从叨姐多年观察机构投资的经验来看，银行系公募要想真正突围，需要进行"手术级"改革：建立"固收保规模、权益创利 润"的双轮驱动模式，引入市场化职业经理人，甚至探索混合所有制改革。只有彻底摆脱"靠山吃山"的依赖心理，才能在激 烈的市场竞争中找到新的增长点。 其中最"偏科"的当属上银基金，固收占比达到惊人的98.75%。就连中银基金、建信基金这些管理规模超6000亿的头部机 构，权益类占比也不足5%。 | | 北京都 | 信赖 | | | --- | --- | --- | --- | | EMNE | 国收节比 | 总规模(亿) - 回收规保(16) | | | 上親羅金 | 98.75% | 2,264.66 | 2236.26 | | 蒸元基金 | 98.51% | 1,904.33 | 1875.96 | | 中加基金 | 97.64% | 1,248.80 | 1219.3 | | 恒生前海基金 | 96.52% | 158.24 | 152.73 | | 佛蘭語言語 | 95.74% | 3,629.73 | 3475.1 | | 六师真会 | 95.49% | 3,612.68 | 3449.81 | ...

Core Viewpoint - The Shangyin New Energy Industry Selected Mixed Fund has completed its liquidation process due to significant losses, with a cumulative loss of 53.43% since its inception in April 2022, leading to a net asset value of approximately 26.7 million RMB to be distributed to investors [1][3]. Group 1: Fund Performance and Liquidation - The fund was launched during a favorable market environment for the new energy sector but faced severe challenges shortly after its establishment, including oversupply in the photovoltaic sector and intensified price wars in the energy storage field [3]. - The fund's net asset value fell to 0.507 RMB by the end of 2024, with an annual loss of 1.09%, ranking 2784 out of 4112 in its category [3][6]. - The fund's scale shrank from 200 million RMB at inception to 41 million RMB by the first quarter of 2025, triggering automatic termination due to falling below the 200 million RMB threshold [6]. Group 2: Market Context and Industry Trends - The liquidation of the Shangyin New Energy Fund is part of a broader trend, with 90 funds liquidated since 2025, over 30% of which are in the new energy and pharmaceutical sectors [8]. - The new energy sector is experiencing a downturn, with the photovoltaic industry still facing challenges and lithium battery material prices nearing cost levels, leading to continuous downward revisions of profit expectations [8]. - The fund's management structure is heavily weighted towards fixed-income products, with equity products making up only 1.16% of its total management scale, indicating a potential mismatch in investment strategy [8][9].

图片来源：上银基金公司官网 清算程序始于4月21日，上银基金发布《关于上银新能源产业精选混合基金合同终止及基金财产清算的公告》，宣告该基金进入清算阶段。清 算工作由基金管理人、托管人、毕马威华振会计师事务所及上海市通力律师事务所共同组成的清算小组负责，具体包括资产清理、估值、变现 及分配等事宜。此次清算程序完成，标志着上银基金年内继上银稳健优选12个月持有混合FOF基金清盘后，第二只因触发合同终止条款而进入 清算程序的基金产品。 上银新能源产业精选混合基金成立于2022年4月，适逢"双碳"政策驱动下新能源产业资本热度攀升期。作为一只紧密围绕 "双碳" 战略布局的主 题基金，其投资方向聚焦电力设备、新能源等核心领域，与当时市场主流的赛道投资策略高度契合，成立初期即吸引了对新能源赛道抱有较高 预期的投资者关注。 然而，基金运作未满两年，首任基金经理施敏佳便因 "个人原因" 于2023年12月离任。在其1年零8个月的管理周期内，基金累计回报 达-48.73%，在全市场主动权益类基金中业绩垫底。公开数据显示，2023年该基金年内亏损幅度达46.19%，大幅跑输同期新能源指数，其管理 期间的持仓过度集中于光伏、锂电等细 ...