可比门店中，标准超市和社区超市表现优于大型超市；超过一半的超市门店来客数增长，线上业务持续 增长，72%企业线上销售同比提升，其中超过三成企业保持超过20%的高增长。 此外，81%企业2025年实施了门店调改，其中90%以上的调改企业取得了业绩增长。超市门店调改更多 关注顾客体验和客流，其中，烘焙品类在提升到店频次、承接即时消费和强化门店形象方面作用明显。 对于2026年的经营战略，多数超市企业以稳中求进为主，超半数计划通过设施升级、区域深耕或跨区域 扩张推进发展，约两成采取收缩优化；渠道优化方面，重点举措集中在商品与渠道效率提升、线上线下 （300959）融合及门店与组织系统升级；人力资源管理方面，趋向精细化管理，人效提升显著，薪酬福 利稳中有升。总体来看，超市行业正从"规模导向"向"质量与效率导向"转型。 经济观察网据央视新闻客户端消息，记者今天(23日)从中国连锁经营协会了解到，中国连锁经营协会日 前对全国3万多家连锁超市门店进行了摸底调查。调查显示，2025年，我国连锁超市整体经营呈现稳中 有升、分化明显的特征。 数据显示，被调查的3万多家超市门店2025年总销售额超过4000亿元。其中，销售总额同比 ...

Core Viewpoint - The Chinese fund industry in 2025 presents a stark contrast, with private equity funds performing exceptionally well while public funds struggle significantly, revealing systemic issues in the industry after over two decades of rapid development [1] Performance Disparity: A True Reflection of the Market - In 2025, the structural market conditions of A-shares serve as a key differentiator for performance, leading to a stark contrast between public and private fund results [1] - Private equity securities products show strong profitability, with over 90% achieving positive returns and an average return rate of 22.61%, while stock strategies yield an impressive average return of 27.07% [2] Public Fund Struggles - Among 6,129 public active equity products that have been established for over three years, 60.5% failed to outperform their benchmarks [3] - A significant number of funds, 2,454, lagged their benchmarks by over 10 percentage points, indicating a consistent underperformance compared to market averages [3] Investor Losses: The Cost of Silence - The performance disparity results in real financial losses for investors, with previously celebrated fund managers delivering disappointing results [4] - For instance, a fund managed by Liu Yanchun reported a return of -23.05% over three years, while its benchmark yielded a positive 14.41%, resulting in a 37.46 percentage point gap [4] Corporate Profit vs. Investor Loss - Despite poor performance, some fund companies continue to distribute substantial dividends, creating a stark contrast with the losses faced by investors [5] - A leading fund company distributed nearly 83 billion yuan in dividends over ten years, while its products collectively lost 1,004 billion yuan in the same period [5] Structural Issues: Root Causes of Industry Ailments - The root of performance disparity lies in differing incentive mechanisms, with private funds typically using a performance-based compensation model that aligns managers' interests with those of investors [6] - In contrast, public funds often rely on management scale for fees, leading to a focus on growth rather than performance [6] - Only three out of 28 large-scale active equity funds managed to achieve excess returns while maintaining positive profits over the past three years [6] Regulatory Restructuring: From Scale-Oriented to Performance-Linked - In response to industry issues, regulators are implementing new performance assessment guidelines that tie fund managers' compensation directly to product performance and investor profits [10] - This shift is expected to drive significant changes in the industry, with many active equity fund managers adjusting their strategies to align more closely with benchmark indices [10] Market Trends: Shifts in Fund Flows - Under regulatory and market pressures, there is a noticeable change in fund flows, with private equity products showing a 90.66% positive return rate compared to public funds [12] - High-net-worth clients and institutional investors are increasingly turning to private equity, particularly quantitative strategy products, while ordinary investors are becoming more cautious and reevaluating their investment strategies [12]

Core Viewpoint - The recent call by fund manager Cai Zhen for reducing the number of managed products reflects the challenges and transformations within the public fund industry, particularly in light of new regulations that will significantly reshape performance benchmarks and link them to manager compensation [1][4][15]. Group 1: Industry Challenges - Cai Zhen's statement highlights the pressure fund managers face due to managing multiple products, with his current management load reaching nearly 20 funds and a total management scale of 13.599 billion [4][9]. - The phenomenon of "one manager handling multiple funds" is prevalent, with approximately 290 fund managers managing over 10 main code funds each, indicating a systemic issue in the industry [9][10]. - The focus on scale over quality has led to a situation where fund managers are stretched thin, potentially harming long-term returns for investors [9][11]. Group 2: Regulatory Changes - New regulations set to take effect will bind fund performance directly to manager compensation, aiming to shift the industry focus from scale to investor interests [15][16]. - The new rules will penalize fund managers whose long-term performance significantly lags behind benchmarks, promoting a more sustainable investment approach [16][17]. - The shift from a scale-driven model to one that prioritizes returns is expected to challenge both fund managers and companies, necessitating a reevaluation of resource allocation and investment strategies [16][17].