净值回撤20%，希瓦资产CEO梁宏致歉：过度追求宏大叙事，高位贪婪付出代价

Core Insights - The report from Xiwa Asset indicates a significant decline in the estimated net value of most funds, with an approximate drop of 7% and a cumulative drawdown of about 20% from the peak [1][2] - CEO Liang Hong publicly apologized for the poor performance, attributing the primary reasons to individual stock issues and volatility in the technology and internet sectors [1][2] Group 1: Reasons for Drawdown - The drawdown is primarily attributed to three factors: a decline in the innovation drug sector where the company failed to realize gains at high valuations, a drop of over 37% in a leading hardware company, and significant losses from investments in the stablecoin sector amid a bear market in cryptocurrencies [2][6] - Liang did not disclose the specific hardware company but speculation suggests it could be Xiaomi, which has seen its stock price drop from a high of 61.45 HKD to 38.66 HKD, a decrease of 37% [2][4] Group 2: Company Actions and Future Strategy - Xiaomi's founder and CEO Lei Jun invested over 100 million HKD to purchase 2.6 million shares, increasing his ownership stake to 23.26% [4] - The company has been actively repurchasing its shares, with a total buyback amount exceeding 2.3 billion HKD this year [4] - Liang emphasized the need for a strategic adjustment in response to the significant drawdown, indicating a shift towards absolute return considerations while maintaining value investment principles [7][9]