（来源：经济参考报） 刚刚过去的一年，公募自购非货类产品"热情高涨"。截至2025年12月31日，2025年全年共有118家基金 公司合计自购7000余次。其中，公募对于非货类产品自购尤为踊跃，金额已达87亿元。从不同品类来 看，债券型基金自购规模大幅增长超200%，混合型基金实现净申购"逆转"，股票型基金自购规模也整 体保持稳健。 展望2026年，公募把脉市场整体偏乐观，企业盈利和流动性驱动迎来共振，市场风格面临进一步均衡。 与此同时，伴随着公募评价体系的变化，或将有更多基金管理人实施自购行为。 指数型产品成"香饽饽" 2025年，A股呈"先抑后扬再震荡"的W型走势，总体表现亮眼。Wind数据显示，截至2025年12月31日收 盘，上证指数、深证成指、创业板指年内分别上涨18.41%、29.87%、49.57%。在此背景下，公募自购 热情有所升温，以"真金白银"表达对资本市场长期向好发展的支持。 Wind数据显示，截至2025年12月31日，2025年全年共有118家基金公司合计实施自购7491次，合计交易 份额共736.83亿份，合计交易金额共3375.10亿元。2024年全年，公募合计实施自购9612次 ...

近日，《基金管理公司绩效考核管理指引（征求意见稿）》在公募圈掀起波澜。 这份《指引》不仅对基金经理和销售人员的薪酬与业绩挂钩作出规定，还着重强调了自购，高管和基金经理都得拿出真金 白银买自家基金，这无疑给公募行业带来了新变化。 | 排名 | 机构名称 | 区间净申购金额 | | | --- | --- | --- | --- | | | | (0776) | | | 10 | 工银瑞信基金 | 170,110.75 | ਟਰ | | 2 | 中银基金 | 76,415.48 | 238 | | B | 招商证券资管 | 73,040.56 | 188 | | 4 | 国泰县金 | 53,750.92 | 50 | | 5 | 鹏华基金 | 44,670.19 | 20 | | 6 | 建信县金 | 40,003.22 | 54 | | 7 | 山证(上海)资管 | 37,496.53 | 71 | | 8 | 农银汇理基金 | 36,959.01 | 31 | | 9 | 华安基金 | 33,662.80 | 22 | | 10 | 上海东方证券资管 | 33,461.41 | 197 | | (11) | ...

Core Insights - In 2025, public funds in China experienced a significant surge in self-purchase activity, with net subscription amounts reaching 9.876 billion yuan, a 163.08% increase compared to 3.754 billion yuan in the same period of 2024 [1] Group 1: Fund Types - Bond funds remained the primary focus for self-purchases, with net subscriptions amounting to 4.211 billion yuan, representing 42.65% of total net subscriptions, and a remarkable increase of 272.65% from 1.130 billion yuan in 2024 [1] - Mixed funds showed a notable recovery, achieving net subscriptions of 2.155 billion yuan, a significant turnaround from a net redemption of 0.512 billion yuan in 2024 [1] - Equity funds also saw substantial growth, with net subscriptions reaching 5.072 billion yuan, accounting for 51.36% of total net subscriptions, and a 90.79% increase from 2.692 billion yuan in 2024 [1] Group 2: Index Funds and Institutional Activity - Index funds emerged as a key focus for self-purchases, with passive index bond products netting 2.709 billion yuan, making up 64.33% of bond fund self-purchases [2] - In the stock fund category, combined net subscriptions for passive and enhanced index products reached 2.483 billion yuan, representing a high 94.55% of total stock fund self-purchases, indicating a strong preference for index-based investment tools among institutions [2] - Leading public fund institutions were particularly active in self-purchases, with 19 firms reporting net subscriptions exceeding 100 million yuan in equity funds, including Huaxia Fund at 391 million yuan, followed by Yongying Fund and Tianhong Fund at 340 million yuan and 337 million yuan respectively [2][3]

具体来看： 如果你是高管及主要业务负责人，需将当年全部绩效薪酬的30%用于购买本公司管理的公募基金，其中权益类基金（如股票型、混合型基金）占比不低于 60%（即至少18%的绩效薪酬要买股票型/混合型基金）。 曾几何时，当投资者在震荡市中反复拼杀伤痕累累的时候，基金经理却凭借着管理费这一稳定收入，依旧享受着 "旱涝保收"的高工资待遇，即便旗下产品 净值大幅回撤、投资者损失惨重，部分基金经理仍能凭借规模优势领取高薪。这种失衡的激励机制不仅损害了投资者利益，也不利于行业的长期健康发展。 而这一情况近期有望得到改善，监管部门近日下发《基金管理公司绩效考核管理指引（征求意见稿）》，未来基金经理40%以上的绩效薪酬或需投入自购， 基金经理或与投资者实现强绑定，也就是说以后基金经理和投资者就是"一根绳上的蚂蚱"了。 而从趋势看，无论是自购金额还是参与自购的公募机构数量都呈现逐年递增的态势。而头部基金公司具备更强的长期投研实力、更完善的风控体系与更稳健 的经营能力，能够更好地适应长期考核要求，巩固竞争优势。 公募基金自购行为统计(自购次数及参与家数) 举个例子：年薪1000万的高管，得掏出300万买自家基金，其中180万得冲 ...

Group 1 - Guo Xun Securities has recommended Gu Xiangqing as the general manager of Wanhe Securities, marking the first executive appointment since Guo Xun became the major shareholder of Wanhe [1] - Gu Xiangqing has over 20 years of experience in brokerage business and has held various management positions, indicating her capability to enhance Wanhe Securities' brokerage operations [1] - This personnel change signals an acceleration in the integration process and may lead to a new round of consolidation among small and medium-sized brokerages in the industry [1] Group 2 - Changjiang Securities has completed a board reshuffle, adding three representatives from Hubei state-owned assets, which reflects the deepening involvement of local state capital in corporate governance [2] - The new board composition is expected to strengthen regional resource collaboration and promote business integration with the local economy, potentially providing long-term support for the stock price [2] - The strategic positioning of state-owned brokerages may attract market attention and lead to subtle adjustments in the industry landscape [2] Group 3 - Regulatory authorities have issued guidelines requiring fund company executives to invest a portion of their performance compensation in their own managed public products, with 136 public fund companies having initiated self-purchases totaling over 4 billion yuan this year [3] - This self-purchase trend is seen as a confidence booster for the market, enhancing investor trust in actively managed equity products and promoting the long-term healthy development of the asset management industry [3] - The self-purchase behavior is expected to improve brand image and product attractiveness for fund companies, injecting new capital expectations into the market [3] Group 4 - Over 200 announcements regarding premium risks for cross-border ETFs have been issued by 14 public fund institutions in December, indicating a significant influx of short-term capital leading to price deviations from net asset values [4][5] - Specific ETFs, such as the Southern S&P 500 ETF, have shown premium rates exceeding 3%, with some reaching as high as 5.58%, raising concerns about potential market volatility [4][5] - The ongoing premium phenomenon may divert funds from A-shares, particularly impacting financial and consumer sectors, while the eventual risk release could stabilize market sentiment and encourage rational capital allocation [4][5]

Core Viewpoint - The recent issuance of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" by regulatory authorities aims to enhance the long-term incentive and constraint mechanisms within the fund management industry, promoting a stronger alignment of interests between fund management companies and fund shareholders [2][6]. Group 1: Guidelines and Requirements - Fund management company executives and key business department heads are required to invest at least 30% of their total performance compensation in public funds managed by their company, while fund managers must invest at least 40% of their total performance compensation in the public funds they manage [2][4]. - The guidelines emphasize the concept of "performance compensation holding base," mandating that the holding period for these investments must be no less than one year [2][3]. Group 2: Self-Purchase Trends - As of December 7, 2023, 136 public fund companies have initiated self-purchases, totaling 8,400 instances, with net subscriptions for equity funds exceeding 4 billion yuan [4][6]. - Notably, Guotai Fund has recorded the highest number of self-purchases at 782 times, followed by Invesco Great Wall Fund with 607 times [4]. Group 3: Market Implications - The self-purchase trend reflects fund companies' confidence in their investment management capabilities and the long-term value of their products, which is expected to stabilize investor expectations and enhance confidence in holding [6][7]. - The focus on equity products for self-purchases indicates a positive outlook on market valuation recovery and economic fundamentals, suggesting that fund companies will prioritize long-term performance over short-term gains [6][7].

Core Viewpoint - The recent issuance of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" by regulatory authorities aims to enhance the long-term incentive and constraint mechanisms within the fund management industry, promoting better alignment of interests between fund management companies and fund shareholders [2][3]. Group 1: Regulatory Guidelines - The guidelines require senior management and key business department heads of fund companies to invest at least 30% of their annual performance compensation in public funds managed by their company, while fund managers must invest at least 40% of their performance compensation in the public funds they manage [2][3]. - The guidelines emphasize "performance compensation holding," mandating that the holding period for these investments must be no less than one year [2][3]. Group 2: Self-Purchase Trends - As of December 7, 2023, 136 public fund companies have initiated self-purchases, totaling 8,400 instances, with net subscriptions for equity mixed funds exceeding 4 billion yuan [3][4]. - Notably, Guotai Fund has the highest number of self-purchases at 782 times, followed by Invesco Great Wall Fund with 607 times, and several other companies exceeding 500 times [3]. Group 3: Investment Focus - The self-purchase trend indicates a strong focus on equity products, reflecting the industry's confidence in the long-term value of equity assets and expectations for market valuation recovery and economic improvement [4][5]. - Fund companies' self-purchase actions are seen as a commitment to long-term development, enhancing risk control and sustainable investment value, which may lead to improved long-term performance stability [5].

点评：招商证券此次通过招证国际大手笔增资旗下国际业务子公司，凸显其加速国际化布局的战略意 图，首期40亿港元注资将显著增强香港子公司资本实力，为其业务扩张提供支撑。这一举动或引发市场 对头部券商海外业务竞争力的重新评估，证券板块国际化逻辑或将强化。在行业竞争加剧背景下，资本 实力雄厚的券商有望通过持续投入获取更多市场份额，行业集中度可能进一步提升。此举亦反映中资金 融机构对港股市场前景的乐观态度，或为券商板块带来结构性机会。 Wind数据显示，截至12月7日，2025年以来已有136家公募基金公司启动自购，合计自购次数达8400 次。从不同类型的基金来看，今年以来基金公司净申购股票型基金22.62亿元、混合型基金19.54亿元、 债券型基金42.12亿元。从基金公司维度来看，Wind数据显示，截至12月7日，国泰基金今年以来已自购 782次，是自购次数最多的基金公司；景顺长城基金自购607次居次席；中欧基金、泓德基金紧随其后， 自购次数均超过500次。从今年以来各家公司的净申购金额（所有类型基金）来看，招商证券资管净申 购46.94亿元，景顺长城基金净申购27.74亿元，工银瑞信基金净申购17.01亿元。 点 ...

Group 1 - A total of 136 public fund companies have initiated self-purchases this year, with a cumulative self-purchase count of 8,400 times, indicating a strong trend in self-investment among fund companies [1][2] - The net subscription amount for stock mixed funds has exceeded 4 billion yuan, with significant net subscriptions also seen in bond funds, totaling 4.21 billion yuan [2] - Among fund companies, Guotai Fund has the highest self-purchase count at 782 times, followed by Jingshun Great Wall Fund with 607 times, and others like Zhongou Fund and Hongde Fund exceeding 500 times [2] Group 2 - The regulatory body has issued a draft guideline for performance assessment and compensation management for fund management companies, aiming to strengthen the binding of interests between fund managers and investors [3] - The guideline emphasizes "performance salary holding base," requiring senior management and fund managers to invest a certain percentage of their performance compensation into the funds they manage, with a minimum holding period of one year [3] - It is anticipated that the self-purchase volume of fund companies will continue to increase, particularly in equity funds, as this practice enhances investor confidence and aligns the interests of fund managers with those of investors [3]

Group 1 - Public funds have significantly increased their self-purchase of equity funds this year, with a total of 3.5 billion yuan, surpassing the total for the entire previous year [1][3] - Several new popular funds have also seen self-purchases from fund managers, indicating confidence in future market performance [2][3] - Major fund managers such as ICBC Credit Suisse, Tianhong, Yongying, and China Merchants have each self-purchased over 100 million yuan in equity funds [3] Group 2 - Fund managers' self-purchases often occur during market fluctuations, with many reporting substantial returns on their investments [4] - For instance, the Anxin Rui Jian You Xuan Mixed Fund saw a net value increase of over 30% since the fund manager's self-purchase [4] - The Huashang Zhi Yuan Hui Bao Mixed Fund also performed well, with a net value growth of 37.25% since its inception [4] Group 3 - The China Securities Regulatory Commission has proposed measures to encourage more fund managers to actively self-purchase their equity funds [5][6] - The new evaluation system will enhance the scoring for self-purchases and long-term performance metrics, promoting a focus on sustainable investment strategies [6]