南方周末新金融研究中心对5620只公募基金2026年中报数据进行了分析，揭示出投资者盈亏与基金管理费增幅之间存在明显的反向关系1。数据显示，近八成投资者亏钱的基金，管理费同比增长约543%；而七成投资者赚钱的基金，管理费增幅仅约96%1。这种收益错位现象最为极端的案例是德邦稳盈增长基金，仅有约一成投资者盈利，其管理费却同比增长超5000%，即增长50倍1。
基金行业的这种现象与多个因素相关联。长城基金旗下16只基金盈利投资者占比不足20%，占其主动权益类基金总量四分之一，居全市场首位1。德邦基金在2026年2月因合规内控问题曾被中国证监会上海监管局责令三个月内改正1。采取限购措施的基金盈利投资者占比均值超90%，而仍开放申购的基金均值不足70%，反映出申购政策与投资者收益状况之间存在差异1。相比之下，浮动费率基金（94只）表现相对较好，盈利投资者占比均值约86%，高于其余5500只基金的约79%1。
A comprehensive analysis of 5,620 public mutual funds based on their mid-year 2026 reports reveals a stark disconnect between investor returns and fund company revenues.1 Funds where nearly 80 percent of investors incurred losses saw management fees increase by approximately 543 percent year-over-year, while funds where over 70 percent of investors earned profits experienced management fee growth of only about 96 percent.1 This inverse relationship demonstrates a fundamental misalignment between investor interests and fee structures in the sector.
Several funds exemplify this problematic trend.1 Daibon's Stable Income Growth fund, with only around 10 percent of investors profitable, recorded management fee increases exceeding 5,000 percent—a 50-fold spike.1 Elsewhere, Great Wall Fund's 16 funds showed profitability rates below 20 percent among investors while representing one-quarter of its active equity fund portfolio, the highest proportion in the market.1 The 2026 mid-year reports marked the first disclosure of this investor profitability ratio as a new metric.1
Structural factors appear to influence these disparities.1 Funds implementing purchase restrictions achieved average investor profitability rates exceeding 90 percent, whereas funds remaining open to new investments averaged below 70 percent profitability.1 Additionally, floating-fee funds—comprising 94 of the analyzed funds—showed average investor profitability of approximately 86 percent, outperforming the roughly 79 percent average of the remaining 5,500 funds.1 In February 2026, Daibon Fund received an enforcement order from the China Securities Regulatory Commission's Shanghai bureau, requiring compliance and internal control corrections within three months.1
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