Group 1 - The core viewpoint of the article highlights the positive impact of multiple favorable policies on the capital market, particularly focusing on the financial policies aimed at stabilizing the market and expectations [1] - The China Securities Regulatory Commission (CSRC) emphasizes the need to align the interests of fund managers with investors, proposing reforms in fund operation models and fee structures [1][2] - Fund companies will be required to shift their focus from scale to returns, with performance metrics directly affecting the assessment of fund managers [1][2] Group 2 - The recent departure of prominent fund manager Fan Kun from Rongtong Fund raises concerns about team stability and performance, as he had managed over 10 billion yuan in assets [3][4] - Fan Kun's resignation, attributed to "maternity leave," has led to significant market speculation and investor anxiety regarding the future performance of the funds he managed [5][10] - The fund's performance has seen a decline, with a return of -8.56% in the past year, despite a long-term total return of 99.77% since Fan took over [7][9] Group 3 - Rongtong Fund, established in 2001, has undergone ownership changes and aims to develop a unique "red gene" characteristic as a state-owned enterprise [11][13] - The company has faced challenges in maintaining its management scale, with a recent total of 1485.82 billion yuan in assets under management, down from a peak of 1687.52 billion yuan in 2020 [13][16] - The investment performance of Rongtong Fund's equity products has been under pressure, with 20 out of 38 comparable active equity funds showing negative returns in the past year [16]

4 月仅主板和创业板有新股上市，首日平均涨幅仍较高 ——打新市场跟踪月报 20250508 要点 新股发行概况： 4 月仅主板和创业板有新股上市。2025 年 4 月，共 10 只新股上市，主板 6 只、创业板 4 只，募集金额共计 82.69 亿元，环比-10.29%。 2025 年 5 月 8 日 金融工程 其中，参与网下发行的个股共计 9 只，主板 5 只、创业板 4 只，募集金额合计 77.09 亿元，环比+13.94%。 新股上市首日平均涨幅水平仍在 200%以上。2025 年 4 月，主板采用网下打新 的新股 5 只，上市首日平均涨幅为 240.69%，环比-45.70pct，初步询价配售 对象为 7649 家，报价入围率为 93.38%，环比-3.53pct；网下中签率分别为 A 类：0.11‰、C 类：0.09‰。 双创板块（本文统计范围为创业板和科创板）采用网下打新的新股 4 只，上市 首日平均涨幅为 219.73%，环比+12.22pct，无个股破发；初步询价配售对象 为 6560 家，报价入围率为 97.63%，环比+4.43pct；网下中签率分别为 A 类： 0.27‰、C 类：0.2 ...