Group 1 - On September 22, the company announced the liquidation of two funds: Chuangjin Hexin Jiahe Steady One-Year Holding Period Mixed Fund and Chuangjin Hexin Jiaping Balanced Three-Month Holding Period Mixed Fund [2] - Both funds were managed by Yan Biao, who also managed another fund that was liquidated on August 13 [4] - As of the second quarter, both funds had underperformed their performance benchmarks since inception, with the Jiahe fund growing by 2.97%, lagging behind the benchmark by 3.47 percentage points, and the Jiaping fund declining by 1.73%, underperforming the benchmark by 5.66 percentage points [5] Group 2 - The reason for the liquidation of the two funds was due to their net asset value falling below 200 million yuan, as stipulated in the fund contracts [4] - By the end of the second quarter, the shares of both funds had been nearly fully redeemed by investors, with the company holding 99.18% and 98.44% of the remaining shares, respectively [6] - Both funds were established on similar dates in August 2022, with their last operational dates set for August 30 and 31, 2025 [4]

Core Insights - The article highlights that while fund investments have low entry barriers and are easy to operate, less than 30% of investors actually make profits due to fundamental cognitive biases [1] Group 1: Fund Types and Rules - Money Market Funds generate returns during weekends and holidays, with holiday earnings disclosed on the second business day after the holiday [2] - Bond Funds continue to earn interest during holidays, but secondary market trading is paused due to stock market closures [3] - Stock/Index Funds do not generate returns during holidays, and investors should be aware of early market closures for Hong Kong stocks [3] Group 2: Buy and Redemption Rules - For buying funds, purchases made before 15:00 are confirmed at the same day's net value, while those after are confirmed at the next day's net value [5] - For redemptions, requests before 15:00 count the same day's earnings, while those after include both the current and next day's earnings [5] Group 3: Investment Strategies - Long-term investment strategies, such as dollar-cost averaging, should not be influenced by specific days of the week, as empirical data shows minimal differences in returns [7] - Suitable funds for dollar-cost averaging include high-volatility stock funds and low-fee index funds, while avoiding low-volatility bond and money market funds [8] Group 4: Timing and Market Signals - Technical indicators like MACD and RSI can help determine the timing for one-time purchases, especially when the PE ratio of indices is low [9] - Signals from monetary policy, such as interest rate cuts, often correlate with market uptrends [10] Group 5: Fund Valuation and Costs - Net asset value does not equate to valuation; a fund with a higher net value may offer better returns than one with a lower net value [12] - Hidden costs, such as management fees and transaction costs, can significantly erode returns over time [14] Group 6: Risk Management - Funds with a continuous low scale may trigger liquidation, but investors can recover their assets at the current net value [15][16] - Understanding the nature of fund dividends is crucial, as dividends do not equate to additional earnings [18] Group 7: Cognitive Biases and Portfolio Construction - Common misconceptions include the belief that lower net values are safer, that dollar-cost averaging guarantees profits, and that frequent dividends indicate a good fund [23] - A recommended asset allocation strategy is the 50-30-20 rule, which suggests 50% in broad index funds, 30% in thematic funds, and 20% in bonds or money market funds [24]

Core Viewpoint - The report from GF Securities Asset Management (Guangdong) Co., Ltd. indicates the termination of the "GF Asset Management Global Selected One-Year Holding Period Bond Fund (QDII)" due to the expiration of the contract, with the final operation date set for June 30, 2025 [1] Group 1: Fund Termination and Financial Details - The fund has a total share amount of 22,130,037.11 shares, with A-class shares having a net value of approximately RMB 1.1236 and a total asset net value of approximately RMB 20,683,357.39 before performance remuneration [1] - C-class shares have a net value of approximately RMB 1.1101, with a total asset net value of approximately RMB 4,132,303.75 before performance remuneration [1] - The estimated performance remuneration for A-class shares is RMB 12,105.47, while for C-class shares it is RMB 791.77, leading to adjusted asset net values of RMB 20,671,251.92 and RMB 4,131,511.98 respectively [1] Group 2: Fund Management Background - The fund was previously managed by Luo Linwei, who has experience in risk management and fixed income investment at GF Securities [2] - Luo Linwei currently manages a total of 10 funds, with performance returns generally in line with the average of similar products [2] Group 3: Comparative Fund Performance - The report includes a comparison of various funds managed by Luo Linwei, showing that the "GF Qianli One-Year Holding Period Bond A" achieved a return of 5.75%, outperforming the average of 4.76% for similar products [3] - The "GF Qianli One-Year Holding Period Bond C" also performed well with a return of 5.46%, again above the average of 4.76% [3] - Other funds managed by Luo Linwei show varying performance metrics, with some funds performing closely to or slightly above their respective averages [3]

Core Viewpoint - The recent fund liquidation meetings held by Guolianan Fund have raised concerns due to the sudden surge in shares of its two funds, Xinqian Mixed A and CSI New Materials ETF, before the liquidation vote, leading to a unanimous approval for liquidation, which is seen as a potential manipulation of the voting process by the fund company [1][2][9]. Group 1: Fund Liquidation Cases - Guolianan Xinqian Mixed A saw its shares increase from approximately 1.91 million to 3.948 million in just over ten days, with 203.1 million shares voting in favor of liquidation, resulting in a 100% approval rate [2][6]. - Similarly, the CSI New Materials ETF's shares rose from 21.146 million to 39.146 million within four trading days, with 20.37 million shares participating in the vote, also achieving a unanimous approval [6][9]. Group 2: Voting Mechanism and Investor Protection - The voting rights in fund holder meetings are linked to the number of shares held, allowing large institutional investments to dominate the voting outcomes, especially when retail investors are absent [9][13]. - The occurrence of two consecutive 100% approval votes raises suspicions of organized vote manipulation, undermining the intended protective function of fund holder meetings [9][14]. Group 3: Guolianan Fund's Market Position - Guolianan Fund, established in April 2003, has a market position in the lower tier of the industry, with a non-monetary fund management scale of 109.5 billion, ranking 45th in the industry [10]. - The fund's active equity funds have shown poor performance, with the Guolianan Climate Change Mixed A fund returning -46.44% since inception, significantly lagging behind its benchmark [11][12]. Group 4: Institutional Dependency and Governance Issues - A significant portion of Guolianan's funds are held by institutional investors, with 45 out of 85 funds having over 50% institutional ownership, leading to a skewed voting power that diminishes retail investors' influence [13]. - The reliance on institutional capital for decision-making in fund holder meetings highlights a systemic issue where the governance mechanism may serve the fund company's interests rather than those of the investors [14].

Core Viewpoint - The report indicates that the "Chuangjin Hexin Stable Pension Target One-Year Holding Period Mixed Fund of Funds (FOF)" will enter liquidation due to its net asset value falling below 200 million yuan by July 21, 2025, as stipulated in the fund contract [1][2]. Fund Overview - The fund was officially established on July 21, 2022, with a total share amount of 10,001,822.90 shares, and it had no accrued interest at the time of inception [1]. - The fund's A/Y share classes reported cumulative net values of 1.0563 yuan and 1.0630 yuan, with cumulative returns of 5.63% and 7.40% respectively [2]. Management Background - The fund was previously managed by Yan Biao, who has extensive experience in the investment sector, having held various positions in different financial institutions since 2008 [3]. - Currently, Yan Biao manages seven other FOF funds, most of which have positive returns but underperform compared to their peers [4].

Core Viewpoint - The report from Chuangjin Hexin Fund indicates that the Chuangjin Hexin Stable Pension Target One-Year Holding Period Mixed Fund of Funds (FOF) will enter liquidation due to its net asset value falling below 200 million yuan by July 21, 2025, triggering the termination clause in the fund contract [1][2]. Fund Overview - The fund was officially established on July 21, 2022, with a total share amount of 10,001,822.90 shares at inception [1]. - The fund contract stipulates that if the net asset value falls below 200 million yuan three years after the contract's effective date, the fund will be liquidated without the need for a shareholder meeting [1][2]. Performance Metrics - As of the last disclosed net value date, the cumulative unit net value for the A/Y shares was 1.0563 yuan and 1.0630 yuan, respectively, with cumulative returns of 5.63% and 7.40% [5].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Industry Select Fund, managed by newly appointed deputy general manager Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [2][4][6]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the Shanghai Composite Index, which rose by 8.96% during the same period [4][5]. - The fund's initial scale reached 1.219 billion yuan with 10,477 effective subscriptions, marking it as the largest fund launch for Shenwan Hongyuan in 2025 [4][6]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within three trading days, indicating volatility and a rapid decline in value [5]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan in December 2024 and became deputy general manager in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [3][6]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [6][7]. Group 3: Market Reactions and Investor Sentiment - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [4][5]. - The fund's rapid fluctuations and inability to adapt to market conditions have raised concerns about the manager's capability and the fund's long-term viability [5][6]. Group 4: Company Challenges - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds undergoing liquidation due to asset values falling below the required thresholds [7][8]. - The company's total asset management scale has decreased to 82.557 billion yuan, ranking it 66th in the industry, down from 84.640 billion yuan at the end of 2024 [8].

Core Viewpoint - The article discusses the performance issues of the Shenwan Hongyuan's fund, particularly the Shenwan Lingshin Industry Select Fund, which has experienced significant losses shortly after its establishment, raising concerns among investors about the management and investment strategies of the newly appointed vice president, Jia Chengdong [3][5][10]. Group 1: Fund Performance - The Shenwan Lingshin Industry Select Fund, managed by Jia Chengdong, has seen a cumulative decline of over 8% since its inception on June 3, 2025, while the Shanghai Composite Index rose by 8.96% during the same period, indicating a significant underperformance [6][7]. - The fund's initial net asset value was 0.98 yuan, which dropped to 0.92 yuan by August 11, 2025, reflecting volatility and a rapid decline in value shortly after launch [7]. - Investors have expressed dissatisfaction with the fund's performance, with comments highlighting disappointment in its ability to generate returns during a bullish market [5][10]. Group 2: Management Background - Jia Chengdong joined Shenwan Lingshin in December 2024 and became vice president in March 2025, shortly before launching the Shenwan Lingshin Industry Select Fund [6][9]. - Prior to joining Shenwan Lingshin, Jia managed multiple funds at Guotai Fund and招商基金, with mixed performance results, including both significant gains and losses in various funds [9][10]. - His previous experience included managing funds that performed well over several years, but he also oversaw funds that recorded losses during market downturns [9]. Group 3: Industry Context - Shenwan Lingshin has faced challenges in its equity products, with multiple funds facing liquidation due to asset values falling below the required thresholds [10]. - As of August 12, 2025, Shenwan Lingshin's total asset management scale was 825.57 billion yuan, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [10].

Core Viewpoint - The performance of the Shenwan Hongyuan Fund's Shenwan Lingshin Industry Select Mixed Fund has declined over 8% since its establishment, raising concerns about the fund manager's investment strategy and prompting a response from the company [1][4]. Fund Performance - The Shenwan Lingshin Industry Select Fund, established on June 3, has a unit net value of 0.9177 yuan as of August 8, reflecting a decline of over 8% since inception [4]. - The fund raised 1.219 billion yuan, making it one of the larger mixed equity funds launched in recent months [4]. - The fund's performance is benchmarked against a composite index consisting of 65% CSI 300, 10% Hang Seng Index, and 25% China Bond Index [4]. Fund Manager Background - The fund manager, Jia Chengdong, has 17 years of experience in the securities industry and has previously managed funds with significant performance records [5]. - Jia Chengdong joined Shenwan Lingshin in December 2024 after leaving China Merchants Fund, where he managed several successful funds [5]. Company Challenges - Shenwan Lingshin has faced multiple fund liquidations this year, including the Shenwan Lingshin Carbon Neutrality Mixed Fund and others, indicating potential issues within the company's product offerings [8]. - The company has struggled to maintain competitive performance and scale compared to peers like Tianhong Fund, with a current non-monetary scale of 70.324 billion yuan, ranking 59th in the public fund industry [9]. - Despite attempts to improve performance by hiring well-known fund managers, the results have not yet met expectations [9].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund managed by Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [1][2][3]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the benchmark by 13.79 percentage points, while the Shanghai Composite Index rose by 8.96% during the same period [2][3]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within a short span, indicating volatility and poor initial performance [3]. - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [2][3]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan Fund in December 2024 and became a vice president in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [2][4]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [4][5]. Group 3: Fund Liquidation Issues - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds, including the Shenwan Hongyuan Carbon Neutrality Mixed Fund and Shenwan Hongyuan Pension Target Date Fund, being terminated due to asset values falling below 200 million yuan [6]. - The company's public asset management scale has decreased to 825.57 billion yuan as of August 12, 2025, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [6].