绩效新规|兴证全球基金十年分47亿兴业证券获24亿，近十年里有四年分红率超90%，近三年4成产品跑输基准

Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment Management of Fund Management Companies" has sparked significant discussion in the industry, emphasizing the need for fund companies to prudently determine dividend frequency and ratios based on long-term performance and investor losses [1][6]. Fund Company Dividend Regulations - The guidelines require fund companies to adjust dividend frequency and ratios for funds with poor performance and significant investor losses over the past three years [1][6]. - In 2024, Xingsheng Global Fund reported revenue of 3.279 billion yuan and a net profit of 1.413 billion yuan, with a dividend payout of 493 million yuan, resulting in a dividend rate of 34.89% [1][6]. Historical Dividend Performance - Over the past decade (2015-2024), Xingsheng Global Fund has accumulated revenue of 31.604 billion yuan and a net profit of 11.509 billion yuan, distributing a total of 4.778 billion yuan in dividends, with an average dividend rate of 41.52% [1][6]. - In 2023, the fund's dividend rate reached 91.51%, while in 2019, it was over 90%, indicating a high dividend payout compared to other large and medium-sized fund companies [2][7]. Fund Performance and Investor Impact - In 2023, Xingsheng Global Fund's products collectively incurred losses of 9.4 billion yuan, yet the fund distributed 1.253 billion yuan in dividends [3][8]. - From 2022 to 2024, 61% of the 47 fund products experienced losses, and 65% underperformed their benchmarks, with 38% of products lagging by more than 10% [3][5][8]. - In a subsequent period (December 2022 to November 2025), only 5.56% of 54 products reported losses, showing a significant improvement in performance metrics [4][5]. Market Observations - Analysts have raised concerns that excessively high dividend rates may hinder capital accumulation and risk management for fund companies, potentially affecting their ability to innovate and expand [5][9]. - The practice of high dividend payouts during market downturns, when investor returns are suboptimal, may negatively impact the overall investor experience [5][9].