6月10日，甘肃省发布《关于促进政府投资基金高质量发展的实施意见》，其中"严控新设基金，推动优 化整合已设基金"等提法，与6月3日广东省财政厅印发的《广东省政府投资基金管理办法》中相关举措 多有类似之处。 南都·湾财社记者观察发现，自年初印发《国务院办公厅关于促进政府投资基金高质量发展的指导意 见》(国办发〔2025〕1号)(以下简称"一号文")以来，广东、甘肃、黑龙江、山西等多地已围绕"一号 文"精神出台新政，加强政府投资基金管理体系建设。相关举措多围绕新设基金、分级分类管理、出资 比例、绩效考核目标等提出，总体来看，政府投资基金正显现出存量提质趋势。 政府投资基金管理趋严 甘肃提出各级严控新设基金 6月3日，广东省财政厅印发《广东省政府投资基金管理办法》，其中提到政府投资基金要突出政府引导 和政策性定位，关于基金设立提出多项控制性条款。包括政府出资设立基金须报同级政府批准；地级以 上市、横琴粤澳深度合作区设立政府投资基金报省级财政部门备案；县级政府应控制新设政府投资基金 等。并要求各级党政机关、事业单位不得以财政拨款或自有收入新设基金等。 一周后的6月10日，甘肃省印发《关于促进政府投资基金高质量发展的实 ...

Core Viewpoint - 中信尼雅 reported a decline in revenue but an increase in gross margin, with specific explanations for the fourth quarter's performance and management expenses [1][2][4]. Revenue and Profitability - In 2024, 中信尼雅 achieved operating revenue of 161 million yuan, a year-on-year decrease of 23.69%, while the net profit after deducting non-recurring items was 3.99 million yuan, marking a return to profitability [2]. - The gross margin for wine products was 58.88%, an increase of 5.30 percentage points year-on-year, attributed to higher average selling prices and a 16.05% increase in overall selling prices [2]. - The company emphasized the growing demand for high-quality wines and the trend towards personalized consumption in a competitive market [2]. Management Expenses - In 2024, 中信尼雅's management expenses totaled 41.71 million yuan, a year-on-year decline of 27.99%, with the fourth quarter's management expenses at 909,000 yuan, the lowest proportion of annual expenses at 21.80% [4]. - The reduction in management expenses was primarily due to a significant decrease in labor costs, which fell by 87.38% year-on-year, influenced by the use of previously accrued unused salary reserves and adjustments in employee compensation [4][5]. Market Position - The gross margin of 中信尼雅 is comparable to other wine companies, with Zhangyu A, ST Tongpu, and Weilang shares reporting gross margins of 57.51%, 53.40%, and 54.88% respectively [3].

"基金管理费从基金收益或利息中支付，原则上不允许在本金中列支……"近日，广东省财政厅发布《广 东省政府投资基金管理办法》，其中关于管理费缴付的规范打破行业通行惯例，引发行业广泛关注。 那么，管理费重构背后，可能对创投行业带来哪些影响呢？ 众所周知，私募股权投资行业比较通行的收费模式是"2% +20%"，也就是基金管理人每年度收取基金规 模2%的管理费，用于支付基金运营和管理过程中产生的各项费用；另外提取基金收益的20%作为carry （行业一种核心激励机制），也就是绩效收益或业绩报酬。从这个意义上来说，稳定的管理费收入是基 金管理人重要的运营保障。 此次广东发布的新规则彻底打破了这种"稳赚不赔"收费模式，更深层次的意义在于，这是一次对政府投 资基金运作模式的深度调整，其后续影响可能会波及创投行业的方方面面。 笔者注意到，首先，根据该管理办法，基金管理费一般应以实缴出资或实际投资金额为计费基础，颠覆 了行业通行的"认缴规模计费"惯例；其次，规定基金管理费从基金收益或利息中支付，原则上不允许在 本金中列支，如基金暂未产生收益或利息时可先从本金中预支，但需后续补回；再次，基金存续期满后 不得收取管理费。 尽管相关收 ...

那么这个办法是针对谁的呢？ 我问了投中研究院的刘璟琨院长，他给我的反馈大概是这几点 第一，这个规定是针对政府投资基金的，不一定是针对市场化子基金的； 第二，另一方面管理费可以收，但预列支。这种如果在基金清算的时候没有达到本金+管理费，那可 能需要退回； 将投中网设为"星标⭐"，第一时间收获最新推送 这也不符合合伙人精神和有限合伙制度。 作者丨董师傅、杨博宇 来源丨 投中网 各位好，今天录一期。本来是我同事杨博宇写了一篇关于某地政府削减GP管理费的稿子，拿来我发 现我有些话想讲，就在他的稿子基础上谈谈我的想法。 首先事情是这样的。前几天广东省财政厅发布《广东省政府投资基金管理办法》。其中第二十三条关 于"管理费"的规定： 第一点怎么理解呢？就是它首先针对的是政府投资基金，你可以理解为地方政府引导基金，地方政府 产业基金以及战略母基金这一类；其实这类基金我接触不多，我原以为是不收管理费至少不按比例收 管理费的，按璟琨的说法，条款一般都有管理费，但不一定给。最高的有能到2%的，但一般都会低 于1%，甚至低于0.5%。 那么到底是否针对市场化GP呢？按其他地方上的惯例，是有可能的。 首先很多地方发布过类似的要求。《L ...

Group 1 - Beijing Stock Exchange will launch the Bei Zheng Specialized and New Index on June 30, 2025, marking the transition to a dual-index operation phase [3] - The new index will consist of the 50 largest "little giant" companies listed on the Bei Zheng, reflecting the overall performance of specialized and new companies [3] Group 2 - The Shenzhen Stock Exchange announced sample stock adjustments for key indices, including the Shenzhen Component Index and ChiNext Index, effective June 16 [4] - The number of sample stocks adjusted for the Shenzhen Component Index, ChiNext Index, Shenzhen 100 Index, and ChiNext 50 Index will be 20, 8, 3, and 5 respectively [4] Group 3 - As of June 5, the total scale of stock ETFs in the market reached 3.53 trillion yuan, with a net outflow of approximately 50.23 billion yuan on that day [6] - The largest net outflow was from broad-based ETFs, totaling 62.3 billion yuan, with the ETF tracking the CSI A500 Index seeing a net outflow of 18.02 billion yuan [6] Group 4 - The A-share market saw a collective rise in major indices on June 4, with the Shanghai Composite Index up 0.42% and the Shenzhen Component Index up 0.87% [8] - The trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion yuan, an increase of 116 billion yuan from the previous trading day [8] Group 5 - A new floating management fee rate fund has raised approximately 2.6 billion yuan in five days since its launch on May 28, with significant interest in the Dongfanghong Core Value fund [11] - The fund's initial fundraising target was 20 billion yuan, and it is expected to end its fundraising period early due to high demand [25] Group 6 - The public fund industry is experiencing leadership changes, with notable resignations including Xie Wei from Jiao Yin Schroder Fund and Huo Yong from Huatai-PB Fund [12][20] - Xie Wei has been in the fund industry since its inception in 1998 and will officially retire this summer [14] Group 7 - The innovative drug sector has attracted significant market attention, with funds flowing into this area, as highlighted by Wan Minyuan, a well-known fund manager [16] - Wan Minyuan emphasized the long-term positive trend of China's innovative drug industry, driven by policy support and technological breakthroughs, while cautioning against potential valuation bubbles [17]

本期导读： 这不是一场简单的文件调整，而是一次关于GP- LP关系本质的重新界定，是一级市场"利益结构再 协商"。 作者丨Eyan 本期推荐阅读6分钟 6月3日，广东省财政厅发布的《广东省政府投资基金管理办法》，在一级市场引发了热烈讨论。 其中一条看似技术性却杀伤力极强的规定："基金管理费应从收益或利息中支付，原则上不得在本 金中列支。如基金暂未产生收益或利息，可先从本金中预支，待基金产生收益或利息后补回。" 对GP来说，《办法》简直就是动了命门。从行业角度看，这一规定是第一次以明确政策文件形 式，把"管理费应建立在实际创造价值的基础上"写进制度框架。而且，这是由政府LP发起的的一 次管理费结算模式的转向：不再接受"认缴即收取"，而是强调"实投实收""有绩效才有收入"。本质 上， 这是对多年"募而不投""投而不管""管而不退"现象的反制。 管理费焦虑被引爆 管理费，长期以来都是GP维持运营的生命线，尤其是在基金投资周期漫长、退出尚未到来的阶 段。你可以没有carry，但不能没有management fee。一位资深GP说得直白："这就是把锅炉的柴 火抽掉了，还指望我们给产业升温。" 广东省一纸《办法》将这条刚 ...

银华成长智选混合拟任基金经理王晓川日前接受上海证券报记者采访表示，管理任何一类产品所面临的挑战都是不同的，但目标都是持续稳定地战胜基准， 力争为持有人获得更好的收益。在新模式浮动管理费率基金的运作过程中，他仍会按照过往行之有效的投资策略管理组合。 Treassion coooo 谈到如何看待未来一段时间内市场的整体走势和投资机会，王晓川向记者给出了积极的答案："我们对市场保持乐观。"在他看来，买对行业通常是取得超额 收益的关键前提，在行业配置层面，他通常以景气度优先，重配景气度突出的板块。 "股票仓位和买卖时间点大多数情况下是动态调整的，比如盈利预期的上修可能会在板块或者个股上行的初期成为买入理由，但是在一个涨了2-3年的行业或 者个股出现盈利预期的上修可能就不能构成买入理由。"王晓川补充说。 基于新模式浮动管理费率的特点，王晓川表示，在投资策略上，此次银华基金推出的新产品成长智选有更大的仓位灵活度。 "从产品类型上看银华成长智选是混合型基金，股票仓位是60%-95%，在面对市场单边下行的时期，新产品抵御风险的能力或更强。此外，从投资方向上， 成长智选投资范围更广，可能会关注到医药、消费、军工等领域。"他介绍 ...

业内普遍认为，随着募资端结构和资金量的深刻变革，创投行业洗牌出清的节奏将进一步加速。但业内 同时呼吁，管理费收取标准应交由市场来决定。 公募基金费率改革之后，私募股权投资基金的管理费也迎来了重大调整。6 月 3 日，广东省财政厅官网 发布《广东省政府投资基金管理办法》（以下简称《管理办法》），其中关于政府投资基金管理费缴付 的规范指引引发行业热议。整体来看，《管理办法》明确，政府投资基金的管理费缴付应视基金考核情 况而定、以实缴出资为计费基础、在基金收益中支付、基金存续期满后不得收费。实际上，今年 1 月发 布的《关于促进政府投资基金高质量发展的指导意见》也提出 "管理费以实缴出资或实际投资金额为计 费基础" 的要求。另据记者了解，过去一年来，部分地方政府也开始对政府投资基金的管理费进行调 整，一级市场管理费收取模式和运行规则逐渐被重塑。 三大核心指引引发业内热议 《管理办法》第二十三条，针对政府投资基金管理费提出三点规范指引：一是政府投资基金管理费用按 照市场化原则协商确定，依据基金考核评价结果情况予以核定拨付。二是基金管理费一般应以实缴出资 或实际投资金额为计费基础，合理确定计提标准。基金管理费从基金收益 ...

Core Viewpoint - The new regulations from Guangdong Province regarding management fees for government investment funds are causing significant disruption in the venture capital and private equity sectors, emphasizing a shift towards performance-based compensation for fund managers [2][3][4]. Summary by Sections Management Fee Regulations - The management fees for government investment funds will now be determined based on market principles and the fund's performance evaluation results [2]. - Management fees will generally be calculated based on actual contributions or investments, and it is prohibited to charge these fees from the principal unless the fund has generated returns or interest [3][5]. Impact on Fund Managers - The new rules could lead to a situation where fund managers may not receive management fees if they fail to generate profits, effectively eliminating the "guaranteed income" model for them [3][11]. - This change reflects a growing maturity among limited partners (LPs), particularly government LPs, who are becoming more discerning and less reliant on traditional practices [3][10]. Industry Reactions - Some investors express concerns that the new regulations may deter investment in Guangdong, especially as other regions are adopting more lenient investment policies [4][6]. - There are fears that the focus on short-term returns to secure management fees could undermine the long-term investment strategies needed for the development of innovative sectors [8][10]. Broader Implications - The shift in management fee structures may accelerate the elimination of less capable fund managers, pushing the industry towards greater specialization and consolidation among top-tier firms [11]. - The government investment funds are becoming a crucial pillar in China's venture capital market, with a total scale exceeding 2.5 trillion yuan, accounting for nearly 40% of the total fundraising in the primary market [8]. Future Considerations - The new regulations may lead to a more rigorous selection process for fund managers, focusing on those who can deliver value and align with government investment goals [10][11]. - Balancing policy objectives with market efficiency will be a key challenge for future government investment fund management [10].

Core Viewpoint - The launch of Xingzheng Global Heqi Mixed Fund emphasizes a new floating management fee model that deeply binds fees to performance, encouraging long-term holding and aiming for a win-win situation for both managers and investors [1][2] Summary by Sections Floating Fee Mechanism - The fund introduces a floating fee structure where management fees are linked to holding time and performance, with specific rates based on the annualized excess return relative to a benchmark [2] - For holding periods under 365 days, a fee of 1.20% per annum is charged; for periods of 365 days or more, fees vary based on performance, with a maximum of 1.50% for excess returns over 6% and a minimum of 0.60% for returns at or below -3% [2] Fund Management and Strategy - The fund will be managed by Chen Cong, who has 14 years of experience and a strong track record in managing mixed funds, particularly in A-shares and Hong Kong stocks [3] - The fund's investment strategy allows for 0-50% allocation in Hong Kong stocks, with a benchmark comprising 60% A-share index and 20% Hong Kong index [3] Industry Insights and Future Outlook - Chen Cong highlights the distinct advantages of A-shares and Hong Kong stocks, noting the strengths in technology hardware and manufacturing in A-shares, while Hong Kong offers more internet and innovative pharmaceutical assets [4] - The company expresses confidence in the long-term value of A-shares and H-shares, despite current economic conditions being at a low point in a long cycle [4] Company Performance and Research Capabilities - Xingzheng Global Fund has received multiple awards for its management capabilities, ranking 6th out of 64 in stock investment management over the past decade, with a return of 83.25% [4] - The company emphasizes the importance of research depth, with over 41% of its team dedicated to investment research, and has established a robust communication mechanism among research personnel [5] Research Team Structure - The research team is organized into five groups focusing on TMT, cyclical industries, consumer goods, new energy, and machinery/military, led by experienced analysts or fund manager assistants [5] - The company aims to enhance its research capabilities through continuous training and by forming cross-industry teams to quickly respond to valuable investment trends [5]