截至12月22日，沪指在2024年大涨12.67%的基础上，年内再涨16.87%，年K线大概率两连阳。行情催化 下，主动权益基金迎来业绩爆发，不仅出现近40只主动权益基金（只统计初始基金）年内收益翻倍，永 赢科技智选A更是斩获约219%的年度收益，成为2008年以来首只"两倍基"，新"牛基"的亮眼表现再度点 燃市场热情。 热闹背后，一个更深层的命题值得深思：那些曾在A股历史牛市中闪耀的昔日"牛基"，今又何在？回顾 A股历程，2006年—2007年的"周期牛"、2014年—2015年的"杠杆牛"、2019年—2021年的"核心资产 牛"，每一轮都催生过一批顶流"牛基"与投资明星。然而潮水退去，有的穿越多轮牛熊成"常青树"，有 的却在风格切换与规模重压下光环褪色。 "牛基"众生相 据证券时报基金研究院统计，能够穿越多轮牛熊的基金凤毛麟角。三轮牛市中年化收益率排名前十的30 只基金中，仅5只后续表现持续亮眼，长期收益率稳居同类前列；其余25只基金后续表现同类排名均值 超过50%，逐渐回归平庸。 具体来看，2006年至2007年牛市中的一只大盘精选基金，自2008年以来年化收益率达9.12%，同类排名 位居前3%，在 ...

Core Insights - The ESG investment funds are gaining significant attention in the financial market, with approximately 1200 funds and a total scale exceeding 820 billion yuan as of June 6 [3][4] - Various types of ESG funds are emerging, including pure ESG theme funds, ESG strategy funds, and environmental protection theme funds, reflecting a growing recognition of sustainable investment [3][4] Fund Performance - Among the ESG funds, 84 funds have achieved over 10% returns this year, with 20 funds exceeding 20% and 8 funds surpassing 50% [4][5] - Notable performers include the Bank of China Hong Kong Stock Connect Medical A/C with over 60% returns and the Huatai-PineBridge Health Living One-Year Holding A/C with over 55% returns [5] Market Trends - The increasing number of ESG funds indicates a rising investor interest in corporate social responsibility and sustainable development [4][7] - Fund companies are strategically positioning themselves to attract a broader client base, particularly younger generations and institutional investors who prefer investments aligned with their values [4][7] Regulatory Environment - Since 2020, there has been a growing emphasis on ESG regulations, with various policies being introduced to guide enterprises in ESG practices [7][8] - Central and local governments are actively promoting ESG development, with initiatives aimed at enhancing the quality of state-owned enterprises and fostering sustainable urban development [7][8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to address the issue of high management fees in public funds despite poor performance through a floating management fee mechanism, highlighting the industry's long-standing problem of "guaranteed returns" regardless of fund performance [1]. Group 1: Fund Performance and Management Fees - The report indicates that the fund "Guangfa High-end Manufacturing A" has the worst three-year return at -53.01%, while it collected management fees totaling 456 million yuan over the same period [3]. - "China Europe Medical Health A," with a scale of 31.179 billion yuan, experienced a 32.55% decline in three-year performance but still charged 2.2 billion yuan in management fees [3]. - The trend shows that larger funds tend to incur greater losses while charging higher fees, raising concerns about the reasonableness of fees relative to fund managers' performance [3][4]. Group 2: Fund Manager Performance - Fund manager Liu Gesong's funds have underperformed, with a three-year return of -27% and a two-year return of -17%, significantly lagging behind the CSI 300 index [4]. - The total assets under Liu's management decreased by 5.7% to 32.171 billion yuan as of the end of the first quarter of 2024 [4]. - The floating management fee reform may lead to a significant reduction in management fee income for fund managers like Liu, as poor performance could result in a "double whammy" effect [4]. Group 3: Industry Outlook - The CSRC's reform is expected to shift the focus of fund companies from merely pursuing scale to emphasizing investment returns, marking a significant change in the industry [11]. - The industry may witness a trend where stronger firms thrive while smaller institutions face accelerated elimination, making investment research capabilities and risk control systems increasingly critical [11]. - In the long run, more competitive products are likely to attract additional capital and new investors, benefiting investors and promoting sustainable industry development [11].