Group 1: Fund Research - The stock market indices mostly rose last week, with the Shanghai Composite Index and CSI 300 showing significant gains. Among 31 industry sectors, 22 experienced increases, with the top five being beauty care, non-bank financials, automotive, transportation, and chemicals. The bottom five sectors included computer, defense, media, electronics, and leisure services [2][3] - The net outflow of stock ETFs increased significantly, totaling 30.651 billion yuan, with the CSI 300 index experiencing the largest outflow of 5.153 billion yuan. The average daily trading volume for ETFs reached 246.616 billion yuan [3][4] - The average net value of equity funds rose by 0.56%, while bond funds showed mixed performance. The average net value of mixed bond funds increased by 0.03%, with a positive return ratio of 57.14% [3][4] Group 2: Industry Research - In April, retail sales of furniture increased by 26.9% year-on-year, driven by the domestic replacement policy, although the growth rate slowed compared to March. The contract liabilities of the customized home furnishing sector grew by 60.5% year-on-year, indicating potential improvement in company performance [5][6] - The easing of US-China tariff tensions has led to a decrease in costs for fluff pulp, benefiting the sanitary products industry. However, challenges remain for companies like Under Armour, which is undergoing a transformation [5][6] - The light industry manufacturing sector underperformed the CSI 300 index by 0.25 percentage points, while the textile and apparel sector lagged by 0.10 percentage points during the period from May 12 to May 16 [6][7]

又一家万亿级基金公司官宣重磅人事变动。 5月19日晚间，招商基金发布公告称，徐勇因个人原因离任，钟文岳任招商基金总经理。此前市场曾出现关于这一人事变动的传言，如今终于尘埃落 定。 实际上，钟文岳此前在招商基金任职多年，曾担任过公司党委副书记、常务副总经理、财务负责人等职务，对行业和公司的发展有着深刻的理解和洞 察。此次回归招商基金并担任党委副书记、董事、总经理，有望为招商基金的高质量发展带来新动力。 徐勇因个人原因离任 钟文岳任招商基金总经理 5月19日晚，招商基金发布一则高级管理人员变更公告，引发市场关注。 | 基金管理人名称 | 招商基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、 | | | 《证券基金经营机构董事、监事、高级管理人员 | | | 及从业人员监督管理办法》 | | 高管变更类型 | 新任基金管理人总经理、离任基金管理人总经理 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 钟文岳 | | 是否经中国证监会核准取得高管任职资格 | | | 中国证监会核准高管任职资格的日期 ...

Core Viewpoint - The appointment of Zhong Wenyue as the new General Manager of China Merchants Fund marks a significant leadership change, with a focus on maintaining stability and enhancing the company's strategic direction in the asset management industry [1][2]. Group 1: Leadership Change - Xu Yong has resigned as General Manager of China Merchants Fund for personal reasons after completing a three-year term, and Zhong Wenyue has been appointed as his successor [1]. - Zhong Wenyue has extensive experience within the company and the financial sector, having held various key positions over the years, which positions him well to lead the company [2]. Group 2: Strategic Focus - The company aims to maintain stability in its strategic goals and management, supported by its shareholders and a commitment to long-term planning [1]. - Zhong Wenyue emphasized the importance of adhering to the "Action Plan for Promoting High-Quality Development of Public Funds," focusing on risk prevention and enhancing capabilities in investment research, asset organization, risk management, technology support, business innovation, and talent development [2][3]. Group 3: Operational Development - The company plans to strengthen its investment research capabilities and enhance its core investment performance, aiming for "long-term, stable, and good" investment results [3]. - There is a commitment to diversify business capabilities, particularly in pension finance and passive index funds, while also improving customer experience through innovative product offerings [3]. Group 4: Collaboration with Shareholders - As a leading fund company, China Merchants Fund has made significant progress in various asset management sectors, achieving a total asset management scale of 1.56 trillion yuan, with public funds nearing 922.3 billion yuan [1][4]. - The company will leverage the strong support from its parent company, China Merchants Bank, and other stakeholders to enhance its professional capabilities and create greater synergy [5].

转自：证券日报网 本报记者 昌校宇 管理规模超1.56万亿元的头部基金公司，在公募基金行业转型关键期迎来新的领航者。 5月19日晚间，招商基金管理有限公司（以下简称"招商基金"）发布高级管理人员变更公告，宣布 徐勇因个人原因离任，钟文岳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》，不忘初心，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。 在经营发展层面，招商基金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 ...

责任编辑：刘万里 SF014 5月19日晚，招商基金公告称，自5月20日起，招商基金总经理由徐勇变更为钟文岳。变更原因主要是徐 勇任期已满，其因个人原因向股东提出离任申请，不再担任公司总经理职务。 钟文岳曾在中农信福建集团公司、申银万国证券股份有限公司、厦门海发投资实业股份有限公司、二十 一世纪科技投资有限责任公司、新江南投资有限公司、招商银行股份有限公司工作。2015年6月至2023 年6月期间，在招商基金任党委副书记、常务副总经理、财务负责人、深圳分公司及成都分公司总经 理。2023年7月至2025年5月，在招银理财有限责任公司工作，任党委副书记、总裁。2025年5月再度回 归招商基金，现任党委副书记、董事、总经理。 MACD金叉信号形成，这些股涨势不错！ 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》，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，以实际行动为推进金融强国建设作出新的贡献。 具体来看，在经营发展层面，公司将努力做好以下几点：一是加强投研核心能力。进一步促进投 ...

Report Overview - The report is titled "Benchmark Deviation Consideration: How Public Funds Allocate Industries - Asset Allocation Special Report" and was released on May 19, 2025 [3][1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The China Securities Regulatory Commission's "Action Plan for Promoting the High - quality Development of Public Funds" aims to shift fund companies from "emphasizing scale" to "emphasizing returns" and address the issue of fund style drift [5][13] - Style - stable funds generally perform better in the medium - to - long term than style - drifting funds, and style stability helps investors form stable investment expectations [6][14] - There is no significant correlation between the industry deviation of active equity funds and their returns, and industry drift does not contribute to excess returns [7][19] - If the industry allocation of funds moves closer to the performance benchmark, the financial sector may experience a resonance of fundamentals and capital flows [7][28] Summary by Directory 1. The Formal Release of the "Action Plan for Promoting the High - quality Development of Public Funds" - On May 7, the CSRC issued the plan, which includes 25 measures to promote the transformation of fund companies and address style drift [13] - Due to factors such as rapid market style changes, short - term performance pressure, and the pursuit of channel attention, the problem of fund style drift in China remains unsolved [14] - The plan includes measures such as establishing a floating management fee collection mechanism linked to fund performance, strengthening the constraint of performance benchmarks, enhancing transparency, reforming performance assessment mechanisms, and strengthening regulatory classification evaluation [15] 2. Current Industry Deviation of Active Equity Funds from the Benchmark - The average comprehensive industry deviation of active equity funds is 101%, and the average comprehensive industry deviation scale is 6.66 billion yuan, indicating a large deviation from the performance benchmark [7][18] - Most funds' industry deviations fall within the [80%, 120%) and [120%, 160%) intervals [7][18] - According to the 2024 annual reports, the most under - allocated industries are banks (-7.03%) and non - banks (-6.65%), while the top three over - allocated industries are electronics (+5.15%), machinery and equipment (+2.20%), and automobiles (+1.84%) [7][28] - There is more than 100 billion yuan of under - allocation in the bank and non - bank sectors compared to the benchmark index. If the allocation moves towards the benchmark, about 300 billion yuan may flow into the financial sector [28]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The "Action Plan" is long - term oriented, and its short - term impact on the market may be overestimated. Its specific terms have a long - term impact on fund managers' behavior and funds, and the short - term market impact is mainly emotional [2][6]. - In the long run, the index enhancement of active equity funds is a major development trend. The active equity investment betting on a single track may decline, and floating - fee products put forward higher requirements for active equity investment to approach the benchmark [2]. 3. Summary by Directory 3.1 Policy Focuses on the Long - Term, and Short - Term Impact on the Market May Be Overestimated - Future public funds may adjust performance benchmarks according to actual investment characteristics rather than simply approaching existing benchmarks. The current calculation method overestimates the amount of position - adjustment funds [6]. - The three - year relative benchmark - 10% constraint is relatively mild. Fund managers don't need to significantly adjust their positions in the short term. In the three - year dimension, the possibility of correct and implemented active judgments by active equity fund managers increases significantly [7][9]. - The "Action Plan" emphasizes long - term assessment, which protects fund managers' long - term investment decisions and encourages them to take a long - term perspective in investment decisions [15]. 3.2 Long - Term Impact: Index Enhancement of Public Funds Is a Major Trend 3.2.1 Active Investment Betting on Sub - Tracks May Decline - The three - year performance benchmark - 10% constraint may force track - type fund managers to adjust their investment characteristics in the long term. Short - term volatile sub - industries are difficult to outperform broader benchmarks in the three - year dimension [18]. - The "Action Plan" also includes investor return assessment, which will make it difficult for the "business model" of high - volatility single - track products to continue. The active equity investment model of betting on tracks may gradually decline [20][21]. 3.2.2 Floating - Fee Products Are a Real Test for Active Equity Investment to Approach the Benchmark - The "Action Plan" proposes new floating - fee products, which are required to account for no less than 60% of new products. If these products are open - ended funds, they will pose a real challenge to active equity investors to approach the benchmark [23]. - Since fund managers cannot control investors' subscription and redemption behaviors, their optimal decision is to closely follow the benchmark to create excess returns, which puts forward higher requirements for active equity fund managers [24][27].

Group 1 - The public fund industry in China is undergoing significant reform, shifting focus from "scale" to "return" as emphasized in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [1] - The plan aims to ensure that industry institutions prioritize the best interests of investors, integrating this principle into governance, product issuance, investment operations, and assessment mechanisms [1] - Data from Xinda Securities indicates that a majority of funds have underperformed against benchmarks, with approximately 30% of active equity funds showing excess returns below -20% over the past three years [1] Group 2 - A total of 82 actively managed equity funds established before 2021 have consistently outperformed the CSI 300 index from 2021 to 2024, with an average net value growth rate of 25.93% since 2021 [2] - The top-performing fund, Guangfa Multi-Factor Mixed Fund, achieved a net value growth rate of 85.68% since 2021, with a stock allocation of 83.09% as of the first quarter of 2025 [2] - The second-best performing fund, Jinxin Intelligent Mixed A, recorded a net value growth rate of 73.66%, heavily invested in the banking sector [3] Group 3 - As of May 16, 2025, 25 funds from the 82 long-term outperformers have seen their share increase by over 20% this year, with four funds doubling their shares [6] - The fund with the highest share growth is Huazhang Event-Driven Quantitative Mixed A, which increased by 386.19% since the beginning of 2025 [6] - Other notable funds with significant share growth include Jinxin Intelligent Mixed A and Huashang Runfeng Mixed A, both of which have also seen their total shares double [6]

《公募基金高质量发展行动方案》点评 长江证券研究所金融工程研究小组 2025-05-17 %% %% %% %% %% %% %% %% research.95579.com 2 01 基准分布统计 02 超额收益统计 03 为何沪深300和中证800作为基准难以跑赢 04 基准更替的考量 目 录 05 "回归基准配置"的短期驱动 %% research.95579.com 3 research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • 数据说明 主动权益基金：包括普通股票型、偏股混合型、灵活配置型和平衡混合型四类，剔除已清盘、已到期基金 以2025年5月7日为基期，规模数据取一季度末份额数据和2025年5月7日收盘价 | 表：主动权益基金规模分布 | | --- | | 分类 | 最新规模（亿） | 现存基金数量 | | --- | --- | --- | | 普通 | 4193 | 578 | | 偏股 | 17182 | 2578 | | 灵活 | 6987 | 1361 ...

对此，中航基金人士5月16日回应《华夏时报》记者称，邓海清的卸任是公司正常人事调整安排，其流程严格按照 中国证券投资基金业协会相关规定执行。因基金经理变更需履行报备、审核及信息披露程序，全程历时约10个工 作日，最终的公告日与近期公募基金行业改革新规的发布时间节点相近仅为偶然。公司始终恪守监管要求，所有 人事变动均以合规性为首要原则。 重仓地产股 中航基金副总经理兼首席投资官邓海清近日因"内部工作调整"卸任中航混改精选基金经理职务。 Wind数据显示，邓海清任职1年零154天期间，该基金C份额回报率为-12.9%，跑输业绩基准21.92%，同类排名垫 底（3643/4028）。其重仓地产股的投资策略成为核心争议点——截至2025年一季度末，前十大重仓股中86.55%仓 位集中于万科A、保利发展等地产品牌，被认为与"混改"主题偏离。 日前，《推动公募基金高质量发展行动方案》发布，新规明确三年业绩跑输基准超10%的基金经理需降薪，而该 基金近三年累计跌幅达35.20%，其任职期间亏损13.45%。市场有声音认为，邓海清卸任或与公募基金改革新规有 关。中航基金人士在回应《华夏时报》记者时否认了这一说法。 华夏时报（ ...