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 ...

Core Viewpoint - The resignation of Deng Haiqing as the fund manager of the China Aviation Mixed Reform Selected Fund is attributed to "internal work adjustments," with market speculation linking it to performance-related salary reforms in the public fund industry [2][3]. Group 1: Fund Performance and Management Changes - Deng Haiqing's tenure saw the fund's C share return rate at -12.9%, significantly underperforming its benchmark by 21.92%, ranking at the bottom among peers [3]. - The fund's heavy investment in real estate stocks, which constituted 86.55% of its top ten holdings, has been a point of contention, especially as it diverged from the "mixed reform" theme [3]. - The fund's three-year cumulative decline reached 35.20%, with a loss of 13.45% during Deng's management, raising concerns about the impact of new public fund regulations linking manager salaries to performance [3][6]. Group 2: Market and Industry Context - The fund's performance issues are reflective of broader challenges faced by thematic funds, particularly in the real estate sector, which has been subject to significant market fluctuations [4][5]. - The fund's high turnover rate of 1571.45% in 2024 has been criticized, with some attributing losses to frequent trading rather than the underlying investment strategy [3][4]. - The cyclical nature of the real estate market and its correlation with macroeconomic policies have heavily influenced the fund's performance, highlighting the limitations of thematic funds in volatile markets [5][7]. Group 3: Company Background and Strategy - China Aviation Fund, established in 2016, has a business structure characterized by a significant imbalance, with 72.5% of its 431.33 billion yuan assets in bond funds, while equity funds account for less than 8% [6]. - The company attempted to revitalize its performance through high-level management changes, but the continued focus on real estate stocks led to further declines [6][7]. - The new fund manager, Fang Cen, born in 1990 and with a background in finance, has taken over the management of the fund, aiming to adhere to the original investment strategy while navigating the challenges posed by market conditions [7].

2025年5月7日，中国证监会正式发布《推动公募基金高质量发展行动方案》。这份方案意义重大，直击行业长期存在的 "重规模轻质量" 这一顽固问题。它的发布，就像给行业注入了一剂清醒剂，让市场开始审视以银行系为代表的公募，在过 度依赖固收 "偏科"严重的现状。 银行系公募自诞生，就与母行的资金血脉紧密相连。依托银行的渠道优势，这类机构在固收领域展现出极强的扩张能力， 然而在权益投资领域却长期处于"发育不良"状态。Wind数据统计，截至2025年1季度末，在15家银行系公募中，固收类产品 平均占比超90%，个别机构甚至突破98%的惊人比例。 困局浮出水面，银行系权益巨头咋啦？ 交银施罗德基金曾是这个群体中的"另类样本"。该机构在2021年末，规模突破5400亿元，其中权益类基金占比达近40%， 在银行系公募中堪称"权益投资标杆"。 然而截至2025年1季度末，交银施罗德基金总规模单季缩水688亿元，较三年前缩水近千亿元。其中混合型基金规模遭遇"腰 斩"，从2027亿元断崖式跌落至873亿元，缩水幅度达57%。这个曾经主动权益占比最高的银行系公募，为何现在权益类产 品规模下滑如此严重？ 据张碧璇观察，交银施罗德权益产 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

其二，参考 2024 年 11 月 7 日与 2025 年 3 月 14 日，当前强预期弱现实阶段，上证 50 单日强攻后行情持续性往往不强，短期可能需要防范市场情绪见顶回落的风险。 1） 优化基金运营模式，建立健全基金公司收入报酬与投资者回报绑定机制。如，设 立浮动管理费机制，引导管理规模居前的行业头部机构发行此类基金数量不低于 其主动管理权益类基金发行数量的 60%；降低投资者成本，调降认申购费和销售 服务费，引导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等。 2） 完善行业考核评价制度，强化长周期考核与激励约束机制。如，要求基金公司建 立以基金投资收益为核心的考核体系，降低规模排名、收入利润等指标权重；对 高管和基金经理的考核分别设定投资收益指标权重，并实施长周期考核机制，三 年以上中长期收益考核权重不低于 80%等。 3） 大力提升公募基金权益投资规模与占比。如，在基金公司监管分类评价中显著提 升权益类基金相关指标权重，制定公募基金参与金融衍生品投资指引；大力发展 场内外指数基金，研究创设场外宽基指数基金试点产品等。 4） 推进强监管防风险促高质量发展等… 5 月 14 日，大金融板块大涨带 ...

中国证券投资基金业协会最新数据显示，截至2025年一季度末，我国公募基金管理规模32万亿元。总规模从2019年的 13万亿元增长到去年底的33万亿元。其中，以股票投资为主的权益类基金规模从2.3万亿元增长到8.2万亿元，权益类 ETF突破3万亿元。 近年来公募基金规模延续扩张，市场已经进入全新发展阶段。资金结构的变化业引发了个人与机构投资者偏好的明显 分化。 wind数据显示，截至2024年末，个人投资者持有公募基金16.7万亿份，份额占比为51.51%，机构投资者持有15.7万亿 份，占比46.11%。分类型来看，债券型基金主要由机构所持有占据多数份额。 值得一提的是，主动权益基金的个人投资者份额占比远超机构投资者，个人投资者持有普通股票基金份额占比 78.43%、持偏股混合基金份额占比86.89%、持平衡混合基金份额占比98.44%、持灵活配置基金份额占比74.29%。 2025年5月15日，是全国第七个"全国投资者保护宣传日"。 各地证监局、行业协会、金融机构联合来战投教活动，通过公益广告、短视频、案例分析等形式，向投资者普及证券 期货基础知识、防非反诈技巧及维权途径。 公募市场是一个有风险的专业化市场 ...