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].

Core Viewpoint - Fidelity Fund Management (China) announced the resignation of its former chairman, Huang Xiaoyi, due to personal reasons, marking a significant leadership change in the company [1][3]. Group 1: Leadership Transition - Huang Xiaoyi led Fidelity China through critical years, achieving significant milestones in the foreign-funded public fund business [2][3]. - Li Shaojie has been appointed as the new chairman of Fidelity Fund Management (China) and will continue his existing responsibilities at Fidelity International [2][3]. - Sun Chen has been appointed as the general manager of Fidelity Fund Management (China), tasked with implementing business strategies and maintaining key client relationships [4][3]. Group 2: Business Development - Fidelity International has been operating in China since 2004 and officially obtained a foreign-funded public fund license in December 2022 [5]. - As of now, Fidelity Fund has launched 10 products, managing assets exceeding 5 billion yuan, covering various types such as equity, mixed, bond, and fund of funds (FOF) [5]. - The foreign-funded public fund sector is seen as an important growth driver in China's fund industry, although the "localization" process requires time and adaptation [5]. Group 3: Market Insights - The ability of foreign-funded public funds to gain investor trust relies on their capacity to navigate market cycles and adhere to long-term operational philosophies [5]. - Recent progress in product design, team building, and client communication indicates that foreign-funded public funds are gradually adapting to the local market [5].

公告显示，中信建投基金2024年实现营业收合计人民币3.65亿元，净利润人民币0.50亿元。截至2024年12月31日，中 信建投基金总资产人民币10.36亿元，净资产人民币8.62亿元。 2024年，中信建投基金以公募基金为主营业务，不断丰富产品线，积极拓展销售渠道，增强客户服务 水平，着力提升 产品投资业绩，为投资者持续创造收益。截至报告期末，中信建投基金资产管理规模人民币1,421.79亿元，较2023年 末增长51.64%。其中，公募基金管理规模人民币941.95亿元，较2023 年末增长38.21% 中信建投基金的专户产品及其基金子公司的专户产品管理规模合计人民币479.84亿元，较2023年末增长87.39%。 3月28日，中信建投发布2024年年报，与此同时，全资子公司中信建投基金的具体经营情况也浮出水面。 截至报告期末，中信建投基金共管理公募基金59只。其中，28只基金的收益排名进入市场前50%，22只基金进入市场 前30%，19只基金进入市场前20%，6只基金进入市场前10%，投资业绩稳定。(数据来源:万得资讯、公司统计) 2025年发展展望，中信建投基金将继续坚持以投资者利益为核心，持续提 ...