Xin Lang Cai Jing·2025-07-07 06:41Core Viewpoint - The Jinxin Intelligent China 2025A Fund has shown strong performance, significantly outperforming its benchmark, but its investment strategy has deviated from its stated goals, focusing heavily on bank stocks instead of technology and intelligent enterprises as indicated by its name and contract [1][3][14]. Performance Summary - The fund has increased by 15.57% this year, surpassing its benchmark by 13.82 percentage points [1]. - Over various time frames, including six months, one year, two years, three years, five years, and since inception (July 1, 2016), the fund has achieved a total return of 186.09%, with cumulative excess returns of 155.05% [1]. Investment Portfolio - The fund's top ten holdings are exclusively bank stocks, including major banks such as Bank of Communications, Bank of China, and Agricultural Bank of China, which contrasts sharply with its thematic focus on technology and intelligent enterprises [3][4]. - The fund's investment contract specifies a focus on companies providing intelligent production, design, and services, yet the current portfolio does not align with this objective [5][14]. Historical Context - Initially, the fund's holdings included technology-oriented companies like Jianghuai Automobile and Longdian Technology, with no bank stocks present [8][11]. - A significant shift occurred in Q1 2017, where bank stocks began to dominate the portfolio, culminating in a complete transition to bank stocks by Q1 2020 [11][12]. Fund Management and Strategy - The fund manager has not provided a clear rationale for the ongoing style drift, despite mentioning AI's role in enhancing financial services [12][14]. - The fund's heavy concentration in bank stocks, particularly state-owned and joint-stock banks, raises questions about the alignment between its investment strategy and its stated goals [14][15]. Investor Composition - The fund has a highly retail investor base, with individual investors holding 98.85% of the fund, indicating a potential lack of institutional oversight [6]. Regulatory and Market Implications - The fund has been placed on a "no evaluation" list by professional rating agencies due to its style drift, reflecting growing regulatory scrutiny on such deviations [6][15]. - The case of Jinxin Intelligent China 2025 raises broader questions about the balance between performance and compliance, particularly when a fund's success is achieved through strategies that diverge from its stated objectives [14][15].