一位公募基金元老级人物离开行业一线。 6月6日，交银施罗德基金发布高管变更公告，公司原总经理谢卫转任资深专家，总经理一职由原交通银行总行 金融机构部总经理、资产管理业务中心总裁袁庆伟接任。 谢卫于2019年2月起担任交银施罗德基金总经理至今，据悉将于今年夏天正式退休。 谢卫卸任交银基金总经理 谢卫是公募基金行业为数不多的元老级总经理，完整见证了中国公募基金行业27年的发展历程。 谢卫历任中央财经大学金融系教员；中国社会科学院财贸所助理研究员；中国电力信托投资公司基金部副经 理；中国人保信托投资公司证券部副总经理、总经理、北京证券营业部总经理、证券总部副总经理兼北方部总 经理；1997年底参加中国证监会主办的首届基金培训班，1998年参与筹备"老十家"之一的富国基金并担任富国 基金副总经理，作为行业首批"拓荒者"开启了他长达27年的公募基金从业生涯。 2008年，谢卫加入交银施罗德基金担任副总经理，2019年2月起任交银施罗德基金总经理至今，在公司任职17 年之久。 作为行业元老，谢卫与公募基金共同成长，不仅亲历行业从萌芽探索到高质量发展，并且在2008年成为公募基 金行业唯一的全国政协委员，在历年全国两会期间 ...

Core Summary - In 2025, the securities industry is expected to experience a dual increase in profitability and valuation due to favorable policies and liquidity support, with a focus on the improvement of brokerage services, proprietary asset allocation, and international business as sources of performance differentiation [4][5] Group 1: Policy and Liquidity Support - The major highlight for the securities sector in 2025 is the favorable policies and liquidity support, particularly the implementation of the "Plan to Promote Long-term Funds into the Market," which sets clear investment scale and ratio requirements for public funds, insurance funds, and pension funds [4][12] - The People's Bank of China implemented a "combination punch" of interest rate cuts and reserve requirement ratio reductions in May 2025, which is expected to drive residents' deposits and bank wealth management products towards equity assets [4][34] Group 2: Wealth Management - The trend of residents moving their deposits to equity assets is accelerating, supported by the new public fund regulations and the full rollout of the personal pension system, which is expected to bring incremental investments to public funds [4][32] - The public fund fee structure is being reformed to focus on investor returns, aiming to enhance the investment value and attract more long-term capital into the market [4][35] Group 3: Proprietary Business - The proprietary investment performance is expected to be differentiated due to regulatory restrictions on derivatives and limited space for bond market allocation, with equity allocation becoming the core of proprietary performance [4][21] - The securities firms are encouraged to increase their allocation to high-quality equity assets, while the fixed income segment is expected to shift from a "lying win" strategy to a more diversified "fixed income+" investment approach [4][5] Group 4: International Business - The internationalization of securities firms is seen as an inevitable trend, with large firms accelerating their global market penetration, particularly in Southeast Asia and the Middle East, driven by the demand for cross-border financing and mergers [4][5] - The regulatory environment is being optimized to create a market-oriented, legal, and international business environment, facilitating the expansion of international business for securities firms [4][5] Group 5: Investment Analysis - The overall outlook for the securities sector is positive, with expectations of profitability and valuation increases, driven by differentiated competition in proprietary investment, wealth management, and international expansion [4][5] - Recommended investment targets include leading firms with strong comprehensive capabilities, firms with significant earnings elasticity, and those with robust international business competitiveness [4][5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," emphasizing the need for public funds to enhance investor profitability through innovative mechanisms [1][4]. Group 1: Regulatory Framework - The CSRC's "Action Plan" focuses on addressing pain points in the public fund industry, proposing 25 measures including optimizing fund operation models and strengthening long-term assessment mechanisms [4]. - The plan aims to establish an operational mechanism deeply linked to investor interests, introducing a floating fee rate model [4]. Group 2: Product Launch - In response to the CSRC's initiative, Southern Fund has launched the Southern Ruixiang Mixed Securities Investment Fund, which aims to provide differentiated equity investment options through innovative mechanisms and professional management [1][4]. - The Southern Ruixiang Mixed Fund features a floating management fee model linked to performance benchmarks, breaking away from traditional fixed fee structures [4][5]. Group 3: Management Team - The fund is managed by a dual-manager system, featuring mid-career fund managers Li Jinwen and Yuan Li, who complement each other’s investment strategies [5]. - Li Jinwen specializes in cyclical industries with low valuation levels, while Yuan Li focuses on emerging industry research, enhancing research coverage and optimizing investment portfolio configuration [5]. Group 4: Strategic Partnerships - The Southern Ruixiang Mixed Fund has been included in the "CITIC Premium" product pool, a wealth management brand launched by CITIC Financial Holdings, which aims to provide high-quality asset allocation tools [5]. Group 5: Commitment to Investors - Southern Fund has a history of innovative fee models, having previously introduced "management fees only when profits are made" and "reasonable profit-sharing" initiatives, demonstrating a commitment to enhancing investor profitability [6]. - The company plans to continue prioritizing investor interests through ongoing investment research capability development and investor engagement [6].

5月24日，南方基金"彩虹之旅·智富策略会"活动在上海拉开帷幕。适逢《推动公募基金高质量发展行动方案》发布之际，南方基金督察长、投研嘉宾与百余 位投资者齐聚活动现场、展开深度对话，通过政策解读、策略研判与财富诊断服务，携手探索新时代财富管理之道。此次活动既是南方基金落实监管要求的 创新实践，更彰显了机构在公募基金变革中积极响应行业号召的责任担当。 好友聚南方相伴共成长 活动伊始，南方基金督察长作开场致辞，分享《推动公募基金高质量发展行动方案》的行业背景及监管导向，剖析"优化投资者服务体验"等改革方向，引导 投资者树立长期投资、价值投资理念，帮助投资者穿越市场周期，共享改革红利。客户关系部总经理陆文清、合肥理财中心总经理王品全程参与本场活动， 就客户关注的持有体验优化等议题展开务实交流。 区别于传统线下交流，本次活动不仅是南方基金最新投研观点的单向输出，更是投资者与基金管理人之间的双向奔赴。活动特别设置"1V1财富诊断"专区， 理财顾问现场聆听参会投资者的真实心声，并就投资者关心的账户大类资产配置及持仓基金开展诊断，通过"顾"的服务帮助投资者理清投资思路，提升服务 及投资体验。 in 画面積 and te * ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to shift the industry focus from "scale-oriented" to "return-oriented" through 25 measures centered on "investor-centric" principles [2] Group 1: Key Measures and Mechanisms - The introduction of a floating fee rate mechanism is considered the core measure of the new regulations, aimed at binding the interests of fund managers and investors [3] - The floating fee mechanism links management fees to the actual gains and losses of investors, promoting a new ecosystem of mutual benefit between fund managers and investors [3][5] - The action plan emphasizes optimizing the fee structure for actively managed equity funds, implementing a floating management fee based on fund performance relative to a benchmark [5] Group 2: Positive Impacts on the Industry - The new fee structure encourages long-term investment by providing incentives for investors who hold funds for a certain period, thereby reducing irrational trading [5] - It aims to enhance investor satisfaction by adjusting fees based on actual performance, aligning with the principle of being investor-centric [5] - The mechanism encourages fund managers to focus on generating alpha returns rather than relying solely on market beta, thereby improving the professional research capabilities within the industry [6] Group 3: Industry Development and Future Outlook - The action plan is seen as a significant step in the reform and optimization of China's capital market, promoting healthy industry development and enhancing investor experience [2][7] - The experience from overseas markets indicates a trend of declining fees as the market matures, which is expected to be mirrored in China's public fund sector [7] - The implementation of the action plan and the floating fee mechanism is anticipated to inject new momentum into the sustainable development of the public fund industry, fostering a community of shared interests between fund managers and investors [7]

Core Insights - Liu Dong, a fund manager at Green Fund, has resigned due to personal reasons, affecting multiple funds under his management [2][3] - The performance of the funds managed by Liu Dong has been poor, with negative returns reported for most of them [4] - Green Fund's overall management experience is declining, with only one fund manager having over five years of public fund management experience [4][6] Fund Manager Changes - Liu Dong has officially left his positions in four funds: Green Research Preferred, Green Bo Rui, Green Emerging Industry, and Green Ju Xin Enhanced [3] - Liu Dong joined Green Fund in March 2021 and has previously worked at Changjiang Securities, Tianhong Fund, and Bohai Life Insurance [3] Fund Performance - As of May 23, 2025, the returns for the funds managed by Liu Dong were as follows: Green Research Preferred A at -9.06%, Green Bo Rui A at -24.48%, Green Ju Xin Enhanced A at -3.15%, and only Green Emerging Industry A at 10.36% [4] - The management scale of these funds is also low, with Green Research Preferred at 168 million, Green Bo Rui at 21 million, Green Emerging Industry at 2 million, and Green Ju Xin Enhanced at 236,900 [4] Current Fund Manager Situation - Green Fund currently has 12 fund managers, with 7 having over 10 years of securities experience, but only one, Li Huai Zhong, has over 5 years of public fund management experience [6] - Li Huai Zhong's managed funds have also underperformed, with returns of -28.48%, -41.13%, and -8.54% for his three funds [6] Equity Investment Challenges - Green Fund's equity fund management scale is only 634 million, representing just 2.73% of the total fund management scale of 23.211 billion [7] - The company has faced challenges in its equity layout, with 8 out of 12 equity funds having management scales below 50 million [7] New Fund Applications - Since 2024, Green Fund has applied for four new products, with an equal split between equity and fixed-income funds [7]

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]