截至12月26日，公募主动权益基金年内最高收益达到236.88%，不仅锁定年度冠军位置，还刷新纪录， 成为公募史上收益最高的年度翻倍基。包括该基金在内，年内收益超100%的翻倍基已达72只。整体上 看，近八成主动基金跑赢比较基准，但收益率中位数在29.03%位置，小于平均值32.71%。受访人士表 示，2025年主动权益基金扬眉吐气，公募主动管理能力不负"资管皇冠明珠"美誉。但也要看到，这类基 金高集中度持仓明显，和结构行情深度绑定。公募基金20多年发展，基金投资"恒星"稀少"流星"喧嚣， 需用平常心看待这类现象。主动权益基金持续焕发生机，需有数量更多、占比更高、业绩良好且持续的 基金，才能惠及更多持有人。 ...

《指引》的出台旨在从根本上校正这一不良生态。《指引》明确基金投资收益指标中三年以上中长期指标权重不得低于 80%，要求薪酬递延支付，建立跟投机制，这些举措直指行业痛点。这也意味着，基金经理不用再为季度、半年度或年度排名 而焦虑，从而能够更加从容地践行价值投资理念；基金公司不用急于进行短期规模扩张，从而能够更加注重长期品牌建设。对 于投资者而言，这将减少因基金经理频繁变动、投资风格漂移带来的困扰，提升持有体验和长期收益。 此外，《指引》特别强调主动管理能力的提升。在被动投资快速发展的当下，这一导向颇有深意，它提示公募基金：被动 投资可以解决成本问题，但主动管理才能创造超额收益，这是公募基金的核心竞争力所在。加强投研队伍建设，完善公司治 理，筑牢风控体系，这些看似费时费力的"笨功夫"，正是行业可持续发展的基石。当所有公募基金公司都能够沉下心来苦 练"笨功夫"，整个行业才能摆脱同质化竞争，形成差异化、多元化的良性生态。 方向已定，公募基金必须尽快进入精耕细作的新阶段。可以预见，随着《指引》的正式实施，公募基金行业将迎来新一轮 洗牌。那些注重长期业绩、投研扎实、风控严谨的基金公司将脱颖而出；那些真正以投资者利益为先、 ...

Group 1 - The core viewpoint of the article is that the transformation of brokerage asset management large collective products into public offerings is entering a critical phase, with a deadline set for the end of 2025 for completion [1][2][4] - The three main paths for product disposal include transferring to affiliated public funds, liquidation, or transitioning to private equity [2][3] - The trend of "cross-group migration" is emerging, where some brokerages are transferring products to third-party public fund managers without direct equity ties [3][4] Group 2 - The application for public fund licenses by brokerages has reached a standstill, indicating the end of the licensing rush that began in 2023, leading to a new phase of differentiated competition [4][5] - Some brokerages are leveraging their dual licenses (public and private) to accelerate business expansion, with examples like Caitong Asset Management showcasing a stable business structure [4][5] - The focus is shifting from merely obtaining public licenses to enhancing investment research capabilities and business collaboration as key competitive advantages [7][8] Group 3 - Investment research and collaborative capabilities are identified as critical factors for brokerages to compete effectively against banks and public funds [7][8] - Brokerages can utilize their integrated financial ecosystem to provide comprehensive services, enhancing their competitive edge in a saturated market [8] - The ability to quickly respond to market changes and adapt product offerings is highlighted as a significant strength of brokerage asset management [8]

中国基金报记者 孙越 赵心怡 临近年底，券商资管大集合产品的公募化改造进入最后的密集操作期。根据2018年资管新规配套法规要求，券商参公大集合应在2025年年 底前完成公募化改造。目前各券商正加速推进产品处置，行业迎来历史性时刻。 移交"兄弟"公募、清盘或转型私募是目前产品处置的三大主流路径，与此同时，"跨集团迁移"等新兴案例也为行业提供了新思路。此外， 在公募牌照申请热潮退去后，券商资管的发展逻辑正从追逐牌照转向深耕能力，以投研实力和业务协同为核心的差异化竞争新阶段已然开 启。 大集合产品改造进入冲刺阶段 【导读】 券商资管公募化改造冲刺，以投研与协同能力突围 对于不符合公募化改造条件或规模较小的产品，只能选择转为私募资管计划或清盘。今年6月，国投证券资管宣布将"安信资管瑞元添利一 年持有期债券型集合资产管理计划"转为私募资管计划。此前，东海证券、平安证券、光大证券都有产品因规模较小而选择清盘。 目前，券商大集合产品改造主要有三种路径：管理人变更、清盘或转型私募。 在主流路径之外，近期市场上还出现了"跨集团迁移"案例，部分券商选择将旗下产品移交至无直接股权关联的第三方公募基金管理。 将大集合产品移交至同一股 ...

Core Viewpoint - Wang Ying officially took office as the new chairman of China Merchants Fund on November 27, marking a significant leadership change in the company [3][5][8]. Group 1: Leadership Changes - Wang Ying's appointment finalizes the new leadership team at China Merchants Fund, following a series of management changes this year [8][10]. - The previous chairman, Wang Xiaoqing, stepped down after five years to take on a new role at China Merchants Jinling Financial Holdings [10]. - The company aims to maintain strategic stability and continuity in its planning under the new leadership [3][15]. Group 2: Company Performance - As of the end of Q3 this year, China Merchants Fund's total asset management scale reached 1.59 trillion yuan, reflecting a 1.27% increase from the end of the previous year [11][13]. - The public fund management scale approached 950 billion yuan, with a quarter-on-quarter increase of over 40 billion yuan, while non-monetary management scale exceeded 560 billion yuan [14]. Group 3: Strategic Focus - The company plans to integrate more closely with shareholder development strategies, focusing on "in-depth research sharing," "quality asset organization and product creation," and "innovation testing grounds" [15]. - Future efforts will include enhancing product diversity, consolidating business advantages, and improving active management capabilities [15][16]. - Talent development will be prioritized, with a focus on optimizing personnel selection and training systems to support high-quality growth [16].

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

Core Insights - The 19th Shenzhen International Financial Expo opened on November 19, featuring the "2025 China Financial Institutions Annual Conference and China Securities Asset Management Summit" [1] - Tang Yong, Vice President of Huazhong Securities and Chairman of Huazhong Asset Management, emphasized that despite the common constraint of incomplete licenses among small and medium-sized brokerages, focusing on core competencies and refining existing businesses can lead to differentiated development paths [1] Company Insights - Huazhong Securities is transitioning its large collective products to its subsidiary, Huafu Fund, with most products having been operational for over five years and peak scale exceeding 10 billion [1] - The company has adopted a strategy emphasizing absolute returns and controlling drawdowns, which has yielded positive results [1] - Since 2019, Huazhong Asset Management has focused on absolute returns as its core direction, aiming to control volatility and achieve high benchmark completion rates, gradually building a complete product line [1] Industry Insights - The management scale of Huazhong Securities' private small collective business has exceeded 40 billion [1] - The revenue structure of Huazhong Asset Management has achieved balanced development, with management fee income accounting for 60% and performance-based income for 40% [1] - Despite the increasing trend of centralization in public offerings, private businesses can effectively offset management fee pressures by delivering expected client returns and generating excess returns [2]

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing a significant number of funds still in loss despite a majority achieving positive returns since 2025 [1][2] Fund Performance Overview - As of November 10, 2023, 97.45% of 4679 actively managed equity funds reported positive returns since 2025, with some funds achieving over 200% gains [2] - However, nearly 38% of actively managed equity funds, totaling 1019 funds, remain in loss over the past five years, including products from leading public fund institutions and well-known fund managers [1][3] Reasons for Underperformance - Key factors contributing to the underperformance of these funds include high-level increases in positions, frequent trading, and reliance on specific sectors [1][6] - The average stock position for funds with negative returns was significantly higher than the overall market average during peak market periods, indicating poor timing decisions [6] Fund Manager Challenges - Frequent trading has negatively impacted fund performance, with an average turnover rate of 460.71% for all actively managed equity funds from 2021 to 2024, and even higher for those with significant losses [7] - Changes in fund management have led to inconsistent investment strategies, further complicating performance recovery [8] Market Trends and Future Outlook - The market has seen a resurgence in the issuance of new funds, with 1354 new funds launched in 2023, reflecting a renewed interest in actively managed products [10] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [11]

Core Viewpoint - The release of the "Asset Management Trust Management Measures (Draft for Comments)" marks a significant step in the transformation of the trust industry, emphasizing the need for improved active management capabilities and compliance in asset management trusts [1][6]. Group 1: Regulatory Changes - The new measures introduce specific requirements for asset management trusts, including limits on investment amounts from individual and institutional investors, which aim to end the single financing model for non-standard trusts [2][3]. - The measures require trust companies to enhance their active management capabilities and focus on developing and managing equity-related products while adhering to compliance [1][6]. Group 2: Sales and Compliance - The measures will eliminate the single performance assessment model for sales personnel, mandating the establishment of qualification assessments, ongoing training, and tracking evaluations [4][6]. - Trust companies are now required to define their sales channels clearly, allowing for direct sales or sales through licensed institutions, which aims to reduce risks associated with third-party sales channels [4][5]. Group 3: Industry Trends - Many trust companies are prioritizing wealth management by recruiting talent to strengthen their wealth management teams, indicating a shift towards a more client-oriented approach [5]. - The industry is facing challenges such as increased revenue without corresponding profit growth, prompting a need for trust companies to reduce channel business and enhance active management capabilities [3][6].

Core Insights - The trust industry in China is experiencing rapid expansion, with the total asset management scale reaching a historical high of 32.43 trillion yuan as of June 2023, marking a year-on-year growth of over 20% [1][2] Industry Growth - The trust industry's asset management scale increased by 2.87 trillion yuan from the end of last year, representing a growth rate of 9.7% [2] - The scale of trust assets has shown accelerated growth over the past two years, with significant increases noted in 2022 and 2023 [2] - The trust asset scale was only 3.04 trillion yuan in 2010, but surged to 26.25 trillion yuan by 2017, driven by the booming real estate sector [2] - Following regulatory changes, the industry faced a contraction from 2018 to 2020, dropping to 20.49 trillion yuan, but has since rebounded [2] Institutional Expansion - The number of trillion-yuan trust institutions has increased, with seven institutions now managing over 1 trillion yuan in assets [5] - China Ping An Trust reported a management scale of 1,052.416 billion yuan as of June 2025 [5] Market Trends - By the end of 2024, the scale of funds directed towards the securities market reached 10.27 trillion yuan, a significant increase of 55.61% from the previous year [7] - Trust companies are shifting their focus from traditional non-standard financing to more diversified and professional asset services, indicating a positive trend in scale recovery and structural optimization [7] Profitability Challenges - Despite the rapid growth in scale, the profitability of the trust industry remains under pressure, with a reported decline in revenue and net profit for many companies [9] - The total operating income for 53 reporting trust companies was 31.591 billion yuan in the first half of the year, down 1.98% year-on-year, while net profit fell by 2.83% [9] - The industry faces challenges due to late transformation for some companies, leading to a decline in traditional business income and difficulties in generating profits from innovative business models [9][10]