编辑 | 冯羽 出品 | 创业最前线 作者 | 段楠楠 美编 | 邢静 审核 | 颂文 在兴业证券公布2024年年报后，昔日拥有董承非等明星基金经理的兴证全球基金业绩浮出水面。 依靠货币型基金规模的增长，兴证全球整体管理规模缓慢上升。但剔除管理费较低的货币型基金，其管理费更高的股票型及混合型基金管理规模大幅下 滑。在此影响下，兴证全球基金营收及净利润下滑。 公司股票型及混合型基金管理规模下滑，折射出的是兴证全球基金继董承非离职后人才凋零的困境。在公募基金改革日益强调与投资者绑定的今日，利润 逐年下滑的兴证全球基金又该如何重拾往日辉煌？ 在资本市场表现不佳及权益类基金降费的背景下，近几年大部分公募基金业绩均出现下滑，兴证全球基金也不例外。 2024年，兴证全球基金实现营业收入32.79亿元，实现净利润14.13亿元。2021年，兴证全球基金营业收入高达65.68亿元，净利润为22.35亿元。三年时间， 兴证全球基金营业收入下滑超50%，净利润下滑近37%。 作为对比，同期易方达基金营业收入仅下滑16%左右，净利润仅下滑14%左右，远低于兴证全球基金营收及利润下滑幅度。 兴证全球基金业绩大幅下滑一方面与权益类基金 ...

Core Viewpoint - The article discusses the shift in investment focus from traditional liquor stocks like Kweichow Moutai to newer consumer products like Pop Mart's Labubu toys, highlighting the performance of fund manager Hu Xinwei and the challenges faced by his fund management company, Huitianfu [1][4][12]. Group 1: Fund Performance and Strategy - Hu Xinwei's management of the Huitianfu Consumption Industry Mixed Fund saw a significant decline, with the fund's net value dropping from a peak of 9.977 yuan to 4.591 yuan, representing a decline of over 50% [1][4]. - In contrast, Hu's other fund, Huitianfu Consumption Upgrade, achieved approximately 20% returns this year due to a strategic reduction in Moutai holdings and increased investment in Pop Mart [4][5]. - The disparity in performance among Hu's funds has raised concerns about fairness to investors, as some funds have significantly outperformed others [4][5]. Group 2: Company Challenges and Market Position - Huitianfu's overall market position has deteriorated, with its 2024 revenue at 4.828 billion yuan, down 10.12% year-on-year, and a net profit of 1.548 billion yuan, up 9.33% [4][10]. - The company has seen a decline in its ranking within the industry, dropping to 9th place, primarily due to cost-cutting measures and a focus on increasing efficiency [4][10]. - Huitianfu's investment strategy has been criticized for being overly concentrated in specific sectors like consumption and technology, leading to missed opportunities in emerging industries [10][11]. Group 3: Investment Philosophy and Future Outlook - Hu Xinwei's investment philosophy has evolved to emphasize dividend yield and a more balanced asset allocation, moving away from a heavy reliance on consumer stocks [7][8]. - The article suggests that Hu's recent aggressive investment in Pop Mart may represent a high-stakes gamble for his career, as the market dynamics could shift rapidly [12]. - The need for Huitianfu to rebuild its research and investment trust is highlighted as a critical challenge for its survival in the competitive fund management landscape [12].

Group 1 - The core viewpoint of the article highlights that public fund dividend enthusiasm continues to rise in 2025, with a total dividend amount of 93.55 billion yuan in the first five months, marking a 40% increase compared to the same period last year, and reaching a three-year high [1][4] - Bond funds and stock index funds accounted for the majority of dividends, with 71.40 billion yuan and 12.91 billion yuan respectively, representing 76.32% and 13.80% of the total dividends [2][5] - The number of funds distributing dividends, the frequency of distributions, and the total dividend amount have all reached new highs in nearly three years, with 2,635 public funds distributing dividends 3,823 times in the first five months of 2025 [3][4] Group 2 - The significant increase in dividend amounts for equity funds, which reached 17.57 billion yuan, represents a 157.15% increase compared to 6.83 billion yuan in the same period last year [4] - The trend of high dividend payouts is supported by the performance of bond and stock index funds, which have seen price increases and strong profit bases from the previous year [8][10] - Future public fund reforms are expected to enhance the frequency and scale of dividends, with a focus on improving investor returns and diversifying dividend models [10]

Group 1 - The enthusiasm for public fund dividends continues to rise, with total dividends approaching 90 billion yuan this year, marking a 1.4 times increase compared to the same period last year and reaching a three-year high [1] - Equity funds have shown a significant increase in dividend distribution, with the total dividend amount being nearly seven times that of the same period last year [1] - The trend of increasing dividends has become a consensus among many fund companies, driven by public fund reforms that emphasize investor returns over scale [1] Group 2 - ETFs have emerged as a major contributor to equity fund dividends, accounting for 70% of the total dividend amount in this category this year, with 20 ETFs distributing dividends five times or more [2] - Many high-performing equity funds have also increased their dividend distributions, with over 80% of equity funds that have distributed dividends this year showing positive returns over the past year [2] - The combination of "regular dividends + excess return distribution" is expected to be adopted by more fund companies as market effectiveness improves and economic recovery expectations strengthen [2]

证券研究报告 信用业务周报 近期内外风险扰动或带来哪些影响？ 2025年6月3日 中泰证券研究所 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 数据来源：Wind，中泰证券研究所 2 【市场观察】内外扰动交织下市场或如何演绎？ 3 • 一、内外扰动交织下市场或如何演绎？ • 当前市场正处于内外政策变量交织扰动的关键节点，国内"十五五"规划奠定基调、公募基金改革或重 塑市场，国外欧美关税博弈加剧、美国国内政策不确定性增强等政策扰动均将对市场产生复杂影响。 • 国内宏观方面，高质量发展的核心框架或不断强化，科技创新、制造业发展或仍是下一个五年计划的 发展重心。近期总书记在河南考察时的表态再次确认了国家对制造业和科技创新的高度重视，明确了 未来五年我国将持续把科技创新与制造业高质量发展作为战略核心。 • 国内资本市场政策方面，公募改革影响或超出市场预期，重塑行业生态。《推动公募基金高质量发展 行动方案》显著增强了基金业绩比较基准的约束力，对市场风格和资产配置产生深远影响， ...

证券研究报告 银行 把握资金脉络，掘金优质区域 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 把握资金脉络，掘金优质区域 年初以来中信银行指数取得 9.2%绝对收益+11.6%相对收益（截止 5/30）， 排名市场第二，银行板块凭借红利底色与避险属性，投资价值仍持续凸显， 公募基金改革落地、中国资产重估有望进一步推升板块配置热情。银行基本 面逐步筑底回稳，板块内部分化或持续，经济新旧动能转型过程中，预计优 质区域基建、新兴产业有望成为稳信贷重要抓手，当地区域行有望充分受益。 个股推荐：1）经济大省挑大梁政策导向下，发达区域优质银行业绩韧性较 强，如南京、杭州、成都、重庆 AH、渝农 AH 等；2）资金低配、经营稳健 的银行，如兴业、招行等。3）港股大行股息优势突出，如农行 H、工行 H。 资金观察：红利为底，权重为势 多维资金助推板块行情，近一年险资、ETF 持续买入，公募、外资为新增量。 一方面，险资普遍加大红利股配置力度，银行股盈利稳健、股息回报较高， 为增持优选。除享受红利收益、资本利得之外，长股投方式可享受并表收益 与银保合作生态附加值，配置吸引力较强；中央汇金等资金增持以沪深 300 ...

证券研究报告 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 资本市场改革建设"新气象" 近年来资本市场改革持续深化，新"国九条"绘制改革路线图谱，围绕投资 者保护、健全投资融资相协调的功能展开，以内生的高质量发展应对外部的 不确定性环境。引入中长期资金、大力发展权益基金、推动公募基金改革落 地，均有助于打造利于长期投资的市场生态，构建"资金-投资-资产"的正 向反馈循环。当前资本市场持续扩容，股票总市值突破 100 万亿元、证券化 率进一步提升。证券行业为资本市场的重要参与者，各项业务的成长均与资 本市场发展息息相关，未来有望迎来更为广阔的扩表和展业空间。当前板块 低估低配，看好头部券商修复机会。 行业格局进一步向龙头集中 在资本市场深化改革与竞争格局重构的双重驱动下，证券行业集中度呈现加 速提升态势。2024 年行业营收/净利润 CR10 分别达 74%/63%，较 2010 年 提升 22/11pct。同时，行业资产规模集中度持续提升，头部券商在扩表周期 中扩张更快、用表能力更强、杠杆率持续领先。且伴随客户需求日趋复杂， 证券行业竞争已从单一业务转向全业务链综合服务能力的比拼。龙头券商凭 ...

Core Viewpoint - The public fund industry is experiencing a resurgence in issuance, with 16 out of 26 newly approved floating fee rate funds entering the issuance period, marking the largest collective launch of active equity funds in nearly two years [2][3]. Group 1: Fund Manager Insights - The lineup of fund managers for the new products is impressive, featuring seasoned veterans, experienced mid-career professionals, and emerging talents [2][3]. - Notable fund managers include Wang Junzheng from Huaxia Fund and Yuan Hang from Penghua Fund, both with over 10 years of experience and annualized returns exceeding 10% [3]. - Mid-career managers such as Zhuang Chao from Huaxia Fund and Tian Junwei from Bosera Fund are also prominent, each with over 8 years of industry experience [3][4]. Group 2: Performance Disparities - There are significant performance disparities among fund managers, with some showing negative returns despite similar tenures [5]. - For instance, Huang Ding from Jiao Yin Shi Luo De Fund has a best tenure return rate of -0.89%, contrasting sharply with other managers like Bian Zheng from Huitianfu Fund, who achieved a 38.02% return [5]. - Experienced managers like Meng Jie from Manulife Fund face scrutiny as 11 out of 15 of his managed products have negative returns, including a -22.01% return for a fund managing over 700 million yuan [5][6]. Group 3: New Fee Mechanism - The floating fee rate product design aims to align management fees with investor returns, adjusting fees based on performance relative to benchmarks [7]. - If a fund underperforms by more than 3 percentage points, the management fee drops to 0.6% per year; if it outperforms by more than 6 percentage points, the fee can rise to 1.5% [7]. - This mechanism encourages long-term holding and aims to enhance the investor experience, shifting the standard for evaluating fund manager performance [7][8]. Group 4: Investor Considerations - Investors are advised to carefully assess fund managers' investment philosophies, historical performance stability, and risk control capabilities, especially in relation to the goals of floating fee rate products [8].

面对"基金赚钱、基民不赚钱"的困境，此次改革方案提出，公募基金考核机制要进行力度空前的改革，强调优化基金 运营模式，并围绕基金公司收入报酬与投资者回报的绑定提出了具体要求。 资管行业的本质是"受人之托，代客理财"。本次《方案》中明确提出，建立浮动管理费收取制度、强化业绩比较基准 约束作用、修订主动管理权益类基金信息披露模板、以及稳步降低基金投资者成本等。 其中，在浮动管理费方面，方案要求对新设立的主动管理权益类基金大力推行基于业绩比较基准的浮动管理费收取模 式；在降低基金投资者成本方面，方案提出引导行业机构适时下调大规模指数基金、货币市场基金的管理费率与托管 费率。 实际上，公募基金的降费已经在路上。为降低投资者的理财成本，根据相关要求，中银基金自2025年3月21日起旗下 部分指数基金指数使用费调整为由基金管理人承担，调整后公司旗下全部指数基金的指数使用费均由基金管理人承 担。 此外，分红一直是与投资者分享投资收益的方式。2024年公司共分红90次、累计分红超36亿元，未来公司还将继续努 力持续维持分红力度，切实提升投资者的投资获得感。（数据来源：iFind） 证监会于5月7日印发《推动公募基金高质量发展行 ...

在上周五刚刚获批之后，首批创新浮动费率基金周末便陆续开始披露基金合同、招募说明书及发售公 告，这批创新产品的管理费计算方法、基金经理阵容、发售日期、募集上限设定等重要信息正式浮出水 面。 公告显示，首批创新浮动费率基金将于5月27日起陆续开启发行，并将于6月份结束募集，各家基金公司 派出了长期业绩稳健优异的良将出战。 多家基金公司表示，浮动管理费基金改革是优化主动权益类基金、督促基金行业经营模式转变的有力途 径，也意味着浮动费率基金在经过多年的探索和多次试点后，将以更切合投资者需求、以投资者回报为 导向的形式再度升级，主动权益基金的浮动费率模式将迈向常态化。 费率浮动细节曝光 从5月7日《推动公募基金高质量发展行动方案》（以下简称《行动方案》）落地，到5月16日26只产品 集体上报，再到5月23日获批，5月27起陆续开始发行，首批创新浮动费率基金产品的节奏十分高效。 最新披露的招募说明书和基金合同，曝光了创新浮动费率基金备受关注的产品设计。 具体来看，这批创新浮动费率基金均采用开放式运作，管理费根据每一基金份额的持有期限与持有期间 年化收益率，在赎回基金份额或基金合同终止的情形发生时确定该笔基金份额对应的管理 ...