文 | 独角金融 刘银平 编辑 | 付影 一只混合基金的季度11倍暴涨，让中航基金一举站上600亿管理规模新台阶。但光鲜数据背后，核心高管却接连出走。 近日，有着复旦博士光环的知名经济学家邓海清因"个人原因"辞职，下一站敲定银行系翘楚中加基金。 从卖方首席到买方高管，邓海清的跨界之路未能复制昔日荣光。2020年底加盟中航基金后，从首席投资官升任副总经理，却在首次执掌基金时遭遇滑铁卢。 与新手基金经理共同管理中航混改精选混合，最终以任期回报-12.9%的成绩单黯然离职。 近两年来，中航基金总经理、督察长、财务总监等重要高管均发生变更，原总经理刘建经历降职又升任联席董事长的波折，核心高管团队目前仅剩3人，副 总经理、首席投资官岗位虚位以待。 副总、首席投资官卸任，下一站奔赴中加基金 邓海清为复旦大学金融学博士，早年曾在政府部门工作，在加入中航基金之前有着多年卖方研究经历，职业生涯覆盖多家知名券商，曾担任宏源证券、中信 证券（600030.SH）固定收益首席分析师，中信证券资产管理部研究主管，九州证券全球首席经济学家，蚂蚁金服集团研究院副院长，华尔街见闻副总裁、 研究院院长兼首席经济学家。 2020年7月，邓海清担 ...

□本报记者 张舒琳 "我每天收盘前都会刷一刷实盘榜单，看看大V加仓了哪只基金，再决定自己的操作。"90后基民李祺对 中国证券报记者表示，她习惯了在交易日打开支付宝的理财页面，切换到"看高手战绩"板块，基金实盘 排行榜上的投资者实盘动态、收益率曲线一目了然。 像李祺这样的投资者不在少数，今年以来，大V基金实盘彻底火了。在小红书等社交媒体上，投资者每 日追更实盘博主的最新动态，"围观千万大佬和榜一大哥今天买了啥""时隔78天，这位基金大佬又回来 了，加仓20万高端装备"等内容极为火爆。不少投资者每天观察实盘博主的操作，整理当天的买入卖出 行为以及收益率，作为买基金的参考。 千万级组合被"围观" 今年以来，基金实盘在蚂蚁财富、天天基金、京东金融等代销平台持续火爆出圈，成为重要流量入口。 从普通投资者到基金大V，再到专业的基金经理，纷纷开通实盘分享投资组合，基民关注及"跟买"热情 高涨。 以支付宝上的蚂蚁财富理财专区实盘榜为例，平台通过算法筛选出表现活跃、收益较高的实盘用户，按 照收益金额、收益率等维度排行，公开展示其基金持仓金额、持仓收益及每一笔具体的交易记录。基民 可以一键追踪实盘"大佬"每日的买卖操作，并能够追 ...

Core Viewpoint - The popularity of real-time fund tracking by influential investors (referred to as "DVs") has surged in 2023, with many retail investors actively following and mimicking their investment strategies on platforms like Ant Wealth and JD Finance [1][2][3] Group 1: Investor Behavior - Retail investors are increasingly using social media to track the investment activities of top fund managers and influencers, often making decisions based on their trades [1][2] - The trend of "copying real-time operations" has become fashionable, with many investors sharing their own investment results and strategies [2][3] Group 2: Platform Features - Platforms like Ant Wealth utilize algorithms to rank active users based on their returns, allowing investors to easily track the performance and trading history of top investors [2] - The introduction of various leaderboards categorizes users based on different investment strategies, enhancing engagement and learning opportunities for novice investors [2] Group 3: Fund Manager Influence - Fund managers have started sharing their real-time investment activities, which has become a valuable tool for educating investors and building trust [4][5] - The visibility of fund managers' personal investments is believed to enhance investor confidence, as it aligns their interests with those of retail investors [4][5] Group 4: Marketing and Commercialization - The rise of real-time fund tracking has led to some influencers using their platforms as marketing tools, blurring the lines between genuine investment advice and promotional content [6][7] - Some influencers are reportedly backed by commercial entities that manage multiple accounts, raising concerns about the authenticity of their investment claims [6][7] Group 5: Compliance and Risks - The commercialization of real-time fund tracking raises compliance risks, as some practices may violate regulations regarding investment advice and fund sales [8] - The trend of simplifying investment decisions into a "copycat" approach undermines the educational goals of the fund industry, potentially leading to a less informed investor base [8]

Core Insights - The article discusses the challenge of achieving both performance and scale growth for large-cap active equity funds in the context of a rising equity market over the past year [1] Group 1: Performance of Large-Cap Active Equity Funds - As of the third quarter, there are 33 active equity funds with assets exceeding 10 billion yuan, with E Fund Blue Chip Select leading at 36.413 billion yuan [2] - Most of these funds have achieved positive returns over the past year, with notable performances such as Yongying Technology Smart Mixed Fund returning approximately 270% [2] - Other funds like China Europe Digital Economy Mixed Fund and Yongying Advanced Manufacturing Smart Mixed Fund also reported returns of 181.08% and 136.49% respectively [2] Group 2: Scale Changes and Market Dynamics - Despite strong performance, over half of the large-cap active equity funds have experienced a decline in scale, with 10 funds seeing reductions of over 20% [4] - The difficulty in adjusting positions for larger funds and the growing preference for ETFs among investors have contributed to this trend [4] - A fund manager noted that sustained long-term performance is crucial for retaining investors [4] Group 3: Future Strategies and Market Outlook - Fund managers are focusing on sectors like domestic consumption, technology, and high-end manufacturing for the fourth quarter [5][6] - E Fund Blue Chip Select's manager emphasizes the importance of free cash flow and intrinsic value accumulation in driving market capitalization growth [5] - The manager of Xinchuan He Run Fund highlights the positive interaction between fundamentals and liquidity, suggesting a potential market trend reversal [6]

Core Insights - The public fund scale has surpassed 36 trillion yuan, reaching a historical high, with equity funds being the main driver of this growth [1][2] - Fund companies are increasingly focusing on investor experience alongside performance, aiming to enhance investor satisfaction and trust [4] Fund Scale and Performance - As of the end of Q3, over 13,000 funds collectively reached a scale of 36.45 trillion yuan, an increase of 2.4 trillion yuan from the end of Q2 [2] - Equity products, particularly pure stock index funds, saw significant growth, with their scale exceeding 5 trillion yuan, a 26.29% increase [2] - The performance of equity funds has been strong, with both mixed equity funds and stock funds showing approximately 40% growth over the past year [2] Growth of Specific Fund Types - QDII funds also experienced rapid growth, reaching 904.52 billion yuan by the end of Q3, marking a 33% increase [2] - Bond funds were the only category to see a decline in scale, dropping over 140 billion yuan to 10.62 trillion yuan [2] Popularity of High-Performance Products - Several high-performing active equity funds have rapidly increased in scale, with some achieving over 800% growth [3] - Passive products, particularly large ETFs, attracted significant inflows, with notable increases in their scales [3] Focus on Investor Experience - Fund companies are changing their assessment mechanisms to improve investor experience, incorporating metrics that directly affect investor satisfaction [4] - Companies aim to build a comprehensive investment advisory service system to better align professional capabilities with investor needs [4]

Core Insights - The public fund scale has surpassed 36 trillion yuan, reaching a historical high, with equity funds being the main driver of this growth [1][2] - Fund companies are increasingly focusing on investor experience alongside performance, aiming to enhance investor satisfaction and trust [4] Group 1: Fund Scale and Performance - As of the end of Q3, over 13,000 funds have a combined scale of 36.45 trillion yuan, an increase of 2.4 trillion yuan from the end of Q2 [2] - Equity products, particularly pure stock index funds, have seen significant growth, with their scale exceeding 5 trillion yuan, a 26.29% increase quarter-on-quarter [2] - The performance of equity funds has been strong, with both the mixed equity fund index and stock fund index rising approximately 40% over the past year [2] Group 2: Popularity of High-Performance Products - Several high-performing active equity funds have rapidly increased in scale, with some achieving over 100 billion yuan in size [3] - Passive products have also attracted significant inflows, with the Huatai-PB CSI 300 ETF growing by over 50 billion yuan in Q3 [3] - Investors are showing increased interest in stable products with lower drawdowns, leading to substantial growth in certain bond funds [3] Group 3: Focus on Investor Experience - Fund companies are revising their assessment mechanisms to improve investor experience, incorporating metrics that directly affect investor satisfaction [4] - Companies like Xibu Lide Fund are focusing on creating a comprehensive investment advisory service system to better align professional capabilities with investor needs [4]

Group 1 - The recent surge in technology stocks, particularly in CPO (Optical Modules) and PCB (Printed Circuit Boards), has been driven by both market sentiment and economic conditions, leading to significant inflows into related thematic funds [1][2] - As of July 16, multiple technology-themed funds have seen gains exceeding 20% over the past month, with several funds reaching historical net asset value highs, such as Yongying Technology Select Mixed Fund and Caitong Integrated Circuit Industry Stock Fund [1] - Several technology-themed ETFs have also experienced substantial growth, with some ETFs rising over 15% in the same period, and significant net subscriptions reported for various ETFs, including Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF [1] Group 2 - The increasing interest in technology themes has led to new funds being launched rapidly, with some funds, like Penghua Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, completing their fundraising in just five days [2] - Institutional investors are actively exploring opportunities within the AI industry chain, with companies like New Yisheng receiving attention from nearly 180 institutions, indicating a strong focus on performance and expansion plans [2] - According to fund managers, the AI sector in China, particularly in optical communication and PCB, is expected to continue benefiting from global demand expansion and long-term growth in the AI industry [2]