来源：南财社 广发基金的百亿基金经理王明旭，成了2025年"最惨基金经理"。 随着2025年的结束，各大公募排行榜出炉。Wind统计显示，近一年有业绩记录的4711只主动权益类基 金中，正收益产品达4494只，负收益为217只。 7只独管基金共亏11.35亿 天天基金显示，目前，王明旭共管理着8只基金产品。除了与另一名基金经理共管的广发盛锦混合外， 剩下的7只基金，均由王明旭独立管理。 但这7只基金，在过去一年里竟然全部亏损，在同类基金中都是垫底。 整体来看，基金业绩呈现出相当割裂的局面，收益率TOP10的产品，收益率基本都在130%以上，最高 的永赢科技智选A收益率甚至达到233%。但收益率垫底的10名，跌幅基本都在-10%以上，最大的跌幅 甚至接近20%。 超九成都在赚钱，谁在亏损就相当扎眼了。 令人瞠目结舌的是，垫底的10名中，竟然有4只产品都是广发基金，并且基金经理为同一人——王明 旭。 | 冰雪 | 基金名称 | 2025年年度收益率 收益率的同學排。 | | 基金经理 | 成立时间 | | --- | --- | --- | --- | --- | --- | | | 基正准带领洗混合发起A | ...

2025年即将收官，首批成立的26只浮动费率基金也陆续交出阶段性答卷。作为费率改革的核心试点，这批产品以"业绩绑定管理费"的创新模式打破传统"旱 涝保收"格局，本应成为行业高质量发展的标杆。 不过现实却是，虽其中多数产品均实现了正收益，但仍有少数基金交出了一份刺眼的"负分答卷"。如广发基金旗下的广发价值稳进混合，截至目前，该基金 A/C类份额成立以来分别亏损7.11%和7.35%，在26只产品中排名垫底，与收益率冠军形成了近70个百分点的首尾差距。 那么，这只承载着市场期待的创新产品，为何沦为"差等生"？背后是基金经理14年投研经验的失效，还是老牌公募规模导向下的必然结果？就让我们来一探 究竟。 公开资料显示，广发价值稳进混合由基金经理王明旭担纲，其现任广发基金总经理助理、投资管理部总经理。在发行之初，曾以任职总回报为127.92%，年 化回报13.27%的成绩，叠加涵盖保险资管、专户投资等多领域的14年从业经历，成为首批浮动费率基金拟任经理中的"明星选手"。 而2025年的A股市场呈现鲜明的结构性特征，人工智能、高端制造等科技成长板块成为绝对主线，传统消费、金融地产等价值板块持续承压。更致命的是， 这些重仓 ...

Core Viewpoint - The launch of the floating fee rate fund, Guangfa Value Steady Mixed Fund (024448), is seen as a significant step in aligning fund manager incentives with investor returns, but the effectiveness of this new fee structure remains to be tested in the market [2][12]. Fund Structure and Management - Guangfa Value Steady Mixed Fund adopts a dual fee structure of "base management fee + performance fee," where the management fee is set at 1.5% if annualized excess returns exceed 6%, and reduced to 0.6% if excess returns are negative and below -3% [2][12]. - Wang Mingxu, the proposed fund manager, has a mixed track record, with some funds significantly underperforming their benchmarks [3][11]. Performance Analysis - Wang Mingxu currently manages over 10 billion yuan across seven products, with notable performance discrepancies; for instance, Guangfa Balanced Preferred Mixed Fund (010379) has returned -3.4% since his appointment, lagging its benchmark by 6.3 percentage points [3][11]. - Over the past three years, more than 60% of Guangfa's actively managed equity products have underperformed their benchmarks by over 10 percentage points, raising concerns about the alignment of management compensation with investor returns [11][12]. Employee Compensation and Shareholding - Guangfa Fund's employee shareholding platform has distributed nearly 600 million yuan in dividends over the past five years, with significant amounts going to top executives, highlighting a disparity between management income and investor returns [5][8]. - The shareholding structure includes several high-ranking executives, indicating a strong financial incentive tied to the fund's performance, yet the actual returns for investors have been disappointing [6][12]. Regulatory Context - The floating fee rate initiative is part of a broader regulatory push to reform the public fund industry, aiming to better align fund company revenues with investor returns and establish a performance-based incentive system [2][12]. - The regulatory framework emphasizes the need for fund managers to be held accountable for long-term performance, with penalties for those consistently underperforming [12].

Core Insights - The new floating rate funds have seen significant sales success within just two weeks of issuance, with multiple banks reporting sales exceeding 1 billion yuan, and some surpassing 10 billion yuan [1][2] - The Oriental Red Core Value Mixed Fund has already exceeded its fundraising cap of 2 billion yuan, with a subscription confirmation rate of approximately 94.03% [2][3] - A trend of self-purchase by fund companies has emerged, with Manulife Fund investing 10 million yuan in its own floating rate fund, reflecting a commitment to shared interests and risk with investors [1][5] Fund Sales Performance - As of June 6, several banks, including SPDB, Bank of China, and others, reported that their sales of new floating rate funds exceeded 1 billion yuan, with SPDB and Bank of China surpassing 10 billion yuan [2] - The first batch of 16 floating rate funds launched on May 27 has seen strong initial subscription, with many funds achieving over 1 billion yuan in subscriptions by June 6 [2][3] Fund Company Actions - Multiple fund companies have announced self-purchases of their floating rate funds, with amounts ranging from 10 million to 20 million yuan, indicating confidence in the market [5][6] - The self-purchase actions by companies like Oriental Red Asset Management and Tianhong Fund demonstrate a commitment to aligning interests with investors [5][6] Fund Characteristics - The new floating rate funds have varied performance benchmarks, with some using the CSI 500 Index as a benchmark, while others target the CSI 300 Index or the CSI 800 Index [4] - The introduction of floating rate funds is seen as a response to the policy aimed at linking management fees to fund performance, marking a new approach in the industry [6]

Group 1 - The first batch of new floating rate funds was launched on May 27, with 16 products available for subscription, marking a significant transformation in the public fund industry [1][2] - The rapid issuance of these funds occurred just two trading days after receiving approval from the regulatory authority, indicating a swift response from the industry [1][2] - Initial sales were strong, with reports of some products achieving subscription scales exceeding several hundred million yuan on the first day [2] Group 2 - The fund companies have deployed their top-performing fund managers for these new products, emphasizing a balanced and stable investment style [3] - The performance benchmarks for these floating rate funds vary, with many choosing broad market indices like CSI 300 and CSI 500, reflecting the fund managers' market style predictions [4][5] - The management fees for these funds will be dynamically calculated based on the actual returns to investors, introducing a new level of operational and system capability requirements for fund companies [6][7] Group 3 - The floating management fee mechanism links the fee rate to the excess return relative to the performance benchmark, aiming to enhance investor satisfaction and promote long-term investment behavior [7] - The current market environment is viewed as a "golden window" for equity investments, with favorable external conditions and relatively low valuations in both A-share and Hong Kong markets [7]