巨亏60%！国都公募业务或将落幕

Core Viewpoint - The performance of investment funds is the ultimate measure of success, as evidenced by the struggles of Guodu Securities' public fund business and the retirement of its fund manager, Liao Xiaodong, amid significant losses [4][11]. Group 1: Guodu Securities' Fund Performance - Liao Xiaodong, after nearly 22 years at Guodu Securities, retired with all managed products in deep losses, including one fund with a return of -63.78% [4][5]. - The two remaining public funds managed by Liao, Guodu Ju Cheng Mixed Fund and Guodu Innovation Driven Fund, have been under continuous warning of liquidation and are struggling for survival [6][10]. - Guodu Securities' public fund business, which once peaked at 855 million yuan in 2017, has seen its managed scale plummet to just 2.2 million yuan by Q3 2025, a decline of over 98% [8][10]. Group 2: Industry Insights - The retirement of Liao Xiaodong marks a significant moment for Guodu Securities, indicating the potential end of its public fund operations [11]. - The public fund industry is returning to its core principle: delivering returns to investors is more important than the reputation or experience of fund managers [12].