2025.10. 26 本文字数：2410，阅读时长大约4分钟 作者 | 第一财经 曹璐 封图 | AI生成 自己管理的产品亏损近40%，却仍利用职务之便违法"指点江山"。 近日，上海证监局一纸罚单，揭开了公募基金圈一桩颇具荒诞色彩的"老鼠仓"事件。 行政处罚决定书显示，杨某嘉为上海"90后"男性，他在担任基金经理期间，利用未公开信息明示、暗 示他人从事相关交易活动，经过调查后，该局决定对其责令改正，并处以50万元罚款。 虽然罚单并未披露太多细节，但从部分信息来看，此次涉事的杨某嘉与上海某基金公司前基金经理杨 宁嘉的相关信息高度重合。去年10月，他曾因"个人原因"清仓式离职，随后再无下文。 值得注意的是，那些亏钱还违规的基金经理们，并非个例。这场"业绩塌方+道德失守"的双重戏码为 何总是上演？ "90后"基金经理罚单落地 据上海证监局行政处罚决定书，杨某嘉先后担任某基金管理有限公司股票分析师、高级股票分析师、 基金经理助理、基金经理，担任基金经理期间，负责某基金的投资决策及投资指令下达等工作，知悉 该基金持仓、交易明细等未公开信息。 根据调查，杨某嘉则利用因职务便利获取的未公开信息，明示、暗示陈某东从事相关交 ...

Group 1 - The number of new funds established in 2023 has surpassed the total for the entire year of 2022, indicating a recovery in the fund issuance market, driven primarily by the performance of equity funds [2][4] - As of October 25, 2023, a total of 1,187 new funds have been established, exceeding last year's 1,135 funds, although the total fundraising scale remains 20% lower than last year's [2][3] - Equity funds have gained significant attention, with 676 new equity funds established this year, accounting for nearly 57% of all new funds, marking a historical high [2][4] Group 2 - The total fundraising amount for new funds this year is 9,223.47 billion units, which is still below last year's 11,838.33 billion units, with an average issuance of 7.77 billion units, the lowest since 2000 [2][3] - The fundraising scale for equity funds reached 3,456.53 billion units, surpassing the total for the years 2022, 2023, and 2024, and accounting for 37.5% of the total fundraising amount for new funds, the highest since 2012 [2][4] - There is a notable trend of structural recovery in the issuance of actively managed equity funds, with several funds announcing early closure of fundraising due to high demand [4][5] Group 3 - The increase in the number of equity funds is attributed to fund companies adapting their strategies to the changing market conditions, focusing on niche sectors and launching specialized products [3][6] - Despite the positive trends in new fund issuance, older funds are struggling to attract investments due to poor performance and investor redemption [6] - The market remains uneven, with significant differences in the success of new fund issuances based on management and distribution channels, leading to a concentration of funds in top companies and well-known fund managers [4][6]

Core Insights - The number of new funds established in 2023 has surpassed the total for the entire year of 2022, indicating a recovery in the fund issuance market [2][3][5] - The stock fund segment has particularly thrived, with a significant increase in both the number and scale of new stock funds, reflecting strong investor interest [4][5][6] Fund Issuance Overview - As of October 25, 2023, a total of 1,187 new funds have been established, exceeding last year's total of 1,135 funds, showcasing a recovery trend in fund issuance [5] - The total fundraising amount for new funds this year is 922.347 billion units, which is still 20% lower than last year's total of 1,183.833 billion units; the average issuance size is at a historical low of 777 million units, excluding the year 2000 [5] - Stock funds have been the main focus, with 676 new stock funds established this year, accounting for nearly 57% of all new funds, marking a historical high [5] Stock Fund Performance - The total fundraising for stock funds this year is 345.653 billion units, surpassing the total for the years 2022, 2023, and 2024, and representing 37.5% of the total fundraising for new funds, the highest since 2012 [5] - Despite the increase in the number of stock funds, the average fundraising size remains relatively small at 511 million units [5] Active Equity Fund Trends - The issuance of active equity funds has shown signs of structural recovery, with several funds announcing early closure of their fundraising periods due to high demand [7][8] - Notable examples include the Invesco Great Wall Fund and the Harvest Fund, which both closed their fundraising early due to strong subscription amounts [8] - However, the market remains uneven, with significant differences in the performance of new fund issuances, particularly between passive index funds and active equity funds [9] Market Dynamics - The current market environment has led to a rise in investor risk appetite, contributing to the improved fundraising performance of some new funds [9] - Despite the positive trends, older funds continue to face challenges in marketing and growth, as many are unable to keep pace with market changes [9] - The ongoing market heat and recovery in investor confidence are expected to support further improvements in the issuance of active equity funds, with a focus on high-growth sectors and well-known fund managers likely to attract more capital [9]

Core Viewpoint - The new regulatory guidelines for performance benchmarks in public funds are imminent, marking a significant step towards high-quality development in the fund industry, with clearer product positioning and enhanced constraints on investment behavior [2][4]. Group 1: Regulatory Framework - The "Action Plan" mandates the establishment of regulatory guidelines for performance benchmarks, detailing the setting, modification, disclosure, continuous evaluation, and correction mechanisms for fund companies [4]. - The guidelines aim to strictly regulate the selection of performance benchmarks by fund companies, ensuring they effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [4][12]. Group 2: Industry Response - Over 176 funds have adjusted their performance benchmarks this year, reflecting a proactive response to regulatory expectations [9]. - Fund companies have begun to modify benchmarks to better align with actual investment strategies, addressing the disconnect between traditional static benchmarks and the evolving market structure [9][10]. Group 3: Benchmark Construction Standards - There is a consensus on the standards for constructing scientific benchmarks, which include matching risk-return characteristics with the fund, accurately reflecting investment strategies and styles, ensuring transparency in benchmark composition and calculation methods, and adequately covering major industries for thematic funds [10][11]. Group 4: Short-term Challenges - The implementation of the new guidelines is expected to have a profound impact on the public fund industry, but it may also lead to short-term pressures for concentrated adjustments [12]. - Fund managers may need to adjust their portfolios to align with the new benchmarks, which could involve significant rebalancing and necessitate careful management to minimize market impact [13][14]. Group 5: Long-term Implications - The adjustment of performance benchmarks will transform the assessment mechanisms, shifting the focus from short-term relative performance to long-term stable excess returns [13][14]. - Fund companies will adopt a more cautious approach in selecting benchmarks and defining investment themes, ensuring that benchmarks are not overly broad or misaligned with fund objectives [14].

Group 1: Gold Accumulation Business - Several banks have raised the minimum investment threshold for gold accumulation business to between 950 to 1200 yuan, an increase of 300 to 550 yuan compared to the beginning of the year [1] Group 2: Deposit Rate Adjustments - Multiple small and medium-sized banks have lowered deposit rates, leading to a phenomenon where long-term deposit rates are lower than short-term rates, with some banks showing that "three-year deposits yield less than one-year deposits" [2] - On October 20, Pingyang Pudong Development Bank announced adjustments to various deposit rates effective from October 21 [2] - Fujian Huatuo Bank and Shanghai Huarui Bank also announced reductions in their deposit rates, with the three-year fixed deposit rate dropping from 2.3% to 2.15% [2] Group 3: Capital Increase by Cambrian - Cambrian announced the completion of a capital increase, with 3,334,946 new shares registered on October 16 [4] - The largest allocation went to GF Fund, which received 1,010,900 shares, amounting to 1.208 billion yuan [4] - Other institutions, including Huatai-PineBridge Fund and Bosera Fund, received allocations ranging from 100,400 to 364,000 shares [4] Group 4: Investment Activity in Pharmaceutical Sector - Guo Lan's fund management has increased its stake in Yaokang Biotechnology, becoming the ninth largest shareholder with 5,162,200 shares as of the end of Q3 [5] - The fund managed by Guo Lan and Zhao Lei also appears among the top ten shareholders, holding 12,860,600 shares, an increase of 4,877,600 shares compared to the previous quarter [5] Group 5: Fund Risk Level Adjustments - Since September, nearly 20 fund companies have issued over 20 announcements regarding risk level adjustments for public funds, significantly higher than the previous monthly average [6][7] Group 6: Cross-Border ETF Premium Risks - Several fund companies, including Huaxia Fund and Hua'an Fund, have issued urgent risk warnings regarding high premium rates for cross-border ETFs, indicating potential significant losses for investors [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the trading behavior of various institutions was generally subdued. Only large banks showed a firm willingness to buy interest rate bonds with maturities of less than 3Y and 5 - 7Y, while funds were keen on buying credit bonds with maturities of less than 3Y. Large banks' cumulative net purchase of interest rate bonds reached 141.4 billion yuan this week, the highest weekly net purchase scale in the past year. Funds' net purchase of credit bonds was 3.4 billion yuan, the third - highest since August [10]. - Looking ahead, attention should be focused on the recovery of allocation power. For banks, the easing of government bond supply pressure in the fourth quarter may boost large banks' purchasing power. For insurance companies, after the reduction of product predetermined interest rates, the slowdown of liability - side expansion may be a long - term trend, and the "rush to allocate" situation in previous years may not be repeated in the fourth quarter [10]. Summary by Directory 1. Overall Sentiment: Bond Market Vitality Index Declined Slightly - The bond market vitality index was compiled based on the historical quantile levels of bond market leverage ratio, turnover rate, bond fund duration, and implied tax rate of China Development Bank bonds since 2022 and their correlation coefficients with bond market trends. As of October 24, the bond market vitality index dropped 4 pcts to 15% compared with October 17, and the 5D - MA dropped 1 pct to 24% [11]. - Indicators of rising bond market vitality included the implied tax rate of 10 - year China Development Bank bonds (inverse) and the excess level of the inter - bank bond market leverage ratio compared with the average of the past four years. Indicators of declining vitality included the trading volume of active 10Y China Development Bank bonds / the balance of 9 - 10Y China Development Bank bonds, the turnover rate of 30Y treasury bonds, and the median duration of medium - and long - term pure bond funds [13][14]. 2. Institutional Behavior: Current Institutional Behavior is Generally Subdued, Pay Attention to Allocation Power in the Future 2.1. Buying and Selling Strength and Bond Type Selection: Large Banks Continuously Buy Short - Term Bonds, Funds Focus on Credit Bonds - In the current bond market, the order of net buying strength was money market funds > funds > large banks > wealth management > securities firms > others > insurance > other product types > foreign banks, and the order of net selling strength was joint - stock banks > city commercial banks > rural financial institutions. For ultra - long - term bonds (bonds with a maturity of more than 15Y), the order of net buying strength was insurance > other product types > funds > wealth management > others, and the order of net selling strength was large banks > city commercial banks > joint - stock banks > rural commercial banks > securities firms > foreign banks [22]. - On different trading days from October 20 to 24, the buying and selling behaviors of various institutions varied. For example, on October 20, when the bond market fell across the board, large banks mainly bought interest rate bonds with maturities of less than 1Y, and funds mainly bought 7 - 10Y interest rate bonds, 1 - 3Y credit bonds, etc. [22][23]. - Based on the net purchase volume of bonds and historical quantiles, the main bond types of various institutions were as follows: large banks focused on interest rate bonds with maturities of less than 1Y, 1 - 3Y, and 5 - 7Y; rural commercial banks focused on other bonds with maturities of 3 - 5Y; insurance focused on 1 - 3Y credit bonds; funds focused on 1 - 3Y credit bonds; wealth management focused on interest rate bonds with maturities of less than 1Y and 1 - 3Y; other product types focused on credit bonds with maturities of less than 1Y [28]. 2.2. Trading Portfolio: The Durations of Credit and Interest Rate Bond Funds Continued to Decline, while the Durations of High - Performing Bond Funds Stabilized - As of October 24, the mean and median durations of the full - sample medium - and long - term pure bond funds decreased by 0.12 years and 0.11 years respectively compared with October 17. Among them, the median durations of pure interest rate bond funds, interest rate bond funds, and credit bond funds decreased by 0.19 years, 0.17 years, and 0.08 years respectively. The median durations of high - performing interest rate bond funds and credit bond funds increased by 0.00 years and 0.05 years respectively [38][42]. 2.3. Allocation Portfolio: Large Banks Concentrated on Buying Interest Rate Bonds with Maturities of Less than 3Y - **Differentiated Primary Subscription Demand for Treasury Bonds and Policy - Financial Bonds, and Differentiated Demand for Ultra - Long - Term Bonds**: This week, the weighted average full - subscription multiples of treasury bonds and policy - financial bonds changed. The weighted average full - subscription multiples of 10Y and above treasury bonds and policy - financial bonds also showed different trends [56]. - **Large Banks: Constraints on Bond Allocation May Ease**: In the fourth quarter, the supply pressure of ultra - long - term bonds is expected to be lower than that in the second and third quarters, and interest rate risk indicators are mostly assessed at the end of the month or quarter. Therefore, the constraints on large banks' bond allocation may ease. In terms of short - term treasury bond trading, large banks' net buying of 1Y and below treasury bonds has been higher than that of the same period last year since June, and the cumulative net buying of 1 - 3Y treasury bonds as of October 24 has reached 845.3 billion yuan [63]. - **Rural Commercial Banks: Weak Bond - Buying Power, Emphasizing Long - Term Bonds over Short - Term Bonds**: This year, the cumulative net purchase of bonds by rural commercial banks has been significantly weaker than in previous years, mainly due to the weak net purchase of short - term bonds with maturities of less than 1Y. However, the net purchase of 7 - 10Y and 10Y + bonds has been significantly higher than in previous years [76]. - **Insurance: The Acceleration of Government Bond Issuance Helps Insurance Deploy Ultra - Long - Term Bonds**: This year, the net purchase of bonds by insurance companies has been significantly higher than in previous years, mainly due to the strong purchase of ultra - long - term bonds with maturities of more than 10Y. As of October 24, the ratio of cumulative net bond purchases to cumulative premium income and the ratio of cumulative net bond purchases to the cumulative issuance of 10Y + government bonds were both higher than those at the end of October last year [85]. - **Wealth Management: Extending Duration in the Secondary Market**: Since June, the cumulative net purchase of bonds by wealth management products has continued to rise, significantly higher than the levels of the past three years. As of October 24, the cumulative net purchase of 10Y + bonds by wealth management products has reached 16.59 billion yuan [93]. 3. Asset Management Product Tracking: Credit Bond Funds Performed Better in the Past Week - Since October, the scale of bond funds and equity funds has changed little. This week, 1.952 billion yuan of new bond funds were established, at a historically low level [95][96]. - In terms of bond fund performance, the net values of most interest rate bond funds declined in the past week, while credit bond funds performed better. The median annualized returns of pure interest rate bond funds, interest rate bond funds, and credit bond funds in the past week were - 2.51%, - 1.96%, and 2.79% respectively, and most credit bond funds had positive returns in the past three months [96].

Core Insights - The investment strategies of global sovereign wealth funds are evolving, with a significant shift towards alternative assets and a focus on ESG factors [2][10][11] Group 1: Investment Trends - Sovereign wealth funds' assets under management have increased from $3 trillion in 2008 to approximately $13 trillion currently, with the number of funds growing from fewer than 30 to over 100 [2] - There is a notable increase in the allocation of sovereign wealth funds towards alternative assets such as private equity, infrastructure, and commodities, reflecting a pursuit of excess returns and enhanced risk tolerance [2][10] - Sovereign wealth funds are increasingly integrating ESG factors into their investment decision-making frameworks, actively investing in clean energy and environmental protection sectors [2][4] Group 2: Changing Funding Sources - The funding sources for sovereign wealth funds, particularly those from oil-rich nations, have diversified from primarily relying on commodity exports to include foreign exchange reserves, fiscal surpluses, and state-owned asset revenues [4][10] - The role of these funds has evolved from merely preserving national wealth to supporting national development, promoting industrial transformation, and fostering technological innovation [4][10] Group 3: Investment Challenges - Gaining investment from sovereign wealth funds is challenging, as they conduct thorough due diligence, focusing on team stability, past performance, and adherence to international standards in risk management and transparency [8][9] - There is a growing emphasis on aligning ESG principles between Chinese companies and sovereign wealth funds, which may have differing expectations regarding environmental standards [9] Group 4: New Investment Models - Sovereign wealth funds are moving towards new collaborative investment models, including strategic partnerships and joint ventures, to address the complexities of large-scale projects [10][12] - Some sovereign wealth funds are transitioning from being limited partners (LPs) to becoming general partners (GPs), actively participating in the management of investments to guide companies in national infrastructure and development projects [12]

Core Viewpoint - The article highlights a case of a fund manager, Yang Moujia, who faced penalties for insider trading while managing funds that experienced significant losses, raising concerns about ethical standards in the fund management industry [2][3][8]. Group 1: Case Details - Yang Moujia, a fund manager in Shanghai, was penalized with a fine of 500,000 yuan for using non-public information to influence trading activities [2][5]. - The investigation revealed that Yang utilized his position to provide hints to another individual, Chen Moudong, who controlled a trading account that mirrored the fund's transactions, constituting a form of "rat trading" [5][6]. - Yang's performance as a fund manager was notably poor, with losses nearing 40% during his tenure, and his funds underperformed their benchmarks by over 23 percentage points [7][8]. Group 2: Industry Implications - The incident reflects a broader issue within the fund management industry, where poor performance and ethical violations are increasingly common, as seen in other cases involving fund managers with similar misconduct [8][9]. - Regulatory bodies are enhancing their monitoring capabilities to detect "rat trading" and similar violations, but some fund managers still attempt to evade detection through more sophisticated methods [9][10]. - The fundamental principle of trust in fund management is being undermined by such unethical practices, highlighting the need for improved legal awareness and compliance among industry professionals [9][10].

Core Insights - The recent market recovery has led to a surge in demand for newly launched mutual funds, with several funds completing their fundraising targets in record time, indicating strong investor confidence [3][5][8] - The introduction of floating fee rate products has shown promising initial performance, with average returns exceeding 12.47% for the first batch, which is expected to positively influence subsequent fund launches [4][7] Fundraising Trends - On October 24, 2023, the Jiashi Growth Sharing Mixed Fund completed its fundraising of approximately 30 billion yuan in just five days, ahead of its scheduled end date [3][5] - Other funds, such as the China Europe Value Navigation Fund and Penghua Manufacturing Upgrade Fund, also completed their fundraising quickly, with the former reaching 20 billion yuan in one day [5][6] - The trend of early fundraising closures is not limited to equity funds but also includes FOFs, ETFs, and QDII funds, reflecting a broader market enthusiasm [5][6] Performance of Floating Fee Rate Products - The first batch of floating fee rate products has delivered strong performance, with some funds achieving over 40% returns within three months of their launch [4][7] - The success of these products is attributed to their innovative fee structure and the overall positive market sentiment, which is expected to encourage further adoption of this model [7] Market Outlook - Multiple asset management firms maintain an optimistic outlook for the market, predicting a "slow bull" trend driven by improving macroeconomic conditions and corporate earnings recovery [8][9] - The ongoing shift in investor sentiment towards more established fund managers and the importance of sales capabilities in fund distribution are also highlighted as key factors influencing fundraising success [6][8]

Key Points Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report Since 2025, China's credit - bond ETF market has entered a period of explosive growth, becoming an important part of the fixed - income investment field. The market has a highly institutionalized investor structure and a diversified product matrix. With continuous policy support and product innovation, credit - bond ETFs are expected to play a more important role in the fixed - income investment system [4][17]. 3. Summary Based on Related Catalogues 3.1 Bond ETF Product Types and Scale Development - ETF is a special open - ended fund that tracks the changes of the "underlying index" and is traded on the stock exchange. It combines the advantages of closed - end and open - ended funds. According to the underlying assets, China's bond ETFs can be divided into five types: interest - rate bond ETFs (including treasury bond ETFs, policy - financial bond ETFs, and local government bond ETFs), credit - bond ETFs, and convertible bond ETFs [18][19]. - As of September 30, 2025, there were 35 credit - bond ETF products with a total scale of approximately 4858.9 billion yuan, making them the category with the largest number of products and the largest scale among bond ETFs [20]. 3.2 Three - Stage Development of the Bond ETF Market - **Initial Exploration Stage (2013 - 2018)**: In 2013, the first treasury bond ETF was launched, marking the start of the bond ETF market. The product form was single, mainly treasury bond ETFs, and the market scale was limited, with a focus on "system exploration" [24][29]. - **Construction and Improvement Stage (2019 - 2024)**: With policy promotion, multi - type products such as policy - financial bond ETFs, local government bond ETFs, and convertible bond ETFs were launched, and the product spectrum was gradually enriched. The bond ETF market entered the rapid expansion stage, and its function expanded from "system exploration" to "function expansion" [32][34]. - **Rapid Development Stage (2025 - present)**: Regulatory authorities clearly supported the development of credit - bond ETFs. In 2025, 8 benchmark - market - making credit - bond ETFs and two batches of science - innovation bond ETFs were launched, driving the explosive growth of the bond ETF market. As of September 30, 2025, the total number of bond ETFs in the market increased to 53, with a total scale of 695.05 billion yuan [37]. 3.3 Investor Structure of Credit - Bond ETFs - The investor structure of credit - bond ETFs is highly institutionalized. According to the mid - 2025 report data, the institutional investor holding ratio of credit - bond ETFs generally exceeded 90%, except for short - term financing ETFs where the individual investor ratio exceeded 30% [8]. - Early products were mainly invested by funds, insurance, and trusts. Newly launched products in 2025 attracted large - scale holdings from securities firms, banks, and trusts, and some wealth - management funds also entered the market [8]. 3.4 Diversification of Credit - Bond ETF Product Types - **Classification by Underlying Assets**: Credit - bond ETFs can be divided into five types: urban investment bond ETFs, corporate bond ETFs, short - term financing ETFs, benchmark - market - making credit - bond ETFs, and science - innovation bond ETFs. The early three products (urban investment bond ETFs, corporate bond ETFs, and short - term financing ETFs) developed slowly before 2023 and accelerated after 2024. The newly launched products in 2025 achieved rapid scale growth [61]. - **Classification by Market Type**: Single - market ETFs highlight the representativeness of a single market, while cross - market ETFs emphasize comprehensiveness and diversified allocation. Most credit - bond ETFs are currently single - market ETFs [94][95]. - **Classification by Redemption Mode**: The redemption mechanism of credit - bond ETFs is mainly divided into in - kind redemption and cash redemption. As of September 30, 2025, 26 out of 35 credit - bond ETF products adopted the in - kind redemption mode, accounting for approximately 74.3% [97].