一季度基金总体规模上升，基金发行有所回暖；有色金属、通信、电气设备、家用电器和公用事业行业增配幅度居前

科技企业融资建“绿色通道” 科学合理保持新股发行常态化；公募降费再下一城 交易佣金费率明确上限；中证监发布五项资本市场对港合作措施 ETF通产品扩容料3个月落地；风电出海加速 2023年中国风机出口增六成

调降交易佣金费率、降低交易佣金分配比例上限，券商研究服务竞争加剧

沪指开盘报3043.55点，跌幅0.45%；深成指报9312.49点，跌幅0.61%

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• In 2023, China's public mutual funds reported a total loss of 4.9281 trillion yuan for investors, with equity funds losing 1.46 trillion yuan but partially offset by gains from bond and money market funds totaling 909.7 billion yuan. Despite the overall loss, the situation improved compared to the 1.47 trillion yuan loss in 2022.
• The net asset value of public mutual funds increased by 6.03% year-over-year to 27.6 trillion yuan at the end of 2023, driven by growth in bond and money market funds, while equity products saw reductions in both share and net value.
• The Chinese stock market experienced volatility throughout 2023, leading to decreased profitability for public mutual funds and a significant drop in new equity product launches. Additionally, a fee reduction initiative launched in the second half of the year resulted in lower management fee income for many fund managers, indicating an industry-wide effort to reduce costs amidst challenging market conditions.

【本文系数据通用户提前专享】持续震荡市中，公募基金赚钱效应不佳、产品发行遇冷，叠加降费让利改革、“降薪裁员”的氛围愈浓，全行业阵痛期来临

持续震荡市中，公募基金赚钱效应不佳、产品发行遇冷，叠加降费让利改革、“降薪裁员”的氛围愈浓，全行业阵痛期来临

• The securities industry in China is experiencing widespread salary reductions and layoffs, with smaller brokerages implementing drastic measures including cuts to year-end bonuses, monthly performance rewards, base pay, and contributions to housing provident funds. This trend is largely due to a halt in IPO activities and adjustments associated with public fund fee reductions.
• Among 22 listed brokerage firms that disclosed their annual reports, the average salary per person in 2023 is about 590,000 yuan, marking a decrease compared to previous years. High-earning employees and executives are facing significant pay cuts, with discussions about capping compensation at 3 million yuan for financial institutions owned by the central or state government.
• The investment banking sector is particularly hard hit by the downturn, leading to organizational restructuring and layoffs. Research institutes within brokerages are also facing challenges due to market contraction and reduced commission income from public funds, prompting salary cuts and layoffs as they adapt to new market conditions.

除了营收、利润的下滑，曾经的“金领”行业开始全面降薪裁员

除了营收、利润的下滑，曾经的“金领”行业开始全面降薪裁员

经济数据提振信心，周期板块集体走强

交易佣金降低13.07%、托管费降低6.33%、客户维护费降低3.25%

2024年信贷投放总量将保持稳健合理增长，增量将保持与2023年同等力度；同时，将通过存量的移位再贷、适时开展资产证券化等方式，全力提升低效存量贷款的盘活效率

《意见》聚焦校正行业机构定位、促进功能发挥、提升专业服务能力和监管效能，提出了7个方面25项政策措施

• The Chinese A-share market experienced significant fluctuations in 2023, with the Shanghai Composite Index frequently falling below 3000 points and closing at 2974.93 points by year-end. Equity funds continued their downward trend from 2022, marking the first time in China's public fund history that there were consecutive annual losses.
• Only QDII funds, bond funds, and money market funds achieved overall positive returns, while equity and FOF funds recorded negative returns. Nearly 95% of equity funds suffered losses, with close to 80% losing more than 10%. Notably, active equity funds failed to outperform broad market indices like the CSI 300 and CSI 500 for two consecutive years.
• The poor performance of public mutual funds led to a decrease in investor risk appetite and a drop in new fund launches. By the end of December 2023, only 1177 new public mutual funds were established with approximately 1.10 trillion shares issued—a decline compared to previous years. ETFs saw an increase in shares despite index downturns, growing by about 40% compared to the end of 2022.

【本文系数据通用户提前专享】结构性牛市中成长起来的明星基金经理更偏好成长风格股票，即使行业下跌也坚定持有

结构性牛市中成长起来的明星基金经理更偏好成长风格股票，即使行业下跌也坚定持有

11月CPI同比下降0.5%、PPI降幅扩大 均低于预期；公募基金证券交易佣金下调 分配比例上限不超过15%；证监会修订私募办法 PE/VC投资门槛拟300万元起