中国证券投资基金业协会日前修订形成了《基金管理公司绩效考核管理指引(征求意见稿)》(下称《指 引》)，主动权益类基金经理连续3年业绩太差或被降薪30%。"个人系"公募同泰基金旗下主动权益类基 金存在规模迷你、业绩分化等问题，有多只主动权益类基金3年业绩跑输基准，基金经理或被降薪。 来源：深圳商报 同泰基金成立于2018年10月，主要股东中有3名为自然人股东，是我国第14家"个人系"公募基金公司。 同花顺数据显示，至2025年三季度末，同泰基金旗下共有22只产品，管理规模共计47.28亿元，在公募 机构中排名143位。其中，5只股票型基金规模为4.58亿元，9只混合型基金规模为10.43亿元，合计占比 超三成。其中多数为主动权益类基金，规模不足5000万元的有同泰慧盈混合、同泰慧择混合、同泰新能 源1年持有股票与同泰行业优选股票，同泰大健康主题混合规模为5042万元，接近规模清盘红线。 (责任编辑：叶景) 同花顺数据(数据截至12月9日)显示，同泰基金旗下十余只主动权益类基金(仅统计A份额)中，绝大多数 今年以来取得正收益，多数净值涨幅跑赢同期基准收益率。不过，最近3年的收益情况方面，公司旗下 主动权益类基金中 ...

Core Viewpoint - A nearly defunct "shell fund" experienced an unexpected net value surge of 68.73% in a single day due to large institutional redemptions, misleading investors and raising concerns about the fund company's marketing practices [1][3][4] Fund Performance and Redemption - The fund's scale increased by over 10,000 times in the second quarter, successfully avoiding liquidation [1][14] - On March 31, the fund's net value surged due to a large redemption of 0.76 million shares, resulting in a -100% asset change rate and leaving a net asset of less than 10,000 yuan [3][14] - Following the redemption, the fund reopened to individual investors after previously restricting access [3][4] Marketing and Communication Practices - The fund company provided vague explanations for the net value surge, failing to clarify the true cause and instead promoting the fund's performance [4][5] - The fund's real return rate for the second quarter was -0.29%, ranking in the bottom third among mixed equity funds, while the first half of the year showed a return of 20.38%, placing it in the top 9% [4][14] - The fund's marketing emphasized its past year net value growth of 117.64%, without addressing the abnormal net value fluctuations [4][5] Industry Trends and Practices - The fund's marketing strategy included "packaging" the fund with attractive labels related to trending sectors, such as humanoid robots, to attract investors [16][18] - Many small funds are adopting similar strategies to boost visibility and attract investments, especially in a competitive market [18][19] - The China Securities Regulatory Commission emphasizes the need for transparency and prioritizing investor interests, criticizing practices that mislead investors for the sake of growth [19]

Core Viewpoint - A nearly defunct "shell fund" unexpectedly experienced a 68.73% surge in net value due to large institutional redemptions, misleading investors and raising concerns about transparency and adherence to regulatory guidelines [1][2][9] Fund Performance and Structure - The fund, Tongtai Industrial Upgrade Mixed Fund, saw its net value spike on March 31, 2025, despite a significant redemption of 0.76 million shares, resulting in a net asset value of less than 10,000 yuan [2][5] - By the second quarter, the fund's scale increased by over 3,996,023% for Class A and 820,841.40% for Class C, surpassing 150 million yuan, thus avoiding liquidation [5][6] Marketing and Communication Strategies - The fund company engaged in high-profile marketing, obscuring the true reasons behind the net value surge and failing to provide clear explanations to investors [3][4] - Following the redemption, the fund reopened to individual investors after previously restricting access, raising questions about the motivations behind this decision [3][6] Industry Practices and Concerns - The fund's unusual net value fluctuations highlight the need for greater transparency and disclosure from fund managers, especially when dealing with small-scale funds and concentrated ownership [6][9] - The trend of packaging funds with "thematic" labels to attract investors is prevalent, with many funds shifting focus to popular sectors like robotics and renewable energy to boost short-term performance [7][8] Regulatory Context - The China Securities Regulatory Commission emphasizes the importance of prioritizing investor interests and maintaining transparency in fund operations, contrasting with the practices observed in the case of the Tongtai fund [9]