海报新闻记者 沈童 报道 2025年的中国基金行业，呈现出一幅割裂的图景：一边是私募基金高奏凯歌，股票策略平均收益超过 27%，九成产品为投资者赚钱；另一边则是大量公募基金深陷泥潭，超过六成的主动权益产品三年未跑赢 基准，百亿明星基金亏损动辄数十亿，而部分基金公司却能在同期向股东和管理层豪派近百亿分红。 这并非简单的"牛市"或"熊市"可以概括，而是深刻揭示了行业在高速发展二十余年后，在激励机制、利益 分配以及发展模式上暴露出的系统性裂痕…… 分化业绩：两极市场的真实图景 2025年，A股市场的结构性行情，成为区分业绩的关键标尺。不同的投资理念与考核机制，导致了公募与 私募业绩的"冰火两重天"。 根据私募排排网数据，截至2025年11月底，私募证券产品展现出极强的盈利能力和高胜率，超过九成实现 正收益，平均收益率达22.61%。其中，股票策略表现最为抢眼，平均回报27.07%，量化多头策略更是以平 均36.24%的收益成为年内最大赢家。 | 策略类型 | 正收益产品占比 | 平均收益率 | 核心驱动力与特点 | | --- | --- | --- | --- | | 量化多头 | 96.11% | 36.24% ...

Core Viewpoint - The chairman of Aibisen, Ding Yanhui, cast a dissenting vote against the election of the new board chairman due to dissatisfaction with the chairman's compensation and the company's governance structure [2][4][5]. Group 1: Governance Issues - Ding Yanhui expressed that the company's governance structure has serious problems, particularly regarding the concentrated shareholding and the lack of willingness from major shareholders to reduce their stakes, which hampers governance optimization [5][6]. - He highlighted the inadequacy of the company's incentive mechanisms and the unscientific nature of the compensation distribution system [6]. Group 2: Financial Performance - Aibisen reported a revenue of 2.872 billion yuan for the first three quarters of the year, representing a year-on-year increase of 5.66%. The revenue for the third quarter alone was 1.053 billion yuan, showing a growth of 14.5% compared to the same period last year [10]. - The net profit attributable to shareholders for the first three quarters was 185 million yuan, marking a significant year-on-year increase of 57.33%. The net profit for the third quarter reached approximately 69.05 million yuan, up 138.55% year-on-year [10]. Group 3: Compensation Details - Ding Yanhui directly holds 124,671,149 shares of the company, accounting for 33.78% of the total share capital, making him the actual controller of Aibisen [8]. - His pre-tax compensation for 2024 was reported at 4.3556 million yuan, which includes 1.7399 million yuan from the employee stock ownership plan. This represents a 51% increase from his 2023 salary of 2.8845 million yuan [8].

Core Viewpoint - The only dissenting vote in a recent board decision came from Ding Yanhui, who expressed dissatisfaction with the chairman's compensation, which sparked discussions on social media about the appropriateness of a salary of 4.35 million yuan [1][2]. Group 1: Compensation and Governance - Ding Yanhui's dissenting vote was initially attributed to dissatisfaction with his salary, but he later clarified that his real concern was with the company's incentive mechanism and the concentrated ownership structure, which he believes hinders governance [3]. - According to the 2024 annual report, Ding Yanhui's salary was 4.3556 million yuan, an increase of 1.4711 million yuan from the previous year [4]. Group 2: Company Background - Aibisen, founded in 2001, is a leading provider of LED display applications and services globally. In the first three quarters of 2025, the company reported revenues of 2.872 billion yuan and a net profit attributable to shareholders of 185 million yuan [3].

Core Viewpoint - The company is undergoing a board restructuring to enhance governance and strategic direction, with a focus on integrating diverse expertise in sales, technology, and law to support its growth trajectory [1][2]. Group 1: Board Restructuring - The company announced a board restructuring, proposing candidates with diverse backgrounds to strengthen governance [1]. - The nominated candidates include key figures from sales and technology, indicating a strategic focus on enhancing operational capabilities [1]. - The upcoming shareholder meeting on December 15 will address the election of the new board members [1]. Group 2: Strategic Focus and Performance - The controlling shareholder, Xia Jun, has led the company to focus on high-end CNC machine tools, achieving significant revenue growth [2]. - As of Q3 2025, the company reported revenues of 3.826 billion and a net profit of 348 million, reflecting year-on-year growth rates of 16.80% and 72.56% respectively [2]. - The company has successfully restructured its business by divesting from precision components and concentrating on core CNC machine tool operations [2]. Group 3: Employee Incentive Plans - The company has introduced an employee stock ownership plan to align interests between employees and shareholders, fostering long-term commitment [3]. - A previous restricted stock incentive plan was initiated, with 13 million shares granted to key personnel, aimed at enhancing performance in high-end intelligent equipment [3]. - The dual incentive systems are designed to strengthen the company's governance structure and support sustainable growth [3].

除了物质激励,精神层面的认可同样重要。听说跨越速运非常注重榜样树立,对于表现优异的个人和团队,会进行全公司 范围内的通报表扬,甚至在企业内部的各种宣传渠道上进行展示。这种荣誉感,有时比金钱更能激发一个人的潜能。它营 造了一种"比、学、赶、帮、超"的良性竞争氛围,让每个人都渴望成为团队里的佼佼者。 因此,回到"跨越速运的销售好做吗"这个问题,我认为答案是肯定的。因为跨越速运深刻理解销售工作的本质,它通过一 套成熟、有效的激励机制,成功地将公司的发展目标与销售人员的个人追求紧密地结合在了一起。在这样的平台上,销售 人员感受到的不仅是业绩的压力,更是成长的快乐和收获的喜悦。 据我所知,跨越速运建立了一套非常正向、及时的激励体系。他们不仅有常规的业绩提成,还有诸如"月度之星"、"团队 贡献奖"等多种多样的即时奖励。这意味着,销售人员的每一份努力和每一次突破,都能很快地被看到、被认可,并转化为 实实在在的收益和荣誉。这种快速的正向反馈,对于保持销售人员的"饥饿感"和成就感至关重要。它让销售人员觉得,自 己的奋斗是有价值的,是能立刻得到回报的。 作为一名在企业服务领域工作多年的从业者,我深知销售团队对于一家公司的重要性。 ...

Group 1 - The core message emphasizes the importance of taking responsibility and facing challenges head-on to achieve success in reform and development [1][3] - There is a concern regarding some party members who exhibit a tendency to avoid responsibilities and challenges, leading to a culture of inaction and evasion [2][4] - The need for a robust mechanism to encourage and support proactive behavior among party members is highlighted, including the establishment of error-correction and incentive systems [4] Group 2 - The article stresses that taking action in the face of difficulties is essential for personal and professional growth, as well as for the advancement of the organization [3][4] - It calls for a shift in mindset among party members to embrace challenges and view them as opportunities for development rather than obstacles [3] - The importance of selecting and nurturing capable leaders who can handle significant tasks and risks is underscored, suggesting that practical experience is crucial for developing effective leadership skills [4]

Core Viewpoint - The article emphasizes the importance of taking responsibility and facing challenges head-on in order to achieve success in reform and development tasks. It advocates for a proactive approach among party members and officials to confront problems rather than avoiding them [1][2][3]. Group 1: Issues Faced by Officials - Some party members exhibit a tendency to avoid responsibilities, preferring to do less or nothing at all to evade potential issues. This behavior stems from a lack of courage to tackle difficult problems and a mindset that prioritizes avoiding mistakes over taking action [2]. - The article identifies a "lying flat" mentality among some officials, where they take pride in not causing problems rather than striving for progress and development [2]. - Institutional shortcomings, such as inadequate error-correction mechanisms and lack of incentives, contribute to this avoidance behavior, discouraging proactive engagement from capable officials [2][4]. Group 2: Solutions and Recommendations - Establishing a clear direction that encourages tackling challenges directly is essential. The article stresses that recognizing the inherent risks in undertaking tasks is crucial for effective problem-solving [3]. - It is necessary to create robust error-correction and incentive mechanisms to support those who take responsibility and act decisively. This includes distinguishing between different types of actions and providing support for those who are willing to take risks [4]. - The article advocates for selecting and nurturing officials through practical experiences in challenging situations, thereby enhancing their capabilities and fostering a culture of accountability and action [4].

Core Insights - The article emphasizes the importance of perseverance and the psychological mechanisms behind it, particularly the "40% rule" which suggests that individuals often have more energy reserves than they perceive when feeling fatigued [5][6][10] Group 1: Psychological Mechanisms - The brain's perception of fatigue is influenced by specific regions, such as the right insula and the dorsolateral prefrontal cortex, which can lead to premature cessation of effort [6][12] - Research indicates that cognitive fatigue can distort the actual capabilities of the brain, leading individuals to abandon tasks that could yield higher rewards if they were sufficiently motivated [10][11] Group 2: Motivation and Performance - The presence of a compelling incentive can significantly alter an individual's willingness to exert effort, as demonstrated by the example of offering a monetary reward for additional work [3][12] - Time constraints and setting clear goals can enhance performance, as individuals are more likely to push through perceived limits when they have a defined endpoint [16][17]

Core Insights - The departure of Yang Siliang from Baoying Fund to Yifangda Fund highlights the ongoing talent migration within the asset management industry, particularly affecting mid-sized firms like Baoying Fund [1][2] - Baoying Fund, known as the "Huangpu Military Academy" of public funds, has produced numerous successful fund managers over the years, but faces challenges in retaining talent due to competitive pressures from larger firms [1][3] Talent Migration - Yang Siliang joined Baoying Fund in April 2015 and became a prominent fund manager, achieving significant returns on multiple funds, including a 156.84% return on Baoying Consumer Theme Fund [2] - His exit is part of a broader trend where Baoying Fund has seen 17 fund managers leave since 2019, with many moving to leading firms, indicating a systemic issue in talent retention [5][6] Internal Challenges - Baoying Fund's internal mechanisms, particularly its incentive structures, are cited as key factors contributing to talent loss, with reports suggesting inadequate compensation for high-performing managers [4][7] - The firm has struggled with a "cultivation-loss" cycle, where talented individuals are developed but subsequently leave for better opportunities [4][5] Management Scale and Performance - Baoying Fund's management scale has fluctuated significantly, peaking at nearly 800 billion yuan shortly after its establishment but dropping to around 732.93 billion yuan by mid-2025, reflecting the impact of talent loss on its operational capacity [6][8] - The firm’s ranking has also declined, falling to 73rd in the industry, contrasting sharply with the rapid growth of larger competitors [6][9] Industry Context - The asset management industry is experiencing a "Matthew Effect," where larger firms are increasingly dominating the market, making it difficult for mid-sized firms like Baoying Fund to compete for talent and resources [9][10] - The rise of alternative investment firms has diversified career options for fund managers, further complicating retention efforts for mid-sized public funds [9][10] Potential Solutions - Some firms are exploring innovative strategies to retain talent, such as implementing profit-sharing models and enhancing team autonomy, which could serve as a model for Baoying Fund and similar companies [10] - Focusing on niche markets or specialized investment strategies may also help mid-sized firms attract and retain talent by creating unique value propositions [10]

Group 1 - The core viewpoint of the article emphasizes the importance of building a high-quality, professional ecological environment volunteer service team to support ecological civilization construction by 2027 [1] - The article outlines the need for a scientific organizational system that includes clear service directions, effective personnel selection mechanisms, and efficient team operation mechanisms [2] - It highlights the four core functions of the volunteer service team: ecological environment quality "observers," environmental policy promotion "speakers," ecological restoration practice "workers," and environmental issue supervision "informants" [2] Group 2 - The recruitment of volunteers should utilize multiple channels, including online platforms and offline events, while adhering to a selection standard based on continuous service time, basic ecological knowledge, and a sense of responsibility [3] - A closed-loop management model of "recruitment-training-service-evaluation-incentive" is proposed to ensure the standardization and systematization of volunteer services [3] - The establishment of a professional enhancement system is crucial for improving the competitive edge of the ecological environment volunteer service team [4] Group 3 - A tiered training system is recommended to gradually enhance volunteers' professional skills and practical abilities, covering basic training, professional skill enhancement, and emergency response training [4] - The article suggests planning high-quality ecological environment volunteer service activities to increase social impact and public participation [4] - Encouraging collaboration between volunteer organizations and research institutions or universities is essential for integrating technological innovation into volunteer services [5] Group 4 - The establishment of a modern incentive mechanism is necessary to enhance volunteer participation and maintain organizational stability, combining short-term and long-term incentives [7] - Short-term incentives include immediate rewards during activities, while long-term incentives focus on providing lasting benefits to volunteers [7] - Cultivating a distinctive team culture is vital for enhancing volunteer cohesion and identity recognition [8] Group 5 - Regular internal activities and knowledge-sharing sessions can foster communication and cooperation among volunteers, deepening their understanding of ecological protection [8] - The article advocates for promoting green living and encouraging volunteers to engage in community environmental initiatives [8]