东方高端制造基金第12次发布清盘预警！李瑞2283%换手率难阻颓势

Core Viewpoint - The Oriental High-end Manufacturing Mixed Fund is facing a potential termination due to its net asset value being below 50 million yuan for 40 consecutive trading days, with only 10 trading days left before reaching the critical threshold [1][8]. Fund Performance and Management - The fund was established on March 1, 2023, with a meager fundraising of 228 million yuan, and has since experienced a significant decline in net asset value, with A and C class shares dropping to 0.764 yuan and 0.755 yuan respectively, resulting in annualized losses exceeding 10% [4][9]. - The fund manager, Li Rui, has a strong academic background and extensive experience, yet the fund's performance has been disappointing, with a total return of -23.6% for A shares and -24.47% for C shares, ranking low among peers [4][10]. Trading Activity - The fund exhibited an exceptionally high turnover rate of 2283%, with all top ten holdings being replaced quarterly. In 2024, it bought 314 stocks exceeding 2% of its initial asset value, totaling 924 million yuan, while selling 312 stocks for 941 million yuan, leading to commission costs surpassing management fees [6][8]. Market Reaction and Regulatory Challenges - The fund has been in a cycle of warnings and temporary recoveries, with its size falling below the regulatory threshold of 50 million yuan by the end of Q4 2023. Attempts to amend the fund contract to extend warning periods have not been successful in reversing the downward trend [8][11]. - As of May 15, 2025, 40% of the funds managed by Oriental Fund have net asset values below 50 million yuan, indicating a systemic issue within the company's equity investment strategy [11].