鹿鼎记陈小春版
21家公募基金中考放榜：4家净赚超10亿 “黑马”大增186%_我的网站
一 | 随着上市公司2026年半年报陆续披露，部分基金公司的经营业绩相继揭晓。 据Wind数据统计，已披露经营数据的21家基金公司（包括有公募牌照的券商资管机构）中，20家实现盈利，4家净利润超10亿元。
二 |
China has firmly rejected and condemned a new annual report by the New Zealand Security Intelligence Service on Friday which once again fabricates and sensationalizes claims about so-called "Chinese interference" and "China threat," stressing that the report is rife with Cold War thinking and contains unfounded accusations against China.
This report is clearly linked to a series of recent negative developments in New Zealand's China-related policies, a Chinese expert told the Global Times on Friday.
Recently, New Zealand has continuously toughened its rhetoric toward China, which to some extent reflects a form of "compensatory hawkishness" aimed at demonstrating its reliability within the Five Eyes alliance, Chen Hong, director of New Zealand Studies Centre, East China Normal University, told the Global Times. "Rather than reflecting 'strategic confidence,' this trend may reveal a sense of 'identity anxiety,'" Chen said.
The New Zealand intelligence agency claimed in the report released on Thursday that China is the only nation pursuing espionage in New Zealand at scale, Radio New Zealand reported. It also claimed that such activity posed threat to New Zealand, which is the "most challenging of recent times."
Many of its unfounded accusations against China either maliciously label normal exchanges, communication and cooperation as so-called espionage or interference activities, or are simply baseless fabrications. China absolutely rejects and firmly opposes this, the Chinese Embassy in New Zealand said in a statement released on Friday.
The release of this report at this time is part of a new round of attacks, smears and vilification of China orchestrated by certain international forces. In itself, the report may well be the result of foreign interference, the embassy said.
In June, security agencies from the "Five Eyes" alliance issued a warning, claiming that Chinese spies used online job platforms to recruit people with access to sensitive information, according to a Reuters report.
For now, the annual report has further escalated its rhetoric, effectively creating a chain in which the Five Eyes' warnings and New Zealand's domestic threat assessments reinforce and echo each other, the Chinese expert said.
The Lowy Institute said in a latest article on Thursday that New Zealand had long been considered the weakest link in Five Eyes and the easiest for China to try to cow. "But New Zealand has now called out China by name in its intelligence warnings so often that officials joke it has become tougher on Beijing than Australia is," the article said.
The extent to which New Zealand's intelligence agencies have publicly singled out China has in fact gone further than Australia's, which, I think, represents a compensatory hardline posture, Chen noted.
"New Zealand wants to demonstrate that it is a very active and very tough member of the Five Eyes. In fact, we have recently seen New Zealand take a high-profile stance on issues ranging from Pacific Island countries and China's relations with South Pacific and South China Sea nations to China's missile tests and other China-related issues. All of these developments can be viewed in the context of this policy shift," the expert said.
This suggests that some forces within New Zealand's security and foreign policy establishment are consciously trying to demonstrate that New Zealand is not a weak link in the Five Eyes alliance, but rather an active participant, Chen added.
The report also reflects the fact that some people both within and outside New Zealand do not want to see China-New Zealand relations develop positively. By going to great lengths to spread rumors, they seek to drive a wedge between the peoples of the two countries, create a chilling effect among the public, including overseas Chinese, undermine bilateral mutual trust, and obstruct the development of bilateral relations, the embassy noted.
Their actions serve geopolitical purposes and the narrow, short-sighted political interests of certain forces. Their intentions are clear to anyone with insight, and their objectives will not succeed.
The embassy also noted that the essence of China-New Zealand relations is mutually beneficial cooperation and win-win outcomes. In recent years, with the joint efforts of both sides, bilateral relations have made steady progress. Bilateral trade has repeatedly reached new highs, bringing substantial income and employment opportunities to New Zealanders.
People-to-people exchanges have continued to grow, with the numbers of tourists and international students increasing steadily, promoting mutual understanding and closer ties between the peoples of the two countries. The overseas Chinese community in New Zealand has played a unique and important positive role in this regard.
Since China introduced a unilateral visa-free policy for New Zealand, many New Zealand tourists have visited China, witnessing firsthand China's development achievements and openness and inclusiveness, the embassy said.
As a result of various factors, New Zealanders' understanding of China has become more comprehensive and objective in recent years, while favorable views of China and support for China-New Zealand relations have continued to rise
The embassy also warned those forces and individuals attempting to engage in political manipulation: Do not undermine the hard-won, mutually beneficial and win-win China-New Zealand relationship for your own selfish interests, thereby harming the interests of New Zealand and its people.
Acting as pawns for anti-China forces internationally will ultimately prove counterproductive. Creating controversies in foreign relations will not solve New Zealand's problems; it will likely only make matters worse, the embassy said, urging these forces and individuals not to resort to desperate measures that will ultimately harm themselves, or lift a rock only to drop it on their own feet.
China attaches importance to its relations with New Zealand and is willing to work with the New Zealand side, on the basis of the consensus reached by the leaders of the two countries, to advance exchanges and cooperation in various fields, including political mutual trust, practical cooperation and people-to-people exchanges, and to better benefit the peoples of both countries, the embassy said.
However, the development of China-New Zealand relations does not depend on China alone. We hope the New Zealand side will work in the same direction as China, rather than the opposite. Otherwise, the New Zealand side will bear responsibility for any consequences arising from such a course of action, it noted.
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三 | 整体来看，在公募行业费率改革深入推进、权益市场结构性行情延续等背景下，头部公司凭借多元产品线和规模优势保持利润领先，而彼此间差距极为有限，竞争仍然激烈；中型公司正在全力追赶，部分机构凭借股东资源或特色策略实现弯道超车，排名剧烈洗牌；中小公募则业绩分化显著，部分机构存在亏损情况。
4家基金公司净利润超10亿元 从已披露的数据来看，2026年上半年净利润突破10亿元的基金公司共有4家，分别是南方基金、华夏基金、富国基金和兴证全球基金。 具体来看，南方基金以15.03亿元的净利润暂居榜首，同比增长25.86%；华夏基金以14.13亿元紧随其后，同比增长25.82%，两者净利润相差0.9亿元，增速几乎持平。富国基金上半年实现净利润11.43亿元，同比增长23.74%；兴证全球基金实现净利润10.12亿元，同比增长40.75%。 从营业收入维度观察，华夏基金上半年营业收入为57.08亿元，同比增长34.05%，在已披露公司中位列第一；南方基金营收50.14亿元，同比增长32.05%，与华夏基金相差近7亿元；富国基金营收43.49亿元，同比增长30.63%；兴证全球基金营收22.91亿元，同比增长28.35%，与前三位差距较为明显，但同样实现了10亿元级别的净利润，净利润率高达44.2%，体现出其在主动权益领域的较强盈利能力。 中型公司上升空间打开，排名剧烈洗牌 净利润在1亿元至10亿元区间的基金公司共有9家，分别是华安基金、永赢基金、银华基金、国泰海通资管、大成基金、万家基金、海富通基金、鑫元基金和长信基金。这一阵营内部排名较2025年同期发生显著变化，部分机构凭借爆发式增长实现跃升，展现出中型公司较大的上升和突破空间。 永赢基金是中部阵营中最为亮眼的“黑马”。
四 | 上半年实现净利润5.22亿元，同比增幅高达186.81%，在全部已披露公司中增速领先；营业收入19.96亿元，同比增长122.52%。 海富通基金同样表现不俗。
五 | 上半年实现营业收入7.17亿元，同比增长98.07%；净利润2.09亿元，同比增长97.17%，营收与净利润双双近乎翻倍。 此外，华安基金上半年实现营业收入19.16亿元，同比增长22.98%；净利润5.65亿元，同比增长13.00%。银华基金上半年实现营业收入19.16亿元，同比增长42.29%；净利润4.32亿元，同比增长52.36%。国泰海通资管上半年实现营业收入16.25亿元，同比增长71.41%；净利润3.33亿元，同比增长31.10%。大成基金上半年实现营业收入15.34亿元，同比增长29%；净利润2.57亿元，同比增长19.16%。
六 | 万家基金上半年实现营业收入12.56亿元，同比增长38.10%；净利润2.48亿元，同比增长54.27%。
七 | 鑫元基金上半年实现营业收入4.69亿元，同比增长31.59%；净利润1.58亿元，同比增长47.06%。长信基金上半年实现营业收入4.48亿元，同比增长14.54%；净利润1.00亿元，同比增长79.40%，从“千万级”跃升至“亿级”梯队。 中型公司的整体表现表明，在行业竞争日趋激烈的背景下，具备股东资源支持或特色产品优势的公司仍有广阔的发展空间。 中小公募分化加剧，差异化发展成突围关键 净利润亿元以下的基金公司共8家，业绩表现呈现明显分化。部分中小公募凭借特色化布局实现高速增长，但也有公司仍处于亏损或微利状态，行业“马太效应”持续深化。
八 | 在增长较为突出的中小公募中，信达澳亚基金的表现尤为引人注目。上半年净利润从2025年同期的378.36万元飙升至4124.32万元，同比增幅高达990.05%，在全部已披露公司中增速位列第一；营业收入3.27亿元，同比增长10.36%。
九 | 此外，东兴基金净利润1210.67万元，同比增长135.75%；光大保德信基金净利润4800万元，同比增长84.62%；中邮创业基金净利润4958.38万元，同比增长81.91%；中信建投基金净利润5700万元，同比增长50.00%。上述公司虽然净利润绝对值不高，但增速可观，显示出部分中小机构在细分领域的竞争力正在提升。 与此同时，部分公司仍面临经营压力。南华基金是已披露数据中唯一一家净利润为负的公司，上半年亏损107.82万元，不过，较2025年同期的-617.92万元已大幅减亏82.55%；营业收入3578.03万元，同比增长48.90%。尽管尚未扭亏，但积极的边际改善信号值得关注。 从行业整体来看，公募基金行业正从规模导向转向质量导向。2025年以来行业费率改革深入推进，管理费下调对基金公司收入端形成直接冲击。在这一背景下，投研能力突出、产品线完善、客户基础扎实的头部公司更具抗压能力，而依赖单一业务或规模驱动的中小公司则面临更大的经营波动。
十 | 业内人士表示，未来中小基金公司需进一步明确差异化发展路径，在被动投资、固收+、养老FOF、REITs等细分领域寻找突破口，方能在行业洗牌中站稳脚跟。 总体而言，2026年上半年公募基金行业经营业绩呈现出“头部稳固但竞争激烈、中部洗牌空间广阔、尾部承压但边际改善”的格局。在居民财富管理需求持续增长、资本市场深化改革的大背景下，基金公司如何平衡规模扩张与质量提升，将是决定其未来行业位次的关键所在。（文章来源：券商中国）。
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