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Russia's Ouster From WTO Would Jeopardize West & Global South's Development, Scholars Warn_我的网站

A |     　　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。    "[O]usting Russia from the WTO would have a number of negative consequences, for Russia, of course, but also for other WTO countries, and even more so for all those countries that to date have been benefiting from the Russian WTO membership, particularly as regards the oil market and a number of industrial or consumer goods," says Sergio Rossi, professor of macroeconomics and monetary economics at the University of Fribourg, Switzerland.,Since its accession to the WTO, Russia has helped integrate Eastern and Asian countries into global trade and contributed to economic growth as well as firms’ profits, notably in those Western countries that imported a lot of Russian oil, iron, and steel, according to Rossi.,"The Russian participation in the WTO enlarged the spectrum of the latter so that it now covers all major economies around the world," the academic emphasizes. "On geopolitical grounds, it also helped counterbalance the US power, contributing to reducing the asymmetries and the monetary dominance of the US dollar at the global level. For the EU, Russia’s participation in the WTO gave rise to two major benefits. On the one hand, the EU member countries have been in a position to increase their exports to Russia, hence also the EU firms’ profits. On the other hand, these countries’ economies benefited from a huge reduction of their importing costs, as regards different trade barriers (tariffs and patents in particular).",The professor notes that Russia's impact on trade and investment within the framework of the WTO has been positive, given that it facilitated the expansion of foreign trade across the global economy, thereby creating jobs and investment opportunities for a number of Western countries.,Similarly, Russia's WTO membership has played a crucial role for the Global South as Moscow has often thrown its weight behind developing countries, highlights Dr. Anuradha Chenoy, professor of the Center for Russian and Central Asian Studies at Jawaharlal Nehru University.,"Russia has been a responsible member of the WTO," Chenoy stresses. "On many issues Russia sided with the countries of the Global South, because of rules like ‘Trade Related Intellectual Property Rights’ and patents were not in favor of developing countries. For example, during the COVID-19 pandemic, India and South Africa proposed an exceptional and temporary waiver on COVID vaccines, which were under patent by Western pharmaceuticals. Many countries of the South backed India and South Africa’s demand. So did Russia. But the Western block did not allow the patent regime to be diluted and big corporate profits continued. Many people in the South could not get the vaccine as a consequence.",RussiaMoscow Calls for Joint Work on Resolving Trade Issues Within WTO to Solve Food Crisis21 May, 18:42 GMT,Russia's Ouster From WTO is Highly Unlikely,The Russian Federation has been a member of WTO since 22 August 2012. Prior to that, it had worked hard for 19 years to meet the organization's requirements. After the beginning of the special operation to demilitarize and de-Nazify Ukraine, Russia was stripped of its "most favored nation" status, with some Western nations calling for the removal of the country from the international entity. However, as Reuters explained back in March, "expelling Russia, which joined the WTO in 2012 after 19 years of negotiations, would be extremely difficult as there is no specific expulsion process.","Ousting Russia from the WTO is not possible under the current WTO Agreement, as it does not encompass such a possibility," says Rossi.,He points out that Russia could be expelled only if two-thirds of the 164 WTO member countries backed such a decision which is highly unlikely. Neither China nor many other countries, including BRICS members, will ever agree to expel Russia "in light of economic advantages these countries benefit from having Russia within the WTO," according to the academic.,For his part, Chenoy underscores that Russia's hypothetical expulsion could create a disturbing precedent which "would be harmful for global trade and the rules-based order and international law.",EconomyUS Attempts 'to Strangle and Cripple' Russian Economy With Sanctions Failed, Russian Ambassador Says19 August, 10:49 GMT,Meanwhile, Russian lawmakers have also weighed the pros and cons of Russia's WTO membership. In April, State Duma Speaker Vyacheslav Volodin instructed relevant chamber committees to study the advisability of Russia's presence in the organization. The Communist Party of the Russian Federation and Liberal Democratic Party of Russia advocated for the nation's withdrawal from the WTO, arguing that Russia's accession to the WTO has made the nation's enterprises less competitive than their Western peers and failed to shield the country from Western sanctions.,For his part, Minister of Economic Development Maxim Reshetnikov argued on May 5 that Russia's exit from the WTO would, in particular, deprive the country of the opportunity to develop new rules for global trade. In addition to that, the WTO still remains an important tool to support Russian exports, the minister wrote in a letter, obtained by Russian media outlet RBC.,Controversies pertaining to the WTO were also discussed by BRICS members during the group's 14th summit in June. The leaders of BRICS states agreed to pursue "the necessary WTO reform" to build an open world economy and called on all WTO members to avoid unilateral and protectionist measures that run counter to the spirit and rules of the WTO.,"This WTO reform is welcome," says Rossi. "This reform should include also an agreement to dispose of the actual international monetary disorder, which is the result of the US dollar dominance that allows the United States to record enormous ‘trade deficits without tears,’ as the French economist Jacques Rueff noticed in the 1950s – that is, shortly after the 1944 Bretton Woods agreements, which put the US dollar at the center of the current international monetary regime. Time has come to get rid of this monetary disorder, which is a factor of financial instability and crises as well as of geopolitical turmoil across the global economy.",RussiaGlobal Power Shifting Away From West, While BRICS Expanding & Increasing Legitimacy14 July, 16:45 GMT,How West Has Shot Itself in the Foot,Meanwhile, the decision of the US, the European Union, Japan, and Canada to strip Russia of its "most favored nation" trade status will have a long-term negative impact on the global economy, according to Rossi.,"The global economy will suffer from this decision, because there will be an increase in the costs of foreign trade for all countries involved," the academic forecasts. "For instance, importing Russian oil and iron in the EU will cost more, as the importing firms will have to pay higher tariffs, which they will transfer to the so-called ‘global value chain’ through a higher mark-up of their own production costs.",As a result, one might expect "a mushroom growth of consumer prices, which – as we can observe now – implies a number of negative consequences for all stakeholders, particularly for the poor and the middle class, but also for small as well as medium-sized firms in Western countries," Rossi notes.,Europe is struggling to tame galloping inflation, which has been further accelerated by the anti-Russia energy embargo. The annual inflation rate in the EU climbed to a record high of 9.8% in July, according to Eurostat, the statistical office of the European Union. Likewise, inflation among the Eurozone countries hit a new high of 8.9%. The lowest annual rates were registered in France, Malta (both 6.8%) and Finland (8.0%), while the highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%), and Lithuania (20.9%).,For its part, Russia won't be affected as dramatically as the West, as it is increasingly turning to the East and South, which can be bigger beneficiaries of trade with Russia, who is a prominent supplier of hydrocarbons, commodities, wheat, etc., according to Chenoy. Similarly, Russia's development within the BRICS framework is promising to be beneficial for the country and its partners.,"Countries of the BRICS together have a bigger GDP combined now than the G7 countries," Chenoy notes. "Trade in national currencies, new transport corridors can help the BRICS grow even further."。　　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。　　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。

B | 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。

C | 　　永赢基金是中部阵营中最为亮眼的“黑马”。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。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%。　　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%。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。

D | 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。

E | 　　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。

F | 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%。

G | 　　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。

H | 　　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。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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