你以为懂了，结果绿了，有些人笑着笑着，就哭了...... 01 成也萧何，败也萧何 各位养"基"人们，最近情况如何？ 随着2025年基金三季报披露完毕，公募基金最新盈利情况出炉。 三季度全行业狂赚2.08万亿，环比翻了4.4倍，易方达、华夏、嘉实三家公司当季利润均超千亿元。 偏偏还就让他赶上了百年难遇的半导体牛市。 在行业顺风又顺水的时候，有家基金公司貌似例外？ 虽然成立了22年，发起人是央企中化集团，实力不俗，但目前管理规模仅1949亿，在行业里只排第40/215名。要知道几乎同时期成立的广发基金、天弘基 金等，管理规模早已超万亿。 买过诺安基金的兄弟举个手，是不是当年都追着"半导体明灯"进场？ 是的，提起诺安，总绕不开蔡嵩松。 在他之前，2003年成立的诺安基金，就是基金圈的"小透明"，虽然央企中化当大股东，却始终没闹出啥声响。 直到2019年2月，蔡嵩松接掌诺安成长混合，一切都变了。 这个少年得志的基金经理，风格极致到骨子里——要做"最锐利的矛"，把80%以上的仓位都All in砸进半导体，跟传统的分散投资理念对着干。 诺安成长混合的净值一路狂飙，规模从2018年底的3.8亿，扩张到2020年末的近33 ...

Core Viewpoint - The marketing strategy of Shangyin Fund, which promotes fund manager Chen Bo as a trendy figure, has sparked industry concerns about the "idolization" of fund managers and the potential risks associated with such marketing tactics [1][3][5]. Marketing Strategy - Shangyin Fund's marketing campaign focuses on creating a personal brand for Chen Bo, utilizing offline advertisements in key areas of Shanghai and online engagement through social media platforms like Xiaohongshu [3][5]. - The campaign has received mixed feedback, with users more interested in promotional giveaways than in the actual investment strategies or performance of the funds [3][5]. Performance and Risks - Chen Bo manages six funds, with most of them having assets under management below 50 million yuan, putting them at risk of liquidation [1][10][13]. - Year-to-date performance shows that only one of Chen Bo's funds has outperformed the CSI 300 index, while the others have significantly lagged behind [10][11]. Industry Context - The trend of "star-making" in the fund industry is not new, with previous examples like Wang Zonghe from Penghua Fund, whose performance ultimately disappointed investors [7][8]. - Regulatory bodies have emphasized the need for fund companies to move away from reliance on star fund managers and focus on a more integrated investment research system [9][14]. Structural Challenges - Shangyin Fund faces significant challenges in its equity business, with equity products accounting for less than 2% of its total assets under management, indicating a heavy reliance on fixed-income products [14][15]. - The fund's struggle to attract and retain talented equity fund managers reflects broader issues within bank-affiliated fund companies, which often prioritize lower-risk products [14][16].

Core Insights - The article highlights the performance of five prominent fund managers in the AI-themed fund sector, showcasing their investment strategies and returns in 2025, with an average return rate exceeding 43%, significantly outperforming the market index [2][9]. Group 1: Fund Managers and Performance - Li Jun (Huaxia Fund) manages the AI ETF (515070) with a return rate of approximately 46.79% in 2025, focusing on AI chips, algorithm software, and application devices, benefiting from the surge in AI computing power demand [3][9]. - Jin Zicai (Caitong Fund) leads the Caitong Growth Select fund with a return rate of about 59.13%, emphasizing technology growth stocks and making precise investments in AI computing stocks [4][9]. - Li Wenbin (Yongying Fund) oversees the Yongying Technology Driven fund, achieving a return rate of around 53%, with a focus on high-quality growth stocks in AI and semiconductors [5][9]. - Liu Gesong (Guangfa Fund) manages the Guangfa Technology Pioneer fund, which has a return rate of approximately 31%, concentrating on strategic emerging industries like new energy and AI [6][9]. - Liu Huiying (Noan Fund) leads the Noan Growth fund with a return rate of about 38%, focusing on the semiconductor and AI hardware sectors [7][9]. Group 2: Investment Styles and Risk Management - Li Jun employs a quantitative investment style, prioritizing liquidity control and minimizing tracking errors, making it suitable for passive investors [3][9]. - Jin Zicai is recognized for his industry rotation skills, focusing on high-risk, high-return strategies, with a dynamic adjustment approach to mitigate risks [4][9]. - Li Wenbin emphasizes a balanced fundamental approach, focusing on risk-reward ratios and dynamic allocation strategies [5][9]. - Liu Gesong adopts a growth-value balance strategy, emphasizing long-term investment opportunities and valuation control [6][9]. - Liu Huiying's concentrated investment style targets the semiconductor AI industry, aiming for high elasticity returns, but carries higher volatility risks [8][9].

Group 1 - SMIC (688981.SH) released its 2024 annual report on March 28, 2025, indicating that as of March 27, 2025, 535 institutional investors disclosed holding shares in SMIC A-shares, totaling 817 million shares, which accounts for 10.25% of SMIC's total share capital [1] - The top ten institutional investors include notable entities such as the National Integrated Circuit Industry Investment Fund II, China Merchants Bank, and various ETFs focused on the semiconductor sector, with the top ten collectively holding 7.17% of the shares [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutional investors decreased by 1.25 percentage points [1] Group 2 - In the public fund sector, three funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.95% [2] - A total of 31 new public funds were disclosed during this period, including various ETFs and mixed funds focused on large-cap indices and digital economy [2] - There were 230 public funds that did not disclose holdings in this period, including several semiconductor-focused ETFs and mixed funds [2]