Core Viewpoint - The rapid rotation of market sectors has led to increased attention on thematic funds, but some fund managers are shifting their strategies to popular sectors, resulting in a phenomenon known as "style drift" [1] Thematic Fund Management Guidelines - The Asset Management Association of China has drafted guidelines for thematic investment fund style management, seeking feedback from fund managers [3] - The guidelines require that the names of thematic investment funds clearly indicate their investment direction and align with the fund contract [3] Investment Direction and Style Library - The guidelines stipulate that over 80% of non-cash fund assets must be invested in securities that align with the specified investment direction [3] - Thematic funds must establish a "style library" to manage securities that fit specific investment directions, with clear standards for inclusion based on market capitalization or industry classification [5] Monitoring and Compliance - Fund managers are required to implement strict approval processes for the establishment and updates of the style library, ensuring compliance with legal and regulatory standards [7] - Fund managers must continuously monitor the investment style stability of thematic funds and make timely adjustments if there are significant deviations from the investment direction [8] Custodian Responsibilities - Custodians are tasked with establishing a supervision mechanism for thematic investment funds, ensuring clarity in the investment direction and style library standards [11] - Custodians must review the style library within five trading days of receipt and verify compliance with the fund contract [11]

Group 1 - The People's Bank of China conducted a 1,199 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 416 billion yuan after 783 billion yuan matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term products rose across the board, with the overnight Shibor increasing by 15.20 basis points to 1.4790%, and the 7-day Shibor rising by 5.60 basis points to 1.4780% [1][2] - In the interbank pledged repo market, all varieties saw an increase, with the weighted average rates for DR001 and R001 rising by 15.2 basis points and 13.1 basis points, respectively, while transaction volumes decreased [5] Group 2 - The money market showed a tight stance in the morning, easing in the afternoon, with overnight rates for collateralized deposits trading between 1.50% and 1.53%, and 7-day rates around 1.50% [9] - A total of 87 interbank certificates of deposit were issued on November 10, with an actual issuance volume of 1,308.6 million yuan [9] - The primary market for certificates of deposit showed varied demand across different maturities, with the 6-month AAA-rated city commercial banks seeing better demand compared to others [10]