交银施罗德：明星基金经理褪色、规模失血，千亿“瘦身”阵痛持续

Core Insights - The article highlights the significant decline in performance of the China International Fund Management (CIFM), particularly in its actively managed equity funds, contrasting with the success of other funds like Yongying Technology Smart A, which achieved a record return of 233.29% in 2025 [1][11] Performance Analysis - In 2025, out of 4,369 actively managed equity funds, only 75 achieved doubled returns, with Yongying Technology Smart A leading the pack [1][11] - CIFM's star manager Han Weijun saw all six of his managed funds report negative returns, with the worst performer, the CIFM Domestic Demand Growth One-Year Holding Mixed Fund, losing 36.33% [2][11] - Among the "old three swordsmen" of CIFM, only He Shuai performed relatively well, with one fund exceeding a 40% return, but still ranking outside the top 1000 in its category [3][11] Fund Management and Scale - CIFM's total assets under management (AUM) decreased from 588.1 billion yuan at the end of June 2022 to 490.2 billion yuan by the end of 2025, a loss of nearly 100 billion yuan over three and a half years [1][11] - The mixed fund category saw the most significant decline, shrinking by 115.7 billion yuan to 87 billion yuan, a drop of over 57% [1][11] - The bond fund category also experienced a reduction of 42.1 billion yuan, indicating a broader trend of asset shrinkage within CIFM [1][11] Risk of Fund Liquidation - Several CIFM funds are at risk of liquidation, including the CIFM Yujing Pure Bond One-Year Open Fund, which has been below the 50 million yuan threshold for 45 consecutive working days [7][12] - The CIFM Hongtai One-Year Holding Mixed Fund has already been liquidated due to its net asset value falling below 50 million yuan for 50 consecutive working days [8][12] Managerial Changes - CIFM currently employs 42 fund managers, with an average tenure of just over three years, indicating a potential instability in management [16] - The departure of key managers from the "new three swordsmen" has left only Yang Jinjing remaining, raising concerns about the continuity of fund management [5][16]