一、交易提示 基金发行寒意延续。数据显示，11月24日至30日全市场仅23只新基开卖，平均认购期23.65天，数量环比再缩32%，募集时 长拉长逾3天，连续第二周呈现"少而慢"格局。其中FOF与债基仍保持常规节奏，成为冷清市场上的主要发声者。 分投资类型看，同样剔除掉分级杠杆及固定收益两类基金的影响，股票型基金冠军为同泰行业优选股票C，日增长率为 6.0587%；债券型基金冠军为南方昌元转债C，日增长率为1.5297%；混合型基金冠军为浦银安盛数字经济混合A，日增长率 为6.5864%；货币型基金冠军为银河钱包货币B，日增长率为0.0097%；ETF联接基金冠军为华夏中证动漫游戏ETF，日增长 率为4.3001%；LOF型基金冠军为国联安科技创新混合(LOF)，日增长率为4.8989%；QDII基金冠军为华泰柏瑞南方东英恒 生科技指数ETF(QDII)，日增长率为1.3695%;下面是不同类型基金日增长率TOP5 （剔除掉分级基金的影响） （1）11月25日无新发基金；基金分红50只，多为债券型，派发红利最多的基金是国泰海通中证1000优选股票型发起式证券 投资基金，每10份基金份额派发红利3.1760元； ...

Core Insights - The public fund industry in China has surpassed 33 trillion yuan, but浦银安盛基金 is facing a "performance dilemma" in equity investments, with all three core products managed by CIO 蒋佳良 showing negative returns exceeding 15% [1][2] - The flagship product, 浦银安盛品质优选混合A, has declined by 46.9% since its inception at the end of 2021, ranking near the bottom among similar funds [1][2] - Despite the poor performance of existing products, the company continues to launch new funds, with 10 new funds issued in 2025, including 4 active equity products, three of which have already reported losses [1][7] Performance Analysis - 蒋佳良 manages 8 products with a total scale of approximately 1.17 billion yuan, representing about one-fifth of the company's equity fund assets [2] - The three actively managed equity products have returns of -46.90%, -18.76%, and -6.78% as of October 17, 2025, all negative [2] - The flagship fund has seen its net value drop to 0.531 yuan, with an annualized return of -15.32%, significantly underperforming the benchmark [2][5] Investment Strategy Issues - The investment strategy has shown clear misalignment, with a focus on new energy and vehicle manufacturing in 2022 leading to losses, and a missed opportunity in the AI sector in 2023 [5] - The fund's turnover rate has remained high, exceeding 480% in 2024, indicating a lack of stability in investment style [5] - High management fees have drawn criticism, as the flagship fund has incurred over 690 million yuan in management fees while reporting significant losses [5][6] New Fund Launches - In 2025, the company launched 10 new funds, including 4 active equity funds, but three of these have already reported losses shortly after their inception [7] - The newly launched active equity products have underperformed significantly compared to the market, with losses of -7.21% and -11.74% for two of the funds [7] Company Growth and Challenges - Despite a high frequency of fund launches, the overall growth in fund size has been limited, with the company managing approximately 361.7 billion yuan in public fund assets as of mid-2025 [8] - The reliance on frequent product launches without a strong flagship fund has weakened investor confidence [8] - Regulatory changes are pushing for higher quality in fund management, emphasizing the need for clear performance benchmarks and investment positioning [8]