蔡嵩松出事2年后，诺安基金还好吗？

Core Viewpoint - The article discusses the recent performance and challenges faced by Nuon Fund, highlighting the dramatic rise and fall of its star fund manager, Cai Song Song, and the implications for investors and the fund's future [2][8][30]. Group 1: Fund Performance - In Q3 2025, the public fund industry earned a total profit of 2.08 trillion, a 4.4 times increase compared to the previous quarter, with major firms like E Fund, Huaxia, and Harvest each exceeding 100 billion in profits [2]. - Nuon Fund's growth was significant under Cai Song Song, with its scale expanding from 380 million at the end of 2018 to nearly 33 billion by the end of 2020, an increase of 85 times [8]. - However, the fund suffered a 40.04% decline in 2022, resulting in a loss of 12.93 billion, leading to a drastic change in investor sentiment towards Cai Song Song [8][11]. Group 2: Management Changes and Challenges - Cai Song Song's abrupt resignation in September 2023 was followed by allegations of corruption, which raised concerns about the fund's leadership and future direction [10][11]. - Liu Huiying, who took over after Cai, continues to focus heavily on semiconductor investments, but without the favorable market conditions, this strategy may lead to increased volatility [11][30]. - The fund's assets have decreased from a peak of 33 billion to 18.52 billion, indicating a loss of 14.48 billion in value [13]. Group 3: Governance Issues - The founder of Nuon Fund, Qin Mouzhou, has been implicated in a bigamy case, which has further tarnished the fund's reputation [16][18]. - The fund has faced regulatory scrutiny, including a three-month suspension of ETF product registrations due to internal control failures [19][20]. Group 4: Strategic Direction - Nuon Fund's QDII products have underperformed significantly, with total assets dwindling to 1.014 billion, representing only 0.5% of the company's total scale [22]. - Despite past missteps, the fund has a strong technology research team and a balanced management structure, which may provide opportunities for recovery if volatility can be managed [26][29].