百亿基金经理业绩差距明显 近日，证监会向公募基金管理人发布了《基金管理公司绩效考核指引（征求意见稿）》（以下简称《征求意见稿》）。 在此次《征求意见稿》中，最值得关注的一条就是，"基金管理公司应当根据主动权益类基金经理过去三年业绩比较基准对比、基金利润率的不同情形建 立阶梯化的绩效薪酬调整机制"。 具体来看，基金经理的绩效薪酬存在"下降不得少于30%""下降""不得提高""合理适度提高"四种情况。 其中绩效薪酬下降"不得少于30%"的情况，会出现在基金业绩低于比较基准超10%，且基金利润率为负的情况下。另外，如果基金利润率虽为正，但是基 金业绩跑输比较基准超10%，依然会被降低绩效薪酬。当然，如果业绩显著超过业绩比较基准，同时基金利润率为正，基金经理的绩效薪酬也可以获得适 度提高。 | 业绩情况 | 基金利润率 | 绩效薪酬调整要求 | | --- | --- | --- | | 低于业绩比较基准超过十个百分点 | 为负 | 应当较上一年明显下降，降幅不得少于百分之三十 | | 低于业绩比较基准超过十个百分点 | 为正 | 应当下降 | | 低于业绩比较基准不足十个百分点 | 为负 | 不得提高 | | 显著 ...

Core Conclusions - The public fund market in 2025 saw an increase in both scale and share, with significant changes in structure, as fixed income and active equity funds experienced net redemptions, while fixed income+ and index equity funds were net subscribed [1][3] - Global equity markets strengthened, with domestic stocks outperforming bonds, leading to overall gains in funds, particularly in active funds outperforming passive products, with notable performance in technology and cyclical theme funds [1][2] - For 2026, it is expected that equities will continue to have upward potential, with a recommendation to maintain a balanced allocation between growth and reversal strategies, while flexibly seizing short-term opportunities [1][4] Market Development: Total Growth and Structural Changes - The total scale of public funds surpassed 35 trillion yuan, with stock funds growing by over 1 trillion yuan, indicating a robust market expansion [13] - The number of public funds increased to 13,300, with significant growth in stock and REITs funds, while money market and alternative investment funds saw a decline [13][25] - Active equity funds grew by 21%, with a notable recovery in new fund launches, particularly in technology theme funds, which saw a growth rate exceeding 50% [1][2][29] Performance Analysis: Strong Equity and Weak Bonds - The performance of various asset classes showed that equities outperformed bonds, with gold reaching new highs and equity assets experiencing a broad rally [2][9] - Active funds outperformed passive funds, with specific themes such as TMT, cyclical, and advanced manufacturing showing strong results [9][2] - Fixed income+ funds demonstrated superior performance, particularly those with high allocations to fixed income and convertible bonds [9][20] Investment Strategies: Balanced Allocation and Trend Following - The report suggests a balanced allocation strategy for equity funds, emphasizing the importance of flexibility in capturing phase-specific market opportunities [4][3] - For fixed income funds, the emergence of the fixed income+ era is highlighted, with a focus on asset and strategy characteristics based on risk preferences [5][39] - The report advocates for a global multi-asset allocation approach, emphasizing the value of overseas and commodity funds, with recommendations to follow QDII quotas and focus on mutual recognition funds and southbound ETFs [6][32]

Core Viewpoint - The article discusses the legacy and impact of Wang Guobin, the founder of Quan Guo Fund, who passed away on November 3, 2025, at the age of 57, highlighting his contributions to the asset management industry and his commitment to value investing [4][5][6]. Group 1: Wang Guobin's Career and Contributions - Wang Guobin was a pioneer in China's asset management industry, founding the first securities asset management company, Dongfanghong Asset Management, and later co-founding Junhe Capital and Quan Guo Fund [5][7][12]. - He was known for advocating value investing, focusing on fundamental company performance rather than speculative trading, and established a strong research-based investment framework at Dongfanghong [7][8][9]. - Under his leadership, Dongfanghong Asset Management achieved significant returns, with products like Dongfanghong No. 4 yielding a 456.6% return from 2009 to 2017, averaging over 20% annually [8][9]. Group 2: Challenges and Resilience - Wang Guobin faced significant challenges when establishing Quan Guo Fund during a bear market starting in 2022, which put pressure on the fund's performance [13][14]. - Despite the difficult market conditions, the fund began to recover in 2023, with its first public product, Quan Guo Xu Yuan, achieving a 47.46% return year-to-date as of October 31, 2023 [14][15]. - Wang's investment philosophy remained consistent, focusing on high-quality growth companies like Tencent and Ningde Times, rather than chasing trends in volatile sectors [14][15]. Group 3: Investment Philosophy and Legacy - Wang Guobin emphasized long-term investment and the importance of identifying "lucky industries" and capable companies, which became a cornerstone of his investment strategy [8][9][11]. - He was known for his foresight in the industry, warning about risks during market peaks and advocating for a focus on sustainable growth rather than short-term gains [19][20]. - His commitment to value investing and his ability to adapt to changing market conditions left a lasting impact on the asset management industry, and his principles will be remembered by peers and successors [19][20].

Core Viewpoint - The sudden passing of Wang Guobin, founder and general manager of Quanguo Fund, has deeply saddened the asset management industry, marking a significant loss for both his family and the investment community [1][3]. Group 1: Wang Guobin's Contributions - Wang Guobin was a pioneer in China's asset management industry, founding the first securities asset management company, Dongfanghong Asset Management, and promoting value investing principles [4][6]. - Under his leadership, Dongfanghong Asset Management achieved remarkable performance, with products like Dongfanghong No. 4 yielding a return of 456.6% from 2009 to 2017, establishing the brand as a leader in value investing [6][7]. - Wang emphasized a focus on fundamental company growth rather than speculative trading, advocating for investments in "fortunate industries and capable companies" [5][12]. Group 2: Quanguo Fund's Journey - Quanguo Fund was established during a challenging market period, specifically at the onset of a bear market in 2022, which posed significant performance pressures on the firm [2][10]. - Despite initial struggles, Quanguo Fund's performance improved significantly in 2023, with its first public product achieving a return of 47.46% year-to-date as of October 31 [10][11]. - The fund's investment strategy continues to reflect Wang's value investing philosophy, focusing on stable growth companies rather than trending sectors [11][12]. Group 3: Legacy and Impact - Wang Guobin's commitment to value investing and his foresight in avoiding risky business models, such as channel business, showcased his deep understanding of the asset management landscape [8][9]. - His ability to adapt to market changes while maintaining a focus on long-term value creation has left a lasting impact on the industry [12][14]. - Wang's dedication to nurturing talent within the industry has resulted in many successful fund managers emerging from his mentorship, further solidifying his legacy [7][9].

Core Insights - The core viewpoint of the article highlights the significant growth of the "Quanguo Xuyuan Three-Year Holding A" fund, which reached a scale of 19.069 billion yuan as of September 30, 2025, marking a quarterly increase of nearly 6 billion yuan, making it the largest among disclosed equity funds for the third quarter [1][2]. Fund Performance - The fund achieved a return of 43.10% over the past six months and 41.61% over the past year, ranking favorably among its peers, with a notable quarterly increase of 45.58% in Q3, outperforming the average of similar products and the CSI 300 index [2]. - Since its inception on October 18, 2022, the fund has delivered a total return of 1.80% and an annualized return of 0.60%, ranking 1980 out of 3209 in its category [4]. Investment Strategy - The fund manager, Zhao Yi, emphasized a "dual-end allocation" strategy to adapt to market changes, focusing on technology AI and sectors in recovery, particularly in new energy (especially the lithium battery supply chain) and military industry [5]. - In the AI sector, the fund is concentrated on three main lines: efficiency-enhancing internet companies like Meta, companies driven by new application scenarios such as Palantir, and cloud service providers like Microsoft [6]. - In the new energy sector, the fund is particularly focused on the lithium battery supply chain, noting a slowdown in fixed asset investment while demand remains high, leading to an improving supply-demand structure [6]. Portfolio Adjustments - The fund's top ten holdings include major companies such as Ningde Times, Tencent Holdings, and Enjie Co., with a total market value exceeding 12.877 billion yuan [9]. - Significant adjustments were made in the portfolio, with a notable reduction of 37.52% in holdings of Keda Li, while new additions included Tianqi Lithium and SMIC, indicating a continued focus on lithium materials and domestic semiconductor sectors [9]. Market Outlook - Zhao Yi expressed optimism about the long-term positive trend of the Chinese equity market, citing signs of easing in U.S. tariff policies and potential liquidity improvements, which could inject more momentum into the A-share market [9].

Market Performance - The A-share market showed strong performance on August 13, with the Shanghai Composite Index breaking the high point from October 8 of the previous year, reaching a nearly four-year high [1] - The Shenzhen Component Index and the ChiNext Index also reached their annual peaks, with total trading volume exceeding 2 trillion yuan for the first time in 114 trading days [1] - Over 2,700 stocks rose, led by growth sectors such as non-ferrous metals and AI hardware [1] Fund Performance - Despite the strong market indices, not all funds benefited, with over 2,700 out of more than 13,000 funds having unit net values below the level of October 8 of the previous year [1] - Notably, eight large-cap equity funds managed by well-known fund managers are facing issues with "net value recovery lag" [1] Specific Fund Analysis - The E Fund Consumer Industry fund (110022.OF) saw its unit net value drop by 0.50 yuan to 3.468 yuan, with a year-to-date return of -3.48%, despite a scale of 168.54 billion yuan [3][4] - The Invesco Great Wall New Emerging Growth A fund (260108.OF) experienced a net value decline of 0.29 yuan to 1.745 yuan, with a year-to-date return of -0.17% and a scale of 188.54 billion yuan [7][9] - The Fortune Select Growth A fund (161005.OF) had a slight net value drop of 0.11 yuan to 2.623 yuan, but achieved a year-to-date return of 8.22% [10] - The E Fund Blue Chip Select fund (005827.OF) reported a net value decrease of 0.08 yuan to 1.880 yuan, with a year-to-date return of 7.87% [12] - The Qian Guo Xu Yuan Three-Year Holding A fund (016709.OF) saw a minor net value drop of 0.01 yuan to 0.820 yuan, with a year-to-date return of 9.23% [15] - The Silver Hua Wealth Theme A fund (180012.OF) and the GF Stable Growth A fund (270002.OF) both experienced a net value decline of 0.008 yuan, with year-to-date returns of 2.71% and 4.58%, respectively [18] Market Insights - The decline in the E Fund Consumer Industry fund is attributed to the significant drop in liquor stocks in the fourth quarter of last year and a sluggish recovery in the consumer sector this year [4] - Fund managers express concerns over slow domestic demand recovery and low inflation, but maintain confidence in the long-term economic outlook [9][14] - The current market environment highlights a divergence between index performance and fund net values, signaling a need for investors to assess funds' maximum drawdown and recovery capabilities [18]