基金经理层面，自2024年起共有10位基金经理离任，位居全行业并列第四，离职的包括"固收一哥"马龙、贾成东、苏燕青、王岩等。此前我们在《》中已 对招商基金的经营困境进行了详细的分析。 明星基金经理变动传闻起 7月22日，招商基金一则增聘基金经理的公告，看似平常，却在市场中掀起了不小的波澜。旗下明星产品招商优势企业混合增聘陆文凯与现任基金经理翟 相栋共同管理，这一"共管"模式瞬间触发了业内对翟相栋离职的猜测。 业绩规模双起伏 天天基金网显示，翟相栋所管理的招商优势企业混合，其任职回报达115.81%。在2022年4月，翟相栋接手招商优势混合时，基金规模仅为不足4000万元 的"迷你基金"。而到了2024Q4，基金规模已过百亿。 2025Q2由于业绩不佳导致管理规模从100亿元跌至80亿元，流失近20%，翟相栋对此的解释为没有参与本季度赚钱效应较好的高股息、创新药、军工和小 微盘板块，以及重点布局（港股互联网头部）方向没有跑赢指数。2025Q2基金的前十大重仓股分别为金蝶国际、腾讯控股、第四范式、金山云、阿里巴 巴、美图公司、兆易创新、快手、地平线机器人、美团。 新任的基金经理陆文凯，此前管理规模为43.08亿元 ...

7月22日，招商基金发布的公告显示，增聘陆文凯为招商优势企业混合型证券投资基金的基金经理，与 原基金经理翟相栋共同管理该产品。随着此次增聘，业内传出翟相栋或将离任的消息，有媒体报道称， 翟相栋的职业生涯下一程或是私募。 招商基金向南都·湾财社记者表示，基金经理变更是公司基于整体投研团队长远规划、资源的高效优化 配置及产品管理的切实需求做出的正常调整。整体看，翟相栋与陆文凯同为成长风格，历史持仓行业偏 好有一定重合，陆文凯行业个股配置更均衡分散，增聘优势企业后力争继续为持有者带来良好持有体 验。 翟相栋：三年缔造"百亿黑马"的成长股猎手 从履历来看，翟相栋的职业生涯始于券商研究。2015年6月，他加入中信建投证券，任TMT研究员； 2019年转战私募担任TMT研究员；2020年6月，翟相栋加入招商基金，任固定收益投资部研究员，2022 年4月正式担任招商优势企业混合基金经理，开启公募管理生涯，现任投资管理四部专业副总监兼招商 优势企业混合型证券投资基金基金经理。 值得一提的是，在翟相栋管理期间，招商优势企业混合基金规模从不足4000万元飙升至百亿级别。截至 2024年末，该基金规模达100.17亿元，较2022 ...

: 11 8 2 ) #10 interest and 上 1 PP THE STEET PA 从2023年和2024年的两个完整年度来看，该基金均大幅跑赢比较基准。 翻倍的业绩也让这只基金的规模实现了暴涨，从2022年二季度末的1.93亿元，一度涨至2025年一季度末的101亿元。 翟相栋是成长风格的投资选手，曾在中信建投证券以及私募机构担任TMT研究员。2020年6月加入招商基金，一度担任固定收益投资部研究员。在2022年4 月担任招商优势企业基金经理后，就开始了业绩的逆袭之路。 | 股票名称 | 持仓市值(元) | 持仓数量 | | --- | --- | --- | | 全蝶国际 | 464.656.764.00 ... | 33.000.000 | | 腾讯控股 | 458.710.850.00 | 1.000.000 | | 第四范式 | 433,727,250.19 | 9.253.000 | | 我们去 | 408.735.990.00 | 67,500,000 | | 阿里巴巴-W | 400,528,440.00 | 4.000.000 | | 美图公司 | 391.158.153.75 ...

7月22日，招商基金公告称，翟相栋所管的招商优势企业混合基金，增聘陆文凯为基金经理共同管理。 作为公募行业的新秀，翟相栋的基金管理履历刚满3年，却交出了一份亮眼的成绩单。他接手招商优势 企业混合基金后，仅用三年时间便将这只规模不足4000 万元的 "迷你基金" 打造成百亿元级别的明星产 品，规模实现跨越式增长。 21世纪经济报道记者李域 实习生李怡峰 深圳报道 "先增聘共管、再卸任"或又添一例。 2025年以来，中欧基金曹名长、景顺长城基金鲍无可、安信基金张翼飞等多位公募名将、老将相继离 任。对于基金公司来说，一般采用 "提前增聘再卸任" 的策略，以此缓冲基金经理离任对产品运作及渠 道合作带来的冲击。正因如此，招商基金此次增聘举动也引发市场对翟相栋可能离职的猜测。 21 世纪经济报道记者从业内获悉，翟相栋后续将卸任其在管的相关产品，职业生涯下一程或是私募。 对此，招商基金回应，基金经理变更是公司基于整体投研团队长远规划、资源的高效优化配置及产品管 理的切实需求做出的正常调整。 公募业内人士认为，明星基金经理离任加速与市场的周期有关，一方面公募基金转向团队化运作，持 续"去明星化"；另一方面是部分基金经理选择加 ...

又有知名基金经理在管产品出现"舵手"变动。招商基金公告称，增聘陆文凯为招商优势企业混合的基金 经理，与现任基金经理翟相栋共同管理，任职日期为7月22日。 ...

翟相栋成长经历在当前的业内非常少见。 7月22日，招商基金公告，翟相栋管理的招商优势企业增聘陆文凯担任基金经理。 这意味着，这只基金由两位主力基金经理共同管理。而这，往往也被业界认为是一个重要信号。 新任基金经理陆文凯，现任招商基金投资管理四部资深专业副总监。2011年5月，他加入申万研究所任家电行业研究员；2013年加入汇丰晋信基金 公司任研究员，覆盖家电、轻工、传媒、计算机行业；2015年6月加入上海道仁资管并任投资经理；2018年初加入北信瑞丰基金公司，随后6月开 始任职公募基金经理；2022年3月加入招商基金，现任投资管理四部资深专业副总监。 整体看，翟相栋与陆文凯同为成长风格，历史持仓行业偏好有一定重合，陆文凯行业个股配置更均衡分散。 2015年6月，他加入中信建投证券，任TMT研究员；2019年1月，加入释觉投资管理有限公司（现成都鸿蓉私募基金管理有限公司），任TMT研究 员；2020年6月加入招商基金，任固定收益投资部研究员，后出任招商优势企业混合基金经理。 风险提示及免责条款 招商优势企业基金也是他管理的唯一一只基金。自他2022年管理以来，每个年度的表现都在同类前1/4。尤其是两个完整年份， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting high-quality development of public funds, linking fund manager compensation directly to long-term performance, which addresses the industry's longstanding issue of prioritizing scale over performance [1] Group 1: Regulatory Changes - The new regulations stipulate that fund managers will face salary reductions if they underperform their benchmarks by more than 10%, while those who outperform will receive salary increases [1] - This policy is expected to reshape the public fund industry by eliminating complacent fund managers and enhancing capital allocation efficiency [8] Group 2: Performance Analysis - Among the 111 fund managers overseeing over 10 billion yuan in equity funds, 45 underperformed their benchmarks, with 24 of them lagging by more than 10% [1] - Conversely, 66 fund managers outperformed their benchmarks, with 38 achieving excess returns exceeding 10% [1] Group 3: Notable Fund Manager Performance - Zhai Xiangdong from China Merchants Fund achieved a remarkable 98.81% return over the past three years, significantly outperforming the benchmark by 98.79 percentage points [3] - The fund managed by Zhai, China Merchants Advantage Enterprise Mixed A, has seen its scale grow from under 40 million yuan to over 100 billion yuan within a short period [3] Group 4: Market Trends and Future Outlook - Zhai expressed confidence in the domestic AI industry, noting that recent developments have invigorated the sector and fostered a more equitable growth environment [8] - The new regulatory focus on performance is anticipated to lead to a painful but necessary industry reshuffle, ultimately paving the way for high-quality development [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, linking fund manager compensation directly to long-term performance, marking a shift from the previous "scale-first" approach [1][6]. Summary by Relevant Sections Fund Manager Compensation - The new policy stipulates that fund managers will face salary reductions if they underperform their benchmarks by more than 10%, while those who outperform will receive salary increases [1][6]. - This change highlights a significant performance disparity among fund managers, with 24 billion-level fund managers potentially facing substantial pay cuts, while 38 outperformers stand to benefit from the new regulations [1][3]. Performance Data - According to Wind data, among the 111 equity fund managers managing over 10 billion yuan, 45 underperformed their benchmarks, with 24 of them lagging by more than 10% [3]. - Conversely, 66 managers outperformed their benchmarks, with 38 exceeding their benchmarks by over 10% [3]. Notable Fund Managers - Zhai Xiangdong from招商基金 achieved a remarkable 98.81% return over three years, outperforming his benchmark by 98.79 percentage points, managing a single fund with a scale of 10.146 billion yuan [5]. - Other top performers include Bao Wuke from 景顺长城基金 and Chen Yunzong from 广发基金, with returns of 44.47% and 42.04%, respectively [5]. Industry Implications - The new regulatory focus on performance is expected to reshape the public fund industry, potentially eliminating complacent fund managers and improving capital allocation efficiency [6]. - The contrasting performance between top firms like 广发基金 and 景顺长城基金 and those facing pay cuts illustrates the ongoing industry reshuffling [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which marks a shift from the previous focus on scale to performance-based metrics [1][11]. Summary by Category Fund Manager Compensation Changes - The new policy stipulates that fund managers will face salary reductions if they underperform their benchmarks by more than 10%, while those who outperform will receive salary increases [1][11]. - This change highlights a significant performance disparity among fund managers, with 24 managers potentially facing substantial pay cuts and 38 outperformers likely to benefit from the new rules [1][3]. Performance Data - Among the 111 fund managers with over 10 billion yuan in assets under management, 45 underperformed their benchmarks, with 24 of them lagging by more than 10% [3]. - Notable fund managers facing pay cuts include Zheng Chengran from GF Fund, who had a return of -45.12%, and others like Feng Bo and Ge Lan, who also significantly underperformed [5][6]. High Performers - In contrast, fund managers such as Zhai Xiangdong from China Merchants Fund achieved a remarkable return of 98.81%, significantly outperforming their benchmarks [9]. - Other high performers include Bao Wuke and Chen Zhezhong, with returns of 44.47% and 42.04%, respectively, showcasing the potential for smaller funds to excel [9]. Industry Implications - The new regulations are expected to accelerate industry reshuffling, moving from a "star-making" era to one focused on genuine performance and adaptability [10]. - The performance of fund managers does not necessarily correlate with their years of experience, indicating that market adaptability and strategy evolution may become more critical for success [10][11]. - The new rules may encourage fund companies to strengthen their research and investment teams, reducing reliance on individual star managers [10].

Group 1 - The core viewpoint of the news is the disclosure of institutional and public fund holdings in Anheng Information (688023.SH) for the first quarter of 2025, highlighting changes in ownership and investment trends [1][2] Group 2 - As of April 30, 2025, a total of 12 institutional investors disclosed holdings in Anheng Information A-shares, with a combined holding of 31.02% of the total share capital, amounting to 31.7203 million shares [1] - The top ten institutional investors collectively hold 31.01% of the shares, with a decrease of 0.91 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, two funds increased their holdings, accounting for 1.17% of the total, while one fund saw a slight decrease in holdings [2] - Three new public funds disclosed their holdings this quarter, while 108 funds were not disclosed compared to the previous quarter [2]