嘉实基金总经理经雷任内：规模稳第七，增速掉队

Core Viewpoint - As of the end of Q3 2025, the company has a net asset value of approximately 1.2 trillion yuan, ranking seventh in the industry, but its growth rate is lagging behind peers, indicating a structural misalignment between stable rankings and slow growth [1][2]. Company Performance - The company's public fund asset scale reached 1.2 trillion yuan, with a quarterly increase of 646.56 billion yuan, maintaining its seventh position in the industry [2][3]. - Among the 24 large public fund companies with assets over 500 billion yuan, the company ranked 13th in quarterly growth, reflecting a stable size but insufficient momentum [2][4]. - The company's active equity fund saw a quarterly increase of 119.66 billion yuan, ranking 15th in the industry, indicating a slower growth compared to peers [1][4]. ETF Market Position - The company reported an ETF scale of 338.86 billion yuan with a quarterly increase of 748.02 billion yuan, ranking fifth overall; however, it ranked third from the bottom among ETF companies with over 200 billion yuan in scale [5][6]. - The overall ETF market expanded significantly, but the company's growth in this area is considered weak due to a conservative approach in emerging sectors and cross-border products [5][6]. Team Dynamics and Governance - The company has experienced a significant turnover of core investment research members, with 14 key personnel leaving in 2025, which is unusual for established public funds [6][7]. - The transition in governance, with a new chairman taking over in September 2024, and the existing general manager having been in position since 2018, indicates a period of organizational restructuring [6][7]. Profitability and Future Outlook - The company achieved over 100 billion yuan in profits for investors in Q3, ranking among the top three fund management companies, primarily driven by the recovery of broad-based ETFs [7]. - The focus for Q4 includes accelerating the issuance of new ETFs and thematic funds, improving active equity fund inflows, and enhancing communication and stability within the investment team [7].