又一家管理规模超千亿元的公募基金公司更换董事长。 8月30日，兴银基金发布董事长变更公告，任命黄德良为兴银基金董事长，总经理易勇不再代为履行公司董事长职务。 | 基金管理人名称 | 兴银基金管理有限责任公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | | 《证券基金经营机构董事、监事、高级管理人 | | | 员及从业人员监督管理办法》 | | 变更类型 | 新任基金管理公司董事长 | | 新任人员职务 | 董事长 | | --- | --- | | 新任人员姓名 | 黄德良 | | 任职日期 | 2025年8月29日 | | 过往从业经历 | 曾在兴业银行股份有限公司、兴业国际信托有限公司工作, 现任华福证券有限责任公司董事长、总裁,兴银基金管理有 限责任公司董事长。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 本科学历、硕士学位 | 知情人士分析认为，此番人事调整，黄德良有望凭借深厚的金融行业实战经验与集团化统筹管理能力，强化基金公司和股东方的深度协同合作，而总经理 易勇亦在大资管深耕数十年，行业经验丰 ...

Core Viewpoint - The retirement of Pan Fuxiang, the chairman of Nord Fund, marks a significant leadership change in the company, reflecting a broader trend of frequent executive turnover in the public fund industry this year, with 38 fund management institutions experiencing chairman changes [1][9]. Group 1: Leadership Change - Pan Fuxiang officially retired on August 29, 2023, after serving as chairman since 2015, contributing to the company's growth with assets under management increasing nearly ninefold from the end of 2015 to July 2025 [3]. - Zheng Chengwu, the new chairman, comes from the company's shareholder, Tianfu Qingyuan Holdings, and has extensive experience in various leadership roles within related organizations [6]. Group 2: Industry Trends - The public fund industry has seen a notable increase in chairman changes this year, with 38 companies reporting such changes, indicating a trend of aging retirements and strategic adjustments by shareholders [9]. - The frequent turnover of executives is attributed to the competitive nature of the public fund industry, where leadership changes are common, and the impact on fund operations is generally minimal due to the focus on research and investment [9]. Group 3: Company Overview - Nord Fund, established in 2006, has evolved through various ownership structures and currently operates under a local state-owned enterprise model, emphasizing a core development philosophy centered on stable investment and long-term value [4]. - The company manages 44 public fund products across various categories, including money market funds, bond funds, mixed funds, equity funds, and fund of funds (FOF) [4]. Group 4: Future Development - Nord Fund aims to maintain a prudent and stable operational approach, focusing on high-quality development and enhancing research capabilities to provide professional wealth management services to investors [7].

Core Viewpoint - Yongying Fund has announced the public offering of its new fund "Yongying Pioneer Semiconductor Smart Selection" from September 1 to September 10, 2025, managed by Zhang Haixiao, marking the second fund launched by him in a month [1] Fund Management Overview - Zhang Haixiao currently manages three products at Yongying Fund, with a total management scale of 2.452 billion yuan, where "Yongying Semiconductor Industry Smart Selection" accounts for 2.252 billion yuan, representing the majority of his managed assets [3] - The other two funds managed by Zhang include "Yongying Resource Smart Selection," which was established on August 21, 2025, with a scale of 16 million yuan, and "Yongying Quality Life," which has seen a decline in recent quarters, managing 184 million yuan [3] Performance Metrics - "Yongying Semiconductor Industry Smart Selection" has achieved a return of 59.20% since its inception, with an annualized return of 22.90% and a ranking of 185 out of 3660 in its category [4] - The fund's year-to-date return is 56.28%, significantly outperforming its benchmark return of 28.27% and the CSI 300 index return of 14.28% [9] - The fund's top ten holdings include companies in the semiconductor industry, with a concentration ratio of 85.63% in stock market value, which is notably higher than the average of 45.76% for similar funds [9] Fund Growth and Market Conditions - The fund's share volume has seen explosive growth, increasing 12.51 times in the third quarter, reaching 1.879 billion shares by June 30, 2025, following a market reversal since the third quarter of the previous year [12] - Zhang Haixiao's aggressive investment style has coincided with a bull market in technology stocks, contributing to substantial returns for the fund [12] Historical Performance and Challenges - Despite recent successes, "Yongying Semiconductor Industry Smart Selection" has faced challenges in previous years, underperforming its benchmark in 2023 and 2024, with a maximum drawdown of -45.02% since inception [14][15] - The fund's performance history indicates significant volatility, raising concerns about risk management and investment strategy effectiveness [21]

| 基金管理人名称 | 兴银基金管理有限责任公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | | 《证券基金经营机构董事、监事、高级管理人 | | | 员及从业人员监督管理办法》 | | 变更类型 | 新任基金管理公司董事长 | | 新任人员职务 | 董事长 | | --- | --- | | 新任人员姓名 | 黄德良 | | 任职日期 | 2025年8月29日 | | 过往从业经历 | 曾在兴业银行股份有限公司、兴业国际信托有限公司工作, 现任华福证券有限责任公司董事长、总裁,兴银基金管理有 | | | 限责任公司董事长。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 本科学历、硕士学位 | 【导读】黄德良任兴银基金董事长 中国基金报记者 曹雯璟 8月30日，兴银基金发布董事长变更公告，任命黄德良为兴银基金新董事长，总经理易勇不再代为履行 公司董事长职务。 业内人士表示，此番人事调整，黄德良有望凭借深厚的金融行业实战经验与集团化统筹管理能力，强化 基金公司和股东方的深度协同合作，而总经理易勇亦在大资管深耕 ...

【导读】 黄德良任兴银基金董事长 中国基金报记者 曹雯璟 8月30日， 兴银基金发布董事长变更公告 ， 任命黄德良为兴银基金新董事长 ，总经理易勇不再代为履行公司董事长职务。 业内人士表示，此番人事调整，黄德良有望凭借深厚的金融行业实战经验与集团化统筹管理能力，强化基金公司和股东方的深度协同合 作，而总经理易勇亦在大资管深耕数十年，行业经验丰富，未来兴银基金实现跨越式发展可期。 兴银基金迎新董事长 8月30日，兴银基金发布董事长变更公告。公告显示，黄德良出任公司董事长一职，任职时间为2025年8月29日。同时宣布，即日起总经 理易勇不再代为履行董事长职务。 | 基金管理人名称 | 兴银基金管理有限责任公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | | 《证券基金经营机构董事、监事、高级管理人 | | | 员及从业人员监督管理办法》 | | 变更类型 | 新任基金管理公司董事长 | 根据简历，黄德良曾在兴业银行、兴业国际信托工作，现任华福证券董事长、总裁，兴银基金管理有限责任公司董事长。他在银行、信 托、证券等多元金融领域深耕近三十载，淬炼出覆盖金融链的 ...

Core Insights - The sixth China Fund of Funds Summit highlighted the significant decline in the establishment of new mother funds, with a notable reduction in both the number and scale of newly initiated funds in 2025 compared to 2024 [2][4][5] Group 1: Mother Fund Overview - As of June 30, 2025, there are 460 mother funds in China, with a total management scale of 299.73 billion RMB, reflecting a 23.7% decrease from the end of 2024 [2][3] - The decline in management scale is attributed to the removal of funds that no longer operate as mother funds, as many government-guided funds have shifted to direct investment [3][4] - In the first half of 2025, only 33 new mother funds were established, with a total scale of 1,970.17 million RMB, marking a 66% drop for government-guided funds and a 50% drop for market-oriented funds compared to the same period in 2024 [4] Group 2: Policy and Management Fee Concerns - The government has shifted its focus from quantity expansion to quality improvement in the establishment of mother funds, emphasizing long-term orientation and capital efficiency [5] - Since 2025, the management fee structure for equity investment funds has become stricter, with new regulations limiting management fees to a maximum of 2% of the actual investment amount [6][7] - The traditional management fee rate of 2% is being challenged, with many funds now only able to charge between 1% and 1.5% due to government involvement [6][8] Group 3: Fundraising Challenges and Solutions - The venture capital industry faces significant challenges in fundraising, with a lack of stable funding supply and inefficient exit mechanisms [12][13] - The introduction of "science and technology bonds" aims to provide a new fundraising tool for equity investment institutions, with over 30 institutions already issuing bonds totaling over 20 billion RMB [12][13] - Attracting long-term capital, such as social security and insurance funds, is crucial for addressing the fundraising difficulties in the venture capital sector [14][15] Group 4: Recommendations for Improvement - A multi-level long-term capital supply system should be established, focusing on collaboration between central and local governments to enhance the efficiency of fund operations [16][17] - Implementing a differentiated support policy for high-quality investment institutions can help concentrate resources and improve market efficiency [18][19] - Enhancing the exit mechanism for venture capital investments is essential, including expanding market participation and optimizing market infrastructure to facilitate smoother transactions [20]

吴说获悉，Grayscale 向美国证券交易委员会提交了 S-1 注册声明，以推出 Polkadot(DOT) 和 Cardano (ADA) ETF。这些文件是 Grayscale 此前已提交的 19b-4 表格的后续步骤，表明公司正在继续推进其产 品上市流程。此举并非全新的申请，而是其常规备案程序的一部分。 来源：市场资讯 （来源：吴说） ...

证券之星消息，8月30日发布《国泰君安1年定期开放债券型发起式证券投资基金分红公告》。2025年第 一次分红。公告显示，本次分红的收益分配基准日为8月8日，详细分红方案如下： | 分级基金筒称 | 代码 | 墓准日墓金净值 分红方案 | | | | --- | --- | --- | --- | --- | | | | (元) (元/10份) | | | | 国泰君安1年定开债券发起式 013272 | | | 1.03 | 0.20 | 本次分红对象为权益登记日登记在册的本基金所有份额持有人，权益登记日为9月1日，现金红利发放日 为9月3日。选择红利再投资方式的投资者所转换的基金份额将以2025年9月1日基金份额净值为计算基准 确定再投资份额，红利再投资所转换的基金份额将于2025年9月2日直接划入其基金账户，2025年9月3日 起投资者可以查询。根据财政部、国家税务总局的财税字[2002]128号《财政部、国家税务总局关于开 放式证券投资基金有关税收问题的通知》，基金向投资者分配的基金收益，暂免征收所得税。本基金本 次分红免收分红手续费。选择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上 ...

证券之星消息，8月30日发布《易米和丰债券型证券投资基金分红公告》。本基金本次分红为2025年度 第1次分红。公告显示，本次分红的收益分配基准日为8月8日，详细分红方案如下： | 分级基金筒称 | 代码 | 基准日基金净值 | | 分红方案 | | --- | --- | --- | --- | --- | | | | (元) | | (元/10份） | | 易米和丰信券A 016376 | | | 1.44 | 0.70 | | 易米和丰信券C 016377 | | | 1.41 | 0.70 | 本次分红对象为权益登记日在易米基金管理有限公司登记在册的本基金的全体基金份额持有人。，权益 登记日为9月1日，现金红利发放日为9月3日。选择红利再投资方式的投资者由红利转得的基金份额将以 2025年09月01日除权后的基金份额净值为计算基准确定再投资份额，红利再投资所转换的基金份额于 2025年09月02日直接划入其基金账户。本公司对红利再投资所产生的基金份额进行确认并通知各销售机 构，2025年09月03日起投资者可以查询。根据财政部、国家税务总局的财税字[2002]128号《关于开放 式证券投资基金有关税收问 ...

根据工银瑞信基金8月29日晚间公告，总经理高翀因工作调动于8月28日离任，工银瑞信基金董事长赵桂才从8月28日起代任总 经理。该起变更事项经工银瑞信基金董事会2025年第4次会议审议并通过，并按规定报监管机构备案。 | 离任高级管理人员职务 | 总经理 | | --- | --- | | 离任高级管理人员姓名 | 高瓣 | | 离任原因 | 工作调动 | | 离任日期 | 2025年8月28日 | | 转任本公司其他工作岗位的说明 | | 8月29日晚间，工银瑞信基金发布高管变更公告，总经理高翀离任，董事长赵桂才代任总经理。高翀是工银瑞信基金历史 上的第三任总经理，在任职4年多时间里工银瑞信基金管理总规模从1.7万亿元提升至2.1万亿元以上。 工银瑞信第三任总经理离任 工银瑞信基金是工商银行控股的基金公司，核心高管大多来自工商银行。公开信息显示，高翀2021年7月出任工银瑞信党委副 书记、总经理，曾于2000年7月至2021年7月，历任工商银行总行办公室副主任，资产管理部副总经理；中国工商银行上海市 分行副行长、党委委员。赵桂才1990年7月就加入工商银行，2020年加入工银瑞信基金，现任工银瑞信基金党委书记 ...