| 基金简称 PK | | | 最新净化、与各人机 引人 | | | --- | --- | --- | --- | --- | | 1 | 易方达标普... 额） 1.5967 | | 3.31% | 8 | | | 012866 | 2025-11-11 | | | | 2 | 易方达标普... 额） 1.6184 | | 3.31% | ਡ | | | 161127 | 2025-11-11 | | | | 3 | 易方达标普... 额） 0.2284 | | 3.30% | ਨੇ | | | 003720 | 2025-11-11 | | | | 4 | 易方达标普... 额） 0.2253 | | 3.30% | 8 | | | 012867 | 2025-11-11 | | | | 5 | 先锋聚优A | 1.0911 | 2.95% | 8 | | | 004726 | 2025-11-12 | | | | 6 | 申万菱信医... A 0.4952 | | 2.95% | 27 | | | 005433 | 2025-11-12 | | | | 7 | 先锋聚优C | 1.1104 | 2.9 ...

编者按：2025年5月，证监会《推动公募基金高质量发展行动方案》指出：督促基金公司建立健全与基金投资收益挂钩的薪酬管理制度，对产品中长期业 绩差的基金经理，要求其绩效薪酬应当明显下降，更好体现与投资者的"同甘共苦"。 面包财经将逐家透视相关基金经理旗下产品表现，本篇聚焦先锋基金。 截至7月31日数据显示（下同），先锋基金旗下基金经理刘志强在管的主动权益基金产品年内均净值下跌超过10%，几乎垫底市场。 旗下多只在管产品净值下跌、大幅跑输业绩基准，先锋基金是否重视持有人利益？ 先锋聚优A：年内净值下跌13.06%，同类排名垫底 先锋聚优成立于2017年9月，系先锋基金旗下一只灵活配置型基金。基金以资产配置为导向，在股票、债券、短期金融工具等之间进行动态选择，在控制 风险的前提下追求基金资产的长期稳健增值。基金业绩比较基准为沪深300指数收益率*55%+中债总指数收益率*45%。 近期披露的二季报显示，先锋聚优A今年上半年净值逆势下跌18.42%，跑输业绩比较基准18.94个百分点。今年二季度，基金净值下跌4.61%，跑输业绩比 较基准6.1个百分点 | 阶段 | 净值增长 | 净值增长 | 业绩比较 | 业绩比较 ...

Group 1 - The core viewpoint of the news is the release of the "Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which aims to optimize fund fee structures and reduce investor costs [1][3] - Specific measures proposed by CSRC Chairman Wu Qing include optimizing the fee structure for actively managed equity funds, linking performance assessments to investor gains or losses, and establishing clear performance benchmarks [3] - The average management fee for actively managed equity funds has decreased from 1.5% to 1.2%, and the custody fee has dropped to 0.2%, resulting in significant cost savings for investors [3] Group 2 - The top-performing funds since 2025 are primarily equity mixed funds focused on new energy and advanced manufacturing, with a notable performance gap of 90.39% between the best and worst performing products [4] - The top fund, Penghua Carbon Neutrality Theme Mixed A, achieved a 67.67% annual return but also experienced a maximum drawdown of -30.94%, highlighting the coexistence of high returns and high risks [4] - The underperforming funds, particularly those managed by Caitong Fund, have shown significant losses, with all top ten underperformers returning below -17% [5][6] Group 3 - The underperforming funds exhibit a concentration risk, particularly in sectors like semiconductors and pharmaceuticals, which have faced challenges due to policy changes and market conditions [7] - The CSRC's high-quality development policies and market performance signal the need for investors to focus more on long-term risk management capabilities rather than short-term performance rankings [7] - As fee reforms progress, low-fee and tool-based products such as index funds and sector ETFs may become more popular due to their cost-effectiveness and transparency [7]