Core Viewpoint - The rapid rotation of market sectors has led to increased attention on thematic funds, prompting the drafting of guidelines to regulate their investment styles and ensure compliance with stated objectives [1][2]. Group 1: Thematic Fund Management Guidelines - The guidelines require thematic funds to clearly indicate their investment direction in their names, ensuring consistency with the fund contract [2]. - Fund managers must allocate over 80% of non-cash assets to specific investment directions and define investment styles and standards in a quantifiable manner [2][3]. - Thematic funds are mandated to establish a "style library" to manage securities that align with their specific investment directions [3]. Group 2: Style Library and Investment Standards - The style library must include securities based on specific market capitalization or industry classifications from reputable third-party sources [3]. - The frequency of updates to the style library should be at least once a year, with a maximum of twelve updates, considering market fluctuations and other relevant factors [4]. - Fund managers are required to implement strict approval processes for securities entering or exiting the style library, ensuring compliance with legal and contractual obligations [5][6]. Group 3: Monitoring and Compliance - Fund managers must enhance monitoring of investment behaviors and ensure the independence of research and compliance personnel [6]. - Any significant deviations from the investment direction must be promptly addressed, and fund managers are responsible for timely updates to the style library [6][7]. - Fund custodians are tasked with supervising the style library and ensuring that the investment direction and standards are clearly defined and adhered to [8].

Core Viewpoint - The article discusses the increasing attention on thematic funds in the investment market, highlighting the need for regulatory guidelines to manage their investment styles and ensure compliance with stated objectives [1][2]. Group 1: Regulatory Guidelines - The Asset Management Association of China has drafted the "Guidelines for the Management of Thematic Investment Styles of Publicly Raised Securities Investment Funds" to standardize the management of thematic investment funds [2][3]. - The guidelines require that the names of thematic investment funds clearly indicate their investment direction and align with the investment objectives stated in the fund contracts [2][3]. Group 2: Style Library Establishment - The guidelines mandate the establishment of a "style library" for thematic investment funds, which will include securities that meet specific investment directions [3][4]. - The criteria for inclusion in the style library will vary based on market capitalization, industry classification, and macroeconomic indicators, with a preference for data from authoritative sources [3][4]. Group 3: Monitoring and Compliance - Fund managers are required to implement strict approval processes for the establishment and updates of the style library, ensuring compliance with the fund contract [5][6]. - Fund managers must actively monitor investment behaviors and make timely adjustments if there are significant deviations from the stated investment direction [5][6]. Group 4: Responsibilities of Fund Custodians - Fund custodians are tasked with establishing a supervision mechanism for thematic investment funds, ensuring that the style library and investment directions are clearly defined and adhered to [7]. - Custodians must review the style library within five trading days of receipt and ensure compliance with the fund contract, providing timely feedback to fund managers if discrepancies are found [7].

Core Viewpoint - The Asset Management Association has drafted the "Guidelines for the Management of Theme Investment Styles in Publicly Raised Securities Investment Funds" to address issues such as "style drift" and high investment concentration in certain products, seeking feedback from fund managers by November 15 [1] Group 1 - The guidelines aim to standardize the contractual agreements of theme investment funds, the management of investment styles by fund managers, and the supervision of investment styles by custodians [1] - The initiative is a response to industry criticisms regarding past instances of style drift and excessive investment concentration [1] - The guidelines provide clear requirements to regulate the management and supervision of investment styles in theme investment funds [1]

Core Viewpoint - The introduction of the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds" and the "Operational Details for Performance Comparison Benchmarks" aims to enhance the constraints of performance benchmarks, curtail "style drift" in funds, and shift the industry focus from "scale competition" to "capability competition," thereby promoting high-quality development in the public fund industry [2][3][19]. Group 1: Impact on Fund Industry - The new guidelines will clarify product positioning, addressing issues of fund homogeneity by ensuring that thematic funds align with corresponding industry indices and that multi-asset funds reflect cross-market allocation characteristics [5][10]. - The guidelines encourage a more stable investment behavior among fund managers, emphasizing long-term performance over short-term trends, which is expected to improve the overall investment experience for investors [5][6]. - The introduction of a multi-dimensional constraint system involving internal controls, independent supervision, and performance evaluation linked to benchmarks will enhance accountability and professionalism within the industry [4][6][19]. Group 2: Challenges in Implementation - Fund managers may face challenges in aligning their investment strategies with the new benchmarks, particularly in balancing short-term volatility with long-term assessments and ensuring effective inter-departmental collaboration [7][8]. - The transition to a new performance evaluation and compensation mechanism may require significant adjustments in the existing frameworks, necessitating a deeper understanding of benchmarks and enhanced risk control models [7][22]. Group 3: Establishment of Benchmark Library - The establishment of a benchmark library, which includes 69 indices in the first category and 72 in the second, aims to standardize the selection of performance benchmarks for new funds, facilitating compliance with the new regulations [11][10]. - The guidelines encourage the use of representative and transparent benchmarks, ensuring that fund managers select benchmarks that accurately reflect their investment goals and strategies [12][13]. Group 4: Long-term Development and Investor Trust - The new regulations are expected to foster a culture of long-term investment and stability in fund performance, enhancing investor trust and improving the overall perception of public funds [14][15][20]. - By linking performance evaluation to long-term benchmark performance, the guidelines aim to mitigate the risks associated with style drift and ensure that fund managers focus on sustainable value creation [16][21].

Core Viewpoint - The reform of public fund performance comparison benchmarks is rapidly advancing, with the introduction of a standardized benchmark element library consisting of 141 indices aimed at addressing issues like "style drift" and providing a unified reference for the industry [1][9][11] Summary by Sections Benchmark Element Library - The newly established benchmark element library includes 141 indices, categorized into "Category One" (69 indices) and "Category Two" (72 indices), with a dynamic adjustment mechanism in place [1][3] - Category One serves as a "preferred library" with high recognition indices, while Category Two acts as an "innovation library" to ensure diversity and innovation [3][4] Entry Standards - The entry standards for the indices are set with clear thresholds: Category Two indices must have an average daily free float market value of at least 500 billion, while Category One indices require a minimum of 1 trillion [3][4] Implementation and Transition - Fund companies are currently reassessing their performance comparison benchmarks, with new products expected to adapt quickly, while older products may have a one-year buffer period for adjustments [2][5][6] - The implementation of the new guidelines is anticipated to lead to a systematic review and adjustment of benchmarks across the industry [5][6] Industry Impact - The standardization of performance comparison benchmarks is expected to reshape the industry ecosystem, enhancing product transparency, comparability, and investor protection [9][11] - Long-term, this reform is projected to clarify product positioning, stabilize investment behavior, and transform assessment mechanisms from short-term rankings to long-term excess return stability [11]

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].

基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 什么是 基金的风格漂移? 简单说就是, 基金的实际操 作背离了它合同约定的投 资目标和策略。 好比你找了家 III荣馆,结果点单才发现菜单上大 多是粤菜。虽然菜的味道可能也不错,但却违背了 中泰证券资产管理 扫码进入基本功专栏 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

Core Viewpoint - The release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Benchmarking of Publicly Offered Securities Investment Funds (Draft for Comments)" by the China Securities Regulatory Commission marks a significant step towards a more standardized, transparent, and professional development of China's public fund industry, focusing on the regulation of performance benchmarks and enhancing discipline in active investment processes [1][2][3]. Group 1: Industry Development - The implementation of the guidelines and operational details is seen as a foundational measure for the public fund industry to achieve high-quality development, establishing a binding mechanism for interests and optimizing assessment and incentive constraints [2][4]. - The guidelines aim to standardize the selection and use of performance benchmarks, improve internal controls of fund managers, and protect investors' rights, thereby enhancing the industry's role in wealth management [2][4][6]. Group 2: Performance Benchmarking - Performance benchmarks are crucial for fund companies to set a baseline based on fund type, investment scope, and strategies, allowing investors to understand product positioning and risk-return characteristics [1][5]. - The guidelines require that performance benchmarks must adhere to principles of representativeness, objectivity, constraint, and continuity, ensuring a comprehensive internal control system for benchmark selection, disclosure, monitoring, evaluation, and correction [6][7]. Group 3: Investor Protection - The guidelines emphasize the need for fund managers to establish a performance assessment system centered on fund investment returns, linking compensation to fund performance to align interests with investors [4][6]. - By clarifying performance benchmarks, investors can form reasonable return expectations and accurately identify risk-return characteristics, leading to better asset allocation decisions [6][9]. Group 4: Impact on Fund Management - The guidelines are expected to reduce the occurrence of style drift and enhance the predictability of fund performance by setting clear standards for investment management [10]. - Fund managers are encouraged to focus on long-term, value-oriented investment strategies, minimizing frequent trading driven by short-term market fluctuations [10].

Group 1 - The core viewpoint of the article highlights the new regulations from the China Securities Regulatory Commission (CSRC) aimed at addressing the discrepancies between fund names and their actual investment strategies, ensuring transparency for investors [1] - The new rules mandate that fund performance benchmarks must align closely with the fund's stated investment strategy, preventing misleading marketing practices [1] - Fund managers will face direct salary cuts if they engage in "style drift," where the fund's investments deviate from its declared focus, such as a fund named "Consumption Selection" heavily investing in new energy stocks [1] Group 2 - The regulations require fund companies to establish independent departments to monitor deviations from benchmarks, which may lead to increased operational costs [3] - Currently, the management fees for actively managed equity funds are around 1.5%, while index funds charge approximately 0.5%, indicating a potential rise in costs for fund companies due to the new compliance requirements [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for the performance comparison benchmarks of publicly raised securities investment funds, emphasizing the need for fund managers to enhance the stability of investment styles and monitor deviations from performance benchmarks [1] Group 1: Guidelines for Fund Managers - Fund managers are required to strengthen the management of the stability of fund investment styles [1] - An independent department, separate from the investment management team, should monitor the actual investment and deviations from performance benchmarks to prevent style drift [1] - Fund managers must set differentiated monitoring indicators and thresholds for investment deviations based on product type, investment objectives, and strategies [1] Group 2: Response to Deviation Indicators - If deviation indicators trigger a warning, fund managers are expected to make adjustments within a specified timeframe or seek review from the investment decision committee [1] - The investment decision committee should prioritize the protection of fund shareholders' interests when deciding on breaches of threshold indicators [1] - The committee is required to analyze fund investment deviations at least quarterly and maintain proper records of the analysis reports for future reference [1]