蓝鲸新闻12月12日讯，近日，中国证券监督管理委员会大连监管局发布了行政处罚决定书，剑指蜂巢股权投资基金管理（大连）有限公司及其 相关责任人。 决定书显示，蜂巢基金于2016年5月在中国证券投资基金业协会登记为私募股权、创业投资基金管理人，目前管理荣道新三板转板2号私募投资 基金等14支备案基金产品。2024年4月16日，蜂巢基金向其投资人发送邮件，称"蜂巢公司目前因资不抵债已无力维持正常运营，所有相关产品 管理工作也已无法正常开展"。自此，蜂巢基金不履行私募基金管理人的基金管理职责，办公场所无人办公，办公电话无人接听。期间，蜂巢 基金未按照有关规定向中国证券投资基金业协会报送私募基金管理人及14支基金产品的2023年年度财务报告、2024年年度财务报告。张中华作 为时任蜂巢基金法定代表人、经理、执行董事，在调查期间拒绝配合调查。 上述行为违反了《私募条例》的相关规定。蜂巢基金时任法定代表人、经理、执行董事张中华是直接负责的主管人员。 针对以上问题，中国证券监督管理委员会大连监管局决定对蜂巢股权投资基金管理（大连）有限公司给予警告，并处以90万元罚款；对张中华 给予警告，并处以27万元罚款。 | 索 引 号 ...

Core Insights - The secondary bond fund market has reached a scale of 1.3 trillion yuan by the end of Q3, driven by a prolonged low-interest-rate environment and accelerated wealth allocation among residents, highlighting its value in the asset management market [1] - Xinda Australia Fund has established a solid competitive advantage in fixed income investment through a strong research team, impressive product performance, and a mature investment research system, providing quality allocation solutions for investors [1] Investment Research Team - The fixed income team at Xinda Australia Fund consists of experienced professionals covering macro research, credit analysis, and strategy execution, enabling precise investment direction in complex market conditions [1] - Team members have been tested through multiple market cycles, providing deep insights into macroeconomic trends, interest rate fluctuations, and credit market changes [1] Product Performance - Xinda Australia Fund's core product, Xinao Credit Bond A, has shown stable long-term performance, ranking in the top 10% of similar bond funds across various time frames, particularly in the last year and five years [2] - The fund adheres to a core principle of stable investment while actively capturing yield opportunities, maintaining performance stability despite market fluctuations and credit events [2] Comprehensive Investment Research System - Xinda Australia Fund has developed a comprehensive fixed income investment research system that encompasses macro analysis, stock selection, risk control, and yield enhancement [2] - The macro analysis phase involves in-depth analysis of economic data and policy direction to identify market trends, while the credit selection phase employs a strict credit rating system to filter quality assets [2] - The fund utilizes multiple strategies, such as convertible bond investments and duration adjustments, to enhance product yield while controlling risks [2] Performance Rankings - According to Guotai Junan Securities, Xinda Australia Fund's average return on fixed income assets over the past ten years is 77.57%, ranking third among 71 comparable fund companies [3] - The company has consistently ranked in the top ten for fixed income asset performance over the past seven and five years, demonstrating robust profitability across market cycles [3]

以下内容转载自公众号：排排网研究院 2025年，DeepSeek的横空出世引爆科技股行情，A股市场在其带动下走出一轮强劲上涨，上证指数一度突破4000点，创下十年来新高。这 为私募证券基金提供了良好的市场环境，私募产品备案热度显著回升，吸引大量资金持续涌入。 据中基协截至今年10月末的数据，存续私 募证券投资基金规模已达7.01万亿元，较去年底大增1.8万亿元。 业绩方面同样表现亮眼， 私募排排网数据显示，截至10月底，今年以来共 有2753只有业绩展示的私募证券投资基金净值创出历史新高。 在此背景下，百亿私募阵营持续扩容，数量再度突破百家，行业格局加速变 化。 为深入探讨新环境下的机遇与趋势，持续助力行业高质量发展，由排排网集团主办，银河期货、方正证券、中辉期货、私募排排网、国联期 货协办的 "循光而行 星河万里"第二十届私募基金发展论坛，将于2026年1月8日在深圳盛大启幕。 论坛将汇聚来自券商、公募、期货、信 托、私募等金融机构的资深从业者，共同剖析宏观经济形势，探寻资产配置有效策略，共话未来投资机遇。 本次论坛丰富多元，亮点纷呈，不仅邀请在各自策略领域表现卓越的私募大咖发表主题演讲，分享实战经验与投资 ...

基金经理王卉妍2013年7月至2013年10月任职平安银行股份有限公司；2013年12月至2014年7月任职扬州 市现代金融投资集团有限责任公司；2014年9月至2017年5月任职中诚信国际信用评级有限责任公司结构 融资部分析师/项目经理，2017年6月至2024年4月历任国寿安保基金管理有限公司研究部研究员、投资 管理二部研究员、投资经理助理；2024年4月至2025年1月任职国通信托有限责任公司资产管理部投资经 理。2025年2月至2025年3月任职东兴基金管理有限公司混合资产投资部；2025年3月至今任职东兴基金 管理有限公司混合资产投资部基金经理。 ...

从风险收益表现来看，截至11月30日，国债及政金债0-3指数近3年年化回报2.44%，最大回撤-0.32%，年化夏普比率3.43，相 对其他主要利率债风险收益比更优。 | | 区间收益率 | 年化收益率 | 量 | | | --- | --- | --- | --- | --- | | 国债及政金债0-3 | 7.25% | 2.44% | -0.32% | 3.43 | | 国债及政金债3-5 | 10.88% | 3.62% | -1.15% | 2.52 | | 国债及政会债7-10 | 16.48% | 5.39% | -2.26% | 2.19 | | 中债-3-5年国开行债券全价(总 值)指数 | 0.46% | 0.15% | -3.06% | -0.53 | | 中债-7-10年国开行债券指数全 价(总值)指数 | -0.37% | -0.12% | -1.56% | -1.59 | | 中债-0-3年政策性金融债全价 (总值)指数 | 10.88% | 3.62% | -1.15% | 2.52 | 数据来源：Wind，数据区间2022.12.1-2025.11.30。指数过往业绩不代表未来 ...

Core Insights - The total fund dividends this year have exceeded 200 billion yuan, with equity funds increasing their dividend payouts and ETFs showing strong performance [1][4] - The number of funds distributing dividends, the frequency of distributions, and the total amount of dividends have all increased compared to the previous year [1] Fund Dividend Overview - As of December 5, over 3,398 funds have distributed dividends 7,075 times, totaling 219.07 billion yuan, compared to 2,824 funds, 5,470 distributions, and 182.94 billion yuan last year [1] - The top dividend-paying funds are ETFs, particularly the CSI 300 ETFs, with Huatai-PB CSI 300 ETF leading at 8.394 billion yuan, followed by E Fund CSI 300 ETF at 7.150 billion yuan [1] Dividend Frequency - The fund with the highest number of distributions this year is Western Asset Central Enterprise Preferred, with 17 distributions; several other funds have distributed 12 times [2] - Nine funds have exceeded 100 total distributions, with the highest being Jiashi Ultra-Short Bond C at 196 distributions [2] Fund Types and Performance - Bond funds remain the primary contributors to dividends, with 2,627 bond funds distributing a total of 159.13 billion yuan, accounting for over 70% of total dividends [2] - Equity funds are also increasing their dividend payouts, with 339 stock funds distributing 39.18 billion yuan and 319 mixed funds distributing 8.98 billion yuan this year [2] Passive Fund Dominance - Passive funds have become the main contributors to stock fund dividends, with 314 passive index and enhanced index funds distributing a total of 38.12 billion yuan [3] Enhancing Investor Experience - Fund dividends help investors save on transaction costs and improve fund management operations, allowing for more agile responses to market opportunities [3] - Dividends can lock in profits during market corrections and promote healthy fund growth, enhancing the investment experience for investors [3] Future Outlook - As public funds focus on high-quality development, more fund companies are expected to increase dividend payouts to enhance investor confidence and product attractiveness [4]

Group 1 - The core viewpoint of the article highlights the ongoing competition and collaboration among asset management institutions, with a shift from traditional "fixed income" strategies to "fixed income + multi-asset multi-strategy" approaches [4][5][17] - The scale of bank wealth management products reached 32.13 trillion yuan by the end of September, marking a 4.76% increase from the second quarter [6] - The structural changes in the bank wealth management market are evident, with a significant shift towards multi-asset allocation as investors seek stable returns in a low-interest-rate environment [5][6] Group 2 - The implementation of new asset management regulations is reshaping the valuation practices of wealth management products, moving towards a more transparent net asset value system [7][9] - The demand for diversified wealth management solutions is increasing among residents, with 18.5% of individuals preferring to invest more, particularly in non-guaranteed bank wealth management products [9][10] - The collaboration between various financial institutions and insurance companies is intensifying, driven by the need for stable investment channels and the regulatory environment that encourages such partnerships [11][12][13] Group 3 - The public offering transformation of large collective products in the securities asset management industry is nearing completion, leading to a potential reshaping of the industry landscape [18][24] - The recent trend of "non-affiliated transfers" in public offering transformations indicates a shift from traditional internal transfers to collaborations with external public funds [20][21] - The competition for public fund licenses has become increasingly challenging, with many institutions withdrawing their applications, reflecting a saturated market [23][24]

又有基金公司迎来新的"掌门人"。 今年6月16日，中银基金前任董事长章砚因工作调整离职。截至离任，她担任中银基金董事长时间长达7年11个月，是中银基金任职时间最长的董事长。当 时业内有消息称，她有望回归中国银行，担任中国银行上海人民币交易业务总部常务副总裁。 如今，随着新的董事长上任，公司总经理张家文不再代为履行董事长、法定代表人职责。 12月11日，中银基金发布公告，任命刘信群为公司董事长，总经理张家文不再代任董事长一职。刘信群来自中银基金大股东——中国银行，此前担任中国 银行深圳市分行行长、党委书记。 Wind数据显示，截至今年三季度末，中银基金旗下非货币基金规模为3263.77亿元，排行业第19名，旗下公募基金管理总规模超过7000亿元。 刘信群出任中银基金董事长 12月11日，中银基金管理发布关于董事长（法定代表人）变更的公告，刘信群担任公司董事长。 | 新任职务 | 董事长、法定代表人 | | --- | --- | | 姓名 | 刘信群 | | 任职目期 | 2025年12月10日 | | 过往从业经历 | 中南财经大学统计学专业博士研究生。2025年加入 | | | 中银基金管理有限公司,现任党 ...

Core Viewpoint - Multiple leading public funds, including E Fund, Huaxia, and Southern Fund, have issued risk warning announcements regarding cross-border ETFs, with over 200 announcements made by 14 institutions in December alone, indicating a significant concern over premium rates exceeding 5% for some products [2][3][4]. Group 1: Risk Warnings and Market Reactions - Leading institutions like Jiashi Fund and Southern Fund have collectively raised alerts about the premium risks associated with their ETFs, emphasizing the potential for significant losses if investors act blindly [2][4]. - The frequency of risk warning announcements has been high, with over 380 related announcements in November and a continued pace into December, indicating ongoing market volatility [3]. - Specific ETFs tracking indices like the S&P 500 and Nasdaq have been particularly affected, with premium rates reaching as high as 5.58% for the Bosera S&P 500 ETF and 3.41% for the Southern S&P 500 ETF [4]. Group 2: Causes of Premium Increases - Industry experts attribute the high premiums of cross-border ETFs to a combination of supply-demand imbalances and institutional constraints on cross-border investments, particularly due to QDII foreign exchange quota limitations [5]. - The complexity of cross-border ETF transactions, including foreign exchange conversions and delayed asset valuations, contributes to slower arbitrage efficiency compared to domestic ETFs, making it difficult for premiums to normalize [5]. Group 3: Market Growth and Investor Behavior - Despite the warnings, the cross-border ETF market has seen rapid growth, with total assets increasing from approximately 424.2 billion yuan at the beginning of the year to over 930 billion yuan by early December, reflecting a growing demand for diversified global asset allocation among domestic investors [5]. - Experts recommend that investors focus on the net asset value (NAV) and be cautious of purchasing when premiums exceed 3%, suggesting a strategic approach to asset allocation rather than short-term speculation [6].

人民财讯12月11日电，企查查APP显示，近日，上海杨浦海望鋆芯私募基金合伙企业(有限合伙)成立， 出资额15.1亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权 穿透显示，该基金由上海浦东海望私募基金管理有限公司、上海海望合纵私募基金合伙企业(有限合 伙)、上海浦东科创集团有限公司共同出资。 ...