本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【1月10日消息，多家基金公司QDII额度使用调整，专户比例年底前降至20%以下】近期，多家基金公 司收到通知，QDII额度使用要优先用于公募产品。要求在2027年底前，将专户产品使用比例降至20%以 下。业内人士称，此调整意在引导金融资源向普通投资者倾斜，满足多元化资产配置需求，推动普惠金 融发展。此前，国家外汇管理局下发新一批QDII投资额度，证券基金类额度已达942.9亿美元。 ...

格隆汇1月10日｜据中国基金报，近期多家基金公司收到通知，要求在QDII额度使用上优先用于公募产 品，并在2027年底前将专户产品使用比例降至20%以下。业内人士指出，这一调整旨在引导金融资源向 普通投资者倾斜，满足多元化资产配置需求，推动普惠金融发展。此前，国家外汇管理局曾下发新一批 QDII投资额度，证券基金类额度已达942.9亿美元。 ...

关于公募、专户基金经理兼职的新规落地已经4个月，近日再有新进展。继6、7月间华泰柏瑞等基金公 司曾增聘专户投资经理担任公司旗下公募基金经理后，近期再有多家基金公司的基金经理兼任专户投资 经理。 不过，在管理基金组合数量制约、不同投资绩效激励机制下如何公平对待不同投资者等问题制约下，基 金经理、专户投资经理兼职的意愿并不高。 为公募留住核心人才 今年4月3日，中基协发布《基金经理兼任私募资产管理计划投资经理工作指引》(试行)(下称"工作指 引")，权益类公募基金经理可以兼任私募资产管理计划投资经理。 除了个人意愿，制度层面的违规风险也让不少投资经理望而却步。 多位行业人士表示，由于存在同一投资经理的专户、公募业绩差异，投资时点的不同，激励机制的差 异，如何公平对待不同投资者等问题，成为不少投资经理的顾忌。 上海证券基金评价研究中心负责人刘亦千表示，公募、专户投资人兼职较少，主要原因在于：一是管理 产品数量有上限，尤其是专户，很多承接的机构资金都是"一事一议"。同投资经理管理的产品数量非常 多，无法满足兼职不超过10个基金组合的要求。在刘亦千看来，公募基金经理和专户投资经理不存在本 质区别，核心问题只有一个，就是 ...

21世纪经济报道记者杨娜娜 上海报道 西部利得基金在舆论风波中又起新波澜。 以上说法符合《关于规范金融机构资产管理业务的指导意见》中的资管产品财产独立原则以及《资产管 理合同》规定，即产品风险由投资者自担，管理人仅履行受托责任，不以其固有财产承担。 西部利得基金进一步表示，"本公司作为管理人代表资产管理计划管理和处分计划财产，但计划财产产 生债务应由计划财产本身承担。"其透露，涉案专户产品目前已不再运作。 有业内人士分析，此案"大概率是因为资管计划开展了一些债券交易，而受债券发行人违约影响，导致 资产管理计划与债券回购交易对手方之间发生了商事纠纷，继而交易对手方申请了执行。" 2024年四季度，西部利得基金正式迈入"千亿规模俱乐部"。Wind数据显示，截至今年三季度末，西部 利得基金旗下基金资产净值突破1134亿元，在162家公募持牌机构中位列全市场第55位。非货币型基金 规模为902亿元，位列全市场第50位。 另外，由于其第二大股东利得科技有限公司（以下简称"利得科技"）近期风波不断，且本案详细的被执 行原因目前尚未披露，舆论因此已有关于利得科技股权质押的关联猜想。 爱企查数据显示，利得科技有限公司于今年9 ...

基金经理涉赌刚辞，一则近3亿元的执行案，再次将西部利得基金推上市场关注焦点。 据中国执行信息公开网，西部利得基金近日被上海金融法院列为被执行人，执行标的为2.91亿元，立案 时间是11月6日。由于目前官方尚未公布具体案由，这一事件引发市场多方猜测。 针对此事，西部利得基金对第一财经表示，本次事件系专户产品运作过程中的商事纠纷引发，公司作为 管理人代表资产管理计划管理和处分计划财产，但计划财产产生债务应由计划财产本身承担。"公司后 续协助法院完成对资管计划财产的处分即可。"西部利得基金称。 | 中国执行信息公开网 | 司法为民 司法使民一 | | | | --- | --- | --- | --- | | 命 首页 ■ 执行公开服务 | | | | | 被执行人 | 西部利得基金管理有限公司 | 被执行人姓名/名称: | | | 身份证号码/组织机构代码: | 71788460-8 | 执行法院: | 上海全融法院 | | 立案时间: | 2025年11月06日 | 案号: | (2025) 沪74共1641号 | | 执行标的; | 291151860 | | | 围绕"若资产管理计划财产不足以覆盖债务，管理 ...

近日，西部利得基金管理有限公司（下称"西部利得基金"）被上海金融法院列为被执行人，执行金额为2.91亿元。尽管没有详细的被执行原因，但舆论中已 有关于公司股东之一利得科技股权质押的关联猜想。 11月14日，《每日经济新闻》记者向西部利得基金了解情况，上海金融法院此前作出的裁定源于公司旗下专户产品的商事纠纷，与股东股权质押无关。 公司方面表示，股东与公司经营的界限清晰，不会参与公司的经营。此外，本次法院裁定不会对基金公司的经营产生重大影响。 公司回应：被执行原因来自旗下专户产品商事纠纷 来源：天眼查 照此推算，利得科技持股的金额大约为1.813亿元。碰巧的是，利得科技在今年已分两次出质股权，出质股权的数额合计恰好也是1.813亿元。因此，外界对 二者之间的关联十分重视，记者也注意到，利得科技已经被列为被执行人。 | 全部４ | 股权出质 4 7 历史股权出质 17> 身为质权人 | 身为出质人 4 | 身为股权标的企业 | | 登记日期~ | 状态不限 · | | Q 点击进行 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the bond market outlook for the fourth quarter of 2025, focusing on government bonds and convertible bonds [1][2][3]. Core Insights and Arguments 1. **Interest Rate Trends**: The interest rate trajectory is expected to exhibit an asymmetric U-shape due to various risk factors and year-end allocation demands. The 30-year government bond yield is around 2.1%, 10-year at 1.8%, and 5-year at 1.6%, indicating significant allocation value for institutional investors [1][6][10]. 2. **Convertible Bond Market**: The convertible bond market remains bullish, with high premium rates. Investors are advised to focus on stock characteristics and structural opportunities, particularly in technology sectors such as AI, domestic computing power, and AR glasses [1][5][21][25]. 3. **Regulatory Impact**: Regulatory changes are anticipated to lead to a contraction in certain products, such as short-term bond funds, while other products like money market funds may see growth. The coordination between the central bank and regulatory bodies is crucial for market stability [1][7][12]. 4. **Bank Capital Regulations**: New capital regulations for commercial banks are expected to have limited impact on certificates of deposit (CDs) and will likely manifest in the market 3-4 quarters before formal implementation [1][8][10][9]. 5. **Economic Indicators**: GDP growth is projected at 4.8%-4.9% for Q3 and 4.5%-4.6% for Q4, indicating a downward trend. The upcoming Fourth Plenary Session is expected to introduce incremental policies, but short-term pressures remain manageable [1][12][13]. 6. **Cross-Year Allocation**: Financial institutions are driven by early investment for early returns, with historical data showing significant interest rate declines in Q4 during various years due to policy and fundamental factors [1][11]. 7. **Credit Bond Market Outlook**: The credit bond market is expected to exhibit seasonal characteristics, with credit spreads likely to fluctuate around current levels without significant compression [1][15]. Additional Important Insights 1. **Investment Strategies**: A barbell strategy is recommended, focusing on short-term assets with stable yields and mid-term secondary capital bonds. The current market environment favors short-term assets with good downside protection [1][16][17]. 2. **Market Sentiment**: Institutional investors have increased asset allocations, particularly state-owned banks, while insurance companies remain stable. The sentiment is generally optimistic, awaiting a final dip to establish common expectations [1][18]. 3. **Convertible Bond Valuation**: Current valuations of convertible bonds show limited downside potential and significant upside potential, with a median elasticity of 70% and a remaining median term of approximately 2.5 years [1][21][24]. 4. **Specific Recommendations**: The call recommends specific stocks in the technology and renewable energy sectors, including companies involved in AI, domestic computing, and solar energy components, as they are expected to perform well in the upcoming quarter [1][25][27]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the bond market outlook and investment strategies for the fourth quarter of 2025.

Group 1 - The overall performance of public funds in the first half of 2025 showed positive growth, with a total net profit of 20.186 billion yuan, an increase of 30.5 million yuan compared to the same period in 2024 [1] - A total of 36 fund companies reported positive net profit growth compared to the same period in 2024, while 23 experienced negative growth, and 7 reduced their losses [1] - The top ten fund companies by net profit saw changes in rankings, with the "billion club" increasing to five members, and 38 companies reporting net profits exceeding 10 million yuan [2][3] Group 2 - E Fund maintained its leading position with a net profit of 1.877 billion yuan, up 23.84% from 1.52 billion yuan in the same period last year [2] - Other top performers included ICBC Credit Suisse Fund, Southern Fund, GF Fund, and Huaxia Fund, with net profits of 1.745 billion yuan, 1.194 billion yuan, 1.180 billion yuan, and 1.123 billion yuan respectively, all showing positive growth [2][3] - Several companies, including Huaxia Fund and Huatai-PB Fund, experienced declines in profitability due to reduced management fees on large ETFs, impacting their overall performance [4][5] Group 3 - Smaller fund companies showed significant performance disparities, with 12 companies reporting a decline in net profits, including China Universal Fund and Hai Fu Tong Fund, which saw declines exceeding 20% [7] - Despite some smaller firms turning losses into profits, seven companies remained in the red, with losses ranging from hundreds of thousands to millions [7] - The increasing concentration in the public fund industry is solidifying the competitive advantages of larger firms, making it challenging for smaller firms to achieve profitability without strategic adjustments [7]

Core Viewpoint - In a low-risk return environment, traditional bank wealth management fails to meet investors' yield demands, leading institutional investors to seek stable returns through diversified asset allocation [1] Group 1: Understanding Institutional Investor Needs - The multi-asset team at Huaxia Fund focuses on understanding the "constraint conditions" of the liability side, which is crucial for making investment choices [4] - The team emphasizes communication with institutional clients to understand their specific needs and constraints, leading to a negative list of what cannot be done [4] - The investment strategy is shaped by the clients' requirements for absolute returns and stable relative rankings, avoiding credit downgrading strategies [4][5] Group 2: Sources of Excess Returns - The team adopts a "quality over faith" approach, focusing on the quality of underlying assets rather than relying on policy beliefs, which can be fragile [2][12] - Discipline is essential in managing human weaknesses, as absolute return products cannot tolerate annual losses, necessitating strict adherence to risk budgets [3][15] - The diverse team composition fosters collective wisdom, allowing each member to leverage their unique strengths and expertise in specific asset areas [2][19] Group 3: Investment Strategy and Execution - The team utilizes a macroeconomic strategy and has developed the MVP analysis model, which enhances their competitive advantage in duration strategies [7] - Huaxia Fund has strategically increased the duration of their portfolios, anticipating shifts in economic growth patterns, which has yielded significant excess returns [7][8] - The team recognizes the potential in convertible bonds, which often have pricing discrepancies, allowing for substantial excess returns [8][9] Group 4: Balancing Discipline and Flexibility - The team implements a main account holder model to unify risk and return characteristics across products, enhancing overall performance [15] - Each fund manager is given the autonomy to make investment decisions within the established risk budget, promoting differentiated product management [15][16] - The risk budget sets clear disciplinary boundaries, allowing fund managers to make informed decisions on where to allocate risk [16] Group 5: Multi-Asset Investment Culture - Huaxia Fund aims to create a "Lego" approach in asset management, fostering a culture that supports diverse asset types and strategies [17][22] - The team comprises professionals with varied backgrounds, enhancing their ability to navigate different economic environments and achieve stable returns [19][20] - The reliance on a strong research platform and team collaboration is essential for adapting to market fluctuations and ensuring consistent decision-making [20]

Core Viewpoint - The article discusses the recent executive changes at Fidelity Fund Management (China) Co., Ltd., highlighting the broader trend of leadership shifts among foreign-funded public fund management companies in China [3][8]. Group 1: Executive Changes - Huang Xiaoyi resigned as Chairman of Fidelity Fund for personal reasons, having led the company to significant milestones, including obtaining a public fund license and launching 10 public funds in a challenging market [3][4]. - Li Shaojie has been appointed as the new Chairman, while Sun Chen has been named General Manager, tasked with implementing the company's business strategies [3][5]. - Other foreign-funded public fund companies, such as BlackRock Fund Management and Morgan Fund Management, have also experienced executive changes this year [8][10]. Group 2: Fund Performance and Management - As of July 18, Fidelity Fund has launched 10 funds, managing a total of 5.21 billion yuan, down 23.69% from 6.83 billion yuan at the end of last year [5][6]. - The funds established before the end of last year have all seen varying degrees of scale decline, with the most significant drop being 92.38% for the Fidelity Central Debt 0-2 Year Policy Financial Bond [6][7]. - In terms of returns, the active equity funds have performed relatively well, with annual returns of 17.91% and 17.20% for two specific funds, while bond funds have underperformed, with some yielding as low as 0.01% [7]. Group 3: Industry Trends - The frequent executive changes in foreign-funded public funds are attributed to the high marketization and global background of these firms, requiring executives to adapt to different market environments [10]. - BlackRock Fund has accelerated its localization efforts in China, optimizing risk management and performance metrics, which has led to improved product performance despite a 36.39% decline in total scale from last year [10][11]. - In contrast, Morgan Fund and Manulife Fund have seen growth in total scale, with Morgan Fund increasing by 2.49% and Manulife Fund by 19.88% compared to the previous year [11].