主题基金从此有了"身份证"：投资范围、风格库都得"可量化" "基金名叫'新能源'，持仓却是银行、白酒；说是'消费主题'，大头押了TMT板块……"这些年，不少基 民吐槽有部分主题基金"名不副实"。这种"说一套做一套"的操作，不仅让投资者既困惑又受伤，更埋下 业绩剧烈波动的隐患。 如今，这一乱象有望得到系统性规范。 第一财经记者从多家公募基金公司获悉，中国证券投资基金业协会（下称基金业协会）近日下发了《公 开募集证券投资基金主题投资风格管理指引（征求意见稿）》（下称《指引》）以及相关通知，并要求 各基金公司11月15日之前提交反馈意见，《指引》计划于2026年正式实施。 这份为主题基金戴上"紧箍咒"的新规，将在从产品设计、投资运作、风险控制和托管监督等多个环节， 系统规范主题基金的投资行为，推动行业回归长期投资、规范发展的轨道。有基金公司人士透露，已启 动内部研讨，将结合实际情况提出建议，待正式稿发布后落实整改。 主题基金有了"身份证" 主题基金风格漂移，一直是公募基金行业长期存在的顽疾，背后形成原因复杂，包括市场风格变化、基 金经理风格转向、业绩驱动、考核标准等。这种操作让投资者难以通过基金名称判断真实投向，更 ...

Core Viewpoint - The article highlights the significant style drift observed in the public fund "Baoying Modern Service Industry Mixed Fund," which has deviated from its stated investment theme, focusing heavily on the pharmaceutical and technology sectors instead of modern services [1][10]. Fund Performance and Holdings - As of the end of Q2 2025, the fund's top ten holdings are predominantly in the pharmaceutical and technology sectors, with a notable concentration in stocks like Kelun-Bio and Tencent Holdings, indicating a high industry concentration [1][2]. - The fund has shown high volatility and elasticity, achieving a return of 64.73% since the beginning of 2025 and 73.28% over the past year, ranking well among peers. However, it has experienced declines in previous years, with losses of 11.91% in 2021, 9.32% in 2022, and 3.7% in 2024, indicating issues with performance sustainability [2][9]. Managerial Strategy and Style Drift - The style drift has been evident since the current fund manager, Yao Yi, took over in January 2023, with the first quarterly report showing a complete focus on healthcare stocks, which accounted for over 50% of the net value [5][7]. - Despite achieving a total return of 46.78% and an annualized return of 15.85% under Yao Yi's management, the strategy has not aligned with the fund's original service-oriented theme, raising concerns about the appropriateness of the investment approach [7][9]. Regulatory and Market Implications - The fund's deviation from its contractual investment behavior raises compliance issues and may lead to unexpected risks for investors due to misinterpretation of the fund's theme [9][10]. - The fund's total size is 295 million yuan, with institutional investors holding 20.29%, indicating some level of external oversight, but individual investors remain the primary stakeholders [9].