上个月中旬，招商基金蔡振的一条朋友圈引起了公募行业的震动。在朋友圈中，他表达了三层意思：一是不想再频繁参加线下路演；二是认为自己管理的产 品数量已经超出了精力上限，"个人需求与公司错配"；三是希望在退休前减少产品数量，专注于少数真正认同的产品，不想"不停地发新产品"。 在舆论发酵后，蔡振很快删除了相关朋友圈，但并没有在产品层面立刻"减负"，名下反而多出了两只新基金：其一是招商上证科创板综合价格指数增强，蔡 振于2025年12月2日起担任该基金的基金经理，与王宁远联合管理，这只基金于11月中旬起发行，12月初成立；其二是招商安琪债券，其发行期为2025年12 月5日至12月22日，拟任基金经理为蔡振和尹晓红。 从立项和备案节奏来看，这两只新基金大概率在朋友圈之前就已经完成设计与报批，蔡振也早在11月下旬就被披露为"拟任基金经理"。一边是基金经理在朋 友圈喊"想减负"，一边是公开信息里他又扛起两只新产品，这种强烈反差也说明了个体诉求与结构发行节奏之间的张力：短期内，个体很难改变公司已经安 排好的发行计划。 量化老将为何觉得"累" 从公开数据来看，蔡振"喊累"确实是有原因的。 可就在公开"吐槽"半个月后，《财中社》 ...

Core Viewpoint - The bond underwriting market is experiencing severe price competition, leading to extremely low underwriting fees, which poses risks to the industry's health and sustainability [1][4][7]. Group 1: Market Dynamics - Six financial institutions shared a total underwriting fee of 63,448 yuan, with the highest bid at 35,000 yuan and the lowest at 700 yuan, highlighting the extreme price competition in the bond underwriting market [1][2]. - The low pricing strategy is driven by lead underwriters seeking to win large issuance projects, which enhances their market share and ranking, creating a vicious cycle of price reduction [1][5]. Group 2: Regulatory Response - The China Interbank Market Dealers Association has initiated a self-regulatory investigation into the six institutions for their low-price underwriting practices, following new regulations that prohibit quoting below cost [1][4]. - The association's recent notice emphasizes that underwriting institutions must not quote fees below their costs when participating in bond project bids [4][6]. Group 3: Financial Implications - Despite the increase in underwriting scale, the fees collected by underwriters have been declining, leading to a "revenue growth without profit" scenario [6][7]. - From 2021 to 2024, the total underwriting scale for brokers increased significantly, while the corresponding underwriting fees decreased from 6.489 billion yuan to 3.084 billion yuan [6][7]. Group 4: Industry Impact - The long-term presence of the "floor price" phenomenon is detrimental to the bond underwriting industry's health, potentially leading to a reduction in market diversity as smaller underwriters may exit due to unsustainable pricing [7][8]. - Low pricing may compromise the quality of services provided by underwriters, affecting due diligence and overall bond issuance quality, which could harm investor interests [7][8].