近日，百亿私募海南希瓦私募基金管理有限公司（下称"海南希瓦"）创始人、基金经理梁宏在投资社区 发声，准备给2015年买入该公司基金，目前还持有份额的投资者赠送手机，作为风雨十周年陪伴，这引 发了不少投资者关注与讨论。过去十年，基金市场伴随A股在跌宕中前行；若十年前买入一只基金，基 民至今收益如何？ Wind数据显示，截至9月26日，成立超十年且依旧存续的公募基金（仅统计主代码，下同）有2036只， 过去十年平均收益达93.4%，平均年化收益6.1%，华商新趋势优选以649.2%收益领跑。但依旧有51只基 金长跑十年依旧亏损，招商沪深300地产以-48.2%收益成"亏损王"，其中还不乏来自中邮基金、富国基 金、广发基金、鹏华基金的产品，十年前规模超百亿元。 十年平均收益超90% "风雨十周年"是梁宏对海南希瓦的总结，也是部分基民的投资心路历程。 作为知名私募基金经理，梁宏的投资能力近年来饱受争议。以梁宏在管的代表作希瓦小牛1号为例，称 赞他的人认为，该产品自2015年5月成立至2021年初即创造十倍收益的佳话；质疑他的人认为，该产品 单位净值在2021年初见顶后，一度下跌超40%，高位入场的投资者被"套"数年。 ...

在A股市场沪指强势创出十年新高的背景下，权益类基金本被寄予为投资者捕捉经济增长红利的厚望。 然而Wind数据显示，在过去十年间（2015年8月19日至2025年8月19日），全市场仍有154只基金（只含 主代码）收益为负，其中权益类产品占到91只。这批产品历经多轮市场周期仍未能修复净值，甚至部分 仍处于深跌状态。 | 序号 | 证券代码 | 证券简称 | 近十年回报 | | 今年以来回报 成立以来回报 | 基金规模 | 基金经理 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | (%) | (亿元) | | | 1 | 350008.OF | 天治新消费 | -55.20 | 7.27 | -11.78 | 0.19 | 梁利 | | 2 | 000986.OF | 太平灵活配置 | -54.05 | 0.70 | -56.90 | 2.55 | 月婷 | | 3 | 233008.OF | 大摩消费领航 | -50.02 | 4.71 | -22.02 | 0.68 | 王大鹏 | | 4 | 690003.OF ...

Core Insights - The A-share market has seen the Shanghai Composite Index reach a ten-year high, leading to high expectations for equity funds to capture economic growth dividends [1] - However, data from Wind indicates that over the past decade, 154 funds have recorded negative returns, with 91 of these being equity products, highlighting a stark contrast with the overall market performance [1] Fund Performance Summary - The top-performing fund with the worst ten-year return is Tianzhi New Consumption (350008), which has a return of -55.20% [3] - Other notable funds with significant negative returns include: - Taiping Flexible Allocation (000986) at -54.05% - Morgan Consumption Pioneer (233008) at -50.02% - Minsheng Jiayin Selected (690003) at -48.45% [2] - The Tianzhi New Consumption fund has shown high volatility, with significant losses in multiple years, including a drop of 37.93% in 2022 and 31.28% in 2024 [5][6] Fund Management and Strategy - The Tianzhi New Consumption fund, managed by Liang Li, has seen its total return since inception remain at -11.78%, with its scale shrinking from 5.25 billion yuan to 0.19 billion yuan, raising concerns about its viability [6] - The fund's current strategy focuses heavily on the pharmaceutical sector, with top holdings in companies like Heng Rui Pharmaceutical and WuXi AppTec, which may lead to substantial fluctuations in net value during industry adjustments [6][7] - Liang Li has indicated a commitment to focusing on new consumption sectors and managing market risks, but the challenge remains in balancing risk control with achieving positive returns [9]

Core Insights - The Shanghai Composite Index reached a nearly 10-year high, closing at 3728.03 points on August 18, with a peak of 3745.94 points during the day, leading to significant performance improvements in active equity funds [1][2] - As of August 18, among the 1154 active equity funds established for over 10 years, 280 funds (approximately 24%) have achieved over 100% returns, indicating a stark performance differentiation in the long-term [2][4] - Notably, three funds have returned over 400% in the past decade, with specific returns of 471.24%, 432.28%, and 430.82% for Huashang New Trend Preferred, Jiao Yin Trend Priority A, and Huashang Advantage Industry respectively [2][3] - Conversely, there are 96 funds (about 10%) that have reported losses over the past 10 years, with three funds losing more than 50% of their value [4][5] Performance of Top Funds - The top-performing funds include Huashang New Trend Preferred, Jiao Yin Trend Priority A, and Huashang Advantage Industry, all of which have shown exceptional long-term returns [2][3] - Jiao Yin Trend Priority A, managed by Yang Jinjing since May 2020, has achieved a return of 186.78% during his tenure, with an annualized return of 22.04% [3] - Other notable funds with returns exceeding 300% include Dongwu Mobile Internet A, Huashan Media Internet A, and others, showcasing the potential of quality active management [3] Underperforming Funds - A significant number of funds have underperformed, with 96 funds showing losses over the past decade, highlighting the challenges in active fund management [4][5] - The fund with the largest loss is Fangzheng Fubang Innovation Power A, which has experienced a loss of over 50% and has had 10 different managers since its inception [4] - Taiping Flexible Allocation, the first active equity fund from Taiping Fund, has lost 54.26% over the past 10 years, indicating a failure to meet performance expectations [5] Investment Insights - The disparity in performance among active equity funds underscores the importance of selecting quality funds based on historical performance, manager stability, and investment strategy [6] - Funds that have doubled in value over the past decade typically excel in industry allocation, stock selection, and risk management, demonstrating effective active management capabilities [6]

Core Viewpoint - The A-share market reached a nearly 10-year high on August 18, with the Shanghai Composite Index rising 0.85% to close at 3728.03 points, and the total market capitalization of A-shares exceeding 100 trillion yuan for the first time in history [1][2]. Market Performance - Multiple indices hit recent highs, including the North Star 50 and the Shenzhen Component Index, which surpassed their previous peaks from October 8 of the previous year [2]. - As of August 18, 1154 active equity funds that have been established for over 10 years were analyzed, with 280 funds (approximately 24%) achieving a net value increase of over 100% in the past decade [2][6]. Fund Performance - Three funds reported returns exceeding 400% over the past ten years: Huashang New Trend Preferred (471.24%), Jiao Yin Trend Priority A (432.28%), and Huashang Advantage Industry (430.82%) [2][5]. - Additionally, 11 funds returned over 300%, 49 funds over 200%, and 272 funds doubled their net value [1][2]. Fund Management Insights - The two top-performing funds, Huashang New Trend Preferred and Huashang Advantage Industry, were previously managed by renowned fund manager Zhou Haidong, indicating a legacy of strong performance [4]. - Jiao Yin Trend Priority A has been managed by five different fund managers since its inception, with the current manager, Yang Jinjing, achieving a return of 186.78% since May 2020 [5]. Performance Disparity - Despite the strong performance of many funds, there is a notable disparity, with 96 funds (about 10%) experiencing losses over the past decade, including three funds with losses exceeding 50% [6][9]. - The fund with the largest loss, Founder Fubon Innovation Power A, has seen a decline of 60% since its inception, reflecting the challenges faced by some funds in the market [9].

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]

- The report provides an overview of the major asset markets, including equities, bonds, commodities, and foreign exchange markets[4][9][10][26][27][32][33][39] - The report highlights the performance of various indices in the A-share market, such as the Shanghai Composite Index, Shenzhen Component Index, and others, with their respective percentage changes[9][11][12][13][15] - The report also covers the performance of the Hong Kong stock market, including the Hang Seng Index and the Hang Seng China Enterprises Index, along with their percentage changes[10][18][19][22] - The report includes the performance of the US stock market, with indices like the Dow Jones Industrial Average, Nasdaq Index, and S&P 500, along with their percentage changes[10][24][25] - The bond market section discusses the yield changes of various government and corporate bonds, including the yield spread between different maturities[26][27][28][29][30][31] - The commodities market section provides the weekly percentage changes of various commodities such as crude oil, gold, copper, aluminum, and others[32][33][34][35][36][37][38] - The foreign exchange market section details the exchange rate changes of major currencies against the Chinese Yuan[39][41][42][43] - The report summarizes the newly established funds for the week, including their types, sizes, and fund managers[44][46] - The report provides an overview of the total number and scale of open-end public funds in China, categorized by different types of funds[47][48][49][50] - The performance of different types of funds over the past week, month, year, and year-to-date is compared, highlighting the best and worst performers[51][52][54][55][56][57][59]