大成基金百亿名将年内5次“内部调整”，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 significant internal management changes and underperformance of its funds [2][12]. Group 1: Management Changes - Wei Qingguo, a former fund manager, has been removed from all public fund management roles after five internal adjustments in 2025, with the latest occurring on November 4 and 6 [2][5]. - Wei managed a total of 11 funds during his tenure, with a peak management scale exceeding 11 billion [3]. Group 2: Fund Performance - As of November 13, 2025, the combined management scale of three key fund managers—Xu Yan, Liu Xu, and Han Chuang—reached 64.281 billion, accounting for approximately 55% of the company's equity fund total [2][12]. - Xu Yan's managed products have all underperformed against their benchmarks, with the newly established Dachen Xingyuan Qihang fund criticized for missing out on the "bull market" [2][12]. - Dachen Industry Pioneer, managed by Wei, reported a return of 32.53% since inception, but has shown negative returns over the past year, two years, and three years [6][10]. Group 3: Investment Strategy - The investment strategy of Dachen Fund appears to be heavily reliant on traditional value stocks and large-cap stocks, with a lack of diversification into growth sectors [18]. - High turnover rates in funds, particularly Dachen Industry Pioneer, indicate a potential lack of a stable investment framework, which may lead to increased trading costs and risks [10][18]. Group 4: Recent Developments - Dachen Fund's total public fund management scale is currently 473.877 billion, ranking 26th among 188 public funds [19]. - Despite past successes, the company has seen a decline in its asset ranking, now fluctuating around the 30th position [19][26]. - Newer fund manager Guo Weiling has shown promising results with the Dachen Technology Innovation fund, achieving a return of 120.2% over the past year, significantly outperforming peers [24][25].