破解“风格漂移”！大动作来了，最新解读

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to address issues of "style drift" and "misleading themes" in theme funds, promoting high-quality development in the public fund industry [2][8][10]. Summary by Sections Regulatory Framework - The guidelines establish clear requirements for theme investment funds regarding contract stipulations, management style, and supervision by custodians, including the creation of a "style library" with defined update frequencies [4][9][30]. Industry Adjustments - Multiple institutions have begun adjusting their systems, processes, and personnel in response to the guidelines. For instance, a medium-sized fund company in North China has created a theme library managed by its equity research department, ensuring compliance with investment goals and styles [5][6]. Compliance and Monitoring - The guidelines require fund managers to implement comprehensive monitoring of theme funds, ensuring adherence to contractual agreements and preventing potential "style drift" through systematic checks and balances [5][12][27]. Impact on Fund Management - The guidelines are expected to enhance the stability and transparency of fund investment behaviors, with a focus on aligning fund names with actual investment strategies, thereby reducing ambiguity and improving investor trust [10][12][24]. Long-term Industry Development - The guidelines are seen as a significant step towards correcting the "pseudo-theme" phenomenon in the industry, fostering a return to contract adherence and enhancing the overall quality of public fund management [9][10][13]. Investor Benefits - By emphasizing clarity and consistency in fund operations, the guidelines are anticipated to improve investor decision-making efficiency, allowing for better identification of fund investment directions and reducing risks associated with information asymmetry [21][22][24]. Style Library Implementation - The establishment of a style library, with a minimum of one update per year, is designed to standardize investment processes and ensure that fund managers remain focused on long-term value rather than short-term market trends [29][31][32].