Investment Rating - Investment rating for the construction decoration industry is "Positive" (maintained) [5][13] Core Viewpoints - The report emphasizes the importance of focusing on central enterprises in infrastructure, which are currently underweighted relative to the CSI 300 index. The recent regulatory changes by the China Securities Regulatory Commission aim to shift the focus of public funds from scale to returns, potentially benefiting the construction sector [4][6][14] - The report highlights that major construction companies like China State Construction, China Chemical, and Sichuan Road and Bridge are currently in a state of slight overweight in fund holdings, while others like China Railway and China Energy Construction are underweight, indicating potential investment opportunities [7][14] Summary by Sections Weekly Insights - The report discusses the recent regulatory framework aimed at enhancing the quality of public fund management, which is expected to influence the investment strategies of fund managers and create structural investment opportunities in the market [6][13] - It notes that construction central enterprises may gain significant allocation opportunities as fund strategies adjust [14] Infrastructure Data Tracking - The report provides data on special bonds, indicating that the issuance volume for the week was 993.94 billion, with a cumulative issuance of 31,844.40 billion, reflecting a year-on-year increase of 116.54% [16] - It also mentions that the issuance of urban investment bonds for the week was 150.09 billion, with a cumulative net financing amount of -2,297.57 billion [16] Company Dynamics - The report highlights several companies' contract announcements, showcasing strong project acquisition capabilities. For instance, China State Construction signed contracts worth 14,247 billion from January to April, reflecting a year-on-year increase of 3.7% [22][23] - It also notes that companies like China Nuclear Engineering and Shaanxi Construction have secured significant contracts, indicating robust domestic infrastructure demand [22][23] Market Review - The report summarizes market performance, noting that the Shanghai Composite Index rose by 0.76% and the construction decoration index increased by 0.77% during the week. It highlights that all sub-sectors within construction, except for specialized engineering and consulting services, experienced gains [10][26] - It identifies top-performing stocks within the construction sector, with notable increases in companies like Dongzhu Ecology and Zhengzhong Design [10][26]

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]

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 ...