永赢基金陷违规带货漩涡：规模暴增藏隐忧，高波动藏风险

Core Viewpoint - The public fund industry is facing significant scrutiny due to regulatory violations related to sales practices, particularly highlighted by the case of Yongying Fund, which saw substantial inflows driven by unqualified endorsements from social media influencers [3][4][16]. Group 1: Regulatory Violations - Yongying Fund's two popular products attracted nearly 10 billion yuan in a single day due to promotion by an unqualified influencer, raising concerns about compliance and investor protection [4][5][16]. - The influencer's promotion, which included aggressive marketing tactics, violated the Securities Investment Fund Sales Management Measures, indicating illegal operations [5][17]. - Following the incident, Yongying Fund implemented a purchase limit of 1 million yuan per individual investor to mitigate liquidity risks, but this raised questions about the company's compliance review processes [4][5][16]. Group 2: Fund Performance and Risks - The Yongying High-end Equipment Selected Mixed Fund (A/C) has shown extreme volatility, with a cumulative return of 61.93% since its inception in July 2022, but it also experienced losses of 12.66% and 4.16% in 2023 and 2024 respectively [7][20]. - The fund's net value rebounded significantly in 2025, with a yearly increase of 94.62% and a monthly increase of 47.93% in December, but this performance is accompanied by high volatility and a maximum drawdown of 29.6% [7][20]. - The rapid inflow of funds has led to a nearly twofold increase in the fund's share volume, complicating the fund manager's ability to adjust positions effectively, which could exacerbate net value fluctuations [8][21]. Group 3: Fund Manager's Track Record - The controversial products are managed by Zhang Lu, whose aggressive investment style has contributed to the fund's significant performance swings [8][21]. - Despite recent successes, Zhang's historical performance includes substantial losses, with a 59.9% loss in another fund he managed in 2023, raising concerns about his investment strategy's stability [10][23]. - Zhang's practice of publicly sharing his personal investment account, which heavily mirrored his managed funds, has drawn criticism for potentially encouraging speculative behavior among investors [10][23]. Group 4: Industry Implications - The incident with Yongying Fund reflects broader issues within the public fund industry, where the pursuit of growth has led to compliance oversights and increased risks [11][24]. - The rapid growth of fund sizes, such as the increase from under 200 million yuan to 11.5 billion yuan in another fund managed by Zhang, highlights the potential for liquidity crises and tracking errors [11][24]. - The China Securities Regulatory Commission has emphasized the need for enhanced market monitoring and compliance to prevent excessive speculation and ensure fair trading practices [11][24].