买主题基金怕“开盲盒”？监管新规让基金不能再“挂羊头卖狗肉”

Core Viewpoint - The recent issuance of the "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds" aims to address the long-standing issue of theme fund style drift, promoting a return to long-term investment and standardized development in the industry [2][4]. Group 1: Regulatory Changes - The China Securities Investment Fund Industry Association has introduced new guidelines that require fund companies to submit feedback by November 15, with the guidelines set to be officially implemented in 2026 [2][4]. - The guidelines will impose systematic regulations on theme funds across various aspects, including product design, investment operations, risk control, and custody supervision [2][4][6]. Group 2: Definition and Scope - The guidelines clarify the definition of theme investment funds, specifying that they must invest over 80% of non-cash assets in a specific investment direction, distinguishing them from other fund types [4][5]. - The guidelines mandate that fund names must clearly indicate investment directions and align with contractual agreements to prevent misleading representations [5][6]. Group 3: Management and Supervision - A comprehensive supervision system is established, involving active management by fund managers, oversight by custodians, and self-regulation by the association to prevent deviation from investment objectives [6][7]. - Fund managers are required to implement a full-chain system from product design to compliance management, with specific roles assigned to research, compliance, and fund management personnel [6][7]. Group 4: Performance Assessment - The guidelines emphasize the importance of stability in investment style as part of fund manager assessments, with penalties for significant deviations from investment directions [7][8]. - Custodians are tasked with rigorous oversight of fund contracts and must report any discrepancies to regulatory authorities [7][8]. Group 5: Transition Period - A transition period of 24 months is provided for existing theme investment funds to comply with the new requirements, allowing for necessary adjustments to fund contracts and prospectuses [8].