巨亏60%！国都公募业务或将落幕

Core Viewpoint - The performance of investment funds is crucial, as evidenced by the recent retirement of Liao Xiaodong from Guodu Securities, whose funds have significantly underperformed, with one fund showing a loss of over 63% [3][12][19]. Company Overview - Guodu Securities has seen a decline in its public fund business, with Liao Xiaodong, a veteran with nearly 22 years at the firm, stepping down as all managed products have suffered substantial losses [3][12]. - The firm was one of the first to obtain public fund business qualifications in China, achieving a peak public fund scale of 855 million yuan by the end of 2017 [5][14]. - However, since 2018, the management scale has drastically decreased, with only 2.2 million yuan remaining by the third quarter of 2025, representing a loss of over 98% [6][17]. Fund Performance - The two remaining public funds managed by Liao, Guodu Ju Cheng Mixed Fund and Guodu Innovation Driven Fund, have been under continuous warning for liquidation and are struggling to survive [4][14]. - Guodu Ju Cheng Mixed Fund, established on March 25, 2021, has not recovered from its initial losses despite the recent bull market, indicating poor performance for initial investors [19][21]. - The Guodu Quantitative Selected Mixed Fund, which Liao managed for less than three years, ended with a return loss of 24.4% [19]. Industry Insights - The public fund industry is returning to its core principle that performance is more important than the reputation of fund managers or firms [10][21]. - There is a growing emphasis on aligning the interests of fund managers with those of investors to ensure sustainable market practices [10][21].