告别“赌赛道”时代！主题基金迎最强监管

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to regulate theme investment funds, addressing issues such as unclear product positioning and style drift, ultimately promoting high-quality development in the industry [1][7]. Summary by Sections Guidelines Overview - The guidelines apply to publicly offered securities investment funds that invest over 80% of non-cash assets in specific investment directions, including market capitalization, industry, theme, and asset class [1][2]. Fund Naming and Contractual Clarity - Fund names must be closely related to their contracts and actual investments, eliminating ambiguity in investment scope and strategy, thus reducing instances of style drift and misleading fund representations [2][4]. Establishment of Style Library - Theme investment funds are required to establish a style library, with securities included based on specific investment directions, using authoritative data as a basis. The library must be updated at least once a year [2][3]. Internal Management and Compliance - Fund managers must develop comprehensive internal management systems covering product design, investment management, risk control, and compliance, ensuring systematic management of the style library [4][6]. Transition Period for Existing Funds - Existing theme investment funds that do not comply with the new guidelines must rectify their contracts and prospectuses within 24 months of the guidelines' implementation [5]. Impact on Fund Management Practices - The guidelines are expected to lead to significant changes in the public fund industry, promoting diversified investments rather than concentrated bets on specific sectors, thereby enhancing investment performance stability [5][8]. Long-term Industry Development - The guidelines are part of a broader initiative to shift the industry from "scale competition" to "capability competition," emphasizing long-term investment behaviors and enhancing the overall regulatory framework [7][8].