马翔目前在管基金，近些年业绩表现拉胯。最新的接任者，基金经理从业年限仅2.38年，在 管规模已破百亿元。 文｜资市分子 2025年的"进度条"即将结束，百亿基金经理马翔又卸任了。 12月23日，汇添富基金公告称，马翔因公司内部工作调整卸任汇添富北交所创新精选两年定开的基金经 理。卸任后该基金由基金经理马磊单独管理。 这是马翔年内第四次卸任基金经理。卸任背后，Wind数据显示，2025年以来，马翔相继卸任的产品任 职回报良莠不齐。 其中，最新卸任的汇添富北交所创新精选两年定开业绩爆棚。马翔任职期间（2021年11月23日至2025年 12月22日），该基金A类份额收益率97.51%，超越业绩比较基准80.94个百分点。 汇添富科创板2年定开任职回报告负，为-12.16%，任职年化回报为-2.72%。 目前，马翔所管产品还有4只，在管基金规模达187.26亿元。其中，汇添富成长精选A、汇添富港股通科 技精选A的任职回报均告负。汇添富港股通科技精选刚成立于2025年10月28日。 每一次百亿明星基金离任所管产品，都给基民敏感的投资神经带来触动。 "资市会"注意到，过往基金经理卸任所管产品，多数与在管基金任期业绩表现 ...

Core Insights - The new fund issuance is experiencing a peak following the National Day and Mid-Autumn Festival, marking the final "battle season" for fund managers in 2023 [2] - A total of 23 funds were launched on October 9, with nearly 70 new funds scheduled for October, including several actively managed equity funds led by high-performing fund managers [2][4] Fund Types and Performance - Actively managed equity funds, index funds, and hybrid bond funds are the main types driving new fund issuance, which is expected to bring additional capital to the equity market [2] - 19 actively managed equity funds are set to be launched post-holiday, with notable managers like Yan Siqian and Jin Zicai leading new offerings, reflecting strong performance in their previous funds [4][5] - Technology-themed funds have shown robust performance, prompting fund companies to increase their focus on this sector in Q4 [4] Market Trends - The issuance of index funds is also significant, with over 30 new products planned for October, covering various indices to meet diverse investor needs [7] - The bond fund market is shifting towards hybrid bond funds, with no pure bond funds scheduled for October, reflecting recent poor performance in the bond market [8] - The overall new fund issuance has stabilized and rebounded in 2023, with a notable increase in actively managed equity funds, while bond fund issuance has significantly declined [10][13] Fund Issuance Statistics - In the first three quarters of 2023, a total of 1,148 new funds were established, surpassing the total for the previous year [11] - The number of actively managed equity funds launched has reached a record high, with 654 new stock funds and a total issuance of 3,366 billion units, the highest since 2022 [12] - The largest actively managed equity fund launched this year raised nearly 50 billion units, indicating strong investor interest in equity funds [12][13]

Core Insights - The new fund issuance is experiencing a peak following the National Day and Mid-Autumn Festival, marking the final push for fund managers in 2023 [2] - A total of 23 funds were launched on October 9, with nearly 70 new funds scheduled for October, including several actively managed equity funds led by high-performing fund managers [2][3] Fund Types and Performance - Actively managed equity funds, index funds, and hybrid bond funds are the main types of new funds, expected to bring additional capital to the equity market [2] - 19 actively managed equity funds are set to launch post-holiday, with a focus on technology-themed funds due to strong performance in the first three quarters of the year [3] - Notable fund managers, such as Guan Fuqin and Yan Siqian, are leading new fund launches, with some funds achieving over 100% growth this year [3][4] Market Trends - The issuance of index funds is also robust, with over 30 new products scheduled for October, covering various indices to meet diverse investor needs [5] - The bond fund market is shifting towards hybrid bond funds, with no pure bond funds being launched, reflecting recent poor performance in the bond market [6] - The overall new fund issuance has rebounded in 2023, with 1,148 new funds established in the first three quarters, surpassing the total for the previous year [7][8] Notable Fund Launches - Major actively managed equity funds launched this year include the招商均衡优选混合基金, which raised nearly 5 billion, marking it as the largest actively managed fund this year [8] - The trend of increasing trust in actively managed equity funds correlates with the positive changes in the stock market, while the bond fund market has seen a significant decline [8]

Core Viewpoint - The article discusses the surge in new fund issuances in the fourth quarter, highlighting the competitive environment among fund managers as they aim to capitalize on market opportunities following the National Day and Mid-Autumn Festival holidays [2][7]. Fund Issuance Trends - After the "Double Festival," there is a significant increase in new fund launches, with nearly 70 new funds scheduled for October, including many actively managed equity funds led by high-performing fund managers [2][3]. - On October 9, 23 funds were launched simultaneously, indicating a strong market response [2]. Active Equity Funds - A total of 19 actively managed equity funds are set to be issued post-holiday, with notable managers like Yan Siqian and Jin Zicai leading new offerings, reflecting their successful track records this year [3][4]. - The technology-themed funds have shown remarkable performance, prompting fund companies to increase their focus on this sector [3]. Value Theme Funds - Although value-themed funds have not outperformed technology funds, they have demonstrated steady growth and have gained investor trust, with several funds reaching historical net asset value highs [3][4]. Index Funds - October will see over 30 new index funds launched, covering various indices such as the Shanghai 180 and CSI 500, catering to diverse investor needs [5]. - Quantitative funds have also performed well, with many near historical highs, leading to increased issuance from smaller fund companies [5]. Bond Funds - All bond funds scheduled for October are classified as mixed-asset funds, with no pure bond funds being launched, reflecting a shift in market conditions and regulatory changes [6]. - The approval process for bond funds has changed, with a focus on encouraging the creation of mixed-asset and thematic bond ETFs [6]. Market Recovery - The new fund issuance market has shown signs of recovery, with a total of 1,148 new funds established in the first three quarters, surpassing the total for the previous year [8][10]. - The issuance of active equity funds has increased significantly, with 654 stock funds launched, marking the highest number in recent years [9][10].

Core Insights - The public fund industry in China is experiencing a significant revival, with over 50 new public funds scheduled for issuance after the National Day holiday, primarily focusing on "rights-containing" products [1][2][4] - The number of newly issued public funds has surpassed 1,100 in the first three quarters of this year, nearing the total expected for 2024, with a notable increase in the third quarter [4] - Major fund managers are leading the issuance of new products, including well-known names such as Jin Zicai from Caitong Fund and Yao Jiahong from Guojin Fund [2][4] Fund Issuance Trends - In October, more than 50 new public funds are set to be issued, with nearly 20 products launching on October 9 alone [2] - Passive index funds dominate the new offerings, with 19 planned for issuance, covering various growth and dividend style indices [2] - Active equity products are also gaining traction, with 12 new mixed equity funds scheduled for release [2] Fundraising Limits - Several upcoming public fund products have set initial fundraising caps, such as 1 billion yuan for some funds and 2 billion yuan for others [3] Market Performance - The A-share market's upward trend has led to a significant increase in public fund issuance, with monthly new product numbers rising from around 120 in Q2 to approximately 150 in Q3 [4] - The number of newly issued passive index funds has exceeded 480 in the first three quarters, with index-enhanced funds also seeing substantial issuance [4] Investor Interest - The AI sector has attracted considerable investor interest, as evidenced by the high subscription rates for newly launched AI-related funds [5] New Product Developments - Xingsheng Global Fund has reported its first ETF product, the Xingsheng Global CSI 300 Quality ETF, marking a significant move into the ETF space [6] - The FOF (Fund of Funds) market is also seeing increased activity, with over 20 new FOF products reported since September, reflecting a growing demand for diversified asset allocation [6][7]

Core Viewpoint - The A-share market is experiencing a surge in public fund issuance, with over 50 new funds scheduled for release after the National Day holiday, primarily focusing on "rights-containing" products [1][2]. Fund Issuance Trends - More than 1,100 public funds have been launched in the first three quarters of this year, nearing the total expected for 2024, with a significant increase in new fund numbers in Q3 compared to Q2 [3][4]. - In October, there are over 50 new funds set to be issued, with nearly 20 launched on October 9 alone, indicating strong market activity [1][3]. Types of Funds - The upcoming funds include 19 passive index funds covering various indices such as the ChiNext Composite and the STAR 50, as well as 12 actively managed equity funds led by notable fund managers [2][3]. - The issuance of index-enhanced funds has also increased, with a focus on major indices like the CSI 300 and the Hang Seng Index [2][3]. Fund Management Companies - Fund management companies like Fortune Fund and Huaxia Fund have been particularly active, with Fortune Fund launching over 50 new public funds this year, including 37 passive index funds [4]. - Other major players such as E Fund and Southern Fund have also reported high numbers of new fund launches, with Southern Fund raising over 40 billion yuan from new products [4]. New Product Highlights - The recent trend includes several funds setting initial fundraising caps, such as 1 billion yuan for certain products, indicating a strategic approach to manage fund sizes [3]. - The introduction of the first ETF by Xingzheng Global Fund has garnered significant attention, marking a notable entry into the ETF market by a brokerage-affiliated fund company [5]. FOF Product Development - The FOF (Fund of Funds) market has seen a revival, with over 20 new FOF products reported since September, reflecting a growing demand for diversified asset allocation among investors [6]. - The recent regulatory changes have led to more detailed performance benchmarks for FOF products, enhancing their appeal to investors seeking diversified investment strategies [6].

Group 1 - The Hong Kong stock market has shown strong performance, leading to significant gains for funds investing in Hong Kong stocks, with many fund managers increasing their allocations to Hong Kong assets [1][4] - Major indices such as the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index have outperformed other global capital market indices this year [1][4] - Hong Kong-themed funds have dominated the performance rankings, with notable funds like Huatai-PineBridge Hong Kong Advantage Select Fund achieving over 60% returns year-to-date [1][2] Group 2 - Funds with lower allocations to Hong Kong stocks have also benefited from the rising prices of Hong Kong assets, exemplified by the performance of the GF Growth Navigator Fund [2] - Dividend-focused funds have performed well, with the Green High Dividend Select Fund being the best-performing dividend fund this year, heavily invested in Hong Kong stocks [3][4] - The influx of both domestic and foreign capital into the Hong Kong market has increased liquidity, with net purchases by southbound funds reaching the third-highest level on record this year [3][4] Group 3 - Public funds are increasingly allocating to Hong Kong stocks, with a reported increase of 5.2 percentage points in allocation to Hong Kong equities, reaching a near five-year high [4] - The strong performance of Hong Kong stocks has attracted global capital, leading to valuation premiums for certain stocks compared to their A-share counterparts [4][6] - Several new Hong Kong-themed funds are in the pipeline, which could further contribute to the inflow of capital into the Hong Kong market [5][6]