反映出公募机构竞争理念从"拼规模"向"护收益"的显著转变 临近年末，多家基金公司开始对部分产品实施限购。据《证券日报》记者统计，截至11月27日，月内已 有96家基金管理人发布限购公告，涉及340余只产品，涵盖98只权益类基金(股票型+混合型)与136只债 券型基金。 从类型看，主要以债券型基金与权益类产品为主，此外也包括QDII(合格境内机构投资者)、FOF(基金中 的基金)等品种。从业绩看，月内实施限购的产品中，有72只净值增长超20%，且均为权益类基金或 QDII基金。 基金密集限购的背后，是管理人对持有人利益的主动维护与市场风险的理性应对。曾方芳分析，直接动 因是资金追捧推升基金规模快速扩张，限购有助于控制规模、降低交易难度与成本，防止持有人收益被 摊薄，并确保中小盘、红利等策略的有效性不受冲击。深层来看，在优质资产稀缺的背景下，此举也反 映基金经理在估值高位更倾向于求稳运作、锁定收益，暗示其对短期过热风险的警惕。总体而言，这是 基金业从追求规模扩张转向重视投资者实际回报的积极信号，属于理性调控行为。 11月27日，有两只绩优权益基金同步开启限购：金鹰基金对旗下金鹰碳中和混合发起式A/C机构客户实 施 ...

Core Viewpoint - The asset management industry is fundamentally about trust, and recent fee reduction reforms in the public fund sector aim to enhance transparency and return to the core values of integrity and investor benefit [1]. Group 1: Fund Performance and Fees - Six out of seven highlighted funds are index funds, with four being newly established in 2025. These index products, which should ideally focus on low costs, are facing high implicit trading costs [2]. - The trading commissions for the new funds have surged, with the trading commission for the Hua Bao S&P Hong Kong Stock Connect Low Volatility Dividend ETF Link A being 5.39 times its management fee, the highest among the funds [3]. - The Hua Bao Zhong Zheng A500 ETF Link A saw its total shares drop from 1.026 billion at inception to 494 million by the end of March 2025, indicating a significant reduction in fund size [4][6]. Group 2: Impact of Fund Size Reduction - The majority of the reduction in fund size came from the C shares, which decreased by 455 million shares. This rapid withdrawal has led to a liquidity crisis, forcing fund managers to sell off holdings in the secondary market, resulting in increased trading activity and high commission costs [6]. - A total of seven funds under Hua Bao have reported trading commissions exceeding their management fees, with many funds experiencing higher turnover rates compared to the previous year [7]. Group 3: Performance Metrics - The Hua Bao Zhong Zheng Financial Technology Theme ETF Link A has a trading commission that is 1.99 times its management fee, while the Hua Bao Zhong Zheng Financial Technology Theme ETF Link A has underperformed its benchmark by nearly 47 percentage points over the past year [10][12]. - The Hua Bao Overseas China Mixed Fund, managed by a key figure in the company, has a trading fee that is 2.53 times its management fee, with a cumulative return of -7.81% over three years, significantly lagging behind its benchmark [12][13]. Group 4: Trading Behavior and Investor Impact - The turnover rate for the Hua Bao Overseas China Mixed Fund skyrocketed from 493.95% last year to 866.99% this year, indicating a trend of increased trading activity across multiple funds [15]. - The high trading commissions and turnover rates suggest a potential business model where "helping funds" collaborate with designated brokers to generate commissions, ultimately costing ordinary investors [9][19].

5月19日，华宝标普港股通低波红利ETF联接A（022887）下跌0.03%，最新净值1.07元，连续3个交易日 下跌，区间累计跌幅0.56%。 据了解，华宝标普港股通低波红利ETF联接A成立于2025年1月，基金规模0.71亿元，成立来累计收益率 6.69%。 公开信息显示，现任基金经理杨洋先生:中国国籍,硕士研究生,曾在法兴银行、东北证券从事证券交易、 研究、投资管理工作。2014年6月加入华宝基金管理有限公司,先后担任高级分析师、投资经理等职务,现 任国际投资助理总监。2021年5月起任华宝标普石油天然气上游股票指数证券投资基金(LOF)、华宝标 普沪港深中国增强价值指数证券投资基金(LOF)、华宝标普香港上市中国中小盘指数证券投资基金 (LOF)、华宝港股通恒生中国(香港上市)25指数证券投资基金(LOF)、华宝标普美国品质消费股票指数证 券投资基金(LOF)基金经理,2021年5月至2023年11月任华宝英国富时100指数发起式证券投资基金基金经 理,2021年5月至2023年3月任华宝港股通恒生香港35指数证券投资基金(LOF)基金经理,2022年1月起任华 宝致远混合型证券投资基金(QDII)基 ...