一批成长风格的主动权益基金罕见地集中分红。 11月12日，易方达基金发布旗下易方达科讯等基金年内首次分红的公告，投资者可选择红利再投资或者 现金分红等方式。此外，万家、国海富兰克林、安信基金等公募也在近期宣布旗下部分主动权益基金年 内首次分红。其中，部分成长风格的主动权益基金是近几年来首次进行分红。 通常来说，债券型和指数型基金分红频率较高。同时，多只主动权益基金的上一次分红恰好落在大盘阶 段高点，因此备受市场关注。 分析人士向《国际金融报》记者表示，成长风格主动权益基金的分红，更多依赖于基金经理通过卖出股 票所实现的价差收益，以往并不常见。也有业内人士提醒，部分科技股估值已高，科技板块"贵溢价"特 征显著，分红或暗含"落袋"之意。 久旱逢霖 近日，易方达基金旗下多只主动权益基金宣布年内首次分红，包括易方达科讯、易方达科翔、易方达科 汇、易方达平稳增长等。其中，易方达科讯距上次分红已隔近一年，而再往前一次则间隔三年；其余三 只基金距上次分红已时隔近四年。 上述近期分红的基金均为主动权益类型，且大部分主要投资科技等成长板块。数据显示，截至11月13 日，上述提及的部分基金年内积累了较高收益。比如，易方达科讯年内 ...

Core Viewpoint - A consumption restriction order has been issued against Shanghai Kaishi Wealth Fund Sales Co., Ltd. and its legal representative Chen Jiwu due to failure to fulfill payment obligations as determined by a legal document [2][3][4] Group 1: Company Background - Kaishi Wealth was established in September 2013 and is an independent fund sales institution, with Chen Jiwu as the largest shareholder [4][6] - Kaishi Fund, founded on May 10, 2017, is the second fund company to transition from private to public and is entirely owned by natural persons [6][7] Group 2: Legal Issues - Chen Jiwu has received multiple consumption restriction orders this year, with the latest one issued on June 6, 2025, due to non-compliance with an administrative decision from the Huangpu District Human Resources and Social Security Bureau [3][5] - Kaishi Wealth was previously penalized for wage arrears, with a total of over 510,000 yuan owed to 18 employees for the period from January to February 2024 [4] Group 3: Fund Performance - Kaishi Fund's public fund management scale peaked at 1.425 billion yuan but has since declined to 117 million yuan by the end of the first quarter of 2025 [8] - The company has seen six funds terminate operations since 2020, all of which were equity mixed funds [8] - Currently, two of Kaishi Fund's three funds have management scales below 50 million yuan, indicating significant challenges in fund performance and market presence [8]

Core Viewpoint - The logic behind the establishment of initiator funds has shifted from being a "guaranteed establishment" option in a sluggish market to a "quick way" to seize market opportunities as the market heats up [1][5]. Group 1: Initiator Funds Overview - Initiator funds have become a primary focus for many fund companies in 2023, with 41 initiator funds established by March 8, covering various popular sectors [3][4]. - The establishment of initiator funds allows fund companies to successfully launch products even in low market participation periods, with a lower threshold for issuance [4][6]. Group 2: Market Performance and Strategy - Many fund companies are now using initiator funds to quickly establish positions in the market, with some funds achieving significant returns shortly after establishment, such as a 24.86% increase for the China Europe Hang Seng Technology Index fund [5][6]. - The rapid establishment of funds, such as the Kai Stone Yuanxin fund, which had a fundraising period of only two days, reflects the urgency to capitalize on market opportunities [3][5]. Group 3: Challenges and Risks - Despite the advantages, initiator funds face a "wide entry and strict exit" constraint, with many funds failing to meet the scale requirements and subsequently facing liquidation [2][6]. - A significant number of initiator funds established in previous years are at risk of liquidation if they do not reach the required scale of 200 million RMB by the end of their three-year evaluation period [6][7].