持仓结构主导业绩，制造业与周期股表现悬殊 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 在基金行业薪酬改革持续推进的背景下，基金经理的业绩表现与薪酬考核成为市场焦点。近期，创 金合信基金经理李游因管理产品业绩显著分化受到关注。 Wind数据显示，截至12月17日，李游管理的三只公募基金近三年业绩表现呈现明显差异：创金合 信产业智选A与创金合信工业周期精选A跑输业绩比较基准的幅度分别为26.86%和19.49%，而创金合信 资源主题A则取得24.75%的超额收益。 薪酬考核压力：新规下的直接挑战 针对旗下产品业绩分化的市场关注，创金合信基金在回复《华夏时报》记者的采访函中指出，相关 产品近一年的超额收益已有所改善。具体数据显示，截至2025年12月15日，创金合信产业智选近一年涨 幅为30.97%，其业绩比较基准涨幅为11.95%，产品超额收益达19.02%；创金合信工业周期近一年涨幅 为19.39%，业绩比较基准涨幅为16.04%，超额收益为3.35%。公司强调，这两只产品最近一年相对业绩 基准的超额收益改善明显。 对于后续安排，创金合信基金表示，产品投资策略将基于当前市场特征和投资组 ...

Core Viewpoint - The performance of fund managers and their compensation assessment have become focal points in the context of ongoing reforms in the fund industry, highlighted by the significant performance divergence of fund manager Li You's products [2][5]. Performance Discrepancy - The stark differences in performance among the funds managed by Li You stem from their contrasting portfolio structures, with the underperforming funds heavily invested in manufacturing sectors like new energy and semiconductors, which faced valuation adjustments and competitive pressures from 2022 to 2024 [3]. - The fund "Chuangjin Hexin Industry Smart Selection A" lagged its benchmark by 26.86%, while "Chuangjin Hexin Industrial Cycle Selection A" underperformed by 19.49%, whereas "Chuangjin Hexin Resource Theme A" achieved a 24.75% excess return [2][3]. Impact of Market Conditions - The decline in lithium prices in 2023 pressured the profitability of midstream material companies within the new energy sector, leading to a delayed adjustment in the fund's holdings compared to market trends [3]. - The fund manager acknowledged a mismatch between their foresight regarding the cyclical nature of new energy and the actual timing and extent of the market adjustments [3]. Fund Size and Investor Confidence - The performance pressure has directly affected the stability of fund sizes, as seen with "Chuangjin Hexin Industry Smart Selection A," which experienced net outflows despite a significant rebound in net value in Q3 2025 [4]. - Rebuilding investor trust is a major challenge for fund managers, especially after prolonged periods of underperformance [4]. Resource Stocks vs. Manufacturing Stocks - In contrast, "Chuangjin Hexin Resource Theme A" benefited from strong performance in resource stocks, with top holdings like Xinyi Silver, Zijin Mining, and Luoyang Molybdenum seeing gains exceeding 20% in three months, driven by global inflation expectations and supply-demand gaps [4]. - The allocation decisions made by fund managers significantly influence the degree of performance divergence among funds [4]. Compensation Assessment Reforms - The fund company noted improvements in excess returns for its products over the past year, with "Chuangjin Hexin Industry Smart Selection A" achieving a 30.97% increase compared to its benchmark's 11.95% [5]. - New assessment guidelines emphasize sustainability and a holistic view of fund managers' performance across all products, which may lead to stricter evaluations for those with significant performance disparities [6]. Long-term Focus for Fund Managers - Fund managers are now required to reassess their investment capabilities within a more comprehensive and long-term evaluation framework, which may encourage them to focus on areas where they can consistently generate alpha [7]. - The core objective of the industry’s compensation reform is to align individual capabilities, product positioning, and investor interests more accurately through optimized incentive mechanisms [7].