薪酬新规透视 | 聚焦新能源半导体，创金合信基金李游在管2产品跑输基准，创金合信产业智选A跑输超27%

Core Viewpoint - The fund industry is undergoing significant salary reforms, impacting nearly a thousand fund managers, particularly those with poor performance and those managing larger funds with noticeable performance disparities [1][7]. Group 1: Fund Performance Analysis - Fund manager Li You's three public funds show significant performance differences over the past three years: - Chuangjin Hexin Industry Select A underperformed its benchmark by 27.32% with a fund size of 1.653 billion [1][7]. - Chuangjin Hexin Industrial Cycle Select A underperformed its benchmark by 18.07% with a fund size of 2.110 billion [1][7]. - Chuangjin Hexin Resource Theme A achieved an excess return of 23.53% with a fund size of 819 million [1][7]. - The total management scale of these three funds is 4.582 billion [1][7]. Group 2: New Salary Regulations - According to the latest guidelines from the Asset Management Association of China, fund companies must conduct weighted assessments of fund managers based on fund size and management duration [2][8]. - Li You's case, with significant performance disparities, will serve as an important observation sample under the new salary assessment regulations [2][8]. Group 3: Portfolio Structure and Performance - Li You's managed products exhibit clear thematic distinctions and performance attribution logic [3][9]. - The heavy overlap in top holdings between Chuangjin Hexin Industry Select A and Industrial Cycle Select A focuses on growth sectors like new energy and automotive components, with notable stocks such as Ningde Times and Top Group [5][11]. - In contrast, Chuangjin Hexin Resource Theme A focuses on resource cyclical stocks, with top holdings like Xingye Silver and Zijin Mining showing significant gains, contributing to its excess returns [5][11]. Group 4: Performance Pressure - With the implementation of new salary regulations, Li You faces direct assessment pressure, as funds with returns below the benchmark by more than 10 percentage points and negative profit margins will see performance pay reductions of at least 30% [6][12]. - Both of Li You's manufacturing-themed funds have significantly underperformed their benchmarks, which may directly impact his performance evaluation [6][12].