公募基金行业的"去库存"周期仍在持续。 作者 | 破浪 编辑 | 小白 当潮水退去，裸泳者还没上岸，岸上的观众却已经因为等得不耐烦而散场了。 据Choice数据统计，主动权益基金仍处于份额净流出的通道。四季度主动权益基金总份额下降4.4%， 尽管较第三季度有所收窄，但这已是连续第11个季度出现下滑。 本文统计的主动权益基金包括，东财基金三级分类中的普通股票型、偏股混合型以及 灵活配置型，且要求2 5Q4末该基金的股票仓位≥50%。 在上一篇文章中，风云君带大家盘点了逆势吸金的"当红炸子鸡"。今天，我们不妨换个视角，看看在 这一轮大撤退中，哪些基金成为了被抛售的重灾区？ 根据最新披露的数据，2025年四季度，共有15只主动权益基金份额减少超过10亿份。 | | | | 四季度份额减少超10亿份的主动权益基金 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 基金经理 | 成立日 | | 规模合并值 Q4份额变化 25Q4涨跌幅 | | 25年全年 今年来 涨跌幅 | 涨跌幅 | | | | | | (亿 ...

Core Viewpoint - The leadership transition at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, is expected to create a stable environment for the company's continued development [2][4]. Group 1: Leadership Changes - Zhuang Yuanfang has over 33 years of experience and has held various positions within Xingye Securities and Xingzheng Global Fund since joining in 1992 [2][3]. - Chen Jinqian, who has been in the securities industry since 1999, has served in multiple roles at Xingzheng Global Fund since 2010, including Deputy General Manager and Director of Fixed Income [3][4]. - Both leaders have over 10 years of tenure at the company, fostering a culture of responsibility and professionalism [4]. Group 2: Company Overview - Xingzheng Global Fund was established in 2003, with a stable shareholder structure where Xingye Securities holds 51% and Dutch Global Life Insurance International Company holds 49% [4]. - As of the end of Q3, the total public fund size managed by Xingzheng Global Fund was 741.99 billion, with non-monetary funds amounting to 289.39 billion [4]. - The fund primarily focuses on actively managed equity products, with mixed funds totaling 137.64 billion, bond funds at 122.5 billion, and stock funds at 11.04 billion [4]. Group 3: Industry Context - The public fund industry has seen a significant turnover in leadership, with 338 executives changing roles across 136 firms this year [6]. - The transition of leadership is viewed as a normal part of the industry's evolution, with experienced figures retiring and new talent entering the field [7].