管理业绩殿后却忙着发新扩容 华安基金靠什么“高质量发展”

Core Viewpoint - The China Securities Regulatory Commission has released the "Public Fund High-Quality Development Action Plan," aiming to shift the focus of fund companies from "scale" to "returns," marking a turning point for high-quality industry development [2] Fund Issuance and Performance - New fund issuance has shown signs of fatigue, with Huazhong Fund having three new products in the fundraising period as of July 15, including the Huazhong Consumption Opportunity Stock Initiated A and C, and the Huazhong National Aerospace Industry ETF [2] - The recently completed Huazhong Competitive Advantage Mixed A fund had a subscription fee of up to 1.20% and a redemption fee of up to 1.50%, indicating high costs for investors [2] - Since 2022, Huazhong Fund has experienced a decline in fundraising scale, with issuance amounts of 465.85 billion, 329.17 billion, and 217.55 billion for 2022, 2023, and 2024 respectively, representing year-on-year decreases of 50.90%, 29.34%, and 33.91% [4] Management Performance - The Action Plan emphasizes the need for fund companies to establish a compensation management system linked to fund investment returns, aiming to enhance investor satisfaction [5] - Huazhong Fund's management performance has been disappointing, with its stock funds underperforming compared to peers over the past year, three years, and five years [5][7] - The average return of Huazhong Fund's stock funds over the past year was 18.91%, below the industry average of 20.61%, and over the past three years, it suffered a decline of 14.04%, nearly double the average of -9.27% for similar funds [5][7] Industry Context - The fund industry is experiencing a contradiction between its growth and the poor investment experience of retail investors, highlighting the need for a return to investor-centric principles [9] - The Action Plan aims to optimize product supply structure and facilitate a transition from relative ranking pursuits to enhancing the real holding experience for investors [9]