永赢基金“新瓶装旧酒”，股权激励奖什么？

Core Viewpoint - Yongying Fund has become the first bank-affiliated fund company to implement employee stock ownership incentives, reflecting its aggressive corporate culture and management approach [1][7]. Group 1: Employee Stock Ownership Incentives - Yongying Fund introduced employee stock ownership incentives, with three employee holding partnerships collectively owning 3.51% of the company [1][7]. - A total of 90 employees participated in the stock ownership plan, contributing a total of 100 million yuan [1][7]. - Key executives, including the chairman and general manager, invested significant amounts in the stock, indicating a potential for increased personal financial benefits through asset management expansion [1][7]. Group 2: Fund Performance and Strategy - Since 2025, the "Smart Selection" series of funds has seen a dramatic increase in scale, with a total growth of approximately 100 billion yuan in the first nine months of the year [2][10]. - The Yongying Technology Smart Selection fund, launched in October 2024, has achieved a net value growth rate of about 200%, with its scale increasing from 0.26 billion yuan to 11.52 billion yuan [2][10]. - The fund claims to focus on high-growth sectors like cloud computing and innovative pharmaceuticals, but it has been accused of violating performance benchmarks, leading to a "blind box" investment approach [2][10]. Group 3: Investment Risks and Concerns - The "Smart Selection" series is criticized for being a rebranded version of previous aggressive investment strategies, with significant deviations from performance benchmarks [3][11]. - The fund's high net value growth is seen as unsustainable, facing substantial mean reversion risks [4][12]. - Historical data indicates that funds with similar high returns often experience significant declines in subsequent years, raising concerns about the sustainability of Yongying Fund's performance [5][12]. Group 4: Corporate Culture and Ethical Concerns - The aggressive "wolf culture" within Yongying Fund is linked to distorted incentive mechanisms that prioritize rapid asset growth over long-term investor interests [6][13]. - The company’s approach may undermine the integrity of the fund management industry, as other firms may attempt to replicate its high-risk investment strategies [6][14]. - The leadership of Yongying Fund, despite their qualifications, has exposed investors to risks beyond what is stipulated in fund contracts, raising ethical questions about their practices [7][14].