申万菱信基金上半年业绩下滑，明星基金经理首战遇挫

Group 1 - The core viewpoint of the news is that Shenwan Hongyuan Fund has experienced a decline in both revenue and net profit in the first half of 2025, attributed to a decrease in fund management scale and the impact of regulatory fee reforms in the public fund industry [1][5] - The company's operating revenue and net profit for the first half of 2025 were reported at 215 million yuan and 33 million yuan, respectively, both showing a decline of over 10% compared to the same period last year [1] - The fund management scale decreased from approximately 85 billion yuan at the end of 2024 to 82.833 billion yuan, representing a decline of about 2.27% [1] Group 2 - In terms of fund performance, while the mixed fund scale has returned to last year's level, the scale of equity funds has shrunk by 10.21%, particularly affecting the two equity funds managed by star fund manager Jia Chengdong, which have underperformed [1][4] - As of the end of the second quarter, 15 out of 80 managed funds had scales below 50 million yuan, leading to the liquidation of 6 funds this year due to not meeting minimum requirements [4] - The company has responded to the fee reform by lowering management and custody fees for 28 funds, which poses challenges for companies reliant on management fee income [1][5] Group 3 - The fund management scale peaked at 88.626 billion yuan at the end of the third quarter of 2024, primarily due to the expansion of bond fund scales, but has since declined [2] - As of mid-2025, the public fund management scale was approximately 82.8 billion yuan, with non-monetary fund management scale around 70.6 billion yuan, where money market and bond funds accounted for 74% of the total [2] - The company launched a new index fund in August 2025 in an attempt to attract funds and mitigate the risk of product liquidation [4]