近日，上海市高级人民法院一则开庭公告引发公募基金行业广泛关注。公告显示，投资者李某以"金融 委托理财合同纠纷"为由，将国投瑞银基金管理有限公司（下称"国投瑞银基金"）及旗下百亿基金经理 施成共同诉至法院，作为公募行业罕见的"基金公司+基金经理"共同被诉案例，此案已定于1月13日在上 海市虹口区人民法院开庭。 数据来源：Wind Wind数据显示，施成目前管理6只产品，总规模107.36亿元。从业绩来看，施成整体任职回报呈现明显 分化特征。截至1月7日，国投瑞银先进制造、国投瑞银新能源A以及国投瑞银进宝三只产品的任职回报 超过100%，其中，国投瑞银先进制造的任职回报率高达208.70%；另外三只产品业绩表现相对平淡，其 中国投瑞银产业转型一年持有A的任职回报率为-21.37%，年化回报-6.69%，在同类2983只产品中，排 名第2667。 南都·湾财社记者向国投瑞银基金发出采访函，希望了解公司对该诉讼的回应及目前处理进展，截至发 稿前未获正式回复。而这并非孤例，2026年以来，已有多起公募基金涉诉案件进入司法程序，行业正迎 来新一轮"诉讼潮"。 | | 上海市高级人民法院 | | | | | | | 同体中 ...

来源丨深蓝财经 撰文丨王鑫 2026年1月13日，上海虹口区法院将迎来一场备受瞩目的庭审。投资者李智华一纸诉状，将国投瑞银基 金及其明星基金经理施成推上被告席。 案由是"金融委托理财合同纠纷"。公募基金被起诉不算新鲜，但基金经理个人被列为共同被告，在业内 十分罕见。 上一次引发如此高度关注的，还是诺安基金蔡嵩松案。如今，施成成为"被告名录"中又一位百亿级人 物。 1 涉嫌"挂羊头卖狗肉" 尽管案件细节尚未公开，但结合行业惯例，争议焦点很可能集中在两方面。 其一，适当性义务是否充分履行。施成的产品长期集中押注单一赛道，波动极大。这些产品是否被销售 给了风险承受能力不足的普通投资者？基金公司是否充分揭示了潜在风险？这一切都有待司法审视。 其二，更具争议的是投资风格与合同约定的严重偏离。以施成管理的国投瑞银新能源基金为例，合同明 确约定投资于新能源主题的比例不低于80%。但Wind数据显示，截至2025年三季度末，其新能源个股 持仓占比仅剩5.95%，重仓方向已转向AI、机器人等非约定领域。 "风格漂移"在行业虽不陌生，但如此大幅度的偏离，仍令人瞠目。颇具讽刺意味的是，正是凭借重仓AI 等板块，这只基金在2025年 ...

Group 1 - The core issue revolves around the poor performance of the funds managed by Shi Cheng, who is facing a lawsuit from investors despite earning significant management fees [1][5][14] - Shi Cheng has been managing six funds with a total scale of 10.736 billion yuan, but all have underperformed their benchmarks over the past three years [5][14] - The management fees collected from these funds amounted to 750 million yuan from 2022 to mid-2025, despite the funds' poor performance [15] Group 2 - The silver market has seen a dramatic rise, with prices reaching historical highs, benefiting the Guotou Silver LOF fund, which has become the top performer among commodity funds this year [2][3][9] - The Guotou Silver LOF fund experienced significant volatility, including a sharp drop followed by a recovery, indicating a turbulent trading environment [3][6] - The fund's management has taken measures to address the high premium of its market price over net asset value, including adjusting subscription limits and issuing risk warnings [8][9] Group 3 - The performance of the Guotou Silver LOF fund has been exceptional this year, with a return of 142.11%, but its historical performance from 2021 to 2024 has been lackluster [9][11] - The fund's management scale increased significantly from 2.178 billion yuan at the end of Q4 2024 to 6.64 billion yuan by Q3 2025, marking a growth of 204.87% [9] - The silver market is expected to continue benefiting from industrial demand driven by sectors like photovoltaics and electric vehicles, alongside supply constraints [9][11] Group 4 - Shi Cheng's investment strategy has been criticized for poor sector allocation, particularly in the renewable energy sector, which has underperformed since 2022 [16][17] - The funds managed by Shi Cheng have shown a high overlap in their top holdings, indicating a lack of diversification [18] - The overall performance of Guotou Ruijin's equity funds has been disappointing, with significant losses reported from 2020 to mid-2025 [21]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund managers' compensation to long-term performance, addressing the industry's focus on scale over returns [2] Group 1: Fund Manager Compensation - Fund managers with products underperforming their benchmarks by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [2] - Conversely, fund managers whose performance significantly exceeds benchmarks may see reasonable increases in their compensation [2] Group 2: Underperforming Funds - As of May 21, nearly 6000 public funds have been managed for over three years, with 1341 funds underperforming their benchmarks by over 10 percentage points, involving 735 fund managers [3] - Among these, 31 funds have underperformed their benchmarks by over 50 percentage points, including notable managers like Yao Zhipeng from Harvest Fund and Shi Cheng from Guotai Junan [3] - The worst performer is Morgan Fund's Guo Chen, whose fund has a cumulative return of -23.03%, lagging behind the benchmark by 128 percentage points [3] Group 3: High-Performing Funds - There are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding benchmarks by over 50 percentage points [6] - Notable high performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, managed by Guo Xin, which achieved a cumulative return of 194%, surpassing its benchmark by 176 percentage points [6][7] - The North Exchange theme funds have emerged as a concentrated area of excess returns, with several funds exceeding their benchmarks by over 60 percentage points [7] Group 4: Adjustments to Performance Benchmarks - In response to the new action plan, many fund companies have begun to adjust their performance benchmarks, with over 100 funds changing their benchmarks by May 26 [8][10] - Adjustments are made to ensure benchmarks accurately reflect the risk-return characteristics of the funds, addressing previous inadequacies in benchmark design [10][11] - The CSRC emphasizes the need for strict regulation of benchmark selection and modification to ensure alignment with investment strategies and product positioning [11]

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]