业绩与规模双杀，大成基金为何读不懂2025？

Core Viewpoint - In 2025, while the A-share market thrives, with the CSI 300 index rising by 14.82% and the Shanghai Composite Index surpassing 4000 points, Da Cheng Fund's equity products significantly lag behind, leading to a decline in scale and contrasting sharply with overall market performance [1][3][36]. Group 1: Market Performance - The total share of stock funds in the market increased from 199.208 billion to 223.348 billion, a growth of 12.1% [3][36]. - Da Cheng Fund's stock fund share decreased from 243.8 billion to 200.9 billion, a decline of 17.6% [3][36]. - Da Cheng Gao Xin A, a flagship product, achieved a return of only 15.76%, ranking 723 out of 969 in its category [5][39]. Group 2: Investment Style and Performance - Da Cheng Fund relies heavily on a "deep value" investment style, with only 21% of its equity allocation in growth stocks, significantly lower than the industry average of over 30% [7][40]. - The fund's managers, Xu Yan and Liu Xu, have maintained returns around 14%, focusing on long-term holdings rather than chasing market trends [7][40]. - Da Cheng Gao Xin A's stock selection ability was only 0.85%, below the average of 1.06%, and its timing ability was -2.26, compared to the average of -0.78 [10][43]. Group 3: Fund Management and Challenges - Da Cheng Fund, established in 1999, is one of China's first ten fund companies, but its non-monetary scale is now only 288.458 billion, ranking 21st [26][58]. - The company has primarily launched fixed-income products this year, with the largest issuance being a medium to long-term pure bond fund exceeding 8 billion [28][60]. - The new fund, Da Cheng Xing Yuan Qi Hang A, faced criticism for not building positions until September, reflecting challenges in adapting to the current market environment [21][56]. Group 4: Long-term Strategy and Market Adaptation - Da Cheng Fund's CEO emphasized a commitment to "long-termism" and stable investment styles, acknowledging the mismatch between their deep value approach and the prevailing growth market in 2025 [34][65]. - The company's strategy may face scrutiny regarding its ability to deliver sustainable returns over longer periods, as it navigates the challenges of market adaptability and investment style diversification [34][66].