当同行纷纷为投研人才做"去管理化"减法时，招商基金却反其道而行之，提拔朱红裕、王景两位基金经 理。这究竟是向市场秀出"重视投研"的肌肉，还是在行业"去行政化"与"专业化"的钢丝上踩出了独特的 平衡？ 新任总经理上任仅十天，招商基金管理有限公司（以下简称"招商基金"）又迎来高管层面的人事变动。 自2025年5月30日起，公司任命王景、朱红裕、陈方元为公司首席（副总经理级）。同一天内如此大规 模的高管任命，在业内实属罕见。 注：以上人物从左到右依次为王景、朱红裕、陈方元 值得关注的是，招商基金此次任命的三位公司首席中，朱红裕、王景两位基金经理此前已分别担任公司 首席研究官、总经理助理，陈方元则出任首席机构业务官。 2024年以来，公募基金行业屡有"副总级"基金经理卸任，业绩绞杀与行政重负压垮不少投研干将。当同 行纷纷为投研人才做"去管理化"减法时，招商基金却反其道而行之，提拔朱红裕、王景两位基金经理。 这究竟是向市场秀出"重视投研"的肌肉，还是在行业"去行政化"与"专业化"的钢丝上踩出了独特的平 衡？ | 管理公司 | 基金代码 | 产品名称 | 投资类型 | 任职日期 | 高任日期 | 任职园报 | 年化园报 ...

Core Viewpoint - The first innovative floating fee rate product from China Merchants Fund, named "China Merchants Value Select Mixed Securities Investment Fund," has been approved and is set to launch on June 4, 2025, aiming to align the interests of fund managers and investors through a performance-linked fee structure [2]. Fee Structure - The management fee for the fund is structured in three tiers: - 1.50% per year if the annualized return exceeds the benchmark return by 6% or more - 0.60% per year if the return falls below the benchmark by 3% or more - 1.20% per year for all other scenarios - This model breaks away from traditional fixed management fees, incentivizing fund managers to pursue excess returns and encouraging long-term investment by reducing short-term trading volatility [3]. Fund Management - The fund will be managed by Zhu Hongyu, who has 18 years of investment research experience and is currently the Chief Research Officer at China Merchants Fund. His management scale peaked at 11.978 billion yuan in 2023 but decreased to 5.08 billion yuan by May 2025 due to market adjustments and underperformance of certain products [3]. Historical Performance - Zhu Hongyu's previous funds include "China Merchants Core Competitiveness A," which achieved a return of 45.75% since its inception, and "China Merchants Social Responsibility A," which reported a loss of 2.29% over two years [4]. - The fund manager faced controversy for heavily investing in Weining Health, which saw a significant drop in stock price after the company's chairman was placed under investigation, leading to a 31% decline in one month [5].