Core Viewpoint - The report highlights significant style drift in the fund "交银创新领航混合" (Jiaoyin Innovation Pioneer Mixed Fund), which has shifted its focus from innovation to traditional banking stocks, leading to poor performance compared to its peers [2][5]. Fund Performance and Style Drift - As of Q2 2025, 10 funds are reported to have style drift, with 3 facing punitive non-rating due to Q1 drift. The Jiaoyin Innovation Pioneer Mixed Fund is particularly noted for its prolonged style drift [2]. - The fund's top ten holdings have been dominated by bank stocks since Q3 2024, with bank stock allocation exceeding 55%, which contradicts its stated focus on innovation [2][3]. - The fund's performance has deteriorated, ranking at the bottom among peers over the past month and three months, significantly underperforming the average of similar funds [2][9]. Investment Strategy and Holdings - The fund's investment strategy, as per its prospectus, mandates that at least 80% of its non-cash assets be invested in securities related to the "innovation pioneer" theme, which includes high-quality listed companies that drive innovation [3]. - Despite this, the actual holdings show a heavy reliance on bank stocks, with 7 out of the top 10 holdings being banks, leading to a total bank stock allocation of approximately 55.24% [3][4]. Management and Oversight - The fund manager, 郭斐 (Guo Fei), has been managing the fund since February 2020, with a background in investment banking and fund management [7]. - Concerns have been raised regarding the fund management's responsibility for the style drift, with regulatory bodies emphasizing the need for stricter compliance and risk management to protect investors [6].

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2]. Summary by Relevant Sections Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a constraint for public fund products, establishing clear guidelines for setting, modifying, disclosing, and continuously evaluating these benchmarks [2][3]. - Fund companies are expected to be more cautious in setting performance benchmarks, shifting the evaluation logic from beta returns to alpha returns [3]. - The emphasis on performance benchmarks aims to ensure that fund managers adhere to agreed-upon investment styles, reducing arbitrary deviations [2][3]. Thematic Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for thematic funds, addressing the frequent style drift observed in these funds [4][5]. - Measures include controlling product design, dynamic holding checks, and linking performance benchmarks to fund manager evaluations [5]. - There has been a significant increase in the number of funds changing their performance benchmarks, with over 60 funds making changes this year, more than double compared to the same period last year [5]. Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, requiring that at least 80% of the evaluation weight be based on performance over three years or more [7][8]. - This mechanism aims to reduce short-term market fluctuations' impact on investment performance evaluations, encouraging a shift from focusing on scale to prioritizing returns [8]. - The long-term assessment is expected to attract more long-term capital into the stock market, enhancing market stability and resource allocation efficiency [8].

本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 近期，金信基金旗下部分产品因实际持仓与基金契约存在差异引发市场关注。其中，金信智能中国2025 混合基金长期重仓银行股，与合同中明确的"智能制造"主题渐行渐远；金信深圳成长混合基金虽以"深 圳"为名，主要仓位投向非深圳上市公司。 业内人士透露，此类风格漂移在公募行业早有先例。"发基金时的基金经理和后来的基金经理，可能不 是同一个人，能力圈不同自然难以坚持原方向。这属于行业通病，但无论基金公司还是投资者，大多不 太在意。"某投资研究院首席研究员向《华夏时报》记者表示，打个比方，就像行人闯红灯，违规但没 人管，毕竟收益才是核心。 "智能"基金偏爱银行股 根据金信智能中国2025混合基金2025年4月28日更新的招募说明书，其定义的"智能中国2025"主题涵盖 智能机器、智能穿戴、智能医疗、智能家居、智能电网等领域，并延伸至"采用新一代信息技术深度融 合的智能化而具有比较优势的企业"，如智能交通、网络安全、4G、智能物流等。说明书特别强调，该 主题为动态概念，"在每个特定发展阶段会有特定涵义"。 金信智能中国2025灵活配置证券投资基金更新的招募 ...

监管部门要求为每只基金产品设定清晰业绩比较基准。这一基准将作为衡量产品真实业绩的标尺，避免产品投资行为偏离名称和定位。同时建立健全全方位 激励约束机制，督导基金公司全面实施长周期考核，明确三年以上考核权重不低于80%。 根据相关法规规定，基金名称显示投资方向的产品，应当有80%以上非现金基金资产属于投资方向确定的内容。但实际操作中，部分基金的投资方向与基金 合同约定存在偏差。除实际投资与合同约定不符外，投资风格频繁切换也被视为"风格漂移"表现。 市场调查发现，基金"名不副实"情况并不鲜见。某些冠以"低碳"名称的基金，在合同描述中界定范围过于宽泛。今年一季度该产品重仓股横跨白酒、银行、 黄金等多个与环保关联度不高的行业。另有打着"智能"旗号的基金，前十大重仓股中九只是银行股，一只是保险股。 成因复杂需综合治理 我国公募基金行业规模首次突破33万亿元，在规模持续扩张的背景下，基金"风格漂移"问题日益凸显。部分产品表面遵循基金合同约定，但实际投资方向与 产品名称存在较大偏离。这一现象在市场波动加剧环境下更显规范治理的紧迫性。 中国证监会发布《推动公募基金高质量发展行动方案》，通过25项系统性改革举措推动行业从"重规 ...

Report Overview - The report is titled "Benchmark Deviation Consideration: How Public Funds Allocate Industries - Asset Allocation Special Report" and was released on May 19, 2025 [3][1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The China Securities Regulatory Commission's "Action Plan for Promoting the High - quality Development of Public Funds" aims to shift fund companies from "emphasizing scale" to "emphasizing returns" and address the issue of fund style drift [5][13] - Style - stable funds generally perform better in the medium - to - long term than style - drifting funds, and style stability helps investors form stable investment expectations [6][14] - There is no significant correlation between the industry deviation of active equity funds and their returns, and industry drift does not contribute to excess returns [7][19] - If the industry allocation of funds moves closer to the performance benchmark, the financial sector may experience a resonance of fundamentals and capital flows [7][28] Summary by Directory 1. The Formal Release of the "Action Plan for Promoting the High - quality Development of Public Funds" - On May 7, the CSRC issued the plan, which includes 25 measures to promote the transformation of fund companies and address style drift [13] - Due to factors such as rapid market style changes, short - term performance pressure, and the pursuit of channel attention, the problem of fund style drift in China remains unsolved [14] - The plan includes measures such as establishing a floating management fee collection mechanism linked to fund performance, strengthening the constraint of performance benchmarks, enhancing transparency, reforming performance assessment mechanisms, and strengthening regulatory classification evaluation [15] 2. Current Industry Deviation of Active Equity Funds from the Benchmark - The average comprehensive industry deviation of active equity funds is 101%, and the average comprehensive industry deviation scale is 6.66 billion yuan, indicating a large deviation from the performance benchmark [7][18] - Most funds' industry deviations fall within the [80%, 120%) and [120%, 160%) intervals [7][18] - According to the 2024 annual reports, the most under - allocated industries are banks (-7.03%) and non - banks (-6.65%), while the top three over - allocated industries are electronics (+5.15%), machinery and equipment (+2.20%), and automobiles (+1.84%) [7][28] - There is more than 100 billion yuan of under - allocation in the bank and non - bank sectors compared to the benchmark index. If the allocation moves towards the benchmark, about 300 billion yuan may flow into the financial sector [28]

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2] Group 1: Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a "lifeline" for public fund products, establishing clear guidelines for setting, modifying, disclosing, and evaluating these benchmarks [2][3] - Fund companies are expected to be more cautious in setting performance benchmarks, potentially shifting the evaluation logic from beta returns to alpha returns [3][4] - The emphasis on performance benchmarks aims to constrain fund managers' investment behavior, ensuring they adhere to the agreed-upon industry or style, thereby reducing arbitrary deviations [2][3] Group 2: Theme Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for theme funds, enhancing monitoring and analysis of fund investment transactions [4][5] - Historically, theme funds have been prone to style drift, with instances of funds misaligning their investments with their stated themes, which the new regulations aim to address [4][5] - The plan encourages clearer definitions of investment directions in fund names and contracts to prevent misleading practices [4][5] Group 3: Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, mandating that at least 80% of the evaluation weight be based on performance over three years or more [5][6] - This mechanism is designed to reduce short-term market fluctuations' impact on investment performance evaluations, promoting a shift from a focus on scale to a focus on returns [6][7] - By encouraging a long-term investment approach, the plan aims to attract more stable capital into the stock market, enhancing market stability and resource allocation efficiency [6][7]