Core Viewpoint - The article discusses the current status and challenges faced by Xingzheng Global in the mutual fund industry, highlighting the decline in its equity fund performance and the shift towards fixed-income products [1][14]. Fund Performance - As of mid-2025, Xingzheng Global ranks 20th in non-cash fund size, with a total management scale of 652.3 billion yuan, of which fixed-income funds account for 79% [1]. - Among 4846 mixed equity funds, only a few hundred billion funds remain, with Xingquan funds holding three of them [1]. - The only two billion funds that lost money this year include one from Xingzheng Global, indicating challenges in its equity fund performance [1]. Key Fund Managers - The article highlights the performance of key fund managers, particularly Xie Zhiyu, who manages three funds with varying success. His best-performing fund, Xingquan Social Value, achieved a one-year return of 58.32% [4][8]. - Xie Zhiyu's funds have faced significant losses in recent years, with Xingquan He Run losing over 11.6 billion yuan from 2022 to 2023 [7]. Market Trends and Strategies - Xie Zhiyu has expressed optimism about sectors like technology and consumer goods, particularly in smart driving and emotional consumption [8]. - The article notes that Xingquan Trend Investment, once a flagship fund, has seen its scale shrink significantly and has struggled to keep up with market trends [9][13]. Challenges and Future Outlook - The article suggests that Xingzheng Global's equity business faces difficulties due to issues like cognitive rigidity and slow portfolio adjustments among its top fund managers [14]. - There are indications that Xingzheng Global may focus on ETFs in the second half of the year, but it is unlikely to aggressively push this strategy [14].

整体来看，在这波牛市行情中，百亿级明星基金经理的表现参 差不齐。其中，有部分明星基金经理成功抓住了市场热点，取 得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明 星基金经理的业绩表现不尽如人意，甚至跑输了大盘。 作者：洪小棠 封图：图虫创意 今年以来，A 股市场走出了震荡上行的牛市行情。截至8月13日，上证指数年内涨幅9.90%，深证 成指年内上涨10.91%，创业板指同期涨幅16.57%。同期，万德偏股混合型基金指数今年以来的收 益率为19.67%，近一年该指数更是创造了38%的收益率。 在这波 牛 市行情中，明星基金经理们的表现如何？是否能做出超越市场的超额收益？ Wind数据显示， 截至二季度末，共近20位主动权益类明星基金经理在管规模超过200亿元。 这些 明星基金经理的投资风格各异，涵盖了成长、价值、均衡、主题等多种风格，他们的投资决策不仅 影响着市场的走势，也牵动着无数投资者的心。 整体来看，在这波牛市行情中，百亿级明星基金经理的表现参差不齐。其中，有部分明星基金经理 成功抓住了市场热点，取得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明星基金经理 的业绩表现不尽如人意，甚至跑输了大盘 ...

Core Viewpoint - The establishment of a new subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., marks a significant step in Xingzheng Global Fund's international expansion strategy, following recent leadership changes [1][2]. Group 1: Company Developments - The China Securities Regulatory Commission (CSRC) approved Xingzheng Global Fund's establishment of a subsidiary in Singapore with a registered capital of 10 million Singapore dollars, which must be registered within 12 months [1][2]. - Xingzheng Global Fund plans to gradually develop its overseas business capabilities in research, investment, and client expansion through the new Singapore subsidiary [1]. - The chairman of the new subsidiary will be Xie Zhiyu, who is also the deputy general manager and holds multiple senior roles within Xingzheng Global Fund [1][2]. Group 2: Regulatory Requirements - The new subsidiary must comply with Singapore's legal and regulatory requirements and establish a comprehensive foreign exchange risk management system [2]. - The subsidiary is prohibited from engaging in non-financial activities or conducting business operations within mainland China [2]. Group 3: Industry Context - The trend of Chinese asset management firms establishing overseas subsidiaries has accelerated, with over 30 such subsidiaries now in operation, primarily in Hong Kong, Singapore, the US, and the UK [5][6]. - The CSRC has encouraged qualified fund management companies to "go global" to enhance their service capabilities for overseas investors [5]. - Other firms, such as Southern Fund and Huatai-PineBridge Fund, have also established subsidiaries in Singapore, indicating a competitive landscape for international business development [6]. Group 4: Challenges in Internationalization - Despite the push for international expansion, some Chinese fund companies have faced challenges in the Hong Kong market, leading to the closure of their subsidiaries due to intense competition and difficulties in attracting and retaining clients [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Xingzheng Global Fund to establish a subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., with a registered capital of 10 million Singapore dollars, to be completed within 12 months [1][4]. Group 1: Company Establishment - Xingzheng Global Fund is required to complete the registration of its Singapore subsidiary within 12 months from the approval date [1]. - The proposed chairman of the Singapore subsidiary is Mr. Xie Zhiyu, who will focus on strategic planning while daily operations will be managed by the general manager and other operational staff [4]. Group 2: Management and Performance - As of the end of Q1 2023, Xingzheng Global Fund's public asset management scale was 651.945 billion yuan, ranking 16th in the industry, with non-monetary asset scale at 262.443 billion yuan, ranking 20th [5]. - Mr. Xie Zhiyu has been with Xingzheng Global Fund since July 2007, holding various positions and becoming the deputy general manager in January 2022 [5]. - Mr. Xie manages a total scale of 39.712 billion yuan across three public funds, with notable performance in the fund "Xingquan Helun," achieving a total return of 520.14% since taking over in January 2013 [7].

2025.04. 28 本文字数：2849，阅读时长大约4分钟 作者 | 第一财经 曹璐 在一季度市场回暖带动下，主动权益产品实现业绩与规模双升，基金经理格局迎来重要变化。凭借业绩反弹，部分顶流基金经理强势 "回血"，如"一哥"张 坤的管理规模重回"600+"亿元。同时，也有一些基金经理凭借精准的赛道布局与亮眼收益，携百亿规模产品火速跨入百亿阵营。 不过，由于此前业绩承压、"去明星化"战略推进、人才流动等多重因素交织，"顶流"们纷纷被动上演"消失"。数据显示，今年一季度末，百亿级主动权益 基金经理数量降至87人，较两年前同期已大幅减少四成。 老将回血与新锐突围 Choice数据显示，截至一季度末，全市场基金总规模超过32万亿元，其中主动权益类基金（包含普通股票型、灵活配置型、偏股混合型、平衡混合型基 金，下同）规模近3.5万亿元，由2172位基金经理参与管理。 第一财经根据Choice数据初步统计，若以主动权益产品规模占在管规模60%以上为筛选标准，主动权益类基金经理的数量则为1725人。其中管理规模超 过百亿元的达到87人，较去年底增加2人。 景顺长城基金刘彦春、中欧基金葛兰分别以410.2亿元和404.4 ...

Core Insights - The number of fund managers managing over 100 billion yuan has decreased significantly, with only 87 remaining, a drop of over 40% compared to two years ago [1][4][5] - Top fund managers have seen a rebound in their management scale, with Zhang Kun's total management scale returning to over 600 billion yuan [2][3] - New fund managers have emerged, with some achieving substantial growth in their management scale due to strong performance [2][3] Fund Manager Performance - The total scale of the fund market exceeds 32 trillion yuan, with active equity funds accounting for nearly 3.5 trillion yuan [2] - Zhang Kun's management scale increased by 18.81 billion yuan in a single quarter, allowing him to reclaim his position among the top fund managers [2] - New entrants like Yan Siqian from Penghua Fund saw their management scale grow from 10.35 million yuan to 108.96 million yuan due to a quarterly return exceeding 60% [2] Market Trends - The overall number of top fund managers has decreased, with the total management scale of the top ten fund managers dropping from 6,177.34 billion yuan to 3,633.12 billion yuan, a decline of over 40% [4][5] - The trend of "de-starring" in the industry has led to many top fund managers stepping back from managing multiple products, contributing to the reduction in management scale [5][6] Future Outlook - The A-share market has shown signs of recovery, particularly in the technology sector, which is expected to be a focal point for top fund managers [7][8] - Fund managers like Zhang Kun and Zhou Weiwen are optimistic about the future of certain industries, particularly technology and artificial intelligence, and are adjusting their investment strategies accordingly [7][8][9] - Zhou Weiwen has identified investment opportunities in the insurance sector, noting improvements in the industry's profitability and valuation [9]