中信建投基金周紫光业绩长期不佳，或面临“降薪危机”

Core Viewpoint - The recently issued "Guidelines for Performance Assessment Management of Fund Management Companies" may lead to salary reductions for fund managers whose performance has significantly underperformed benchmarks, particularly affecting those managed by Zhou Ziguang of CITIC Construction Investment [1] Group 1: Performance Assessment Guidelines - Fund managers whose actively managed equity products have underperformed benchmarks by more than 10 percentage points over the past three years and have negative profit margins must see their performance compensation reduced by at least 30% [1] - If the performance is below the benchmark by over 10 percentage points but with positive profit margins, their performance compensation should also decrease [1] Group 2: Fund Performance Analysis - Zhou Ziguang's managed funds, including CITIC Construction Investment's "Low Carbon Growth Mixed A," "Smart IoT A," and "Smart Life A," have seen net value declines of approximately 50%, underperforming benchmarks by about 70%, 66%, and 55% respectively over the past three years [3] - The "Smart Life A" and "Smart IoT A" funds reported negative returns of around 17% and 7% year-to-date, lagging behind their benchmarks by 34 and 16 percentage points [3] - Zhou Ziguang's previous success with the "Low Carbon Growth A" fund has been overshadowed by recent poor performance due to market style shifts [3] Group 3: Fund Management Changes - Zhou Ziguang stepped down from managing the "Technology Theme 6-Month Holding Mixed Fund," which had a return of 44.31% over nearly three years, with the new manager, Leng Wenpeng, experiencing a return of nearly -9% in the first two months [4] - The "Technology Theme 6-Month Holding Mixed Fund" has seen a net value decline of 48.49% since its inception, underperforming its benchmark by 68 percentage points [4] Group 4: Overall Fund Management Landscape - As of the end of Q3 this year, CITIC Construction Investment manages a total of 65 products with a combined management scale of 71.486 billion, ranking 77th in the industry [5] - Compared to the end of last year, the number of products has increased by 9, but the management scale has decreased by nearly 24% [5] - The scale of 6 stock funds is 1.07 billion, while 26 mixed funds account for 9.003 billion, making up only 14% of the total [5]