Core Viewpoint - The public fund industry in China is undergoing a significant fee reduction reform, with several major fund companies announcing lower management fees for their products, aimed at reducing investor costs and enhancing their experience [1][4]. Group 1: Fee Reductions by Fund Companies - Yifangda Fund has reduced the management fee for its two bond funds, with the annual management fee for the Yifangda Zhongzhai New Comprehensive Bond Index Fund decreasing from 0.3% to 0.15%, and the Yifangda Investment Grade Credit Bond Fund from 0.35% to 0.3% [3]. - Penghua Fund announced a fee reduction for its Penghua CSI Hong Kong Stock Connect Technology ETF, with the management fee dropping from 0.6% to 0.45% and the custody fee from 0.15% to 0.1%, effective May 9, 2025 [3]. - Huaxia Fund will lower the management fee for its Huaxia CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF and its corresponding fund from 0.5% to 0.15%, and the custody fee from 0.1% to 0.05%, starting May 15 [3]. Group 2: Industry Trends and Regulatory Support - As of this year, the number of products with an annual management fee of 0.15% or lower has exceeded 1,000 for the first time in history, indicating a trend towards lower fees in the industry [3]. - The China Securities Regulatory Commission (CSRC) is actively promoting fee reductions, having implemented the first two phases of management and trading fee reforms, with a third phase targeting fund sales fees expected to save investors approximately 45 billion yuan annually starting in 2025 [4]. - The CSRC's action plan for promoting high-quality development in public funds includes measures to lower investor costs and will introduce regulations to manage public fund sales fees, encouraging timely fee reductions for large-scale index funds and money market funds [4].

为向内地投资者提供更加透明准确的香港基金产品信息，Wind与香港中资基金业协会 （HKCAMA）于2022年三季度首次联合发布香港离岸中资公募基金业绩榜后，受到内地投资 者和媒体的广泛关注。为更全面地展现协会会员公司在管基金的风采，当各类型基金的细分 类别符合入榜条件，但基金数量不满足发榜要求时，本次榜单将在备注中注明各细分类别下 的基金及其区间业绩情况。 Wind用户可在金融终端-全球基金专题统计（快捷键： GFS ）查看榜单结果，相关资讯也可从Wind金 融终端-资讯（快捷键： NEWS ）中搜索榜单标题查看。 // 基金业绩总榜 // 普通股票型基金业绩总榜 01 五年期普通股票型基金业绩榜 | 五年期 | 五年期普通股票型基金业绩榜 | | | --- | --- | --- | | 五年收益 | 排名 基金名称 | | | 中银香港环球股票基金A-USD累积 | 92.00% | 7 | | 79.83% | 富国中国中小盘成长基金1-USD派息 | 2 | | 嘉实亚洲前沿国家股票基金A-USD累积 | 53.25% | 3 | | 中银保诚中国价值基金A-HKD派息 | 47.35% | 4 | ...

数据来源：天天基金网；数据截至： 2025 年 5 月 21 日 据公开资料显示，浦银安盛品质优选A成立于2021年12月28日，成立之初基金经理为蒋佳良，后续曾在2022年7月 11日增聘杨达伟，两人共同管理至今。 华夏时报（www.chinatimes.net.cn）记者 叶青 见习记者 栗鹏菲 北京报道 公募基金行业近期迎来业绩比较基准改革，部分产品长期偏离基准的现象引发市场热议。其中，浦银安盛基金旗 下多只权益类产品因业绩大幅跑输基准，成为行业焦点。 《华夏时报》记者发现，浦银安盛基金首席权益投资官蒋佳良执掌的12只基金中有11只任期回报为负，部分产品 净值腰斩。叠加高层人事动荡、前基金经理涉"老鼠仓"被罚等事件，浦银安盛正面临投研能力与公司治理的双重 考验。 明星经理业绩"滑铁卢" 截至2025年一季度，蒋佳良管理的浦银安盛品质优选A过去三年净值下跌46.75%，同期业绩比较基准（沪深300指 数收益率×70%+恒生指数收益率×15%+中证全债指数收益率×15%）微涨0.46%，偏离幅度高达47.21个百分点。 天天基金网数据显示，截至2025年5月21日，浦银安盛品质优选A近三年、近两年业绩排名均 ...

更值得注意的是，部分C类份额的表现远不及A类份额。以长城久鼎混合为例，其A类份额表现尚可，但C类份额（016059）任职年化回报则 为-36.3%。这种差异主要源于成立日期不同、规模不足千万以及持有人减少等多重因素。 长城基金权益投资老将、基金经理廖瀚博管理的产品业绩"冰火两重天"，被推至舆论的风口浪尖。尤其是部分产品业绩亏损幅度皆超20%， 管理规模在一年内急剧下滑，从2022年的近50亿元降至2025年的16.27亿元。这一现象不仅反映了个人投资风格的问题，也折射出公募基金 行业面临的转型挑战。 | 题翻譯管理过的基金一览 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 其金代码 | 基金名称 | 相关链接 | 真舍类型 | 规模(亿元) | 任职时间 | 任职天数 | 任賠回报 | | 019367 | 长城均衡成长混合A | 估值图 富翁吧 指案 | 混合型-揭股 | 0.34 | 2023-12-25~至今 | 1年又148天 | 14.62% | | 019368 | 长城均衡成 最合C | 估值图 嘉余吧 档 ...

低费率基金产品数量超过1000只。 近期，又有易方达中债新综合债券指数基金、易方达投资级信用债债券基金、华夏中证沪深港黄金产业股票 ETF、华夏中证红利低波动ETF等多只基金降低基金管理费年费率。 其中多只基金将管理费年费率降低至0.15%的最低费率，叠加近期上市的0.15%的低费率基金产品，管理费年 费率在0.15%及其以下的低费率基金产品数量历史首次超过1000只。 公募基金行业费率改革积极效应明显，压降了投资者持有成本，有助于提升投资者收益获得感。 多家头部公募持续降费 5月份以来，易方达基金、鹏华基金、华夏基金等多家公募宣布调低旗下基金产品费率。 易方达基金在5月初打响降费第一枪，率先公告调低旗下两只债券基金的管理费率。其中，规模超百亿元的易 方达中债新综合债券指数基金的年管理费率从0.3%降至0.15%，易方达投资级信用债债券基金的年管理费率从 0.35%降至0.3%。 紧随其后，鹏华基金宣布自2025年5月9日起，公司旗下鹏华中证港股通科技ETF下调费率，管理费年费率由 0.6%调低至0.45%，基金托管费年费率由0.15%调低至0.1%。该ETF对应联接基金则将管理费年费率由0.5%调 低至0. ...

金融地产 25Q1 业绩如何？板块后续怎么看？20250521 摘要 2025 年一季度，中国平安和中国太保净利润分别下降 26%和 18%，主 要受债市下跌及权益市场波动影响，而人保和国寿净利润增长约 40%， 新华也实现了正增长，受益于较好的债市及港股配置。 券商一季报整体符合预期，39 家券商扣非净利润同比增长 53%，主要 受益于去年低基数及今年交易量显著改善，日均交易量同比增长近 80%，新开户人数同比增长 32%，零售业务贡献显著。 公募基金新规将考核导向转向中长期投资者实际盈亏及相对收益率，有 望修复信任关系，利好行业长期发展，或加剧头部基金公司马太效应， 渠道降费预计对银行、券商及第三方代销机构收入产生负面影响。 非银行业是机构欠配比例最高的板块，主动权益基金配置约为 1%，远 低于万德全 A 权重占比 6.5%，存在约 1,500 亿的潜在回补量级，预计 将带来持续性的对基准尤其是权重股的配置。 券商板块 2025 年一季报同比增长 50%，中报预计延续 40%左右同比 增长，全年预期增长 25%左右。目前估值仍处于较低位置，重点看好零 售优势强的国信证券、华泰证券和广发证券，以及金融 IT ...

Summary of Conference Call Records Industry or Company Involved - Public Fund Industry Core Points and Arguments - The expansion of public fund scale is significantly correlated with excess returns, especially in favorable market years. However, current challenges in share and scale growth are evident, with a redemption rate of approximately 10% in Q4 and 2-3% in Q1 of the current year [1][2][3] - Adjusting to narrow-based indices (such as consumption, manufacturing, TMT) can improve the probability of outperforming benchmarks, but the win rate remains below 50%. Over the past three years, more than half of narrow-based index products failed to outperform benchmarks, indicating limited effectiveness of this strategy for excess returns [1][3] - In bond funds, a lower bond content and higher stock content correlate with increased difficulty in outperforming benchmarks. The significantly lower allocation to financial and cyclical sectors compared to index weights is a key factor, with potential for future weight increases in these sectors [1][3] - Achieving relative returns under new regulations requires attention to the stability of style and industry exposure, enhancing style and industry allocations to improve portfolio performance while controlling volatility. Industry-led investments have high potential for excess returns, but the risk-reward ratio is declining, making it a suboptimal strategy [1][3][4] - For absolute returns, multi-asset allocation can simplify investment processes. Relative returns require clarity on the stability of various benchmarks' style and industry exposures, along with methods to enhance these while controlling volatility [4] Other Important but Possibly Overlooked Content - Public funds should allocate at least half of their positions to benchmark indices and use the other half to seek excess returns, regardless of whether through style or industry allocation. Financial sectors, particularly non-bank and bank stocks, are notably underweighted in public funds compared to their index allocations [10][14] - The risk control benchmark can be compared to index-enhanced products, with the median risk of these products showing a relative drawdown of about 10%. If actively managed equity products can achieve a 10% relative drawdown with higher annualized excess returns, they will outperform traditional ETFs and broad index products [5][6] - The probability of selecting industries that yield over 1% excess returns annually is low, typically around 10%, with a special case in 2021 where 30% of industries met this standard. Achieving 10% excess returns is considered a high target for public funds [9][14] - The distinction between using style versus industry for excess returns is significant; style offers stability but lower ceilings, while industry can achieve higher ceilings but with less stability in win rates [11][14]

5月20日，惠升基金接连发布三则基金经理变更公告，副总经理张一甫同日卸任其管理的惠升惠泽混合、惠升惠民混合及惠升医药健康6个月持有期混 合三只产品的基金经理职务，全面退出基金管理一线。 根据公告披露，张一甫卸任的三只混合型基金分别由孙庆、彭柏文、张政三位基金经理接任。值得关注的是，惠升基金公告中对张一甫的未来去向未 作任何说明，仅以"工作安排"模糊带过。张一甫此次"清仓式"卸任行为，市场对其离任产品管理背后的深层原因猜测纷纷。 | 惠升惠泽灵活配置混合型发起式证券投资基金 | | | | 惠升惠民混合型证券投资基金基金经理变更公告 | | 惠升医药健康6个月持有期混合型证券投资基金 | | --- | --- | --- | --- | --- | --- | --- | | 基金经理变更公告 | | | | 送出日期:2025年5月20日 | | 基金经理变更公告 | | 送出日期:2025年5月20日 | | | 1. 公告基本信息 | | | 透出目期:2025年5月20日 | | 1. 公告基本信息 | | | 基金名称 | 惠升高民混合型证券投资基金 | 1. 公告基本信息 | | | 基金名称 | ...

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]

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" marks a systematic reform phase in the public fund industry, focusing on investor interests and returning to the essence of "entrusted management" [1] Fee Reform - The plan promotes a floating management fee mechanism for actively managed equity funds, linking fees to performance against benchmarks, addressing the issue of "funds making money while investors do not" [2][3] - The floating fee model aims to enhance the accountability of fund companies, compelling them to improve investment capabilities and focus on long-term value creation [2] Interest Binding - The core of the public fund reform is "interest binding," which strengthens the alignment of interests among fund companies, fund managers, and investors, marking a shift towards prioritizing "investor returns" [4][5] - The plan defines fund performance metrics and emphasizes long-term performance in fund manager evaluations, with at least 80% weight on product performance metrics [6] Future Outlook - The shift in evaluation focus from management scale to investor returns is expected to create a virtuous cycle of "increased returns—capital inflow—market stability," fostering a healthier and more vibrant capital market ecosystem [7]