01 基金经理最新动态 1.民生加银基金朱永明新任副总经理 5月27日，民生加银基金发布公告，原董事会秘书朱永明于5月26日新任副总经理，丁辉新任董事会秘书。 2. 姚艺：长期看好创新药的成长空间 宝盈基金经理姚艺近日接受采访时表示，看好创新药板块未来的投资机会，并建议投资者以更长视角看待这一领域的投资价值。创新药企业业绩正在兑 现，以及海外市场拓展将驱动股价持续增长，长期看好创新药的成长空间。 不过，今年以来创新药个股已有较高幅度反弹，姚艺也提醒道，任何板块短期涨多了都会调整，创新药板块经历过3到4个月的累积上涨后，短期可能出现 技术性调整，但行业的基本面趋势并未改变，产业趋势的加速才刚刚开始，调整期恰是布局板块的好机会。 02 今日基金新闻速览 1. 又有代销机构被多家基金公司取消合作 5月27日，多家基金公司公告称，终止民商基金销售（上海）有限公司办理对应公司旗下基金相关业务。据统计，目前已有东吴、银华、华泰柏瑞、德邦 等多家基金公司与之终止或即将终止合作。 2. 5月以来超80只基金提示溢价风险 近期，跨境ETF高溢价现象频繁出现。Wind统计数据显示，5月份以来，已有超80只基金发布溢价风险提示公告 ...

Group 1 - The core viewpoint of the summit is the emphasis on the high-quality development of the public fund industry in China, with a focus on investor-centric ecosystems and the integration of technology to enhance investor experience [1][2] - Morningstar's General Manager highlighted the rapid growth of index investing in China and the introduction of smart advisory tools to help investors avoid irrational decisions [1] - Experts at the summit agreed on the need for the public fund industry to shift from a "scale-oriented" approach to a "performance-oriented" one, emphasizing the importance of cost reduction and transparency to improve actual investor returns [1] Group 2 - The summit attracted over 1,000 participants from more than 200 institutions, indicating strong interest and support for the development of the investment advisory ecosystem [2] - Morningstar reiterated its strategic positioning to bridge domestic and international wealth management industries, aiming to create sustainable value for investors [2] - The theme of the summit, "Intelligence Gathering Globally, Witnessing the Future Together," reflects the goal of fostering consensus for high-quality industry development and injecting new momentum for future transformation [2]

Core Viewpoint - The recent issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission marks a significant reform initiative aimed at enhancing investor returns and ensuring the long-term development of the public fund industry, transitioning it towards a new phase focused on quality and returns [1][3][5]. Group 1: Industry Development and Trends - The public fund industry has seen continuous expansion, with net assets reaching 32.83 trillion yuan by the end of 2024, reflecting a significant year-on-year growth [4]. - The number of investors in public funds is steadily increasing, indicating a growing interest from both individual and institutional investors in asset allocation through public funds [4]. - The industry faces challenges such as heightened competition and increasing demands from investors for product quality and service transparency, necessitating a shift from a scale-focused approach to one that emphasizes returns [5][6]. Group 2: Strategic Directions - The "Action Plan" serves as a guiding framework for the industry, shifting the focus from "scale" to "returns," thereby establishing a virtuous cycle of "return increase - capital inflow - market stability" [5]. - Fund companies are encouraged to enhance asset management capabilities and optimize product offerings to better align with client needs, thereby improving customer experience and fostering a wealth management ecosystem [5][6]. Group 3: Innovation and Technology - The integration of digital technologies such as artificial intelligence and big data into the asset management industry is becoming increasingly important, with firms investing in digital transformation to enhance efficiency and reduce costs [8]. - The development of a modern investment research system and a refined product system is essential for achieving long-term stable returns for investors [8][10]. Group 4: Risk Management and Compliance - A comprehensive risk management framework is crucial for maintaining financial stability, which includes embedding risk monitoring and early warning mechanisms throughout all business processes [9][10]. - Strengthening compliance culture is fundamental to risk prevention, requiring ongoing training and education to foster a proactive risk management environment [10]. Group 5: Future Outlook - The public fund industry is positioned to play a vital role in supporting national strategies and the transformation of the real economy, with a focus on innovation in products and services that cater to emerging sectors [7][11]. - Companies are committed to continuous improvement in their core competencies and aligning their strategies with the evolving needs of the economy and investors [11].

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines directions for the public fund industry, including optimizing fee structures for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] Group 2: Company Initiatives - China Europe Fund has actively responded to the policy by launching the "Star Advisor Program," collaborating with Huatai Securities to inject momentum into the high-quality development of the industry [1][5] - Huatai Securities, as a leading domestic brokerage, has introduced the "Worry-Free Investment" service, which provides investors with tailored fund investment strategies and a one-stop wealth management experience [2] Group 3: Investment Strategies - The "Worry-Free Investment" service aims to create a diversified and global asset allocation framework, capturing various sources of differentiated returns, and has launched multi-asset allocation strategies that include traditional A-share investments and extend to overseas markets and fixed income [2] - The "Worry-Free Investment" team consists of over 100 professionals who have developed investment signals such as the "Worry-Free Valuation Thermometer" and "Worry-Free Seasonal Investment" to help investors navigate market investment rhythms [2] Group 4: Collaborative Efforts - The "Star Advisor Program" by China Europe Fund focuses on providing tailored services to top investment advisors in the wealth management sector, including developing high-quality educational content through the "European Master Class" service system [3] - A recent activity under the "Star Advisor Program" involved a deep dive into the humanoid robot industry, where a research team visited leading companies in Ningbo, Zhejiang, to explore technological breakthroughs and investment opportunities [3]

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 20 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重点关注基建央企，相对沪深 300 低配 投资评级： 看好（维持） ——建筑装饰行业周报（20250512-20250518） 投资要点： 本周观点： 联系人 证监会发布《推动公募基金高质量发展行动方案》，推动行业回归"重回报"本质。2025 年 5 月 7 日，中国证监会印发《推动公募基金高质量发展行动方案》，围绕优化收费机 制、强化利益绑定、提升行业服务能力、促进长期投资稳定性和强化监管等六大方向提出 25 条具体举措，旨在推动行业从"重规模"向"重回报"转变。方案明确提出， ...

钟文岳在履新声明中强调，招商基金将深入贯彻《推动公募基金高质量发展动方案》，围绕投研能力提升、多元业务布局及客户服务优化三大方向发力，具 体措施包括：加强投研核心能力，促进投研深度融合并强化数字化平台建设；坚持以权益投资为本，持续发力养老金融、被动指数及公募REITs等重点业 务；推进"产品销售"向"投顾服务"模式转型，打造招商特色基金投顾以提升客户体验。 东方财富Choice数据显示，截至2025年一季度末，招商基金公募基金规模达9225亿元，非货币基金规模达5504亿元，行业排名均处第九。从资产配置看，股 票市值1684亿元，占比18.2%；债券市值5999亿元，占比64.88%。 接任者钟文岳为招商系资深高管，拥有超过30年金融从业经验。资料显示，钟文岳职业生涯始于中农信福建集团、申银万国证券等机构，2015年加入招商基 金后历任常务副总经理、财务负责人等职，主导过分公司运营及财务体系建设。2023年调任招银理财总裁期间，推动理财业务规模连续三年位居行业首位。 此次回归招商基金，钟文岳被寄望于在行业转型期强化公司核心竞争力。 | | 首页 | 全部基金 | 养老有招 | ESG | 陪伴基地 企业理财 ...

5月7日，证监会下发了《推动公募基金高质量发展行动方案》（下文简称《行动方案》），《行动方案》从提升投资 者回报和重视基金投资相对基准的超额收益等方面提出了改革方向，市场也热议当前公募基金相对基准的偏离和未来 的资金配置转移等问题。本文尝试从实现监管目标入手，考察当前公募基金可能的行为以及资金配置的变化。 1. 政策立足长期，短期对市场影响或被高估 我们认为，《行动方案》既为公募基金的改革指明了方向，也关注到市场现状和注重长期效果，其具体条款对基金经 理行为和资金的影响都偏向长期，短期对市场的影响更多来自情绪面。主要的原因如下： 首先，未来公募基金可能会根据实际投资特征调整业绩基准，而不是简单向现有的基准靠拢。 当前公募基金约有40%的产品业绩比较基准是沪深300指数，因此市场上普遍以沪深300的行业分布和当前公募的行业 计算偏离和可能带来的调整资金， 这种计算方式高估了调仓资金的金额 ，未考虑在业绩基准重要性提升之后基金经 理普遍将选择更匹配自己投资风格的指数作为业绩基准的情况。 根据《行动方案》，未来将下发《公募基金业绩比较基准指引》，给出进一步明确的可选业绩基准，在更加重视业绩 基准的新时代，公募基金很 ...

Core Viewpoint - The announcement of the change in fund manager for "Yongying Hong Kong Stock Connect Quality Life Selected Mixed Fund" from Yan Qing to Jiang Weihua highlights a significant shift in management, with implications for fund performance and investor confidence [1][4]. Group 1: Fund Manager Change - Yan Qing, an experienced investment manager with 19 years in the securities industry, has stepped down from managing the largest fund under Yongying, which had a size of 619 million yuan as of March 31, 2025 [1][3]. - Jiang Weihua, who has only 1.81 years of experience as a fund manager, will take over the management of the fund, increasing his total managed assets to approximately 1.306 billion yuan [13][15]. Group 2: Fund Performance - The "Yongying Hong Kong Stock Connect Quality Life Selected Mixed Fund" has shown a year-to-date return of 9.99%, outperforming its benchmark of 9.94% and significantly surpassing the CSI 300 index's return of -1.47% [4][8]. - Despite the recent strong performance, the fund has underperformed its benchmark by 31.54% since inception, with a total return of -26.80% compared to the benchmark's 4.74% [6][8]. Group 3: Historical Performance Analysis - Yan Qing's management of the fund has been inconsistent, with annual returns showing significant underperformance against benchmarks in previous years, particularly from 2021 to 2024 [4][6]. - The fund's performance has raised concerns regarding the sustainability of returns, especially given the recent regulatory focus on long-term performance metrics for fund managers [4][6]. Group 4: Comparison of Fund Products - Jiang Weihua's other managed funds, such as "Yongying New Consumption Smart Selection," have shown strong performance with a year-to-date return of 20.41%, indicating a potential for better management outcomes [18][21]. - The divergence in performance between Jiang Weihua's funds suggests that stock selection and market conditions play a crucial role in fund performance, with specific stocks like Pop Mart and TCL Electronics contributing significantly to returns [21].

央广网北京5月20日消息（记者 冯方）5月20日，招商基金发布公告称，公司原总经理徐勇因个人原因离任，钟文岳自2025年5月20日起接任公司总经理一 职。 钟文岳表示，今年是公募基金行业高质量发展关键之年，是行业重塑生态、加快转型的关键机遇期。招商基金将坚定贯彻落实《推动公募基金高质量发展行 动方案》，牢牢把握金融工作的政治性、人民性，做好金融"五篇大文章"，强化风险防控，筑牢高质量发展安全防线，提升投资研究、资产组织、风险管 理、科技支撑、业务创新及人才队伍建设各项能力，服务新质生产力发展，以实际行动为推进金融强国建设作出新的贡献。 钟文岳介绍，在经营发展层面，将努力做好以下几点：一是夯实投研底蕴，加强投研核心能力。持续打造"长期、稳定、较好"投资业绩，进一步促进投研深 度融合，持续强化投研数字化平台建设。二是深化战略布局，加强多元业务能力。坚持以权益投资业务为本，持续发力做强养老金融业务，积极推动被动指 数，公募REITs等重点业务发展。三是聚焦客户需求，追求最佳客户体验。强化创新业务产品联动布局，打造招商特色基金投顾，积极推进"产品销售"向"投 顾服务"模式转型，向"最佳客户体验资产管理公司"目标持续迈 ...

Policy Direction - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, 2025, following the Central Political Bureau's meeting on September 26, 2024, which called for steady progress in public fund reforms[1] - The action plan includes 25 actionable measures across five key areas, focusing on optimizing fee structures, strengthening investor-company alignment, enhancing investor services, increasing equity investment scale and stability, and promoting strong regulation to mitigate risks[6] Industry Impact - The action plan aims to increase the scale and proportion of equity investments in public funds, positioning equity funds as the primary growth area[8] - A shift towards team-based management for fund managers is encouraged, which is expected to reduce turnover rates and focus on long-term investor returns, moving away from short-term performance pressures[9] - Sales expenses are projected to decrease as the focus shifts from short-term performance-driven marketing to a more sustainable approach, integrating investor outcomes into executive performance evaluations[9] Business Model Evolution - The industry is expected to evolve into a landscape dominated by large integrated asset management and wealth management firms, with support for market-driven mergers and acquisitions among fund companies[10] - The action plan emphasizes the need for cost control alongside fee reductions to maintain profitability, with potential short-term impacts on overall industry profits if not managed effectively[10] - Smaller fund companies may face challenges in survival unless they establish differentiated business models, as the market consolidates around larger firms[10] Risk Considerations - Economic growth below expectations and declining investor risk appetite could hinder the expansion of equity fund scales[12]