中国经济网北京2月10日讯 今日，创金合信基金公告，皮劲松离任创金合信全球医药生物股票发起 QDII。 皮劲松2009年9月至2012年4月先后任职于中药固体制剂国家工程中心、上海药明康德新药开发有限 公司从事技术开发工作，2012年4月加入东莞证券研究所任研究员，2014年8月加入创金合信基金管理有 限公司，曾任研究员、投资经理。 创金合信全球医药生物股票发起(QDII)A/C成立于2023年11月17日，截至2026年02月06日，其今年 来收益率为-2.81%、-2.93%，成立来收益率为66.80%、65.05%，累计净值为1.6680元、1.6505元。 | 基金名称 | 创金合信全球医药生物股票型发起式证 | | --- | --- | | | 券投资基金(QDII) | | 基金简称 | 创金合信全球医药生物股票发起(QDII) | | 基金主代码 | 018155 | | 基金管理人名称 | 创金合信基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理 办法》 | | 基金经理变更类型 | 解聘基金经理 | | 新任基金经理姓名 | | | 离任基金经理姓名 | 皮劲松 ...

专题：天弘百亿基金经理姜晓丽辞职 来源：财报星球 彻底给自己放个假，天弘基金"固收一姐"姜晓丽离职。 2月9日，管理350亿元规模大基金经理姜晓丽突然官宣离任。据天弘基金微信公众号发布的《致天弘固 收+投资者的一封信》，姜晓丽离任是因为"希望阶段性休整并更多兼顾家庭"。 01 天弘基金固收业务总监 离任前在管基金总规模350.24亿元 "多年来，紧张的投研工作和管理工作占用了我几乎全部的时间，几乎没有时间顾及家庭，也没有时间 顾及自己的身体。经过慎重思考，我决定离开，彻底给自己放个假。希望能调整自己的状态，以更好的 状态迎接下一个人生阶段。"姜晓丽表示。 公开资料显示，姜晓丽2009年7月至2011年2月曾在天弘基金担任债券研究员和债券交易员。2011年3月 至2011年7月在光大永明人寿保险有限公司担任债券交易员兼研究员，2011年8月再次回到天弘基金。 2012年8月份，姜晓丽开始担任天弘永利债券基金经理，截至2月9日离任时，她共管理10只基金，在管 基金总规模为350.24亿元。 姜晓丽在管基金规模为0 除了担任基金经理外，姜晓丽还担任固定收益业务总监、兼任固定收益部、混合资产部部门总经理。 02 在管 ...

Group 1 - The core point of the article highlights that 20 funds under Guotou Ruijin Fund Company reported a total net loss of 162 million yuan in the 2025 mid-year financial report, despite collecting management fees of 76.52 million yuan during the same period [1][5] - The Guotou Ruijin New Energy Mixed Fund, managed by Shi Cheng, experienced the largest net loss of 23.01 million yuan in the first half of 2025, while its management fee collected was 16.62 million yuan [1][6] - The cumulative return of the Guotou Ruijin New Energy Mixed Fund since its establishment in 2019 has reached approximately 150% [1] Group 2 - The Guotou Ruijin Value Growth One-Year Holding Mixed Fund C only achieved slight profits in 2021 and 2025, but its performance was still below the average of its peers [2] - In 2026, the fund's A/C shares increased by only 2.96% and 2.92%, compared to a peer average of 6.86% [2] - The fund has undergone management changes, currently managed by Wang Fang, who started managing this fund in January 2025 [2] Group 3 - The Guotou Ruijin Fund was established on June 13, 2002, with shareholders including Guotou Trust Co., Ltd. and UBS Group, holding 51% and 49% of the shares, respectively [2] - As of the end of 2025, the public fund management scale was 254.905 billion yuan, ranking 34th in the industry [2] Group 4 - The performance data for the Guotou Ruijin Value Growth One-Year Holding Mixed Fund C shows a significant underperformance compared to the industry average over the past five years, with a return of 15.73% in 2025 against a peer average of 33.12% [3] - The fund's ranking among peers has declined over the years, with a ranking of 3541 out of 5130 in 2025 [3]

Core Insights - A significant number of actively managed equity funds established in 2021 are struggling to recover their initial investments, with over 50% reporting negative returns since inception [1] - Among the 667 active equity funds analyzed, 362 have negative returns, with 86 funds experiencing declines of over 30% and 34 funds exceeding 40% [1] - The Oriental Alpha Zhaoyang Mixed Fund, launched on March 17, 2021, has reported cumulative returns of -50.60% and -53.23% for its A and C shares respectively as of February 9, 2026 [1][2] Fund Performance - The Oriental Alpha Zhaoyang Mixed Fund A has a unit net value of 0.4940, with a cumulative return of -50.60% since inception [2] - The fund has shown a decline of -6.01% over the past month and -2.10% over the past year [2] - The C share of the fund has a unit net value of 0.4677, with a cumulative return of -53.23% since inception [2] Fund Management - The fund has been managed by Liu Ming, Gao Fengchen, and currently by Pan Lingzi, who has been in the role since November 2024 [2][5] - Pan Lingzi has 6 years of research experience but only 1 year of experience as a public fund manager [2] - The fund's performance has been consistently negative, with the current manager's tenure showing a return of -6.71% during a shared management period [5] Top Holdings - As of Q4 2025, the top ten holdings of the Oriental Alpha Zhaoyang Mixed Fund include companies such as AVIC Shenyang Aircraft Company, Gaode Infrared, and Guangdong Hongda [3]

Core Viewpoint - The article discusses the resurgence of veteran fund managers in the public fund industry, highlighting their ability to adapt and achieve strong performance despite recent market challenges and skepticism about their relevance [2][10]. Group 1: Performance of Veteran Fund Managers - Veteran fund managers have demonstrated a strong recovery in performance, with many achieving record highs in net value and returns in early 2026, despite facing significant market fluctuations in previous years [3][4]. - Notable examples include Wei Dong from Guolian An Fund, whose fund's annualized return has returned to over 10%, and Gu Jun from Bosera Fund, who achieved a 71.3% return in the past year [3][4]. - Other veteran managers, such as Qi Fapeng from Guotou Ruijin Fund and Zhou Weiwen from China Universal Fund, have also seen their funds reach historical highs, showcasing the effectiveness of their long-term investment strategies [4]. Group 2: Challenges Faced by Veteran Fund Managers - The market has seen a significant style divergence, leading to periods where veteran managers underperformed compared to newer managers who focused on high-growth sectors, resulting in a loss of investor patience and confidence [6]. - Some veteran managers faced criticism for their performance and were perceived as outdated, especially when managing larger funds that limited their flexibility in adjusting portfolios [6][7]. - Despite these challenges, many veteran managers have maintained their investment philosophies and adapted their strategies to align with market changes, demonstrating resilience and a commitment to continuous learning [7]. Group 3: Rebuilding Investor Trust - As the performance of actively managed equity funds improves, investor confidence is gradually being restored, reversing previous trends of fund redemptions and skepticism towards the public fund industry [8][9]. - The article highlights that veteran fund managers, through their stable and predictable performance, are helping to mend the trust gap that had developed among investors due to past volatility [8][9]. - Feedback from investors indicates a renewed faith in veteran managers, as many have seen their investments recover from significant losses, reinforcing the value of experienced fund management [9].

Group 1 - The article discusses the upcoming Spring Festival holiday and the trading situation of various funds during this period [1][3] - Different types of funds have specific rules regarding trading and net value updates during the holiday [1][3] Group 2 - For money market funds, investments must be made before 3 PM on February 12 to earn holiday returns [5] - Bond funds can be invested in before 3 PM on February 13 to enjoy holiday earnings, although net values will not be updated until the first trading day after the holiday [7][8] - Typically, pure bond funds see an increase on the first trading day after a long holiday, reflecting accumulated holiday earnings [8][9] Group 3 - For stock funds, the latest investment must also be made before 3 PM on February 13, as net values do not update during the holiday [15][16] - Observing the performance of overseas markets, such as the ASHR and FTSE A50 indices, can provide insights into potential A-share market movements during the holiday [19][22][23] - If overseas markets experience significant gains, A-shares are likely to see a corresponding increase upon reopening [23][24] Group 4 - The article emphasizes the importance of holding investments through holidays rather than frequently buying and selling, which incurs additional transaction costs [28] - The philosophy of investing is likened to owning a business, suggesting a long-term approach rather than short-term trading [28][29]

Core Insights - The A-share market is experiencing fluctuations as the Spring Festival approaches, leading to discussions among investors about whether to hold cash or stocks during the holiday [5][6] - New fund issuance has accelerated, with 163 new funds established by February 6, totaling 1510.7 billion units, marking a 76% increase in issuance compared to the previous year [2][3] Fund Issuance and Market Activity - There are currently 47 funds in the issuance process, with nearly 30 new products confirmed for upcoming sales, indicating a potential influx of capital into the A-share market [2] - 63 funds have announced early closure of fundraising, a nearly 50% increase year-on-year, reflecting a strong market recovery trend [2][3] - Some funds have seen rapid fundraising success, with 52 products closing in under five days, including notable cases of "one-day sellouts" [3] Investment Themes and Strategies - New funds are targeting sectors such as non-ferrous metals, chips, and new energy batteries, with 7 funds focused on non-ferrous metals and 16 on Hong Kong stock opportunities [4] - Fund managers are actively buying into the market, with 151 new products showing net value fluctuations, indicating a proactive investment approach [4] Market Sentiment and Predictions - Analysts suggest that there is no absolute advantage to holding cash or stocks; the decision should align with investors' risk tolerance [6] - The market is expected to shift focus to growth sectors with clear performance catalysts post-holiday, as risk appetite is anticipated to rebound [6][7] - The A-share market is currently characterized by strong upward momentum, with a significant probability of price increases after the Spring Festival [7]

Core Viewpoint - The recent volatility of Guotou Ruijin's silver futures LOF has raised concerns among investors, particularly regarding its high management fees and poor performance relative to industry averages [1][2][3][4] Group 1: Fund Performance and Management Fees - Guotou Ruijin's average management fee rate for its equity products is higher than the industry average, with some products underperforming this year [1][2] - The silver futures LOF experienced a dramatic drop of 31.5% in a single day, marking a historical record for public funds, followed by a temporary suspension and subsequent recovery [1] - The company reported that 20 of its funds incurred a total loss of approximately 1.6 billion yuan in the first half of last year while collecting over 76 million yuan in management fees [4] Group 2: Comparative Analysis of Management Fees - The average management fee rate across the public fund industry is 0.69%, with mixed funds averaging 1.08%, while Guotou Ruijin's overall average is 0.72% [2] - A total of 46 of Guotou Ruijin's products have management fees exceeding 1%, with 44 of those at 1.2% [2] - The management fees for Guotou Ruijin's mixed funds are close to 1.14%, while its stock funds average around 0.62% [2] Group 3: Long-term Performance Metrics - Guotou Ruijin's funds, including several mixed and stock funds, have underperformed their benchmarks by over 10 percentage points in the last three years, with some lagging by at least 30 percentage points [3] - Specific funds such as Guotou Ruijin's New Energy Mixed Fund and Industry Trend Mixed A have reported significant losses while still generating substantial management fees [4]

Core Viewpoint - As the Spring Festival approaches, investors are focused on "how to earn interest during the holiday" and "how to position after the holiday" [1] Group 1: Fund Restrictions and Adjustments - On February 9, 16 funds, including Huatai-PineShort-term Fund and E Fund Money Market Fund, announced pre-holiday purchase restrictions, effective from February 12 to February 24 [9][10] - The adjustments in large purchase limits for funds like Huatai-Pine Short-term Fund to 5 million yuan are aimed at preventing large inflows from diluting holiday returns [2][10] - The restrictions are also intended to mitigate liquidity risks, as large inflows before the holiday can lead to forced asset sales post-holiday due to concentrated redemptions [2][10] Group 2: Encouragement for Equity Funds - Some active equity funds have lifted large purchase limits to encourage investors to hold stocks during the holiday [12] - On February 9, the Ruiyuan Growth Value Fund announced the resumption of large purchases to meet investor demand, with a return rate of 97.11% since its inception [5][13] - The fund's stock allocation increased to 90.48% of total assets, with significant holdings in companies like Luxshare Precision and CATL [5][13] Group 3: Market Outlook - Macro investment outlooks suggest a strong rebound in the Chinese stock market driven by technological breakthroughs and domestic demand [7][15] - Morgan Stanley forecasts a rotation in market performance, with domestic demand sectors gaining excess returns, while emphasizing the importance of timing in the bond market [8][16]

Core Viewpoint - The demand for stable income investments is increasing, leading to a significant growth in the scale of fixed income plus (固收+) funds, which reached 2.48 trillion yuan by the end of 2025, reflecting a year-on-year growth rate of 46.69% [1][5]. Group 1: Current Market Environment - In the current low interest rate environment, traditional investment products such as fixed deposits and money market funds have seen declining yields, failing to meet investors' needs for stable asset appreciation [3]. - Pure bond funds are also struggling to achieve investment goals due to reduced coupon rates and increased volatility in the bond market [3]. Group 2: Advantages of Fixed Income Plus Strategy - The 固收+ strategy combines bond assets as a base with selected equity assets to enhance returns, resulting in a more favorable risk-return profile compared to pure bond funds [4]. - This strategy offers higher yield elasticity than pure equity funds while maintaining lower risk and volatility, providing a better holding experience for investors [4]. Group 3: Market Demand and Growth - The rapid growth of 固收+ funds, outpacing equity funds, indicates strong investor demand for assets that balance risk and return in a low interest rate and volatile market environment [5]. - The 46.69% year-on-year growth in 固收+ funds by 2025 is a direct response to the market's need for such investment strategies [5]. Group 4: Types of Fixed Income Plus Funds - 固收+ funds are generally defined as those with a bond base and an equity allocation of 5% to 30%, which includes stocks, convertible bonds, and equity funds [7]. - Some flexible allocation funds that are bond-heavy can also be classified as 固收+ funds [8]. Group 5: Performance Evaluation of Fixed Income Plus Funds - To identify high-performing 固收+ funds, four core indicators should be considered: annualized volatility, maximum drawdown since inception, equity allocation ratio, and the Calmar ratio [13][14][15]. - Low volatility funds typically have an equity allocation ratio of less than 10%, a maximum drawdown of less than 5%, and an annualized volatility of less than 5% [17]. - Medium volatility funds have an equity allocation ratio between 10% and 20%, with similar drawdown and volatility criteria [17]. - High volatility funds have an equity allocation ratio between 20% and 30%, with a maximum drawdown of less than 5% and an annualized volatility of less than 10% [17].