致力于为投资者创造可持续长期回报

Core Viewpoint - The phenomenon of "funds making money while investors do not" is primarily due to yield erosion, which highlights the significant gap between time-weighted returns and capital-weighted returns [1][3][4] Group 1: Fund Industry Overview - As of July 2025, the net asset value of public funds in China reached 35.08 trillion yuan, while the scale of existing private funds hit 20.68 trillion yuan, both marking historical highs [1] - The issue of "funds making money while investors do not" has been increasingly prominent, damaging investor sentiment and the industry's reputation [2][3] Group 2: Causes of Yield Erosion - Yield erosion arises from two main factors: a mismatch between fund management scale and investment capability, and inappropriate investment timing or investor behavior, particularly during market peaks [4][5] - A significant disparity between time-weighted returns and capital-weighted returns can lead to substantial risks for investors and damage the reputation of fund managers [4][5] Group 3: Responsibilities and Solutions - Fund managers are identified as the ultimate responsible parties for addressing yield erosion, and independent institutions should be established to protect investor interests and monitor fund managers [5][6] - Strategies to eliminate yield erosion include setting annual subscription limits to control growth rates and ensuring that new investors' returns align with earlier time-weighted returns [5][6] Group 4: Company Practices and Future Directions - The company emphasizes the importance of integrating investment capability with sound business practices, prioritizing investor interests over mere fund performance [2][7] - To manage rapid growth, the company plans to unify its departments under a value-driven culture, enhance transparency of key performance metrics, and implement systematic data analysis to monitor and manage yield erosion [7]