国泰海通证券数据显示，2015年10月1日至2025年9月30日的10年间，收益率在71家基金公司中位居首位 的是西部利得基金，该公司最近10年的收益率达到91.87%。紧随其后的是光大保德信基金，最近10年 固收类产品收益率达到88.73%，仅这两家公司10年收益率超过80%。信达澳亚、前海开源基金最近10年 的收益率分别达77.57%、74.25%，位列第三名和第四名。 易方达、天弘、汇添富、国投瑞银、新华等基金公司最近十年收益率也超过60%，在10年的市场波动中 获得较好收成。此外，兴银、华商、中加、兴业、景顺长城、诺安、博时基金等收益率也较高。 （原标题：重要榜单来了！附前50强排名） 【导读】基金公司固定收益类基金中长期业绩榜单公布 中国基金报记者 方丽 孙晓辉 作为基石工具，固收类产品已成为投资必备选项。虽然相比权益投资领域，固定收益的业绩之争没那么 突出，但毫厘间差异仍体现出基金公司的实力。 哪些公司在过去3年、5年、10年获得好收成？2025年前三季度又有哪些公司业绩领先？国泰海通证券刚 刚公布的基金公司固定收益类基金绝对收益排行榜，揭晓上述答案。 近10年业绩 西部利得、光大保德信基金领跑 ...

人民财讯9月24日电，9月24日，在由证券时报与南方基金联合主办的2025中国证券业财富经纪高峰论坛 上，世纪证券副总经理谭显荣表示，公募基金销售费用改革对行业震动巨大，短期直接冲击基金销售机 构收入和利润，尤其对重固收类产品影响显著，但长期看是利好，将倒逼销售机构向买方模式转型。作 为中小券商，本轮调降销售环节费率的冲击相对较小，应追求差异化业务发展，包括推进券结业务、与 公募基金合作定制化产品、打造ETF生态圈以及加强投顾团队建设等。 ...

Core Insights - The forum discussed the differentiated survival strategies for securities asset management in the context of evolving market demands and regulatory changes [1][5][6] - Key industry leaders emphasized the importance of absolute returns and tailored investment products to meet client needs [3][14][16] Group 1: Market Trends and Insights - The market has seen significant institutional investment, particularly from insurance funds, with expectations for new opportunities in the second half of the year [2][26] - The equity market is expected to continue its upward trend, supported by improving liquidity and economic fundamentals [21][26] - Four main investment themes are anticipated to drive market rotation: technology innovation led by AI, high-dividend stable assets, Chinese companies' overseas expansion, and domestic supply-demand reversals [21][22] Group 2: Differentiated Strategies - Securities asset management firms are shifting from a scale-oriented approach to one focused on investor interests, emphasizing research capabilities and long-term investment teams [10][12] - Companies are encouraged to develop unique product lines that provide absolute returns and meet specific investment goals, ensuring long-term viability [3][14] - The integration of quantitative and subjective investment strategies is seen as a way to enhance market understanding and improve investment outcomes [18][19] Group 3: Product Development and Client Focus - Firms are focusing on creating products that deliver value to clients, particularly in absolute return strategies and customized investment solutions [14][16] - The importance of a sales-driven approach in asset management is highlighted, with a need to educate clients on asset allocation and investment strategies [16][17] - The development of innovative financial products, such as ETFs and customized investment vehicles, is crucial for meeting diverse investor needs [12][13] Group 4: Future Outlook - The market is positioned for positive developments, with expectations of increased capital inflows and a favorable economic environment in the coming year [21][26] - Companies are advised to focus on sectors with reasonable valuations and strong competitive positions, particularly in technology and manufacturing [24][26] - The emphasis on long-term investment strategies and the cultivation of specialized research teams will be vital for future growth in the asset management industry [10][12]

Group 1 - The core point of the article is the appointment of Wang Ying as the new chairman of China Merchants Life Insurance, replacing Wang Xiaoqing, with unanimous approval from shareholders [1][2] - Wang Xiaoqing has held various positions within China Merchants Bank and has transitioned to a new role as the Party Secretary of China Merchants Jin Kong [2][3] - Wang Ying, the new chairman, has a long tenure at China Merchants Bank, having joined in 1997 and held several key positions, including the head of the Shenzhen branch [3] Group 2 - China Merchants Life Insurance was established in 2003 with equal investment from China Merchants Bank and Cigna Group, each contributing 1.4 billion [3] - The company reported insurance business revenues of 26.519 billion, 34.646 billion, and 41.483 billion from 2022 to 2024, with corresponding net profits of 733 million, 425 million, and 559 million [3] - In the first half of 2025, the company experienced a 3.87% decline in insurance business revenue to 25.65 billion, making it the only bank-affiliated insurance company to report negative growth, although net profit increased by 32.41% to 286 million [3] Group 3 - The company is actively reducing liability costs by abandoning high-premium, high-interest fixed-income products, with new annual premiums for these products dropping to zero by the first half of 2025 [4] - There is a significant shift towards floating income products, with the proportion of participating insurance in the bancassurance channel increasing from 6% in 2021 to over 95% in the first half of 2025 [4] - The company plans to further adjust its product structure over the next three years, focusing on health-related business rather than merely seeking scale [4]

Leadership Changes - A bank-affiliated insurance company is set to undergo a leadership change, with Wang Ying, the current Vice President of China Merchants Bank, proposed to succeed Wang Xiaoqing as the Chairman of China Merchants Cigna Life Insurance [1] - Wang Ying has worked at China Merchants Bank for 28 years and is one of the four current Vice Presidents, primarily overseeing retail business [1] Company Structure and Management - Following the appointment of Wang Xiaoqing to China Merchants Jin Kong, several key positions, including the Chairmanships of China Merchants Cigna Life Insurance, China Merchants Cigna Asset Management, and China Merchants Fund, have been vacant [3] - China Merchants Cigna Life Insurance is one of the ten bank-affiliated insurance companies, with equal ownership between China Merchants Bank and Cigna Health Insurance Company [3] - The current management structure of China Merchants Cigna Life Insurance includes a General Manager and a Deputy General Manager, along with three assistant managers [4] Financial Performance - As of August 2025, China Merchants Cigna's original premium income reached 34.22 billion yuan, reflecting a year-on-year growth of 8.34%, while net asset scale increased by 58.63% to 17.44 billion yuan [6] - In the first half of 2025, China Merchants Cigna Life Insurance reported total assets of 236.69 billion yuan and a net profit of 308 million yuan [4] Strategic Direction - The company aims to adopt a differentiated and specialized operational path in the health sector, aligning with international trends, as stated by the General Manager [6] - The "big health" strategy is a joint decision by both shareholders, with Cigna focusing on health insurance and services, while China Merchants Bank expects the company to develop a health-oriented competitive advantage [6] - The strategy involves three main aspects: reducing liability costs by abandoning high-premium fixed-income products, accelerating the development of floating yield products, and promoting the transformation towards health insurance and services [7][8]

Core Viewpoint - Recent personnel changes at Xinyuan Fund Management Co., Ltd., which manages over 210 billion yuan, have raised market concerns, particularly the adjustment of veteran executive Wang Hui from Deputy General Manager to Senior Specialist due to "work arrangements" [1][2]. Group 1: Personnel Changes - Wang Hui, who has been with Xinyuan Fund since its inception in August 2013 and served as Deputy General Manager for over nine years, has been reassigned to a less influential role [2][3]. - The adjustment is notable as it reflects the increasing control of the major shareholder, Nanjing Bank, over Xinyuan Fund, with a significant presence of Nanjing Bank personnel in the executive team [3]. Group 2: Financial Performance - Xinyuan Fund reported a revenue of 356 million yuan for the first half of 2025, marking a year-on-year increase of 17.49%, and a net profit of 107 million yuan, up 15.03% [2]. - As of the end of the first half of 2025, the fund's management scale reached 211.78 billion yuan [2]. Group 3: Business Structure Challenges - The fund's business structure is heavily reliant on fixed-income products, with bond and money market funds accounting for 98% of the total scale, while mixed and equity funds only represent less than 1.5% [4]. - Despite strong performance in a bond bull market, the fund's one-year and two-year returns of 2.58% and 5.49% are below the industry averages of 15.69% and 9.53%, respectively [4]. Group 4: Efforts in Equity Investment - To address the structural issues, Xinyuan Fund has been actively expanding its equity investment capabilities, launching nine new funds in the past year, five of which are index equity funds [5]. - The fund has promoted four new equity fund managers, all of whom were internally trained [5]. Group 5: Future Outlook - The performance of the newly appointed management team from Nanjing Bank in breaking the fund's reliance on fixed-income products and successfully developing equity business will be a key indicator of the effectiveness of the recent personnel changes [6]. - The case of Xinyuan Fund illustrates the broader challenges faced by bank-affiliated fund companies in transitioning their business models amid regulatory encouragement for equity fund development [6].

Core Insights - The report reveals that nearly 20 A-share listed securities firms achieved positive year-on-year growth in asset management revenue for the first half of 2025, indicating a trend of "the strong getting stronger" [1] - The asset management business of securities firms is focusing on a dual strategy of fixed income and equity investments, continuing to strengthen fixed income products while actively exploring equity market investments [1] - Looking ahead, enhancing active management and diversified investment capabilities is crucial for business breakthroughs, with securities firms continuing to promote public offering transformation and improving their investment research capabilities [1]

Core Insights - The performance of the wealth management subsidiaries of China's six major state-owned banks showed positive growth in both product management scale and net profit in the first half of 2025, with five out of six subsidiaries reporting year-on-year increases exceeding 20% in these metrics [1][2] Group 1: Financial Performance - The total management scale of the six wealth management subsidiaries reached 97,762.94 billion yuan, reflecting a year-on-year growth of 6.35% [1] - The total net profit achieved by these subsidiaries was 5.781 billion yuan, marking a year-on-year increase of 7.17% [1] - Among the five subsidiaries with net profit growth, Bank of China Wealth Management and Agricultural Bank of China Wealth Management stood out with net profit increases of over 10% [2] Group 2: Individual Subsidiary Performance - Bank of China Wealth Management led with a net profit of 1.358 billion yuan, a year-on-year growth of 22.23% [2] - Agricultural Bank of China Wealth Management followed with a net profit of 1.273 billion yuan, growing by 13.66% [2] - Other subsidiaries reported varying growth rates, with Industrial and Commercial Bank of China Wealth Management at 0.4%, and Postal Savings Bank Wealth Management at 2.38% [2] Group 3: Market Dynamics - The growth in profits is driven by a "demand-asset-channel" resonance, with a shift in consumer savings towards net worth products due to declining deposit rates [3] - The recovery of the equity market has enhanced the returns of mixed products, prompting wealth management subsidiaries to increase their allocation to equity assets [3] - The strong customer base and distribution network of the parent banks have facilitated rapid expansion in management scale [3] Group 4: Management Scale Trends - There is a noticeable divergence in the management scale growth among the subsidiaries, with some achieving over 10% growth while others remained below 7% [4] - Postal Savings Bank Wealth Management reported the highest growth rate at 25.55%, while Bank of China Wealth Management's growth was 3.12% [4] - The outlook for the second half of 2025 suggests continued growth in management scale, but with competitive pressures and potential market adjustments [4] Group 5: Future Trends - The development of wealth management subsidiaries is expected to follow four major trends in the second half of 2025, including a more pronounced head effect, product system upgrades, accelerated digital transformation, and enhanced risk management [5] - Companies are advised to strengthen core competitiveness through various strategies, including industrializing research capabilities and innovating product offerings [5] - Emphasis will be placed on supporting national strategies and improving comprehensive risk management systems [5]

Group 1 - On August 18, the A-share market reached a historic moment, with the Shanghai Composite Index closing at 3728.03 points, hitting a nearly ten-year high since August 2015, and the total market capitalization of A-shares exceeding 100 trillion yuan for the first time in history [1] - The bond market experienced a significant decline, with analysts predicting that the bond market will remain weak in the short term, but may gradually become "desensitized" to stock market fluctuations and return to fundamentals in the long term [1][4] Group 2 - The "stock-bond seesaw" effect has been evident since July, with the stock market maintaining an upward trend, while the 10-year government bond yield rose from approximately 1.641% to around 1.78% between July 9 and August 19, reflecting a volatility of over 13 basis points [4] - Factors contributing to the rise in interest rates include strong stock market performance, changes in fund flows, and institutional redemptions, alongside a tax payment period that has posed challenges to interbank liquidity [4][6] Group 3 - Analysts maintain an optimistic outlook for the bond market, suggesting that despite the current weak performance, the long-term trend will not indicate a sustained rise in interest rates, as the monetary policy remains moderately accommodative [5][6] - The People's Bank of China has recently conducted large-scale reverse repurchase operations to stabilize the liquidity environment, with a net injection of 465.7 billion yuan on August 19, which may provide some support to the bond market [6][7]

Group 1 - The short-term logic of the bond market may have shifted from "fundamentals + liquidity" to "asset allocation" since July, with the bond market under pressure despite a relatively loose funding environment [6][10][28] - The 10-year government bond yield has shown an upward trend, primarily due to the thin safety cushion of fixed-income products and the cooling of fixed-income assets under the asset allocation effect [6][10][28] Group 2 - Key clues to the evolution of bond market logic include: 1) Reallocation of resident assets due to declining deposit rates since 2022, leading to a weakening of the bond market's profit-making effect [14][16] 2) An increase in residents' risk appetite, with equity assets potentially becoming the focus of asset reallocation [17][20] 3) Low odds and win rates for bond assets, as long-term bond yields have already priced in future rate cuts [18][21] Group 3 - The critical points for the rebalancing of stock and bond value include: 1) The relative comparison of dividend yields and bond yields [30] 2) Fund flows, with a potential shift in investor enthusiasm from bonds to stocks [30] 3) Changes in fundamentals, where unexpected pressures on the economy could lead to a resurgence in the bond market [30] Group 4 - The bond market strategy indicates that while risks are being released, a cautious judgment is maintained, with the 10-year government bond yield around 1.7% being unattractive [28][31] - The bond market may experience volatility from August to October, with the yield expected to range between 1.65% and 1.80%, and the potential for a steepening yield curve [28][31]