规模狂飙下的冷思考：37万亿公募基金如何答好“回报”考题？

Core Insights - The public fund management industry in China is experiencing rapid growth, with total net assets nearing 37 trillion yuan as of October 2025, but there is a notable imbalance in development among fund management companies [1] - The industry is witnessing a "Matthew effect," where a small number of companies dominate the market, while many others struggle to reach significant asset management levels [1] - Recent performance data reveals that some funds have experienced extreme volatility, raising concerns about their long-term viability and investor returns [4] Industry Scale and Growth - As of October 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications, managing a total of 36.96 trillion yuan in assets [1] - The rapid increase in fund sizes is exemplified by Huayin Fund, which saw its management scale surge from 27 million yuan in Q2 2025 to 208 million yuan in Q3 2025, a nearly sevenfold increase [2] Performance Concerns - Despite significant asset growth, some funds, like the Beixin Ruifeng Ding Sheng Short-Duration Bond Fund, have poor historical performance, ranking low among peers despite a dramatic increase in size [2][3] - The Wanji Fund's Wanji CSI Hong Kong Stock Connect Innovative Drug ETF achieved a 117.13% return in 2025 but has a negative tracking error of over 50%, indicating poor long-term performance [4] - The Dongfanghong China Advantage Mixed Fund, once a benchmark for value investing, has seen a decline of 30.64% over three years, significantly underperforming its benchmark [4] High-Quality Development Initiatives - The China Securities Regulatory Commission (CSRC) has introduced a plan to promote high-quality development in the public fund industry, focusing on transitioning from a scale-driven approach to one that emphasizes returns [5][6] - The Beijing Securities Industry Association has issued a development initiative that encourages public fund institutions to prioritize investor returns and align with national strategies [5][7] Strategic Directions for Improvement - The industry is urged to adopt an "investor-centric" philosophy, integrating investor return metrics into core assessment systems to foster long-term value creation [7] - Fund companies are encouraged to focus on supporting national strategies, such as technology and green investments, while avoiding short-term speculation [7] - Compliance and risk management are emphasized as essential for protecting investor interests and ensuring industry integrity [7][9] Collaborative Efforts for Industry Growth - The high-quality development of the public fund industry requires a collaborative effort among regulators, institutions, and investors to foster a healthy market environment [8] - Regulatory bodies are called to enhance oversight and establish comprehensive evaluation systems focused on long-term performance and compliance [8] - Fund companies must improve their research capabilities and risk management practices to enhance competitiveness and better serve investor needs [8][9]