鹏华基金权益业务陷怪圈：越发产品规模越小！“复制粘贴”式发行策略惹疑

Core Viewpoint - Recent rumors of a physical altercation between two fund managers at Penghua Fund have caused significant disruption in the public fund sector, with both parties denying the allegations and the company conducting an internal investigation [1] Fund Performance and Management - Yan Siqian, a prominent fund manager at Penghua Fund, manages six funds with a total management scale of 20.8 billion yuan, including the Penghua Carbon Neutrality Mixed Fund, which has seen a nearly 80% increase this year, ranking in the top five of its category [1][3] - Despite the impressive growth, the fund reported a loss of over 500 million yuan in the first half of 2025, indicating potential high-risk exposure for investors [3][6] - The Penghua Carbon Neutrality Mixed Fund reached a historical net value peak of approximately 2.17 yuan in September, but has since dropped to 1.78 yuan, reflecting an 18% decline from its high [4][6][7] Fund Issuance Strategy - The success of a single product has led to a "copy-paste" strategy in launching new funds, with the recent introduction of the Penghua Manufacturing Upgrade Mixed Fund, which also focuses on robotics and quickly raised 2 billion yuan in one day [7][9] - However, the new fund has not performed as well, showing a net loss of 0.57% since its launch, underperforming compared to the CSI 300 index [7][9] Industry Challenges - Penghua Fund's equity business has faced significant challenges, with mixed fund scales nearly halving over the past four years, despite an increase in the number of equity funds launched [11][13] - The firm has struggled to maintain growth, only recently crossing the 1 trillion yuan management threshold, while competitors have seen much faster growth rates [13] - The reliance on marketing rather than performance-driven growth raises concerns about long-term sustainability and investor trust, especially as market enthusiasm wanes [15]