outlined in the fund contract, with strict accountability for any changes [5]. - Fund managers are now mandated to have a dedicated department to regularly assess deviations from benchmarks, with specific actions required if warning indicators are triggered [5]. Group 3: Impact on Fund Managers and Investors - The new regulations include a salary binding clause, stipulating that fund managers' compensation should decrease significantly if their long-term performance falls below the established benchmarks [7]. - The regulatory changes are expected to alter investment strategies, encouraging fund managers to adopt a more balanced and stable asset allocation approach, reducing risks associated with betting on single sectors [11]. - Investors are anticipated to benefit from increased clarity and transparency regarding fund performance relative to benchmarks, allowing for more informed expectations [11]. Group 4: Industry Response and Future Outlook - Following the introduction of the new regulations, leading fund companies have quickly adjusted their portfolios to align more closely with benchmarks, while smaller firms face greater challenges [9]. - As of October 26, 2025, 176 funds have proactively modified their performance benchmarks, indicating a shift towards compliance and self-regulation within the industry [12]. - The reforms are expected to enhance transparency in fund performance reporting, moving away from short-term speculative strategies towards long-term value investment [12].