2025.10. 26 本文字数：2410，阅读时长大约4分钟 作者 | 第一财经 曹璐 封图 | AI生成 自己管理的产品亏损近40%，却仍利用职务之便违法"指点江山"。 近日，上海证监局一纸罚单，揭开了公募基金圈一桩颇具荒诞色彩的"老鼠仓"事件。 行政处罚决定书显示，杨某嘉为上海"90后"男性，他在担任基金经理期间，利用未公开信息明示、暗 示他人从事相关交易活动，经过调查后，该局决定对其责令改正，并处以50万元罚款。 虽然罚单并未披露太多细节，但从部分信息来看，此次涉事的杨某嘉与上海某基金公司前基金经理杨 宁嘉的相关信息高度重合。去年10月，他曾因"个人原因"清仓式离职，随后再无下文。 值得注意的是，那些亏钱还违规的基金经理们，并非个例。这场"业绩塌方+道德失守"的双重戏码为 何总是上演？ "90后"基金经理罚单落地 据上海证监局行政处罚决定书，杨某嘉先后担任某基金管理有限公司股票分析师、高级股票分析师、 基金经理助理、基金经理，担任基金经理期间，负责某基金的投资决策及投资指令下达等工作，知悉 该基金持仓、交易明细等未公开信息。 根据调查，杨某嘉则利用因职务便利获取的未公开信息，明示、暗示陈某东从事相关交 ...

Core Viewpoint - The article highlights a case of a fund manager, Yang Moujia, who faced penalties for insider trading while managing funds that experienced significant losses, raising concerns about ethical standards in the fund management industry [2][3][8]. Group 1: Case Details - Yang Moujia, a fund manager in Shanghai, was penalized with a fine of 500,000 yuan for using non-public information to influence trading activities [2][5]. - The investigation revealed that Yang utilized his position to provide hints to another individual, Chen Moudong, who controlled a trading account that mirrored the fund's transactions, constituting a form of "rat trading" [5][6]. - Yang's performance as a fund manager was notably poor, with losses nearing 40% during his tenure, and his funds underperformed their benchmarks by over 23 percentage points [7][8]. Group 2: Industry Implications - The incident reflects a broader issue within the fund management industry, where poor performance and ethical violations are increasingly common, as seen in other cases involving fund managers with similar misconduct [8][9]. - Regulatory bodies are enhancing their monitoring capabilities to detect "rat trading" and similar violations, but some fund managers still attempt to evade detection through more sophisticated methods [9][10]. - The fundamental principle of trust in fund management is being undermined by such unethical practices, highlighting the need for improved legal awareness and compliance among industry professionals [9][10].

每经记者｜李蕾 每经编辑｜金冥羽 赵云 《每日经济新闻》获悉，8月18日天津证监局发布的一则行政处罚决定书显示，某基金公司的基金经理李丹在任职期间控制另一证券账户从事与基金未公 开信息相关的交易活动，李丹作出交易决策，指示他人具体实施下单操作，相关交易与基金发生交易趋同。 监管机构认定，李丹的上述行为违反了《基金法》第二十条第六项的规定，构成《基金法》第一百二十三条第一款所述的违法行为，最终对她处以60万元 罚款。 罚单显示，当事人：李丹，女，1982年10月出生，住址：北京市海淀区。 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、资金没有直接进入"王某"账户等陈述申辩意见。但监管对 此并未采纳，最终决定对其处以60万元罚款。 基金产品任职期间亏损 去年9月已离职 基金经理搞趋同交易亏了 还被监管处罚 据天津证监局相关行政处罚决定书介绍，2013年12月9日，李丹入职某基金公司，2016年2月3日至2024年2月8日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。 2022年3月22日至2024年2月8日期间，李丹控 ...

Group 1 - The attractiveness of traditional safe-haven assets like U.S. Treasuries is declining, leading investors to flock to emerging market bonds, resulting in the lowest spread between high-rated emerging market government and corporate bonds relative to U.S. Treasuries since the financial crisis [1] - The premium of investment-grade emerging market sovereign bonds over U.S. Treasuries has dropped to 1.04 percentage points, while corporate bonds' premium stands at 1.1 percentage points, indicating a tightening of sovereign debt spreads since 2007 [1] - Concerns over the potential impact of Trump's erratic trade policies on emerging markets are diminishing, as investors shift focus to the improving economic conditions in these countries [1] Group 2 - High-rated Gulf countries are becoming regular issuers in the bond market, with Saudi Arabia expected to be one of the largest issuers of emerging market debt for the second consecutive year, utilizing the debt market to navigate low oil prices and fund large projects [2] - The quality of credit ratings in the emerging market space has significantly improved in recent years, contributing to the tightening of investment-grade emerging market spreads relative to historical levels [2] Group 3 - The tightening of spreads reflects a convergence trade between high-quality credit in emerging and developed markets, with global investors increasingly participating in emerging markets, particularly in investment-grade bonds [3] - Emerging markets have been significantly underweighted for years, providing more room for investors to increase their risk exposure in emerging market credit [3] - Some analysts caution that the optimistic sentiment among investors may not account for potential risks such as a sharp decline in global economic growth expectations or inflation driven by U.S. tariffs [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 因为"趋同交易"相关股票，又有两位当事人收到证券监管部门的罚单。 近日，安徽证监局披露的一份行政处罚决定书显示，安徽证监局对当事人李海鹏利用未公开信息交易行 为进行了立案调查，该案现已调查、办理终结。 当事人李海鹏时任中信证券股份有限公司（以下简称中信证券）信息技术中心高级经理。2015年4月24 日，高某基金成立，托管人为中信证券，开户营业部为中信证券上海恒丰路证券营业部。2018年12月 起，李海鹏获得中信证券CRM系统应用开发岗权限，可以获取中信证券所有客户的账户信息、资产规 模、交易持仓等未公开信息。2019年11月1日至2023年2月21日，李海鹏通过CRM系统，获知高某基金 的持仓、委托、当日成交记录等未公开信息。 根据当事人违法行为的事实、性质、情节与社会危害程度，依据《证券投资基金法》第一百二十三条第 一款，安徽证监局决定，没收李海鹏违法所得213.137万元，并处以213.137万元罚款，据此计算，罚没 款合计达到426.27万元。 除了上述案例，吉林证监局近日也披露一则"趋同交易"罚单案例。 根据吉林证监局近日披露的 ...

Core Viewpoint - The article discusses recent administrative penalties imposed by the Anhui and Jilin Securities Regulatory Bureaus on individuals for insider trading and violations of securities regulations, highlighting the misuse of non-public information by securities professionals [1][6]. Group 1: Anhui Securities Regulatory Bureau Case - Li Haipeng, a senior manager at CITIC Securities, was investigated for insider trading using non-public information obtained through the CRM system from November 1, 2019, to February 21, 2023 [1][4]. - Li controlled the "Chengmou1" account group, which included multiple accounts operated by family members, and engaged in trading activities that resulted in a total trading amount of 64.838 million yuan, with 29.0038 million yuan linked to the high certain fund [3][4]. - The Anhui Securities Regulatory Bureau decided to confiscate Li's illegal gains of 2.13137 million yuan and impose a fine of the same amount, totaling 4.2627 million yuan [4]. Group 2: Jilin Securities Regulatory Bureau Case - Shao, a securities professional at Huatai Securities, was found to have used non-public information for trading from January 6, 2023, to November 10, 2023, accessing the X system 984 times during this period [6][7]. - Shao controlled the "Yangmou" securities account, engaging in transactions that mirrored Huatai Securities' proprietary trading, with a total buy amount of 31.53376 million yuan, where 72.5% of the stocks traded were aligned with proprietary trades [7]. - The Jilin Securities Regulatory Bureau imposed penalties on Shao, including the confiscation of illegal gains of 193,900 yuan and fines totaling 1,075,700 yuan for both insider trading and violations of securities trading regulations [8].