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中国基金业经过十年的积累,终于初具规模,截至2005年底,各类投资基金所管理的资产高达4700亿人民币,然而,国内基金业目前也遭遇两大困局:一是收益率偏低,二是受到银行业的夹击。笔者统计了沪深上市的100只开放式股票基金,2005年平均收益率仅为3．8％, 最高收益率为16．93％,将近2／3的基金处于5％以下的低收益率水平,可以说差强人意。这其中的原因固然与股市大环境有关,但更重要的是业内广泛采取大同小异的投资策略,买卖的股票都来源于所谓的“基金股票池”,其业绩自然就“五十步笑百步”了。反观香港市场,2005年的基金之王年收益率高达100％,年收益率高达30％以上的新兴市场基金比比皆是;对比之下,“平均主义”可以说是中国基金业的最大特色。
After 10 years of accumulation, China’s fund industry has finally begun to take shape. As of the end of 2005, all kinds of investment funds managed assets as high as Rmb470 billion. However, the domestic fund industry has also encountered two major dilemmas: First, the yield is low Second, the attack by the banking sector. I counted Shanghai and Shenzhen Stock Exchange 100 open-end equity funds in 2005, the average yield of only 3.8%, the highest yield of 16.93%, nearly 2/3 of the funds in the low yield of 5% or less , Can be unsatisfactory. Although the reason for this is related to the general environment of the stock market, what is more important is that the industry adopts broadly similar investment strategies. The stocks traded come from the so-called “pool of fund stocks,” and their performance is “one step ahead of the other” It’s In Hong Kong, on the other hand, emerging market funds with annual returns of up to 100% and annual returns of more than 30% were found everywhere in 2005. By contrast, “egalitarianism” can be said to be the most prominent feature of China’s fund industry.