SPD BANK(SH:600000) Xin Lang Cai Jing·2025-12-23 10:42Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment Management of Fund Management Companies" introduces significant reforms in the public fund industry, emphasizing performance-based evaluations and potentially leading to salary reductions for nearly a thousand fund managers [1][7]. Fund Performance and Dividend Distribution - The guidelines stipulate that fund companies should prudently determine dividend frequency and ratios based on the long-term performance of fund products and investor gains or losses, particularly reducing dividends for funds with poor performance over the past three years [1][7]. - According to the 2024 annual report of Shanghai Pudong Development Bank, the operating income of Puyin Ansheng Fund was 1.276 billion yuan, with a net profit of 253 million yuan, resulting in a total dividend of 100 million yuan and a dividend rate of 39.53% [1][7]. - Over the past decade (2015-2024), Puyin Ansheng Fund has accumulated a net profit of 2.702 billion yuan and distributed a total of 882 million yuan in dividends to shareholders, with Shanghai Pudong Development Bank receiving 450 million yuan [1][8]. Comparison with Foreign Shareholders - The foreign shareholder, AXA Investment Managers, has received a total of 344 million yuan in dividends over the same period, having invested at least 468 million yuan since the fund's establishment in 2007 [3][10]. - In contrast, foreign shareholders in the industry, such as the second-largest shareholder of Penghua Fund, have seen significantly higher returns, with a total of 1.667 billion yuan in dividends over the past decade, indicating a stark difference in investment returns compared to AXA [10]. Fund Product Performance - Data from Wind shows that from 2022 to 2024, 32 out of 74 fund products (43%) under Puyin Ansheng Fund reported losses, and 47 products (63%) underperformed their benchmarks, with 17 products (22%) underperforming by more than 10% [5][11]. - For the period from December 1, 2022, to November 30, 2025, 15 out of 86 products (17%) are expected to incur losses, with 55 products (63%) underperforming their benchmarks [5][12].