以下文章来源于深蓝财经 ，作者深蓝财经 深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 来源丨深蓝财经 作者丨王鑫 2026年1月13日，上海虹口区法院将迎来一场备受瞩目的庭审。投资者李智华一纸诉状，将国投瑞银基金及其明星基金经理施成推上被告席。 | | | | | | | | | | | 商体中文 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 上海市高级人民法院 | | | | | | | | | | | | Shanghai High People's Court | | | | | | | | | | | 首页 | 机构设置 1 新闻资讯 | | | - | | 一: 量有机械: 出台化营销环境: | | 诉讼服务 | 编区法院 | ● | | હિ 首页>>开庭公告 | | | | | | | | | | | | | 法 院: �死 | | 申报资: | | 원 홈: | | 被告: 同社 | | 开庭英烈: | | | HORE | 2028-01-08 图 ...

来源丨深蓝财经 撰文丨王鑫 2026年1月13日，上海虹口区法院将迎来一场备受瞩目的庭审。投资者李智华一纸诉状，将国投瑞银基 金及其明星基金经理施成推上被告席。 案由是"金融委托理财合同纠纷"。公募基金被起诉不算新鲜，但基金经理个人被列为共同被告，在业内 十分罕见。 上一次引发如此高度关注的，还是诺安基金蔡嵩松案。如今，施成成为"被告名录"中又一位百亿级人 物。 1 涉嫌"挂羊头卖狗肉" 尽管案件细节尚未公开，但结合行业惯例，争议焦点很可能集中在两方面。 其一，适当性义务是否充分履行。施成的产品长期集中押注单一赛道，波动极大。这些产品是否被销售 给了风险承受能力不足的普通投资者？基金公司是否充分揭示了潜在风险？这一切都有待司法审视。 其二，更具争议的是投资风格与合同约定的严重偏离。以施成管理的国投瑞银新能源基金为例，合同明 确约定投资于新能源主题的比例不低于80%。但Wind数据显示，截至2025年三季度末，其新能源个股 持仓占比仅剩5.95%，重仓方向已转向AI、机器人等非约定领域。 "风格漂移"在行业虽不陌生，但如此大幅度的偏离，仍令人瞠目。颇具讽刺意味的是，正是凭借重仓AI 等板块，这只基金在2025年 ...

2026年初，当A股市场在结构性行情中迎来新一轮投资者信心修复之际，一只名为"鑫元消费甄选混合型证券投资基金"的产品却悄然滑向清盘边缘。这只 成立于2023年3月24日的公募基金，在不到三年的时间里，净值从1元跌至约0.52元，累计亏损接近一半。更令人关注的是，其2025年全年亏损达19.65%， 成为当年全市场主动权益类基金中表现最差的一只。 在2025年主动权益类基金平均收益率超过30%、超九成产品实现正收益的大背景下，鑫元消费甄选的溃败显得尤为刺眼。截至2025年三季度末，该基金合 并资产规模仅为0.29亿元，距离合同约定的2亿元"保壳线"相差甚远。若无法在2026年3月24日前达标，基金将依法终止运作。这意味着，留给管理人的时 间已不足90天。 命名与投资严重脱节 风格漂移成常态 尽管基金名称明确指向"消费"主题，但回溯其成立以来的持仓变化，实际投资轨迹却与消费主线渐行渐远，反而呈现出明显的风格漂移和热点追逐特征。 这种缺乏战略定力的操作，使其屡屡陷入"买在高点、卖在低点"的被动局面。 2023年二季度，即基金成立仅三个月后，其前十大重仓股中已有7只为医药股；到三季度，这一比例进一步上升至9只。彼时， ...

中国经济网北京12月19日讯 近日，华夏时报发布《宝盈基金"科技悍将"张天闻清仓式卸任，科技赛 道"押注式投资"引争议》一文。文中称，2025年12月15日，宝盈基金公告，基金经理张天闻同时离任其管理 的四只基金——宝盈智慧生活混合、宝盈半导体产业混合发起式、宝盈基础产业混合与宝盈人工智能股票。 文章还称，从业绩表现看，张天闻管理的基金普遍取得较高的正回报。其中，宝盈半导体产业混合发起 式A在其任职期间回报高达93.18%，同类C份额亦达到90.24%；宝盈基础产业混合A回报为85.51%，C份额达 到82.70%。此外，他在人工智能与智慧生活主题基金中也表现突出，如宝盈人工智能股票A任职回报达 75.79%，宝盈人工智能股票C任职回报达72.07%；宝盈智慧生活混合A任职回报为51.30%，宝盈智慧生活混 合C任职回报为49.67%。 但业内一种尖锐的质疑也指出张天闻管理的产品疑似"风格漂移"与"押注式投资"。其管理的四只基金名 称虽涵盖"智慧生活""基础产业""人工智能"和"半导体"，但投资范围高度重叠于TMT及硬科技赛道。这种高 度集中的持仓策略，本质上放大了单一赛道风险。 根据中国经济网记者了解，张天 ...

Core Viewpoint - The sudden resignation of fund manager Zhang Tianwen from four funds at Baoying Fund has raised concerns in the industry, especially given his previous success in managing funds focused on technology sectors [2][3]. Group 1: Fund Manager's Performance - Zhang Tianwen managed funds that achieved significant returns, with the Baoying Semiconductor Industry Mixed Fund A (017075) returning 93.18% and the Baoying Basic Industry Mixed Fund A (010383) returning 85.51% during his tenure [3]. - Other funds under his management, such as Baoying Artificial Intelligence Stock A (005962) and Baoying Smart Life Mixed A (011170), also showed strong performance, with returns of 75.79% and 51.30% respectively [3]. Group 2: Concerns Over Investment Strategy - There are concerns regarding a potential "style drift" and "betting-style investment" in Zhang's managed funds, as they heavily overlap in the TMT (Technology, Media, Telecommunications) and hard technology sectors [5][6]. - The concentrated holding strategy in these funds amplifies risks associated with a single sector, making performance highly dependent on market trends rather than the fund manager's active management skills [6]. Group 3: Company Response - Baoying Fund stated that each fund managed by Zhang Tianwen adhered to its specific investment logic and strategy, emphasizing that the funds are not merely overlapping but have distinct focuses within the technology sector [7].

Group 1 - The A-share market is currently characterized by stock selection and a focus on existing stocks, with a notable adjustment in technology stocks due to concerns over overseas liquidity and AI bubble fears [2] - The market environment is favorable for small-cap and thematic investments, as the current period is marked by a vacuum in earnings guidance and weakened fundamentals [2] - The launch of the "A series" ETFs by Huabao Fund provides investors with diverse options to invest in major Chinese indices, including the A50, A100, and A500 [2][3] Group 2 - The total trading volume in the two markets reached 1.93 trillion yuan, an increase of 15.3 billion yuan compared to the previous day [1] - The performance of the major indices showed declines, with the ChiNext Index down by 1.16%, the Shanghai Composite Index down by 0.81%, and the Shenzhen Component Index down by 0.92% [1] - The net inflow of funds into the top three industries was led by the media sector, which saw an inflow of 2.533 billion yuan [2]

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to address issues of "style drift" and "misleading themes" in theme funds, promoting high-quality development in the public fund industry [2][6][11]. Group 1: Regulatory Framework - The guidelines establish clear requirements for fund contracts, management styles, and custodial supervision to prevent style drift [3][18]. - A "style library" will be created, with specified update frequencies to ensure compliance and transparency in fund operations [20][22]. Group 2: Industry Response - Multiple institutions have begun adjusting their systems, processes, and personnel in anticipation of the guidelines, indicating a proactive approach to compliance [4][5]. - The guidelines are seen as a complex but necessary evolution, with a transition period provided by regulators to facilitate adaptation [4][5]. Group 3: Impact on Fund Management - The guidelines are expected to enhance the stability and transparency of fund investment behaviors, reducing the likelihood of misleading practices [8][17]. - Fund managers will be required to align their investment strategies closely with the declared themes, thereby improving investor trust and decision-making efficiency [19][24]. Group 4: Long-term Industry Development - The guidelines are anticipated to shift the focus of the public fund industry from scale to quality, emphasizing compliance and long-term value creation [9][12]. - By establishing a clear framework, the guidelines aim to foster a culture of accountability and transparency within the industry, ultimately benefiting investors [8][14].

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to address issues of "style drift" and "misleading themes" in theme funds, promoting high-quality development in the public fund industry [2][8][10]. Summary by Sections Regulatory Framework - The guidelines establish clear requirements for theme investment funds regarding contract stipulations, management style, and supervision by custodians, including the creation of a "style library" with defined update frequencies [4][9][30]. Industry Adjustments - Multiple institutions have begun adjusting their systems, processes, and personnel in response to the guidelines. For instance, a medium-sized fund company in North China has created a theme library managed by its equity research department, ensuring compliance with investment goals and styles [5][6]. Compliance and Monitoring - The guidelines require fund managers to implement comprehensive monitoring of theme funds, ensuring adherence to contractual agreements and preventing potential "style drift" through systematic checks and balances [5][12][27]. Impact on Fund Management - The guidelines are expected to enhance the stability and transparency of fund investment behaviors, with a focus on aligning fund names with actual investment strategies, thereby reducing ambiguity and improving investor trust [10][12][24]. Long-term Industry Development - The guidelines are seen as a significant step towards correcting the "pseudo-theme" phenomenon in the industry, fostering a return to contract adherence and enhancing the overall quality of public fund management [9][10][13]. Investor Benefits - By emphasizing clarity and consistency in fund operations, the guidelines are anticipated to improve investor decision-making efficiency, allowing for better identification of fund investment directions and reducing risks associated with information asymmetry [21][22][24]. Style Library Implementation - The establishment of a style library, with a minimum of one update per year, is designed to standardize investment processes and ensure that fund managers remain focused on long-term value rather than short-term market trends [29][31][32].

Core Viewpoint - The introduction of the "Guidelines for Theme Investment Style Management of Publicly Offered Securities Investment Funds" aims to regulate theme investment funds, addressing issues such as unclear product positioning and style drift, ultimately promoting high-quality development in the industry [1][7]. Summary by Sections Guidelines Overview - The guidelines apply to publicly offered securities investment funds that invest over 80% of non-cash assets in specific investment directions, including market capitalization, industry, theme, and asset class [1][2]. Fund Naming and Contractual Clarity - Fund names must be closely related to their contracts and actual investments, eliminating ambiguity in investment scope and strategy, thus reducing instances of style drift and misleading fund representations [2][4]. Establishment of Style Library - Theme investment funds are required to establish a style library, with securities included based on specific investment directions, using authoritative data as a basis. The library must be updated at least once a year [2][3]. Internal Management and Compliance - Fund managers must develop comprehensive internal management systems covering product design, investment management, risk control, and compliance, ensuring systematic management of the style library [4][6]. Transition Period for Existing Funds - Existing theme investment funds that do not comply with the new guidelines must rectify their contracts and prospectuses within 24 months of the guidelines' implementation [5]. Impact on Fund Management Practices - The guidelines are expected to lead to significant changes in the public fund industry, promoting diversified investments rather than concentrated bets on specific sectors, thereby enhancing investment performance stability [5][8]. Long-term Industry Development - The guidelines are part of a broader initiative to shift the industry from "scale competition" to "capability competition," emphasizing long-term investment behaviors and enhancing the overall regulatory framework [7][8].

Core Viewpoint - Dachen Fund has struggled to adapt to the current bull market, resulting in underperformance of its equity products compared to the market average, highlighting issues in its investment strategy and execution [3][4][8]. Group 1: Performance Analysis - Dachen Fund's flagship product, Dachen Gaoxin Stock, has shown a decline in performance, with year-to-date returns of 15.75%, trailing behind its benchmark and the CSI 300 index [5][6]. - The fund's management scale decreased from 123.64 billion to 114.53 billion yuan, indicating a loss of investor confidence [6]. - Other Dachen equity products, such as Dachen Rui Xiang Mixed A and Dachen Strategy Return Mixed A, also underperformed relative to the CSI 300 index [6][7]. Group 2: Investment Strategy Issues - Dachen Fund's conservative investment approach, which worked well during bear markets, has led to missed opportunities in the current growth-driven market [8][9]. - The fund's portfolio has been heavily weighted towards value stocks and large-cap stocks, limiting its ability to capitalize on the tech and growth sectors that are currently leading the market [8][9]. - The fund's products have been criticized for style drift, where funds marketed as "growth" or "new" are actually concentrated in traditional value stocks, potentially misleading investors [9]. Group 3: Management and Operational Challenges - Dachen Fund's slow response to market changes has been evident in its delayed investment decisions, with significant cash holdings in newly launched funds [10][11]. - The Dachen Xingyuan Qihang Mixed Fund had an 84% cash position shortly after its launch, missing critical market gains during the early months [10][11]. - High turnover rates in the fund's portfolio have increased trading costs without resulting in improved performance, indicating a reactive rather than proactive management style [14][15]. Group 4: Future Outlook - Dachen Fund's current challenges may serve as a case study for traditional public fund institutions facing transformation difficulties in a changing market environment [16].