大成基金百亿名将遭“清仓”解聘，55%权益规模押注“三剑客”！

Core Viewpoint - Dachen Fund Management, once a prominent player in equity investment, is currently facing multiple challenges, including the departure of key fund manager Wei Qingguo and underperformance of its equity products [2][20]. Group 1: Management Changes - Wei Qingguo has been removed from all managed products after five internal adjustments in 2025, with the latest occurring on November 4 and 6, leading to market speculation about his optimization or dismissal [2][5]. - During his tenure, Wei managed 11 funds, primarily focusing on small-cap, technology, and growth themes, with a peak management scale exceeding 11 billion [3][5]. Group 2: Fund Performance - As of November 13, 2025, Dachen Fund's equity investment heavily relies on three managers: Xu Yan, Liu Xu, and Han Chuang, who collectively manage 64.28 billion, accounting for 55% of the company's equity fund total [2][13]. - Xu Yan's products have all underperformed against their benchmarks, with the newly established Dachen Xingyuan Qihang fund criticized for slow capital deployment, missing out on the "bull market" [2][15]. - Wei Qingguo's managed funds, such as Dachen Zhongxiaopan A and Dachen Hangye Xianfeng, have shown disappointing returns, with the former yielding a return of 156.38% but a recent three-year performance of -11.3% [5][7]. Group 3: Investment Strategy and Market Position - Dachen Fund's investment strategy has been criticized for high turnover rates, indicating a lack of a clear investment framework, which may lead to increased trading costs and risks [11][19]. - The fund's performance has significantly declined, with losses reported from 2022 to mid-2025, and a recent recovery in Q3 2025 showing some positive returns [11][12]. - Despite challenges, Dachen Fund has seen some success with newer managers like Guo Weiling, whose Dachen Technology Innovation fund has outperformed peers with returns of 120.2% over the past year [25][26]. Group 4: Overall Fund Management and Market Ranking - Dachen Fund's total public fund management scale is 473.88 billion, ranking 26th among 188 public funds, a decline from its previous top 10 position [20][27]. - The company has seen a shift in its focus, with its bond, money market, and index funds showing improved rankings in recent years, indicating a potential strategy adjustment [27].