论坛： 2025母基金年度论坛圆满举办：内地携手香港，共话科创时代中国力量 荐读： 重新发现香港：科创时代的新蓝图 榜单： 「2025投资机构软实力排行榜」正式发布 热文： 今天，LP、GP都往厦门飞 企查查APP显示，近日，海南海澄产业转型基金合伙企业（有限合伙）成立，执行事务合伙人为海南农垦基金管理有限公司，出资额30亿人民币，经 营范围为以私募基金从事股权投资、投资管理、资产管理等活动。合伙人信息显示，该基金由海南海澄投资有限公司、海南农垦基金管理有限公司共 同持股。 每日｜荐读 ...

10月10日，西部利得基金管理有限公司（下称"西部利得基金"）发布高管变更公告，原总经理贺燕萍因 到龄退休正式离任，离任时间为10月4日。公司董事长何方自同日起代为履行总经理职务。 | 代任高级管理人员职务 | 总经理 | | --- | --- | | 代任高级管理人员姓名 | 何方 | | 是否经中国证监会核准取得高管任职资格 | | | 中国证监会核准高管任职资格的日期 | | | 任职目期 | 2025年10月4日 | 根据西部利得基金公告，公司董事长何方已开始代为履行总经理职务。 | 离任高级管理人员职务 | 总经理 | | --- | --- | | 离任高级管理人员姓名 | 贺燕萍 | | 离任原因 | 到龄退休 | | 离任日期 | 2025年10月4日 | | 转任本公司其他工作岗位的说明 | | 十年掌舵铸就千亿规模 贺燕萍的退休，标志着西部利得基金一个时代的结束。公开履历显示，贺燕萍是国内资管行业的资深老 将，1990年起，她历任北京市永安宾馆业务主管，1998年进入证券行业后，先后担任华夏证券研究所客 户部经理、中信建投证券机构销售部总经理助理、光大证券销售交易部总经理、光大证券资产管 ...

中新网海南新闻10月10日电 据澄迈县委宣传部消息，作为2025中国·澄迈国际经济贸易洽谈 来自数字经济、先进制造、出海方向等领域的优秀企业将进行现场路演，展现澄迈产业集群的活力与潜 力。 大会还设置了基金产业沙龙与产业考察线路，与会嘉宾将深入老城科技新城、私募基金产业基地、福山 咖啡小镇等地，实地感受澄迈的产业基础与投资环境。(完) 据悉，大会将发布《澄迈县私募基金产业高质量发展三年行动方案(2026-2028)》及配套政策，明确澄迈 在私募基金领域的发展路径与支持举措，为打造具有国际影响力的千亿级私募基金高质量发展基地奠定 坚实基础。 现场还将正式发布5亿元海南老城科技新城创新创业投资基金和规模30亿元产业转型基金的管理机制与 投资标准，展示澄迈政府投资基金在引导社会资本、支持重点产业方面的最新成果。 大会期间将举办与海南省财金集团合作澄迈产业基金联合工作小组、环球科创联盟(海南)生态港与大洋 洲自贸中心联合工作小组、临沂大学海南未来产业研究院等重要合作平台的揭牌仪式，展现澄迈作为投 资热土的务实成果；举办两场圆桌会议，围绕"产业引导基金如何赋能实体经济"与"自贸港封关背景 下，澄迈资本招商路径探讨"的主 ...

Core Insights - The article discusses the high-quality development activities of public funds in Beijing, emphasizing the themes of the new era, new funds, and new value [1] Group 1 - The focus is on the formation of MACD golden cross signals, indicating a positive trend in certain stocks [1]

这些考核和激励的改革，其实是给公募基金行业"优化"—— 从"拼规模、看短期"转向"重收益、顾长 期"。当基金公司和基金经理都把"投资者赚钱"当成核心目标，行业才能摆脱浮躁，实现真正的高质量 发展；而咱们普通投资者，也能更放心地通过基金理财，真正享受到行业发展的红利。 MACD金叉信号形成，这些股涨势不错！ 其次，监管评基金公司好坏的标准也更实在了，现在会重点看"投资者有没有赚钱、赚了钱的人占比多 少""基金有没有跑赢自己定的目标""权益类基金做得怎么样"。那些能长期做好的基金，加分比以前多 了一半，这就逼着基金公司把心思放在"帮投资者长期盈利"上，而不是搞短期噱头。 再者，基金评奖也不看"短期排名"了。过去有些评奖只比一两年的成绩，容易让基金经理急着"赚快 钱"。现在要求评奖得看五年以上的长期业绩，还得结合投资者的盈亏情况，那些不专业、靠短期排名 吸引眼球的评奖机构会被清出去，避免误导大家选到"昙花一现"的基金。 最后，基金经理的奖金也和长期业绩挂钩了。以前可能赚了快钱就拿奖金，现在不行了：基金公司、高 管和基金经理得自己买自家基金"跟投"，奖金还得延期拿。如果基金三年以上都跑不赢目标，基金经理 的奖金会明显 ...

Group 1 - Donghai Fund announced the resignation of its Vice President and Chief Information Officer, Zong Huajun, effective September 30, with Zhu Yimin appointed as the new Vice President and Huang He as the new Chief Information Officer on the same day [1] - The company has experienced significant changes in its executive team, including the resignation of former Chairman Yang Ming in late April for personal reasons, with Yuan Zhong set to take over as Chairman from April 29, 2025 [1] - Donghai Fund was established on February 25, 2013, and is the 78th public fund management company approved by the China Securities Regulatory Commission, headquartered in Shanghai, with Donghai Securities as its largest shareholder [1] Group 2 - As of the end of Q3 2025, Donghai Fund's public asset management scale was 28.43 billion yuan, ranking 104th among approximately 200 peers, with a non-monetary management scale of 26.219 billion yuan, ranking 90th in the industry [2] - The company has 14 bond funds with a total scale of 28.088 billion yuan, which are the main contributors to its growth, while most equity products have scales below 50 million yuan, except for two newly established funds in August and September [2] - Performance-wise, four products, including Donghai Beautiful China Flexible Allocation Mixed A, have underperformed against their benchmarks this year, and several others have lagged by at least 10 percentage points over the past two years [2]

Since 2020, the IL Fund has been undergoing a winding-up process, with the government working to create conditions that would allow for the fund’s dissolution. A proposal for the settlement of HFF bonds was presented to creditors earlier this year and received majority approval from bondholders, which also bound all holders to the agreement to exchange HFF bonds and other assets. Through this settlement, approximately 97% of the fund’s debt was resolved. Bondholders of other liabilities were subsequently i ...

Group 1 - The higher interest rate environment is negatively impacting funds that rely heavily on collateralized loan obligations (CLOs) [1] - While higher interest rates can enhance income generation, they also create a challenging environment characterized by tighter financial conditions [1] - A hybrid investment strategy combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds can effectively boost investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Core Viewpoint - The primary market is experiencing a resurgence, driven by policy support and disruptive technological trends, leading to a structural transformation in the industry [4][11]. Group 1: Public Fund Developments - Public funds are quietly establishing private equity subsidiaries, with Guangfa Fund being approved to set up "Ruichen Equity Investment Fund Management (Guangdong) Co., Ltd." with a registered capital of 100 million RMB [7][8]. - This trend is not isolated; in September 2023, Huaxia Fund was the first to receive approval for a private equity subsidiary, signaling a broader movement among leading public funds to enter the private equity space [9]. - The expansion of these subsidiaries represents a shift from traditional channel business models to a focus on differentiated, professional capabilities in private equity investment [9]. Group 2: Market Activity and Trends - The first half of 2025 has seen a notable increase in activity in the primary market, with LPs showing a renewed willingness to invest, leading to an 8% increase in total investment scale and a 26% rise in activity compared to July [11]. - Financial institution LPs have seen a 36% increase in investment scale, while financial LPs' activity rose by 7% and their investment scale surged by 119%, particularly highlighting foreign investments [11]. - The resurgence of the market is also reflected in the renewed interest from foreign capital, with Middle Eastern sovereign wealth funds increasingly focusing on Chinese assets [11]. Group 3: Investment Sentiment - There is a noticeable "FOMO" (Fear of Missing Out) sentiment returning to the market, with investors rapidly moving to project sites and significantly shortening decision-making cycles to as little as one to two weeks [13][14]. - Industry experts emphasize that the ongoing paradigm shift in China's primary market is not indicative of contraction but rather a return to value and a redefinition of investment logic [14]. Group 4: Future Outlook - The ongoing policy support and the return of major LPs, along with public funds entering the private equity space, may signify the beginning of a new journey for the venture capital industry and industrial development [16]. - As more medium to long-term capital enters the market and the "fundraising-investment-management-exit" cycle becomes more fluid, public fund private equity subsidiaries could become crucial bridges connecting the primary and secondary markets, injecting more patient capital into technological innovation [17].

Core Viewpoint - The market experienced a decrease in profit-making effects in September compared to August, with short-term capital speculation amplifying market volatility. Economic high-frequency data indicates strong supply and weak demand, constraining expectations for economic resilience. The market is primarily consolidating to digest previous valuations, guided by industrial catalysts and mid-term report performance [1] Group 1: Economic and Market Outlook - The "14th Five-Year Plan" is expected to be a key macro variable in October, with policies promoting a unified national market and addressing industry issues. There is a focus on the growth potential of service consumption and the profitability improvement of cyclical industries [2] - October marks the disclosure period for Q3 reports, which will provide strong indicators for industry prosperity. There is a divergence in market expectations regarding performance realization, which needs clarification from earnings guidance [3] Group 2: Key Factors to Monitor - The 20th Central Committee's Fourth Plenary Session will be held in late October, focusing on the "14th Five-Year Plan" recommendations. Recent industry guidelines aim to promote technological manufacturing as the core economic driver, emphasizing service consumption and market unification [3] - The U.S. economic environment remains stable, with ongoing negotiations in U.S.-China trade relations. Recent announcements of new tariffs by the U.S. necessitate close monitoring of further negotiations [3] - The Federal Reserve's upcoming meeting at the end of October may indicate a balance between long-term inflation expectations and interest rate adjustments, which could impact market conditions [4] Group 3: Investment Recommendations - Focus on sectors aligned with the "14th Five-Year Plan" and Q3 report insights, particularly in technology manufacturing, which is expected to see high growth due to policy support and technological advancements. Key areas include AI applications and advanced semiconductor processes [4] - The innovative pharmaceutical and non-ferrous metals sectors are anticipated to benefit from renewed liquidity and economic recovery, with a focus on overseas business development [5] - The consumer sector may face short-term performance pressures, but stock prices have largely reflected mid-term pessimism. The "14th Five-Year Plan" suggests a shift towards domestic demand, potentially leading to moderate growth by 2026 [6]