浙商基金十五载：亏损再现 破局待解

Core Viewpoint - Zhejiang Merchants Fund is facing significant challenges as it reports a net profit loss of 10.51 million yuan in the first half of 2025, marking a shift from profit to loss for the first time in four and a half years [1][2][3] Financial Performance - In the first half of 2025, Zhejiang Merchants Fund reported an operating income of 69.08 million yuan, down from 96.57 million yuan in the same period of 2024, with a net profit loss of 10.51 million yuan compared to a profit of 235,700 yuan in 2024 [2] - The fund's net profit had previously experienced a recovery from 2018 to 2022, peaking at 45.35 million yuan by the end of 2022, but has since declined again [3] - As of the end of Q2 2025, the total management scale of Zhejiang Merchants Fund was 37.98 billion yuan, a year-on-year decrease of 27.24%, with non-money market fund scale down by 22.01% to 27.32 billion yuan [5][6] Market Position and Competition - Zhejiang Merchants Fund's performance is lagging behind peers established in the same year, with its total management scale significantly lower than competitors such as Dongzheng Asset Management and West China Fund [8] - The fund's active equity funds have underperformed, with 62.5% of its 24 active equity funds yielding returns below the industry average [6][7] Challenges and Strategic Recommendations - The fund faces challenges including reduced management scale, poor product performance, and frequent executive turnover, which may hinder strategic continuity [4][9] - Experts suggest that Zhejiang Merchants Fund needs to adopt a differentiated and sustainable development path, focusing on niche products and enhancing research capabilities to regain market competitiveness [9][10]