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 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].