Core Viewpoint - The A-share market has shown signs of recovery this year, leading to improved performance for many actively managed equity funds, although some funds have lagged due to structural market conditions, prompting fund managers to express apologies in their semi-annual reports [1][2]. Fund Performance and Apologies - Fund types expressing apologies include underperforming pharmaceutical funds, dividend funds, and growth funds, indicating a need for fund managers to reassess their investment frameworks and for investors to discern between short-term market style mismatches and long-term managerial capabilities [2][5]. - A pharmaceutical fund manager acknowledged underperformance relative to industry indices and expressed regret for not achieving absolute returns, attributing the poor performance to premature shifts in investment strategy and missed opportunities in the "new drug + new consumption" sector [4][5]. - A dividend fund manager reported negative returns in the first half of 2025, citing both objective market conditions and subjective misjudgments as reasons for underperformance, particularly in avoiding high-recognition sectors while focusing on low-recognition ones [7][8]. Market Trends and Future Outlook - The pharmaceutical sector has seen significant activity, particularly in innovative drug companies, with some funds achieving substantial gains, while others have struggled due to conservative positioning [4][5]. - Fund managers are optimistic about future performance, highlighting potential in low-positioned sectors within the pharmaceutical industry, such as AI healthcare and medical devices, and committing to a more proactive investment approach [5][10]. - Some fund managers reflected on missed opportunities due to early profit-taking and emphasized the importance of maintaining a long-term investment perspective despite short-term challenges [10][11]. Performance Data - Data from Wind indicates that several funds that apologized for their performance have rebounded in the second half of the year, with some achieving net value growth rates of 20% to 30%, significantly outperforming their benchmarks [14][15]. - Specific fund performance metrics show that a dividend mixed fund had a net value growth rate of -3.31% in the first half but rebounded to 11.40% in the second half, while other funds also demonstrated similar recovery trends [14].

Core Viewpoint - The article discusses the underperformance of several mutual funds in the A-share market, leading to apologies from fund managers, highlighting the need for accountability and reflection on investment strategies [2][3][4]. Group 1: Fund Performance and Apologies - Various types of funds, including healthcare, dividend, and growth funds, have underperformed, prompting fund managers to express apologies in their semi-annual reports [3][4]. - Fund managers view these apologies as an opportunity to reassess their investment frameworks and demonstrate professional integrity [3][4]. - The healthcare sector saw significant activity with innovative drug companies, yet some healthcare funds lagged behind industry indices, leading to public apologies from managers [6][7]. Group 2: Specific Fund Manager Reflections - A healthcare fund manager acknowledged underperformance due to an early shift to defensive positions amid geopolitical concerns, missing out on subsequent market rebounds [6][7]. - A dividend fund manager cited both objective and subjective reasons for underperformance, noting that the focus on low-recognition sectors did not yield expected results as stronger sectors continued to perform well [8][9]. - Another fund manager managing traditional midstream manufacturing stocks expressed regret for high allocations in underperforming sectors, emphasizing the importance of long-term investment choices [11]. Group 3: Future Outlook and Strategies - Fund managers are optimistic about future performance, with plans to focus on sectors showing signs of recovery and improvement, such as AI healthcare and life sciences [7][11]. - The article highlights that some funds have rebounded in the second half of the year, with one dividend fund manager reporting an 11.40% increase in net asset value, outperforming benchmarks by nearly 10 percentage points [14][15]. - Fund managers emphasize the need for a balanced approach in investment timing, avoiding premature exits from strong sectors while maintaining a focus on long-term strategies [9][12]. Group 4: Investor Perspective - Industry experts advise investors to view fund managers' apologies with a rational mindset, focusing on long-term performance rather than short-term fluctuations [14][16]. - Investors are encouraged to analyze fund performance over longer periods, such as 3 to 5 years, to assess the consistency and reliability of fund managers [16].

专题：2025基金半年报：隐形重仓股浮现 锚定基本面成投资共识 随着上市公司半年报披露进入密集期，旗下参股基金公司的经营业绩也逐步浮出水面。 8月28日晚间，招商证券发布2025年半年报表示，报告期内，公司营业收入105.2亿元，同比增长 9.64%；归属于母公司股东的净利润51.86亿元，同比增长9.23%。其参股的招商基金与博时基金上半年 业绩情况引发市场关注。 其中，招商基金上半年实现营业收入25.61亿元，同比增长1.15%，实现净利润7.89亿元，同比下降 6.85%； 同为招商证券参股的博时基金，2025上半年营业收入达23.56亿元，同比增长6.37%，净利润7.63亿元， 同比微增0.13%。 目前，招商基金已形成以固定收益类产品为核心、多元业务协同发展的业务格局。截至报告期末，其资 产管理规模（含子公司管理规模）达15383亿元，其中公募基金管理规模（剔除联接基金）8967亿元， 非货币公募基金管理规模5229亿元，核心规模指标始终保持行业前列，为业绩增长奠定了坚实基础。 | | 产品数量(只) | 规模合计(亿元) | | --- | --- | --- | | 股票型基金 | 108 | ...

Core Viewpoint - The recent surge in fund performance has led to a wave of purchase restrictions, with over 150 funds implementing limits on large subscriptions to manage inflow and mitigate risks for investors [1][2][3] Fund Performance and Restrictions - The A-share market has seen significant growth, with the Shanghai Composite Index surpassing 3800 points, contributing to increased fund returns [1][2] - Notable funds like Yongying Technology Smart A and Huatai Bairui CSI 2000 Index Enhanced A have implemented purchase limits due to their high returns, with Yongying Technology Smart A achieving a cumulative return of 137.82% this year [2][3] - As of late August, nearly one-third of non-bond funds have annual returns exceeding 30%, with 14 funds doubling their returns in the past year [2][3] Reasons for Purchase Limits - Fund companies are restricting large subscriptions to prevent impulsive buying and to help investors avoid potential risks associated with chasing high returns [3][4] - The trend of limiting purchases has been particularly pronounced in small-cap funds, which have limited capacity to absorb large inflows without impacting performance [4][5] Market Dynamics and Investor Guidance - The current market environment is shifting from a focus on scale to a focus on quality, as evidenced by the recent regulatory emphasis on high-quality fund management [7][8] - Investors are advised to seek alternative quality funds if their preferred funds are restricted, and to consider their risk tolerance when making investment decisions [8][9]

Core Viewpoint - The significant contrast between the substantial losses incurred by China Europe Fund's various funds and the management fees collected from investors raises questions about the fund's performance and management practices [1][5][7]. Group 1: Fund Performance - From 2022 to 2024, China Europe Fund's total losses exceeded 110 billion yuan, with losses of 82.4 billion yuan in 2022, 41.3 billion yuan in 2023, and a modest profit of approximately 7.5 billion yuan in 2024, which is insufficient to offset previous losses [1][5]. - Several funds under China Europe Fund have reported cumulative losses ranging from -40% to -30%, including funds like China Europe Alpha C and A, and China Europe Research Selected C and A [3][4]. Group 2: Management Fees - Despite the poor performance of its funds, China Europe Fund collected over 16.5 billion yuan in management fees over the past three years, with fees of 7.31 billion yuan in 2022, 6.31 billion yuan in 2023, and 3 billion yuan in 2024 [5][6]. - The fund's ability to maintain high management fee income despite significant losses has led to widespread market criticism, as it raises concerns about the alignment of interests between the fund and its investors [7][8]. Group 3: Management and Strategy - Under the leadership of Chairman Dou Yuming, China Europe Fund has experienced rapid growth but has also faced challenges due to over-reliance on star fund managers and a lack of effective risk control mechanisms [9][10]. - The fund's strategy has been criticized for following market trends without adequate risk assessment, leading to poor performance when market conditions change [10].

万德资讯显示，成立于2003年的泰信基金在今年二季度末的总资产排名仅为第97位，在全部329.37亿元的规 模中，股票型基金和混合型基金的规模合计约为62亿元，权益类产品的势头明显逊色于固收类产品。这其中 的原因有多重因素，但缺乏明星基金经理和代表性产品是核心的问题所在。 文|吴理想 来源|财富独角兽 近期股市迎来了久违的大牛市，随之公募基金的热情也持续高涨，年内越来越多的基金目标直指净值翻倍。 但冰火两重天，也有排名靠后的基金公司旗下全部权益产品离这一目标还很遥远，比如总部位于上海的泰信 基金。 再看三位中的另一基金经理徐慕浩，他同样是在公司任职超过6年时间；天天基金网显示，他于2011年加入 泰信基金管理有限公司,历任助理研究员、研究部研究员,自2015年11月9日起担任泰信优质生活混合基金经理 助理。2020年11月24日起担任泰信蓝筹精选混合型证券投资基金基金经理。 但是他在这两只基金上的业绩分化却很大：先从任职回报上看，泰信竞争优选混合最新已经超过了160%，对 比看另一只基金泰信蓝筹精选混合，同期他的任职回报仅仅约为20%，而徐慕浩管理两只基金仅仅相差大约1 年。再看今年到目前的成绩，前者到目前约 ...

Group 1 - The core point of the news is the performance and structure of the ICBC Enjoy Short-term Bond Fund C, which has seen a slight decline in its net value and has a significant portion of its holdings in individual investors [1] - As of August 15, the fund's net value is 1.11 yuan, with a cumulative decline of 0.08% over the last five trading days [1] - The fund was established in January 2019 with a total scale of 815 million yuan and has achieved a cumulative return of 17.36% since inception [1] Group 2 - The current fund manager, Wang Shuo, has extensive experience in fixed income management and has been with ICBC Credit Suisse since 2010 [2] - The new fund manager, Qu Honghao, joined ICBC Credit Suisse in July 2019 and is set to take over the management of the fund in July 2025 [2] Group 3 - As of June 30, 2025, the top five holdings of the fund account for a total of 28.13%, with the largest holding being 25-year bonds from China Construction Bank at 8.07% [3]

8月12日，汇安基金接连发布两则公告，汇安价值蓝筹混合、汇安均衡成长混合两只产品解聘基金经理陆丰，由蒋毅管理。 | 基金名称 | 汇安价值蓝筹混合型证券投资基金 | | --- | --- | | 基金简称 | 汇安价值蓝筹混合 | | 易金主代码 | 009750 | | 基金管理人名称 | 汇安基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》以及 | | | 《基金管理公司投资管理人员管理指导意见》、《证 | | | 券期货经营机构投资管理人员注册登记规则》等相 | | | 关法律法规 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 蒋毅 | | 解聘基金经理姓名 | 陆丰 | | 基金名称 | 汇安均衡成长混合型证券投资基金 | | --- | --- | | 基金简称 | 汇安均衡成长混合 | | 基金主代码 | 016388 | | 基金管理人名称 | 汇安基金管理有限责任公司 | | 公告传据 | 《公开募集证券投资基金信息按露管理办法》以及 | | | 《基金管理公司投资管理人员管理指导意见》、《证 | | | 券期货 ...

Core Viewpoint - The performance of the Shenwan Hongyuan Fund's Shenwan Lingshin Industry Select Mixed Fund has declined over 8% since its establishment, raising concerns about the fund manager's investment strategy and prompting a response from the company [1][4]. Fund Performance - The Shenwan Lingshin Industry Select Fund, established on June 3, has a unit net value of 0.9177 yuan as of August 8, reflecting a decline of over 8% since inception [4]. - The fund raised 1.219 billion yuan, making it one of the larger mixed equity funds launched in recent months [4]. - The fund's performance is benchmarked against a composite index consisting of 65% CSI 300, 10% Hang Seng Index, and 25% China Bond Index [4]. Fund Manager Background - The fund manager, Jia Chengdong, has 17 years of experience in the securities industry and has previously managed funds with significant performance records [5]. - Jia Chengdong joined Shenwan Lingshin in December 2024 after leaving China Merchants Fund, where he managed several successful funds [5]. Company Challenges - Shenwan Lingshin has faced multiple fund liquidations this year, including the Shenwan Lingshin Carbon Neutrality Mixed Fund and others, indicating potential issues within the company's product offerings [8]. - The company has struggled to maintain competitive performance and scale compared to peers like Tianhong Fund, with a current non-monetary scale of 70.324 billion yuan, ranking 59th in the public fund industry [9]. - Despite attempts to improve performance by hiring well-known fund managers, the results have not yet met expectations [9].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund managed by Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [1][2][3]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the benchmark by 13.79 percentage points, while the Shanghai Composite Index rose by 8.96% during the same period [2][3]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within a short span, indicating volatility and poor initial performance [3]. - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [2][3]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan Fund in December 2024 and became a vice president in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [2][4]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [4][5]. Group 3: Fund Liquidation Issues - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds, including the Shenwan Hongyuan Carbon Neutrality Mixed Fund and Shenwan Hongyuan Pension Target Date Fund, being terminated due to asset values falling below 200 million yuan [6]. - The company's public asset management scale has decreased to 825.57 billion yuan as of August 12, 2025, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [6].