华安基金“换帅”徐勇履新：产品规模“失衡”，权益投资困境待解

Industry Overview - The equity market is experiencing structural opportunities, with sectors like technology, innovative pharmaceuticals, and new consumption becoming market focal points, leading to improved performance of equity funds [1] - As of early September 2025, approximately 42 new funds were launched, with over 60% being equity index funds, indicating a shift towards equity investments in the public fund industry [1] - The public fund industry is entering a new phase of high-quality development, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" issued in May 2025, which emphasizes increasing the scale and proportion of equity investments [1] Company Performance - Huashan Fund Management Co., one of the first fund management companies in China, has faced challenges with shrinking equity fund sizes and performance pressures, with stock fund size decreasing from 3.705 billion to 2.590 billion from 2020 to 2024, and mixed fund size shrinking from 133.005 billion to 86.498 billion, a total reduction of approximately 34.97% [3] - In terms of performance, about 35.14% of Huashan's stock funds have underperformed the Shanghai and Shenzhen 300 Index's 11.6% increase over the past three years, while mixed funds averaged a return of 7.95%, also lagging behind the index [3] - The company has seen a significant shift in asset allocation, with money market funds, bond funds, and index funds expanding, accounting for 43%, 20.75%, and 21.57% of net assets respectively by the end of 2024, far exceeding the share of actively managed equity products [3] Fund Management Issues - Multiple fund managers at Huashan Fund exhibit a "one manager, multiple funds" phenomenon, with three managers overseeing more than 15 funds each, leading to overlapping top holdings among funds, which may pose challenges for performance differentiation and risk control [4] - Internal control management has also been tested, with the China Securities Regulatory Commission imposing a fine exceeding 10 million on Zhang Liang in March 2025, related to a case involving insider trading by a fund manager in August 2024 [4] - Frequent changes in senior management since 2020, including the retirement of long-serving chairman Zhu Xuehua and the appointment of Xu Yong in August 2025, may impact Huashan's future strategic direction [4] Financial Data - Huashan Fund's products suffered consecutive losses over two years, with total losses exceeding 40 billion from 2022 to 2023, although it returned to profitability in 2024 with a net profit of 34.57 billion, which may not fully offset prior losses [5] - From 2022 to 2024, the total management fees collected by Huashan Fund reached 8.937 billion, with over 6 billion collected during the loss period from 2022 to 2023, raising concerns about the alignment of fund company incentives with investor returns as per the regulatory action plan [5]