近日，《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）面向行业征求意见。 《指引》的上一版本在2022年6 月发布，其作为行业首份系统性的薪酬考核规则，提出绩效薪酬递延、 高管、基金经理自购等开创性要求，引发市场强烈反响。当时投资者纷纷叫好，认为"终于倒逼基金公 司为投资者赚钱"，但行业内部也涌现出诸多争议。在基金经理看来考核指标不够清晰，在投资者看来 仍然难以打破公募旱涝保收模式。 作为2022年版规则的迭代升级版本，《指引》以"持有人利益优先"为核心锚点，通过量化考核指标、强 化薪酬约束、封堵监管漏洞等多维度系统性改革，精准直击行业长期存在的规模导向、短期投机、利益 失衡、旱涝保收等痛点，从明确考核权重、建立阶梯降薪机制，到细化自购锁定期、扩大监管范围，实 现了从制度破冰到精细落地的跨越。 值得关注的是，在业绩与薪酬强绑定的机制约束下，未来主动管理型产品的超额收益（阿尔法）获取难 度或将有所提升，其稀缺价值也将进一步凸显。这一变化，或将倒逼部分基金经理调整既有投资策略， 逐步从追求超额收益的阿尔法策略，转向以贝塔收益为基础的增强型策略，以此降低主动操作带来的潜 在风险。 要想长期跑赢"基准- ...

Core Viewpoint - The article highlights the recent trend of multiple funds issuing scale warnings due to increased redemption pressure from investors seeking to lock in profits amid market volatility and declining sentiment [1][2]. Fund Scale Warnings - Several public funds have issued warnings regarding potential contract termination due to asset scale falling below required thresholds. For instance, a fund in Shanghai may face termination if its net asset value remains below 50 million yuan for 50 consecutive working days by December 2, 2025 [3]. - A fund in Beijing has already seen its net asset value below 50 million yuan for 45 consecutive working days, with a risk of termination if it continues for another 5 days or if the number of fund holders drops below 200 [3]. - A fund in Shenzhen has also reported a continuous low asset value for 30 working days, indicating a potential for liquidation if the situation persists [3]. Performance of Funds - Notably, the funds at risk of termination have still achieved positive returns. For example, a fund in Beijing has reported a year-to-date return of approximately 44%, significantly outperforming the average return of similar products at around 25% and the CSI 300 index at 16% [4]. - Despite strong performance, these funds have struggled to attract new investments, leading to prolonged low asset scales. A pharmaceutical-themed fund, for instance, has a year-to-date return exceeding 90% but an asset scale of less than 50 million yuan [4]. Investor Behavior and Market Sentiment - The year-end redemption pressure is attributed to investors' desire to secure profits, especially as many high-yield funds have experienced significant drawdowns, leaving minimal returns [6]. - Recent data indicates that as investor sentiment has cooled, the demand for conservative strategies has increased, with many active equity funds suffering losses in the past month [6]. - A technology-themed fund that initially saw a peak return of nearly 50% has since dropped to below 10% due to market downturns, prompting significant redemptions from investors seeking to lock in profits [7]. Market Outlook and Strategy - Despite cautious sentiment among fund holders, several fund companies believe there are still opportunities in low-positioned sectors within the broader technology market. They suggest focusing on quality stocks that may rebound [9]. - Analysts predict that the macroeconomic environment may lead to a GDP slowdown in Q4, but overall market volatility is expected to remain moderate, with no significant catalysts for large price swings [9][10]. - A fund manager emphasizes that while the AI and technology sectors remain strong, investors should be cautious of high-positioned stocks due to potential increased volatility [10].

Group 1 - The article highlights that several funds have issued scale warnings due to market sentiment decline and increased investor demand for locking in profits as year-end approaches [1][2] - Many equity funds have experienced significant performance fluctuations, with some high-yield funds facing losses recently, indicating that the current market adjustment has pressured fund net values [1][4] - The article notes that despite some funds showing positive returns, they have struggled to attract new investments, leading to asset sizes falling below contractual thresholds [3][4] Group 2 - Recent warnings from public funds indicate that several equity funds may trigger contract termination due to asset net values falling below 50 million yuan for consecutive working days [2][3] - Specific funds, despite achieving high annual returns (e.g., a fund with a 44% return compared to a 25% average for similar products), have not attracted sufficient capital, resulting in low asset sizes [3][4] - The article discusses the trend of investors redeeming shares to secure profits, particularly in light of recent market downturns affecting fund performance [4][5] Group 3 - The article mentions that fund managers are currently cautious but see opportunities in low-position sectors within the technology space, suggesting a focus on quality stocks for potential rebounds [6][7] - It is noted that the overall market is lacking new catalysts, with expectations of a stable economic growth rate around 4.5% to 4.7% for the fourth quarter, indicating a potential for market fluctuations rather than drastic adjustments [6][7] - The article emphasizes that while high-position sectors may still have strong fundamentals, investors should be wary of increased volatility and short-term adjustment risks [7]

Core Viewpoint - The article emphasizes the importance of asset allocation and long-term investment strategies for achieving financial freedom, suggesting that individuals should invest a significant portion of their income in the stock market over time to build wealth. Group 1: Market Trends - Asian stock markets are experiencing fluctuations, with Hong Kong showing upward movement despite other markets being volatile [1] - The Hang Seng Index has recently rebounded after a period of underperformance, indicating a search for undervalued assets by investors [3] Group 2: Investment Strategy - A hypothetical scenario illustrates that starting to invest 20% of an annual salary of 200,000 with a 2% annual salary increase and an 8% annual return can lead to significant wealth accumulation by age 50 [4][5] - By age 50, the stock asset returns can surpass annual income, providing a sense of financial freedom and the possibility of early retirement [7] - Increasing the investment portion to 60% of the salary can lead to even greater returns, with stock assets potentially reaching 35 million by retirement age [12] Group 3: Historical Returns - Historical data suggests that global stock markets have provided an average annual return of around 8% over the past 200 years, with some periods showing even higher returns [13] - Specific data from 2015 indicates that funds established at market highs have still yielded reasonable returns over a decade, reinforcing the idea that long-term investment can mitigate the effects of market timing [14][16] Group 4: Investment Guidelines - The article concludes that to achieve relative financial freedom, individuals should consistently invest 20% to 60% of their income and maintain a long-term holding strategy, avoiding high market entry points [13][16]

Group 1 - The foundation of a long-term bull market requires not only liquidity improvement but also robust fundamental enhancements, with historical data showing that the longer the time cycle, the stronger the correlation between market performance and fundamentals [3][7][11] - The current bull market has significant room for growth, with the Shanghai Composite Index showing a performance close to previous structural bull markets, yet still having considerable upside compared to comprehensive bull markets from 2005-2007 and 2013-2015 [5][6] - The policy environment provides critical turning points for expected improvements, with historical instances indicating that key policy announcements often coincide with the onset of bull markets [15][18] Group 2 - In 2026, price changes are expected to be a major driver of profitability, with projections indicating that A-share earnings growth will gradually recover to around 10%, particularly in the non-financial sector [40][53] - The "15th Five-Year Plan" provides a significant policy foundation for economic and industrial development, with expectations for positive market performance in the opening year of the plan [112][114] - The structural highlights in profitability are anticipated to emerge from sectors such as AI, semiconductors, and advanced manufacturing, which are expected to continue their upward trajectory [56][61] Group 3 - Resident funds are the most crucial source of capital for the A-share market, with a notable trend of "deposit migration" observed, indicating a sustained flow of funds into the equity market [63][67] - High-risk preference funds have been the primary incremental source of capital in the current bull market, similar to trends seen in 2015, while medium-risk preference funds are expected to become significant contributors in the next phase [70][91] - The importance of ETF investments is expected to increase, with passive equity funds showing better performance and gaining traction among investors [96][100]

Core Insights - M2 and M1 growth rates indicate a trend towards "liquefaction" of deposits, with M2 growing by 8.8% and M1 by 6% in August, leading to a narrowing gap between the two metrics [2] - The upcoming maturity of high-interest time deposits in 2025 and 2026, estimated at approximately 11.08 trillion yuan and 4.05 trillion yuan respectively, is expected to further accelerate the "liquefaction" of deposits [2] - The stock market's performance is likely to benefit from the increased allocation of funds into equity assets as the profitability of stock markets improves, particularly in the context of the ongoing bull market in technology stocks [2] Group 1 - The current market environment is characterized by a structural bull market rather than a broad-based bull market, leading to cautious behavior among individual investors [3] - Institutional funds, including public funds and insurance capital, are expected to play a significant role in driving market momentum, with a projected annual increase of at least 10% in public fund holdings of A-shares over the next three years [4][6] - The market has seen a rotation of sectors, with the 中证A500 index being well-positioned to capture gains from various hot sectors, including technology and anti-involution themes [5] Group 2 - The A-share market still has considerable incremental capital available, driven by institutional investments and the "liquefaction" of personal savings, although personal investment requires a rise in market confidence [6] - The establishment of mechanisms to prevent abnormal market fluctuations and the commitment to channel 30% of new insurance premiums into A-shares starting in 2025 provide a solid foundation for market growth [4][6] - The technology sector's market capitalization exceeds 25%, with the 中证A500 index reflecting a significant representation of emerging industries, positioning it favorably in the current market landscape [5]

Market Overview - The major indices in the equity market showed mixed performance, with the ChiNext Index rising by 2.34% and the Shanghai 50 Index declining by 1.98% [2] - Among the 31 first-level industries, 13 experienced gains, with the top five performing industries being coal, electrical equipment, electronics, automobiles, and machinery [2] - The five industries with the largest declines were banking, non-ferrous metals, non-bank financials, steel, and agriculture [2] Public Fund Market - The scale of the Shanghai and Shenzhen ETF exceeded 5.1 trillion yuan [2] - In the past month, 14 actively managed equity funds were closed early [2] - Among equity funds, the average increase for equity-oriented funds was 0.63%, while fixed income plus funds saw an average decline of 0.08% with a positive return ratio of 41.65% [2] - Pure bond funds had an average increase of 0.03%, and pension target FOFs rose by an average of 0.54% [2] - QDII funds averaged an increase of 1.37%, with a positive return ratio of 81.14% [2] Fund Positioning - The industries with the highest increases in active equity fund positions were media, coal, and electrical equipment, while the largest decreases were in electronics, pharmaceuticals, and comprehensive sectors [3] - The overall positioning of active equity funds was measured at 77.69% as of September 19, 2025, a decrease of 0.51 percentage points from the previous period [3] ETF Market - The ETF market saw a net inflow of 13.612 billion yuan last week, with cross-border ETFs contributing a net inflow of 16.079 billion yuan [3] - Stock ETFs experienced a net inflow of 4.856 billion yuan [3] - The average daily trading volume in the ETF market reached 469.267 billion yuan, with an average daily turnover rate of 10.34% [3] - Major inflow themes included brokerages, robotics, and gold ETFs, while broad-based funds continued to see outflows, particularly from the Shanghai Stock Exchange STAR 50, CSI 300, and CSI A500 indices [3] Fund Issuance - A total of 31 new funds were issued last week, a decrease of 24 from the previous period, while 56 new funds were established, an increase of 17 [3] - The total amount raised by new funds was 70.735 billion yuan, an increase of 48.941 billion yuan from the previous period [3]

Market Overview - The equity market saw all major indices rise last week, with the Sci-Tech 50 increasing by 5.48% and both the Small and Medium-sized Board Index and the CSI 500 rising over 3% [3] - Among the 31 first-level industries, 26 experienced gains, with the top five performing sectors being electronics, real estate, agriculture, media, and non-ferrous metals; the bottom five were comprehensive, banking, oil and petrochemicals, pharmaceuticals, and leisure services [3] Public Fund Market - The National Development and Reform Commission issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector [4] - The average increase for equity funds was 2.28%, while fixed income plus funds rose by 0.16%, with a positive return ratio of 54.51%; pure bond funds saw an average decline of 0.15% [4] - The overall equity fund position was measured at 78.29% as of September 12, 2025, an increase of 1.25 percentage points from the previous period [4] ETF Market - The ETF market experienced a net inflow of 4.434 billion yuan last week, with cross-border ETFs seeing a net inflow of 18.693 billion yuan, while stock ETFs had a net outflow of 5.382 billion yuan [5] - The average daily trading volume in the ETF market reached 439.932 billion yuan, with a daily turnover rate of 10.20% [5] - Major inflow themes included brokerages, batteries, and Hong Kong innovative pharmaceuticals, while broad-based funds continued to see outflows [5] Fund Issuance - A total of 55 new funds were issued last week, an increase of 11 from the previous period, with 39 newly established funds, up by 1 [6] - The total amount raised by new funds was 21.794 billion yuan, a decrease of 5.779 billion yuan from the prior period [6]

Core Viewpoint - The article emphasizes that setting realistic investment return goals is crucial for ordinary investors, rather than aiming for excessively high returns based on others' experiences [1][8]. Group 1: Common Misconceptions - Many investors tend to set return goals by "following the crowd," which can lead to unrealistic expectations and poor investment decisions [4]. - A case study of an experienced investor illustrates the dangers of setting high return targets without considering personal circumstances, leading to panic selling during market downturns [4]. Group 2: Factors to Consider in Setting Goals - Risk tolerance should be assessed, as it varies based on the purpose of the funds; for short-term needs, a conservative target of 3% to 5% is advisable, while longer-term investments can aim for 8% to 10% [5][6]. - The duration of fund usage is critical; funds needed in the short term should prioritize capital preservation over high returns, while longer-term investments can afford to take on more risk [6]. Group 3: Market Realities and Adjustments - Investors should set goals based on market realities rather than exceptional cases; the long-term average annual return for stocks is around 8% to 10% [7]. - Return goals should be flexible and adjusted according to market conditions; achieving a target early in a favorable market may allow for a more conservative approach later [7][8].

Core Viewpoint - The recent appointment of Li Yongxing as the Deputy General Manager of Su Xin Fund has sparked significant interest in the public fund industry, given his extensive experience and previous success at Yongying Fund [1][2]. Group 1: Li Yongxing's Background and Career - Li Yongxing has 19 years of investment management experience and previously helped Yongying Fund surpass a management scale of 500 billion yuan [1]. - He graduated with a master's degree in economics from Peking University and began his investment research career at China Asset Management in 2006, holding various positions including researcher and fund manager [1]. - His career includes roles at Jiutai Fund as Investment Director and at Yongying Fund as Assistant General Manager and Fund Manager, where he significantly contributed to the company's equity management growth [1]. Group 2: Transition to Su Xin Fund - Li Yongxing's unexpected departure from Yongying Fund in January raised questions about his career choices, with opinions divided on whether it was a step down or a strategic partnership [2]. - Su Xin Fund, established in February 2023, has issued five funds but lacks offerings in the actively managed equity fund sector, making Li's expertise particularly valuable [2]. - Industry insiders suggest that Li's move may reflect a desire for greater career advancement and involvement in strategic decision-making at Su Xin Fund, allowing him to transition from a "talent" to a "leader" role [2]. Group 3: Challenges and Opportunities for Su Xin Fund - Su Xin Fund, backed by Suzhou Bank, combines financial, international, and local state-owned resources, providing a solid foundation for its growth [3]. - Despite this, the fund faces significant challenges in a competitive market dominated by established players, and Li's appointment is seen as a potential turning point for the firm [3][4]. - Key challenges include overcoming the initial scale limitations typical for newly established public funds and finding ways to differentiate in a crowded market [4].