2025-12-17，中邮创业基金发布公告，原董事长毕劲松年满退休，于12月16日离任，张涛新任公司董事 长。 履历显示，张涛曾在华泰证券、华泰期货、东兴证券、首创证券等担任要职。现任首创证券党委书记、 董事长。 (记者 肖芮冬) ...

2025年，中国ETF市场迎来跨越式发展，规模与结构实现双重突破。 排排网财富公募产品运营曾方芳指出，政策支持、市场活跃及投资者对多样化工具的需求，共同构成了 市场爆发的核心驱动力。 从市场结构来看股票型ETF仍是绝对主力，占比超六成。与此同时，债券、商品、跨境等其他类型ETF 也实现了爆发式增长，呈现出"多资产、多策略"的均衡发展态势。 具体来看，股票型ETF总规模约3.65万亿元，占ETF市场总规模63.64%；跨境ETF约0.93万亿元，占比 16.16%；债券型ETF约0.72万亿元，占比12.59%；商品型ETF约0.25万亿元，占比4.30%。 在ETF市场整体大扩张的背景下，债券ETF异军突起，成为年内增速最快的品类。其总规模从2024年底 约1800亿元，激增至2025年底的超过7200亿元，规模增长超过3倍。 截至2025年12月15日，ETF总规模已从年初的约3.73万亿元激增至约5.74万亿元，年内规模增长超2万亿 元，增速超过53%。 在实现规模增长的同时，ETF市场内部结构也经历从"宽基独大"到"多点开花、多资产均衡"的生态重 塑，行业竞争从"跑马圈地"转向 "精耕细作"的发展新阶段 ...

无独有偶，湘财证券、广发证券、中信证券、信达证券、东吴证券等多家券商相继发布了关于"取 消监事会"的公告。 据不完全统计，已有超过40家上市券商进行了撤销监事会的改革，将核心职责向董事会审计委员会 全面移交。 值得注意的是，改革浪潮正快速扩散至整个金融行业。 银行业的动作尤为密集。12月10日，浙商银行与渝农商行便同步官宣拟取消监事会计划。据不完全 统计，年内已有工商银行、建设银行、招商银行等超20家银行陆续披露撤销监事会方案或完成调整。 基金业改革亦破冰。7月，英大基金率先撤销监事会，成为公募行业首家撤销监事会的基金公司。 随后，益民基金、方正富邦基金等中小型公募纷纷跟进。 监管大限倒计时，金融业监督体系改革全力冲刺。 近日，山西证券发布公告称，董事会审议通过了《关于取消监事会及相关事项的议案》，同意公司 不再设置监事会，原监事会的法定职权由董事会审计委员会行使。 山西证券撤销监事会并非孤例。据不完全统计，目前已有超过40家上市券商进行监事会撤销改革， 将核心职责向董事会审计委员会全面移交。与此同时，银行、基金等领域的机构也正密集跟进，一场覆 盖全金融行业的治理结构优化浪潮已然成型。 集中撤销监事会 山西证 ...

21世纪经济报道记者 曹媛 深圳报道 此外，深圳市龙华产业资本投资有限公司、深圳市宝安区产业投资引导基金有限公司、深圳市龙岗金融投资控股有限公司各自 均认缴出资3亿元，分别占比约1.5872%；深圳市光明科学城产业发展集团有限公司认缴出资2亿元，出资比例约1.0581%。 与这只基金同时成立的，还有上述提及的深圳市国创引投资有限公司，企查查显示，这家公司也是深圳国创引科创基金的执行 事务合伙人。注册资本为100万元，深圳市引导基金投资有限公司是其控股股东，持股比例100%。 "政府引导+市场运作"是深圳市引导基金的最大特点之一，"子基金的日常管理、项目投资、投后管理等工作由专业基金管理机 构按照市场化原则开展，政府部门不以行政手段干预子基金日常管理事务和具体项目投资决策。"深圳市引导基金投资有限公司 董事长、总经理张键，此前接受21世纪经济报道记者采访时表示。 | 合伙人名称 | | 持股比例 | 认缴出资额 | | --- | --- | --- | --- | | 深圳市引导基金投资有限公司 | | 67.7213% | 1280000万元人民币 | | 深圳市汇通金控基金投资有限公司 | | 15.87 ...

【环球网财经综合报道】公募基金行业一场深刻的"基准重塑"正在拉开序幕。据悉，针对公募基金业绩比较基准的改 革首轮摸排已于12月15日完成，各家基金公司已向监管层上报了相关情况。此次重塑是为重塑基金评价体系，并将基 金经理的薪酬与业绩基准紧密挂钩，推动行业回归"受人之托、代人理财"的本源。 首轮摸排审慎推进，监管关注三大重点 自10月底证监会发布《公开募集证券投资基金业绩比较基准指引》征求意见稿以来，行业迅速响应。据了解，本轮摸 排的重点聚焦于三个方面：一是需要变更基准的产品规模及占比，以评估对市场的潜在冲击；二是基准变更的复杂 性，特别是是否需要召开持有人大会；三是新规在实际操作中的可行性。 此次基准改革并非孤立进行，而是监管层"三箭齐发"政策组合拳的核心一环。此前，监管已下发公募业绩基准库，为 主动权益基金提供了标准的"尺"与"锚"；随后，《主题投资风格管理指引》出台，对主题基金的投资风格进行精准约 束。 这"三箭齐发"构建了一个从设定、投资到评价的完整监管链条，而其最终的落脚点，正是与基金经理切身利益相关的 绩效考核与薪酬体系。 根据12月5日下发的《基金管理公司绩效考核管理指引（征求意见稿）》，基金经理 ...

专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）面向行业征求意见，引发热 议。 指引中，对基金公司给股东的分红约束进行规定。指引要求，基金公司应据基金产品中长期业绩和投资 者盈亏情况，审慎确定分红频率与分红比例。对于过去三年基金产品业绩不佳、投资者亏损较大的，应 当适当降低分红频率与分红比例。 根据华龙证券财报数据，2024年华商基金营收10.10亿元，净利润2.03亿元。华龙证券持有华商基金46% 的股权，获得了1.38亿元的分红。即华商基金2024年度给股东分红总额3亿元，分红率147.72%。 依此类推，近十年（从2015到2024）期间，华商基金累计净利润13.94亿元，累计给股东分红5.82亿元。 近十年华龙证券累计从华商基金获得分红2.68亿元。 | | | | 华商基金分红率情况 | | | | --- | --- | --- | --- | --- | --- | | 年份 | 华龙证券 | 华龙证券 | 花園宴令 | ...

Group 1 - Guolian Minsheng has appointed Gu Wei as Chairman and Ge Xiaobo as President, indicating an optimization of the company's governance structure and potential strengthening of strategic execution [1] - The new management team includes five non-independent directors and three independent directors, with a focus on enhancing business adjustment expectations in the brokerage sector [1] - The changes in the financial sector's senior management are seen as positive signals, increasing market expectations for deeper financial reforms and highlighting structural investment opportunities [1] Group 2 - Dongfang Caifu has completed a management restructuring aimed at creating a flatter organizational structure, enhancing operational efficiency and market responsiveness [2] - Huang Jianhai, the new General Manager, is expected to strengthen the company's risk control and resource allocation capabilities due to his financial background [2] - The restructuring is likely to invigorate the internet brokerage sector and may lead to a reassessment of strategic transformation potential in financial technology firms [2] Group 3 - Over 60% of QDII funds are currently under purchase restrictions or have suspended subscriptions, reflecting a sustained high demand for overseas asset allocation [3] - The total scale of restricted funds amounts to 507.997 billion yuan, indicating a structural imbalance in global asset allocation [3] - This situation may lead to increased price volatility in the secondary market for certain products and could affect cross-border investment sentiment [3] Group 4 - A total of 138 public fund institutions have actively engaged in self-purchase, with a net subscription amount reaching 255.087 billion yuan, marking a significant increase compared to the previous year [4] - The surge in self-purchase activity, exceeding 17 times the previous year's figures, demonstrates institutions' confidence in the long-term value of the market [4] - This behavior is expected to boost market attention on related fund products and support equity assets, potentially leading to a valuation recovery in the broader financial sector [4]

Market Performance - The A-share market showed a mixed performance last week, with the ChiNext Index, STAR 50, and CSI 500 leading in returns at 2.74%, 1.72%, and 1.01% respectively, while the Shanghai Composite Index, CSI 300, and CSI 1000 lagged with returns of -0.34%, -0.08%, and 0.39% respectively [1] - In terms of sectors, telecommunications, defense and military, and electronics performed well with returns of 5.92%, 3.57%, and 2.51% respectively, while coal, oil and petrochemicals, and textiles and apparel had poor performance with returns of -3.80%, -3.43%, and -2.68% respectively [1] Fund Flows - The ETF market saw a net inflow of 128.9 billion yuan last week, with money market ETFs contributing 5.19 billion yuan, stock ETFs 24.11 billion yuan, QDII stock ETFs 53.88 billion yuan, commodity ETFs 2.41 billion yuan, and bond ETFs 43.3 billion yuan [2] - Major indices such as CSI A500, AAA Sci-Tech Bonds, Hang Seng Technology, STAR 50, and others experienced significant net outflows, with CSI A500 seeing a net outflow of 96.84 billion yuan [2][5] ETF Performance - The median weekly return for stock ETFs was 0.20%, with ChiNext ETFs showing the highest median return of 2.76% [11] - Technology ETFs had a median return of 1.46%, while chip ETFs also performed well with a median return of 2.69% [11] - Several communication and artificial intelligence ETFs saw substantial weekly gains, with the Communication Equipment ETF rising by 7.30% and various ChiNext AI ETFs also showing strong performance [12][13] New Fund Launches - A total of 61 funds were reported last week, including 1 REIT, 2 QDIIs, and 5 FOFs, with new ETFs focused on various sectors such as non-ferrous metals and public utilities [18] - The HuaTai BaRui CSI A500 ETF became the first to surpass 30 billion yuan in size, reaching 307.04 billion yuan [18] - The Hong Kong Stock Exchange launched its first stock index, the Hong Kong Stock Exchange Technology 100 Index, aimed at reflecting the performance of the largest 100 technology-related companies listed in Hong Kong [18]

Core Viewpoint - The article emphasizes the necessity of early retirement planning in the context of China's deepening aging population and the evolving economic landscape, highlighting the importance of a multi-tiered pension system that includes basic pension insurance, occupational pensions, and personal pensions as essential components for future financial security [1][2]. Group 1: Aging Population and Economic Context - As of the end of 2024, the elderly population aged 65 and above in China is projected to reach 22.023 million, accounting for 15.6% of the total population, indicating a transition into a deeply aging society [2]. - The working-age population (ages 15-64) is expected to decline to 96.565 million by the end of 2024, representing 68.6% of the total population, a decrease of 4.413 million over the past decade [2]. - The old-age dependency ratio has risen to 22.8%, meaning that for every 100 working-age individuals, there are 22.8 elderly people to support, increasing the overall pressure on the pension system [2]. Group 2: Wealth Accumulation and Investment Trends - By the end of 2024, the per capita disposable income of urban residents is projected to reach 54,188 yuan, with average consumption expenditure at 34,557 yuan, reflecting a steady increase in income levels [2]. - The downward trend in interest rates is pushing investors towards long-term investments and diversified asset allocations, with the one-year, five-year, and ten-year government bond yields at 1.09%, 1.38%, and 1.67% respectively as of the end of 2024 [2]. - Financial institutions are accelerating their transformation to meet the growing demand for personalized retirement wealth management solutions [2]. Group 3: Personal Pension System Development - The personal pension system, initiated in 2022, has evolved significantly, expanding from a single FOF product to a diverse range of investment options including passive index funds and enhanced index funds [3][4]. - By the end of 2024, the total scale of personal pension index funds has exceeded 300 million yuan, with the number of personal pension funds reaching 302 by September 30, 2025 [4]. - The performance of target date funds has been notable, with the median return for target date Y shares at 13.17% and for target risk Y shares at 6.32% as of the third quarter of 2025 [4]. Group 4: Fund Performance and Management - The top five fund companies by Y share fund size include: 1. 华夏基金 (20.15 billion yuan) 2. 易方达基金 (19.62 billion yuan) 3. 兴证全球基金 (16.4 billion yuan) 4. 工银瑞信基金 (14.55 billion yuan) 5. 中欧基金 (14.14 billion yuan) [5]. - The 工银养老2050Y fund has shown a net value growth rate of 35.61% over the past year, outperforming its benchmark by 21.26 percentage points [5]. - The investment strategy for pension funds emphasizes long-term stability and risk management, necessitating high standards for research and investment capabilities from management institutions [5].

Group 1 - The core viewpoint emphasizes that the performance of actively managed funds should be compared against performance benchmarks rather than short-term relative rankings [2] - Recent regulatory drafts have been released to strengthen the constraints of performance benchmarks for funds, including the "Guidelines for Fund Performance Comparison Benchmarks" [2] - Among 5,506 non-monetary actively managed funds, 915 have underperformed their benchmarks by over 10%, representing a significant 16.62% of the total [2] Group 2 - The Changsheng Global Economic Industry Fund has the worst performance, with a return of -291.33% since its inception, significantly underperforming its benchmark [3] - The fund's net value growth rate is only 32.58%, compared to its benchmark's return of 323.91% over 15 years, indicating poor long-term investment results [3] - The fund has undergone four managers since its inception, highlighting the challenges of active management in outperforming benchmarks, especially in mature overseas markets [3] Group 3 - Changsheng Fund Company, established in March 1999, has faced governance issues and high agency costs, leading to a loss of competitive advantage [4] - The Changsheng State-owned Enterprise Reform Theme Fund has consistently underperformed, remaining below a net value of 1 yuan for nearly a decade, with a cumulative loss of 38% [4] - The company currently manages over 60 billion yuan in non-monetary funds, ranking 67th, with stock and mixed funds totaling less than 15 billion yuan [4] Group 4 - The company has expressed intentions to improve, with notable changes since the introduction of talented fund manager Guo Kun in 2019 [5] - Guo Kun currently manages seven funds with a total scale of approximately 6 billion yuan, achieving an annualized return of 11.91% since taking over the Changsheng Tongsheng Growth Fund [6] - The positive changes observed since Guo's arrival suggest that talent is a core competitive advantage for fund companies, and leveraging skilled managers could lead to significant improvements for Changsheng Fund [6]