以下文章来源于创业板观察 ，作者封其娟 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 又一公募基金经理因涉"老鼠仓"被罚。 上海证监局最新公告称，针对杨某嘉利用未公开信息明示、暗示他人从事相关交易活动一案，现已调查、办理终结，当事人未提出陈述、申 辩意见，也未要求听证。最终，该局决定对杨某嘉责令改正，并处以50万元罚款。 处罚决定书指出，杨某嘉先后担任某基金管理有限公司股票分析师、高级股票分析师、基金经理助理、基金经理。从罚单披露的各项细节来 看，此次被罚主体指向海富通基金前基金经理杨宁嘉。 公开资料显示，2017年5月，杨宁嘉加入海富通基金，历任股票分析师、高级股票分析师、基金经理助理。自2019年9月起，开始参管产 品。此前，杨宁嘉历任海通国际首席分析师助理、光大证券行业研究员。 去年10月，因个人原因，杨宁嘉完成清仓式卸任，不再担任海富通基金经理。在任期间，杨宁嘉旗下2产品亏损显著。 自杨宁嘉参管以来，海富通电子信息传媒产业便开始重仓新能源，并逐步加大重仓比例。截至2022年年末，该产品十大重仓股中一半是新 能源个股。 ...

几乎全是老鼠仓发推前存的都是老鼠仓存frxusd的也是老鼠仓普通人怎么可能知道能存frxusd？以前是二级老鼠仓空投老鼠仓现在变成存钱老鼠仓何币 (@hebi555):草泥马垃圾项目在新加坡2049的时候已经在线下把额度分给机构和大户真骂他的畜生，散户就留了一点渣渣 ...

aster团队好像早就把币卖飞了，为了老鼠仓也是不折手段了。这也算是一种bsc的风气了，上中野吃三路资源，打团直接被秒。 ...

Core Viewpoint - Active equity funds are expected to generate excess returns in the current market environment and for a long time to come, but they also have notable drawbacks that need to be understood for a more rational investment framework [2] Group 1: Performance Challenges - The performance of active equity funds heavily relies on the alignment between the fund manager's investment style and market trends, with most funds unable to consistently outperform the market due to style rotation [4] - The "champion curse" phenomenon illustrates that once market styles shift, fund performance can change rapidly, making chasing top performers a significant trap for ordinary investors [4] Group 2: Individual Manager Risks - The core of active funds is the fund manager, whose investment philosophy, capability, emotional control, and even health can directly impact fund performance [6] - There is a risk of manager turnover, as talented fund managers are scarce and may be poached or switch firms [6] - Some managers may deviate from their investment style under pressure to achieve short-term rankings, leading to potential performance issues [6] Group 3: Misalignment of Interests - Fund companies earn revenue from management fees, which are driven by fund size, creating a misalignment with investors' goals of net asset value growth [6] - This misalignment may lead companies to prioritize scaling over maximizing absolute returns for investors, with rare instances of unethical practices like "lifting the car" and "mouse warehouse" [6] Group 4: Retail Investor Behavior - During market rallies, fund companies may issue numerous funds or investors may heavily subscribe, forcing managers to build positions quickly even if they are bearish on future performance [7] - Conversely, during market downturns, managers may be compelled to sell at low prices to meet redemption requests, exacerbating losses [7] Group 5: Scale Issues - Once a fund becomes a "blockbuster" due to excellent performance and its size swells to hundreds of billions, its excess returns often diminish [9] Group 6: Fund Issuance Timing - The most active periods for new fund issuance often coincide with market peaks and high valuations, exposing investors to long-term holding risks [11] Group 7: Cost Considerations - Fees represent a certain loss, and investors must carefully evaluate costs before investing, as active equity funds typically have higher management fees than index funds, which can significantly erode long-term returns due to compounding effects [13] Group 8: Information Asymmetry - Marketing materials often highlight historical performance but rarely disclose the logic behind returns and their sustainability, making it difficult for ordinary investors to assess a manager's actual investment capabilities, strategy stability, and potential risk exposure [15] Recommendations - Avoid chasing short-term champions and instead evaluate their long-term performance and style consistency over 3-5 years [18] - Focus on the fund manager as a core analysis element, considering their years of experience and the depth and consistency of their investment philosophy [18] - Be cautious of excessively large "giant" funds [18] - Use fee structures as a strict selection criterion, opting for funds with lower fees under similar conditions [18]

Core Viewpoint - The article highlights a case of "rat trading" in the fund industry involving a former fund manager, Li Dan, who engaged in illegal trading activities using insider information, resulting in a fine of 600,000 yuan by the Tianjin Securities Regulatory Bureau [1][3][6]. Group 1: Case Details - Li Dan, a former fund manager at Guoshou Anbao Fund, was found to have controlled another person's securities account to conduct trades based on non-public information from March 2022 to February 2024, with a total buy amount of 33.12 million yuan [1][3]. - The investigation revealed that Li Dan executed trades in 41 stocks, with 74.55% of the trades being in line with the fund's transactions, leading to a total trading loss [3][6]. - Despite Li Dan's claims that some trades were not directed by her and had reasonable explanations, the Tianjin Securities Regulatory Bureau did not accept her defense [3][6]. Group 2: Regulatory Environment - The case reflects the regulatory authorities' zero-tolerance stance towards "rat trading," as evidenced by similar recent cases where individuals faced significant penalties for using insider information [6][7]. - In May 2023, another individual was penalized for similar offenses, with a total fine of 4.26 million yuan for trading 76 stocks based on non-public information [7]. - The legal framework for punishing "rat trading" has become clearer, with both profits and losses from illegal activities being considered in the determination of penalties [8]. Group 3: Li Dan's Background - Li Dan has a long career in the fund industry, having joined Guoshou Anbao Fund in December 2013 and serving as a fund manager for several products, including the Guoshou Anbao Core Industry Flexible Allocation Mixed Fund [5]. - During her tenure, Li Dan's performance was subpar, with a return of -7.77% over more than eight years, ranking her 716 out of 789 in her category [5].

Core Points - The Tianjin Securities Regulatory Bureau has imposed a fine of 600,000 yuan on fund manager Li Dan for engaging in "rat trading" activities, which has garnered significant attention in the industry [1] - Li Dan utilized undisclosed information to conduct synchronized trading through others' securities accounts, involving 41 stocks and a total synchronized buy amount of 33.12 million yuan, ultimately resulting in losses [1][3] - The case highlights the ongoing crackdown by regulatory authorities on illegal activities like "rat trading," emphasizing a zero-tolerance approach towards such violations [3] Company Insights - Li Dan was employed at Guoshou Anbao Fund Company at the time of the incident and had managed several fund products, including Guoshou Anbao Core Industry, which coincides with the timeline of the alleged misconduct [3] - Guoshou Anbao Fund has stated that the administrative penalty is a personal matter of Li Dan and does not relate to the company, which aims to strengthen compliance culture and protect investor interests [3] - The case serves as a reminder for market participants to adhere to laws and regulations, reinforcing the importance of ethical conduct in the financial industry [4]

又一起基金"老鼠仓"被曝光。 8月18日，中国证券监督管理委员会天津监管局发布行政处罚决定书。该处罚决定书显示，原基金经理李丹于2022年3月22日至2024年2月8日期间，控 制"王某"证券账户从事与基金未公开信息相关的交易活动。相关交易与基金发生交易趋同，趋同买入股票41只，趋同买入股票占比74.55%，趋同买入金 额3311.97万元，趋同买入金额占比72.77%，交易亏损。 简单点说，李丹在将近两年多时间里，控制他人证券账户，趋同交易3300多万元，但是最终并未盈利，而是落得个亏损的局面。 另外，据该行政处罚决定书公布的信息，李丹在2016年2月3日至2024年2月8日，担任某基金基金经理。经该信息印证可知，李丹为国寿安保基金管理有 限公司原基金经理。 | 产品名称 | 投资类型 | 任职日期 | 离任日期 | 任肥回报 | 年化回报 | 回报排名 | 合计规模(亿元) | | --- | --- | --- | --- | --- | --- | --- | --- | | 国寿安保稳信A | : 偏债混合空 | 2019-01-09 | 2024-09-04 | 23.87% | 3.86% | ...

Core Points - The China Securities Regulatory Commission's Tianjin Regulatory Bureau issued an administrative penalty of 600,000 yuan to Li Dan for insider trading activities related to undisclosed information about a fund [1][3][5] - Li Dan is believed to be a former fund manager at Guoshou Anbao Fund, where he managed several funds, including the Guoshou Anbao Core Industry Fund, which had a negative return of -7.77% during his tenure [1][2][3] Summary by Sections Administrative Penalty - Li Dan was penalized for two violations: knowing undisclosed information about the fund and using that information for trading activities [3][4] - The penalty amount is 600,000 yuan, and the evidence included company statements, trading records, and communication logs [4][5] Fund Management Performance - During his time at Guoshou Anbao Fund, Li Dan managed multiple funds, with the highest return being 39.86% for the Guoshou Anbao Stable Jia A fund [2] - Despite managing several funds, the total management scale peaked at only 2.092 billion yuan [2] Company Response - Guoshou Anbao Fund stated that the actions of the former employee were personal and emphasized their commitment to compliance culture moving forward [1][5]

Core Viewpoint - The article discusses a case of "mouse trading" involving a former fund manager, Li Dan, who was penalized for engaging in transactions that mirrored the fund's undisclosed information, resulting in significant losses for the fund she managed [1][2]. Group 1: Case Details - Li Dan, a former fund manager at Guoshou Anbao Fund, was fined 600,000 yuan for engaging in synchronized trading activities from March 22, 2022, to February 8, 2024, involving a total of 33.12 million yuan [1][2]. - During the investigation, it was revealed that 41 stocks were involved in the synchronized trading, accounting for 74.55% of the total trades, with the amount representing 72.77% of the fund's trading activities [2]. - The fund managed by Li Dan, Guoshou Anbao Core Industry, experienced a cumulative loss of 7.77% during her 8-year tenure, ranking 716 out of 789 in its category [3][4]. Group 2: Fund Performance - The Guoshou Anbao Core Industry fund saw its size halved from 893 million yuan at the end of 2019 to 427 million yuan by the first quarter of 2024, largely due to poor performance [4]. - Other funds managed by Li Dan also showed disappointing returns, with the Guoshou Anbao Consumption New Blue Ocean fund achieving an annualized return of only 1.62% from 2018 to 2024, ranking 1194 out of 1519 [4]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has adopted a zero-tolerance approach towards illegal activities in the fund industry, with multiple cases of misconduct being prosecuted [5]. - Recent regulatory measures emphasize the importance of compliance management and the binding of fund managers' interests with those of investors, particularly targeting behaviors like "mouse trading" [5].

《财经》新媒体 文丨蒋金丽 据天津证监局披露，2013年12月9日，李丹入职某基金管理有限公司。2016年2月3日至2024年2月8日，李丹担任某基金的基金经理，负责该基金具体投资运 作，知悉该基金投资决策情况、交易情况、持仓情况等未公开信息。 上述信息与国寿安保一位已离职的基金经理高度重合。 对此，国寿安保基金向《财经》新媒体回应称，前员工李丹所涉及到行政处罚的相关事项，系其个人行为。下一步，国寿安保基金将持续推进合规文化建 设，推进公司高质量发展，坚决维护持有人利益。 李丹在职时，先后管理过7只基金。她接管的第一只基金——国寿安保核心产业，任职时间正好与涉案基金一致。业绩表现来看，2016年2月3日至2024年2月 8日，李丹管理国寿安保核心产业的8年时间里，累计收益告负，任职回报亏损4.53%。 | 子工自在过门生立 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 基金代码 | 基金名称 | 相关链接 | 基金类型 | 规模(亿元) | 任职时间 | | | 015406 | 国寿安保稳信混合E | 估值图 基金吧 档案 | 混合型 ...