文|恒心 来源|财富独角兽 近日，华安基金发布公告称，"双十"基金经理蒋璆因个人原因卸任全部在管产品。 这位任职超14年、管理规模曾超百亿的权益投资老将，以"清仓式"离职的方式告别了华安基 金。据《21世纪经济报道》等消息，蒋璆下一站或将前往私募。 这已是华安基金近一年内流失的第二位权益大将。2025年5月，同样拥有亮眼业绩的李欣也 因个人原因卸任了全部产品。 接连失去两位核心投资人才，让华安基金的权益投研梯队，特别是具有稳定业绩输出的中生 代力量出现空缺。 明星基金经理的光环逐渐暗淡，权益团队人才持续流失，这家老牌公募基金公司正面临严峻 的投研实力考验。 蒋璆的告别：业绩分化与持股同质化 蒋璆的职业生涯颇具传奇色彩。 除华安创业板两年定开外，其余8只基金的重仓股重叠度较高，长源东谷、中材科技、英搏 尔同时出现在8只产品中，禾望电气、复旦微电出现在7只产品中。 这种高度同质化的持仓策略，虽然降低了管理难度，但也带来了不容忽视的风险集中问题。 梯队危机：流失潮下的权益投研"空心化" 2004年从复旦硕士毕业后，他并未直接进入金融行业，而是先加入了全球钢铁巨头韩国浦项 钢铁总部从事进出口贸易业务。这段实业经历塑造 ...

文 | 独角金融 谢美浴 编辑 | 付影 任职超14年、管理规模曾超百亿，华安基金管理有限公司（以下简称"华安基金"）失去一位权益干将。 因个人原因，华安基金经理蒋璆已于1月19日清仓全部在管的9只产品，并不再转任公司其他岗位。据《21世纪经济报道》从业内获悉，蒋璆下一站或 将前往私募。 作为一位拥有"双十"（任职超十年、年化收益超10%）光环的老将，蒋璆曾是华安基金权益投资的核心力量。而这已是华安基金近一年内流失的第二 位权益大将，2025年5月，李欣也因个人原因卸任了全部产品。 在蒋璆、李欣离去后，华安基金的投研梯队，特别是具有稳定业绩输出的中生代力量出现空缺。与此同时，Wind数据显示，目前公司管理权益类基 金规模超百亿的只有胡宜斌一位，而包括万建军、饶晓鹏、陈媛在内的其他一些资深基金经理，近年所管产品业绩面临较大挑战。 1、"双十"老将离任，一年内连失两员权益大将 公开资料显示，蒋璆为硕士研究生，18年从业经历。曾任国泰君安证券有限公司研究员、华宝兴业基金管理有限公司研究员。 2011年6月，蒋璆加入华安基金，在担任了4年行业分析师后，于2015年6月起开始管理公募产品。蒋璆在管公募规模在2022年年 ...

Core Viewpoint - The resignation of Jiang Qiu, a senior fund manager at Huashan Fund, after over 14 years, is attributed to "personal reasons," and he has completely exited from managing all nine funds under his supervision, with speculation that he may transition to private equity [1][4][19]. Fund Performance Summary - Jiang Qiu managed nine funds, with notable performances including: - Huashan Dynamic Flexible Allocation A, which achieved a return of 202.24% since its inception, with an annualized return of 11.00%, ranking 24th out of 517 in its category [5]. - Huashan Manufacturing Pioneer A, with a return of 306.59% and an annualized return of 21.95%, ranking 30th out of 613 [5][6]. - Huashan Growth Pioneer A, which had a return of 18.10% and ranked 393rd out of 1589 [5]. - Conversely, some funds under Jiang's management performed poorly, such as: - Huashan Manufacturing Upgrade One-Year Holding A, which recorded a loss of 3.29% since inception [7]. - Huashan Industry Power Six-Month Holding A, with a loss of 13.81% [7]. Market Context and Fund Management Challenges - Jiang Qiu's management coincided with market highs, leading to significant inflows into his funds, but subsequent market corrections resulted in substantial losses for investors who entered at peak times [10]. - The performance of Jiang's funds reflects a broader issue in the industry where fund managers may experience strong long-term returns, but individual investor experiences can vary significantly due to market timing and fund inflows [10][12]. Transition and Future Implications - Jiang Qiu's departure may impact Huashan Fund's investment team and the performance continuity of the funds he managed, raising concerns among investors about the ability of new managers to maintain performance [19]. - The trend of fund managers transitioning to private equity or other platforms reflects ongoing changes in the industry, driven by competitive pressures and personal career aspirations [23].

Market Review - The equity market saw most major indices rise, with the STAR 50 index showing the largest increase of 5.48% [4][5] - The bond market experienced an upward trend in both short and long-term interest rates, with the 10-year government bond yield rising by 4.10 basis points to 1.867% [8][12] - The TMT sector rebounded collectively, while the majority of the 31 industries tracked by Shenwan saw gains [4][5] Equity Product Allocation Strategy - Event-driven strategies include monitoring the anti-dumping investigation initiated by the Ministry of Commerce against imported chips from the US, which may benefit funds like Bosera Semiconductor Theme A (012650) and ICBC Emerging Manufacturing A (009707) [18] - The automotive industry is highlighted due to the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" released by multiple departments, with funds such as Huaxia Automotive Industry A (017721) being of interest [19] - The upcoming World Energy Storage Conference from September 16 to 18 in Ningde, Fujian, is expected to spotlight funds like Jiashi Intelligent Automotive (002168) [20] Asset Allocation Strategy - A balanced core plus barbell strategy is recommended, focusing on dividend and technology/high-end manufacturing sectors [22] - The attractiveness of dividend assets is emphasized due to the low interest rate environment and government support for regular dividend distributions [22][23] - The technology growth direction is supported by national policies and the urgency for domestic alternatives due to overseas technology export restrictions [23][24] Stable Product Allocation Strategy - The central bank's recent net injection of 196.1 billion yuan indicates a shift from a tight to a loose monetary environment [28] - August inflation data shows a year-on-year decrease of 0.4%, suggesting early signs of anti-involution effects [28] - The total social financing data for August indicates a broad money (M2) balance of 331.98 trillion yuan, growing by 8.8% year-on-year [28] Key Focus Products - Recommended funds include Nord Short Bond A (005350) and Guotai Li'an Medium and Short Bond A (016947) for stable returns [2][33] - For those looking to enhance overall returns, it is suggested to consider fixed income plus funds while being mindful of associated risks [32][33]

Market Review - The equity market saw a broad increase, with the Shanghai Composite Index rising by 2.11%, the highest among major indices [4][7] - The advanced manufacturing sector experienced a collective rebound, with notable increases in industries such as defense and military (5.93%) and non-ferrous metals (5.78%) [4][5] - The bond market showed a downward trend in both short and long-term interest rates, with the 10-year government bond yield decreasing by 1.68 basis points to 1.706% [8][10] Equity Product Allocation Strategy - Event-driven strategies include focusing on funds related to the 2025 World Robot Conference and the upcoming Low Altitude Economy Conference, with specific funds highlighted for investment [12][13][14] - The asset allocation strategy suggests a balanced core with a barbell approach, emphasizing dividend and technology sectors, with recommended funds listed [16][20] Stable Product Allocation Strategy - The analysis indicates a net injection of 163.5 billion yuan by the central bank, maintaining a loose monetary environment [22] - July export data showed resilience, with a total export value of 321.78 billion USD, reflecting a year-on-year growth of 7.2% [22] - The report highlights the importance of monitoring convertible bonds due to potential volatility risks [23][27]

Market Overview - The equity market saw a collective rebound last week, with the North Certificate 50 index rising the most by 6.84%, followed by the ChiNext index at 5.69% and the Wande All A index at 3.56% [5][6] - The TMT sector experienced a collective rebound, with notable increases in the computer sector (7.70%), defense and military industry (6.90%), and non-bank financials (6.66%) [5][6] Equity Product Allocation Strategy - Event-driven strategies include focusing on the upcoming 80th anniversary of the victory in the War of Resistance against Japan on September 3, with recommended funds such as Huashan Manufacturing Pioneer A (006154) and Boshi Military Industry Theme A (004698) [16] - The recent joint issuance of guidelines by six departments to support consumption can lead to investment opportunities in funds like ICBC Consumer Service A (481013) and Jiashi New Consumption A (001044) [17] - The National Medical Insurance Administration's issuance of guidelines for the 2025 basic medical insurance directory may benefit funds like ICBC Medical Health A (006002) and Penghua Medical Technology A (001230) [18] Asset Allocation Strategy - The overall allocation strategy suggests a balanced core plus a barbell strategy, focusing on dividend and technology sectors [19] - High dividend assets are highlighted as having significant allocation value due to the low interest rate environment and government support for dividend-paying companies [20] - The technology growth direction is emphasized due to national policy support, high industry prosperity, and the need for domestic companies to enhance competitiveness [21] Stable Product Allocation Strategy - The central bank's recent net injection of 12,672 billion yuan indicates a continued loose monetary policy, which is expected to support technology innovation and consumption [24] - The profit data from industrial enterprises shows a decline, suggesting potential for more proactive policies to stimulate domestic demand [25] - Convertible bonds are noted for their dual characteristics of debt and equity, maintaining value but with caution advised regarding volatility risks [26] Key Focus Products - Recommended funds include Nord Short Bond A (005350) and Anxin New Value A (003026), which are positioned to benefit from current market conditions [29]