2025.11.11 本文字数：2635，阅读时长大约4分钟 作者 |第一财经 曹璐 "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。 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，更导致 业绩随市场风格切换大起大落。 监管层对这一问题也持续关注，此次《指引》对主题投资基金存在的多项问题提出系统性规范要求。 多家公募基金公司人士向第一财经记者确认，已收到基金业协会下发的关于公募基金主题投资风格管理 指引征求意见的通知以及相关文 ...

Market Overview - On November 10, the A-share market showed a mixed performance with the Shanghai Composite Index rising by 0.53% to close at 4018.66, while the Shenzhen Component Index increased by 0.18% to 13427.61. The ChiNext Index fell by 0.92% to 3178.83 [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 2.17 trillion, an increase of 175.4 billion compared to the previous trading day [2] Sector Performance - The consumer sector experienced a significant rally, particularly in food and beverage stocks, which led the gains. Other active sectors included lithium batteries and solar energy, while the humanoid robot concept saw a decline [2] - Notable gainers included the liquor, tourism and hotel, and duty-free shop sectors, while gas, wind power equipment, and robotics sectors faced losses [2] International Market - The U.S. stock market saw significant gains on November 10, with the Dow Jones Industrial Average rising by 381.53 points (0.81%) to 47368.63, the S&P 500 increasing by 103.63 points (1.54%) to 6832.43, and the Nasdaq Composite up by 522.64 points (2.27%) to 23527.17 [4][5] - European markets also experienced upward movement, with the FTSE 100 rising by 104.58 points (1.08%), the CAC 40 increasing by 105.33 points (1.32%), and the DAX up by 390.03 points (1.65%) [4] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil futures rising by $0.38 to $60.13 per barrel (0.64%) and Brent crude oil futures increasing by $0.43 to $64.06 per barrel (0.68%) [4] Investment Trends - The investment community is focusing on the growth of the new energy vehicle market, with October retail sales reaching 1.282 million units, a year-on-year increase of 7.3% [8] - The Chinese government is promoting private investment in key infrastructure projects, encouraging private capital participation in sectors such as railways and energy [7] Fund Management - The China Fund Industry Association is seeking feedback on new guidelines aimed at controlling style drift and high concentration in theme-based investment funds, which have faced criticism in the past [6] Capital Flow - The liquor industry saw a net inflow of 29.81 billion, with a notable performance from Kweichow Moutai, while the consumer electronics sector experienced a significant outflow of 53.55 billion [12] - Key stocks with substantial net inflows included Cambridge Technology and China Duty Free, while major outflows were observed in Industrial Fulian and Xin Yisheng [13]