Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds" to regulate the management of theme investment funds and address issues such as style drift and high investment concentration [1][2]. Summary by Sections Guidelines Overview - The guidelines aim to standardize the management of theme investment funds, addressing past issues of style drift and high concentration [1][2]. - The guidelines require feedback from fund managers by November 15 [1][2]. Investment Scope and Style Management - Theme investment funds must invest over 80% of non-cash assets in specific investment directions, which include market capitalization, industry, theme, and strategy [2]. - The guidelines specify that fund names must clearly indicate investment direction and align with actual investment practices [2]. - Fund contracts must detail investment direction, style, and frequency of style library updates, avoiding vague terms [2][3]. Style Library Management - The style library must be updated at least once a year and no more than twelve times, with exceptions for passive updates [3]. - Fund managers are required to establish a robust internal management mechanism for theme investment funds, including a clear approval process for the style library [5][6]. Investment Principles and Monitoring - The guidelines emphasize the importance of diversified, long-term investment strategies and avoiding high concentration [4][6]. - Fund managers must monitor investment style stability and make timely adjustments for significant deviations from investment direction [6]. - Fund managers are required to report specific situations to the China Securities Regulatory Commission and the fund industry association [6][7]. Transition Period for Existing Funds - A 24-month transition period is provided for existing funds to adjust their contracts and prospectuses in accordance with the new guidelines [7].