买基金像“开盲盒”？监管层出手了！

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has drafted guidelines to regulate the thematic investment style of public funds, aiming to prevent "style drift" and ensure that fund themes align with their contractual investment strategies [1][2][4]. Group 1: Guidelines and Implementation - The CSRC has issued the "Guidelines for Thematic Investment Style Management" to fund managers, with feedback due by November 15 [1][2]. - The guidelines are expected to be formally implemented in 2026 after gathering feedback from various fund companies [4]. Group 2: Issues with Current Fund Practices - There has been a prevalent issue of "style drift" in public funds, where the actual investment direction deviates significantly from the fund's stated theme, leading to investor dissatisfaction [2][3]. - Examples of style drift include funds with names suggesting a focus on "new energy" heavily investing in electronics or "carbon neutrality" funds investing in robotics [2]. Group 3: Regulatory Enhancements - The guidelines are part of a broader initiative to enhance the quality of public funds, following the CSRC's action plan released in May, which emphasizes stricter registration and supervision of thematic funds [4][5]. - The implementation of these guidelines aims to establish a comprehensive regulatory mechanism to reduce style drift and enhance compliance among fund managers [5]. Group 4: Investor Guidance - Investors are advised to pay attention to key clauses in fund contracts regarding investment directions, regularly review fund reports to ensure alignment with stated themes, and be cautious of funds with vague names [6].