血亏35％！东方红“三年锁定期”反成投资者噩梦 谁该背锅？

Core Viewpoint - The performance of the "three-year holding period" funds under Dongfanghong Asset Management has been disappointing, with all 13 funds established for over three years failing to achieve positive returns, raising concerns about the company's product strategy and market judgment [2][3]. Group 1: Fund Performance - As of September 18, 2025, 13 "three-year holding period" funds have not achieved positive returns, with six funds showing returns below -15% [2]. - The worst-performing fund, Dongfanghong Qixing Three-Year Holding A, has a return of -35.05% since its inception on October 29, 2021 [3]. - The majority of poorly performing funds were launched in 2021, coinciding with a peak in the A-share market, leading to systemic risks from the outset [3]. Group 2: Management and Strategy Issues - The overall poor performance of Dongfanghong's three-year products indicates systemic issues in product layout, research capabilities, and market judgment [3]. - The departure of key team members since 2016 has led to a loss of investment philosophy and continuity, contributing to declining product performance [9]. Group 3: Market and Investor Sentiment - The market is reassessing the design logic and issuance rationale of the "three-year holding period" products, which were intended to encourage long-term investment but have instead become a "passive constraint" for investors [6]. - The issuance of holding period products should be timed carefully, ideally during market lows, to align risks and rewards with investors [7][8]. Group 4: Company Financials - Dongfanghong's asset management scale has decreased from a peak of 2696.23 billion to 1662.99 billion, a reduction of 1033.24 billion or 38.32% [9]. - The company's revenue and net profit for 2024 were 14.35 billion and 3.33 billion, respectively, reflecting year-on-year declines of 30.41% and 32.04% [9]. Group 5: Leadership Changes - In May 2025, Dongfanghong appointed a new general manager, Cheng Fei, who has a background in fixed income and new business areas, raising hopes for a turnaround in the company's competitive position in equity investments [10].