公募基金在一场不太体面的战斗里告别了2025年。 去年 12 月末的最后几个交易日，一则围绕中证 A500ETF 的花边传闻，在水面之下传得有声有色：一边 传的是"买量怪"力争让自家的 A500 坐稳季末规模的头把交椅，一边传的是"举报怪"打不赢又输不起， 转头选择了告老师。 至今，没有任何组织宣布对这起传闻负责，但 A500ETF 确实在没有太多散户消费的迹象下，闷声在 12 月上了一个台阶，全部 A500ETF 产品的总规模单月暴涨了 1000 多亿。 | | | 2025 年 12月1日 A500ETF 战况 | | | 2025 年 12 月 31 日 A500ETF 战况 | | | --- | --- | --- | --- | --- | --- | --- | | 交易所 | 排名 | 其金公司 | A500规模 | 排名 | 基金公司 A500规模 | 变动 | | | 1 | 华泰柏瑞 | 259 亿 | 1 | 华泰柏瑞 | 494 亿 + 235 亿 | | 上海交易所 | 2 | 华夏基金 | 204 亿 | 2 | 华夏基金 | 420 亿 + 216 亿 | | | 3 | 广发 ...

Group 1 - As of January 7, 15:15, COMEX silver futures prices decreased by 2.71% [1] - Following the trend of silver prices, the Guotou Silver LOF experienced a high opening and low closing after a one-hour suspension on January 7 [1] - After two consecutive days of gains at the beginning of the year, the fund saw a correction, closing at 2.565 CNY, down 1.27%, with a premium rate of 20.32% [1] Group 2 - The moving average for the Guotou Silver LOF was reported at 2.348, indicating an upward trend [2] - The fund's performance showed a significant decline of 54.01% in a specific period [2] - The trading volume for the fund was recorded at various price points, with the lowest being 2.562 CNY [2]

专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 1月7日，回顾2025年，权益类基金无疑是市场主角，永赢科技智选A以233.29%的年内涨幅摘得主动权益基金的桂冠，国泰基金通信 ETF以126.13%区间净值涨幅位居股票ETF基金第一。南方昌元可转债A以48.7%回报夺得债券基金冠军。FOF基金在2025年表现如何？ 数据显示， 以近三年34.33%的回报夺的三年期FOF首位；由知名基金经理林国怀管理的两只兴证全球基金产品亦表现稳健。而华夏聚 丰稳健目标A（005957.OF） 近三年回报为-8.60%，是统计中表现最差的产品，银华尊和养老2030三年持有A、民生加银康泰养老目标 日期2040三年持有A、建信普泽养老目标日期2050五年持有A、工银养老目标日期2060五年持有A等产品近三年回报也均为负值或接近 零增长。 近三年FOF业绩红榜：国泰民安养老2040三年A回报超34% 兴全、易方达两只产品上榜 拉长时间看，近三年表现领先的FOF多为积极型养老产品。国泰民安养老2040三年A（007231.OF） 以近三年34.33%的回报位居榜首， 该基金自20 ...

Core Viewpoint - The public fund industry is undergoing a significant transformation, moving from an "active era" to a "passive era," with the A500 ETF battle symbolizing this shift. The competition among fund companies is intensifying as they vie for a long-term foothold in the market, especially with the upcoming introduction of options related to the A500 ETF [5][7][20]. Group 1: A500 ETF Competition - The A500 ETF saw a dramatic increase in total scale, rising by over 100 billion yuan in December 2025, despite a lack of significant retail investor activity [3]. - By the end of December 2025, the leading A500 ETF products included Huatai-PB with 494 billion yuan, followed by Nanfang Fund with 480 billion yuan, indicating a fierce competition among fund companies [4]. - The battle for A500 ETF dominance is critical for fund companies, as the winner will secure a long-term revenue stream, especially with the anticipated launch of related options in early 2026 [5][6]. Group 2: Fee Reform Impact - The fee reform initiated by the China Securities Regulatory Commission (CSRC) aims to reduce management and custody fees, resulting in an annual benefit of approximately 140 billion yuan to investors [8][10]. - The average comprehensive fee rate for public funds decreased from 1.41% in 2022 to 1.29% by the end of 2023, with further reductions expected in 2024 [10]. - The sales fee reform, effective from January 1, 2026, is projected to provide an additional annual benefit of around 300 billion yuan to investors, further tightening the profit margins for fund companies [11][13]. Group 3: Industry Challenges - The fee reductions have significantly compressed the profit margins for actively managed equity funds, leading to a decline in their attractiveness and a shift towards passive investment strategies like ETFs [14][18]. - The public fund industry is experiencing a shift in incentive structures, where fund managers are increasingly pressured to deliver excess returns, leading to a potential exodus of talent from active management roles [15][20]. - The competitive landscape is becoming increasingly polarized, with only a few fund companies likely to survive in the A500 ETF space, mirroring the market dynamics seen in the U.S. with the S&P 500 [18][19].

专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 近三年FOF业绩红榜：国泰民安养老2040三年A回报超34% 兴全、易方达两只产品上榜 拉长时间看，近三年表现领先的FOF多为积极型养老产品。国泰民安养老2040三年A（007231.OF） 以近三年34.33%的回报位居榜首， 该基金自2019年7月成立以来总回报为7.03%，规模1.05亿元，由曾辉管理。鹏华养老2045三年A（007271.OF） 以28.76%的回报紧随其 后，成立以来回报为8.37%。广发养老2050五年持有A（007250.OF） 回报为22.13%。 | | 序号 基金代码 | 基金简称 | 近三年回报[%] | 成立以来回报 | 基金规模合计 | | 基金成立日 基金经理(现任) | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | [%] | [亿元] | | | | 1 | 007231.OF | 国泰民安养老2040三年A | 34.33 | 7.03 | 1.05 | 2019-07-16 | 曾辉 | ...

回顾2025年，权益类基金无疑是市场主角，永赢科技智选A以233.29%的年内涨幅摘得主动权益基金的桂冠，国泰基金通信ETF以 126.13%区间净值涨幅位居股票ETF基金第一。南方昌元可转债A以48.7%回报夺得债券基金冠军。FOF基金在2025年表现如何？ 数据显示，2025年度FOF（基金中基金）产品整体回报突出，华商嘉逸养老目标2045五年持有（017184.OF） 以39.58%的年度回报 居首，易方达多只产品上榜。部分以"稳健""保守"为定位的FOF基金在2025年表现平淡，年度回报多集中在1%~4%区间，与同期表 现领先的FOF产品形成明显对比。上银恒泰稳健养老目标一年持有期（013139.OF） 2025年回报仅为1.77%，规模0.58亿元，自2021 年9月成立以来累计回报为-0.12%，是目前统计中唯一成立以来收益为负的FOF产品，由王振雄管理。 FOF基金2025年回报红榜：华商嘉逸养老目标2045五年持有回报39.58% 易方达四只产品上榜 数据显示，2025年度FOF（基金中基金）产品整体回报突出，尤其是一批养老目标日期基金实现了较高正收益，成为资产配置中表 现稳健的优选品种。从具 ...

近日，天眼查信息显示，淳厚基金新增一条司法案件信息，原告祁某某因劳动合同纠纷，起 诉淳厚基金，案件将于4月10日在上海市浦东新区人民法院开庭。 据此前媒体报道，祁洁萍曾在朋友圈多次发声称，其原合同于2025年1月到期，2024年12 月，双方开始协商续签，祁洁萍曾同意续签，但因条款细节未达成一致，未能完成签约。至 2025年2月底，祁洁萍正式提出离职，公司以"股东股权纠纷未解决"为由，要求其暂缓离职 （等待3—6个月），以维持核心团队稳定。祁洁萍坚持离职，2025年2月底起未到岗，并在3 月中旬提起劳动诉讼。 2025年5月，淳厚基金公告称，祁洁萍因个人原因暂时不能有效履行基金经理职责，其参与 管理的淳厚益加增强债券基金、淳厚中短债基金、淳厚安心87个月定开基金、淳厚稳宁6个月 定开基金由同为上述基金的基金经理继续管理。同时，淳厚基金已将上述事项报告证监会上 海监管局。 【导读】淳厚基金陷入劳动合同纠纷 中国基金报记者 含章 新年伊始，就有基金公司陷入劳动合同纠纷！ 公开信息显示，祁洁萍，东华大学理学学士、硕士。2008年2月至2009年2月，任平安证券 研究所债券分析师；2009年2月至2014年8月，任光 ...

近日，天眼查信息显示，淳厚基金新增一条司法案件信息，原告祁某某因劳动合同纠纷，起诉淳厚基金，案件将于4月10日在上海市浦东新区人民法院开 庭。 | 元 天眼空 都在用的商业查询工具 | | | | | | --- | --- | --- | --- | --- | | TianYanCha.com | 国家中小企业发展子基金旗下机构 | 请输入公司名称、老板姓名、品牌名称等 | 天眼一下 | 品 应用 ▼ | 【导读】淳厚基金陷入劳动合同纠纷 新年伊始，就有基金公司陷入劳动合同纠纷！ 据此前媒体报道，祁洁萍曾在朋友圈多次发声称，其原合同于2025年1月到期，2024年12月，双方开始协商续签，祁洁萍曾同意续签，但因条款细节未达 成一致，未能完成签约。至2025年2月底，祁洁萍正式提出离职，公司以"股东股权纠纷未解决"为由，要求其暂缓离职（等待3—6个月），以维持核心团 队稳定。祁洁萍坚持离职，2025年2月底起未到岗，并在3月中旬提起劳动诉讼。 2025年5月，淳厚基金公告称，祁洁萍因个人原因暂时不能有效履行基金经理职责，其参与管理的淳厚益加增强债券基金、淳厚中短债基金、淳厚安心87 个月定开基金、淳厚稳宁6 ...

Group 1 - The core viewpoint of the news is the performance and market position of Huahong Semiconductor, which saw a stock price increase of 5.1% to 125.98 CNY per share, with a total market capitalization of 218.7 billion CNY [1] - Huahong Semiconductor specializes in wafer foundry services with a focus on specialty processes, including embedded/non-volatile memory, power devices, analog and power management, and logic/RF [1] - The company's revenue composition is primarily from integrated circuit wafer foundry services (94.60%), with minor contributions from other services (4.78%) and rental income (0.62%) [1] Group 2 - Huabao Fund has a significant holding in Huahong Semiconductor, with its fund "Huabao Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index Initiation A" (021224) holding 187,500 shares, representing 2.49% of the fund's net value [2] - The fund has achieved a year-to-date return of 6.08% and a one-year return of 81.35%, ranking 440 out of 5488 and 221 out of 4192 respectively in its category [2] - The fund manager, Chen Jianhua, has a tenure of over 13 years, with the fund's total asset size at 27.702 billion CNY and a best return of 175.25% during his management [3]

Group 1 - The core point of the news is that Shenzhen Ruihuatai Film Technology Co., Ltd. experienced a stock price increase of 5.03%, reaching 23.58 CNY per share, with a trading volume of 260 million CNY and a turnover rate of 6.37%, resulting in a total market capitalization of 4.244 billion CNY [1] - The company, established on December 17, 2004, and listed on April 28, 2021, specializes in the research, production, and sales of high-performance polyimide (PI) films, with 96.62% of its revenue coming from high-performance PI films [1] - The revenue composition of the company includes 1.90% from other PI films and processing, and 1.48% from other sources [1] Group 2 - From the perspective of the top ten circulating shareholders, Guangfa Fund holds a position in Ruihuatai, with its Guangfa Steady Return Mixed A Fund (009951) reducing its holdings by 194,900 shares in the third quarter, now holding 3.1727 million shares, which is 1.76% of the circulating shares [2] - The Guangfa Steady Return Mixed A Fund, established on August 17, 2020, has a current scale of 3.618 billion CNY, with a year-to-date return of 2.54% and a one-year return of 18.41% [2] - The fund's performance ranks 5020 out of 8823 in the year-to-date category and 5467 out of 8083 in the one-year category, with a cumulative loss of 7.53% since inception [2] Group 3 - The fund managers of Guangfa Steady Return Mixed A are Guan Fuqin and Wang Ruidong, with Guan having a tenure of 7 years and 331 days and a best fund return of 95.27% during his tenure [3] - Wang Ruidong has a tenure of 5 years and 234 days, with a best fund return of 68.61% during his management [3] - The current total asset scale of Guan Fuqin's fund is 6.577 billion CNY, while Wang Ruidong's fund has a total asset scale of 4.817 billion CNY [3]