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。 ...

在当前市场环境以及未来很长时间，主动权益基金依然会有不错的超额收益，但是这类基金也存在一些缺点。 我们来认识这些缺点并非全盘否定主动权益基金的价值，而是为了全面认识它们，并建立更理性的投资框架。 一、业绩魔咒：难以持续的辉煌 主动权益基金的业绩依赖基金经理的投资风格与市场风格的匹配，受市场风格轮动的因素影响，绝大多数基金无法连续跑赢市场。 最典型的现象是"冠军魔咒"，一旦市场风格切换，业绩会迅速变脸。而追逐冠军，是普通投资者最大的陷阱之一。 二、基金经理的个体风险 主动基金的核心是基金经理，他的投资理念、能力圈、情绪控制甚至身体健康状况都直接影响基金业绩。 离职风险：优秀的基金经理是稀缺资源，可能被挖角、跳槽或"公奔私"。 风格漂移：有些基金经理为了短期排名压力，可能会去追逐市场热点。 三、基金公司与投资者利益错位 基金公司收入源于管理费（规模驱动），与投资者追求的净值增长目标并不完全一致。 这可能导致公司更追求扩大规模，而非尽全力提高投资者的绝对回报。 极少数情况下，还会出现抬轿子和老鼠仓的问题。 抬轿子：在同一个公司内部，用其他基金为旗下的"明星基金"拉升股价，美化其业绩。 老鼠仓：基金经理可能利用未公开 ...

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].

针对此事，国寿安保基金方面发表声明称，李丹所涉及的行政处罚事项系其个人行为，与公司无关。公 司将继续加强合规文化建设，推进高质量发展，坚决维护持有人利益。 "老鼠仓"行为一直是资本市场中的一大毒瘤，它破坏了市场的公平原则，损害了其他投资者的利益。近 年来，监管部门持续加大对"老鼠仓"等违法违规行为的打击力度，旨在维护资本市场的健康稳定发展。 此次对李丹的处罚，再次彰显了监管部门对违法行为的零容忍态度。 近日，天津证监局发布了一项针对基金经理李丹的行政处罚决定，引发业内广泛关注。该决定指出，李 丹因涉及"老鼠仓"交易行为，被处以60万元罚款。 据处罚决定书透露，李丹在担任某基金公司基金经理期间，利用其掌握的未公开信息，通过控制他人证 券账户进行趋同交易。具体而言，在2022年3月22日至2024年2月8日期间，李丹指示他人操作"王某"证 券账户，与自己所管理的基金进行趋同交易，涉及股票41只，趋同买入金额高达3311.97万元。然而， 令人惊讶的是，这笔巨额交易最终却以亏损告终。 天津证监局在调查过程中，收集了包括公司情况说明、基金交易资料、相关人员询问笔录、微信聊天记 录、证券账户资料、银行交易流水以及交易所 ...

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% | ...

8月18日，中国证券监督管理委员会天津监管局发布了一则行政处罚决定书，当事人李丹因知悉相关基 金未公开信息、利用未公开信息从事相关交易活动等，被监管处以60万元的罚款。 对照监管局披露的公开信息，李丹或为国寿安保基金前基金经理。对此，国寿安保基金方面回应贝壳财 经记者称："该名前员工所涉及行政处罚的相关事项，系其个人行为。下一步，公司将持续推进合规文 化建设。" 被罚基金经理或曾在国寿安保任职 行政处罚决定书显示，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。 对照来看，李丹或为国寿安保基金前基金经理。Wind数据显示，2016年2月3日至2024年2月8日，正是 李丹担任国寿安保核心产业基金经理的时间。尽管任职时间不短，但该只基金的任职回报却为负值， 为-7.77%。 行政处罚决定书称，上述违法事实，有公司情况说明、基金交易资料、相关人员询问笔录、微信聊天记 录、证券账户资料、银行交易流水、交易所计算数据等证据，足以证明。 李丹在书面材料中提出涉案期间部分趋同股票并非其授意下的交易、造成趋同具有合理原因、资金没有 ...

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 ...

Core Viewpoint - The article discusses a case of insider trading known as "mouse warehouse" involving a former fund manager, Li Dan, who was fined for trading based on undisclosed information related to a fund he managed [2][4]. Group 1: Case Details - Li Dan controlled another person's securities account to conduct trading activities related to undisclosed information from March 22, 2022, to February 8, 2024, resulting in a fine of 600,000 yuan [2][3]. - During the mentioned period, Li Dan's trading decisions led to the purchase of 41 stocks, which accounted for 74.55% of the total trades, with a total investment of approximately 33.12 million yuan, representing 72.77% of the total trading amount, ultimately resulting in losses [3][4]. - Li Dan's actions violated the Fund Law, leading to the penalty imposed by the Tianjin Securities Regulatory Bureau [4]. Group 2: Background of Li Dan - Li Dan joined Guoshou Anbao Fund in December 2013 and served as the fund manager for the Guoshou Anbao Core Industry Fund from February 3, 2016, to February 8, 2024 [2][4]. - Over his eight-year tenure managing the Guoshou Anbao Core Industry Fund, Li Dan recorded a return of -7.77%, placing it in the bottom 10% of similar products [4]. - Li Dan managed a total of seven public funds, with one fund reaching a management scale exceeding 2 billion yuan in Q4 2020, but he recorded losses in multiple funds during his management [4]. Group 3: Industry Context - The article highlights that "mouse warehouse" incidents have been recurrent in the industry, with several fund companies, including Jiashi Fund and Puyin Ansheng Fund, facing similar issues [5][6]. - The regulatory environment has tightened, with increased penalties for such violations, indicating a growing awareness and response to these unethical practices [7]. - Industry insiders suggest that the allure of high returns drives some professionals to engage in illegal trading, while existing internal controls and monitoring mechanisms are often inadequate [7].

又一起基金经理"老鼠仓"事件被曝光。 8月18日，天津证监局公布了一则对李丹的行政处罚决定书。根据该处罚书提及的当事人姓名及其入职基金公司和管理基金的时间，可推定其为国寿 安保基金前基金经理李丹。 处罚书显示，李丹曾在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，指示杨某尘具体实施下单 操作。其间，趋同买入金额达3311.97万元，但最后的结果是亏损。根据相关法律条款，天津证监局对李丹处以60万元的罚款。 当日，国寿安保基金向《国际金融报》记者回应称，上述李丹为公司前员工，其涉及的行政处罚事项系其个人行为。 又一起"老鼠仓" 据天津证监局公布的信息，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。 | 索 引 号 | bm56000001/2025-00009804 | ਦੇ 美 | 行政处罚决定;行政执法 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025 ...