Core Viewpoint - Xu Zhimin, the Chief Investment Officer of Zhongtai Asset Management, announced his departure after over 10 years, expressing gratitude for the trust and support received during his tenure [1][3]. Group 1: Performance and Achievements - Xu Zhimin's managed products have consistently outperformed the CSI 300 index, achieving an annualized return exceeding 15% over the past decade [3]. - All products managed by Xu have been profitable, with a direct correlation between the duration of investment and profitability, ensuring that clients who remained invested saw returns [3]. Group 2: Transition and Succession - Starting from September 4, 2023, all products managed by Xu will be taken over by Zhang Hengjia, who has been involved in the investment decision-making process since 2019 [2][7][8]. - Zhang Hengjia holds a master's degree in finance from Johns Hopkins University and has 10 years of experience in the securities industry [8]. Group 3: Investment Philosophy - Xu emphasized the importance of diligent selection of fund managers, urging investors to treat their investments with the same seriousness as significant life decisions [5]. - He highlighted the distinction between correct decision-making and favorable outcomes, advocating for a focus on sound investment decisions rather than immediate results [5]. - Xu advised investors to pay attention to managers who may go against prevailing market sentiments, suggesting that such managers can provide valuable insights during adverse market conditions [5].

Core Viewpoint - The A-share market has shown strong performance, with major indices experiencing significant increases, which has positively impacted fund performance. As of August 20, 2025, multiple products under Xinda Australia Fund have reported outstanding returns, with 41 products achieving over 30% returns in the past year, showcasing the company's robust investment capabilities [1][4]. Group 1: Fund Performance - As of August 20, 2025, 41 products from Xinda Australia Fund have achieved returns exceeding 30% in the past year, with 34 products rising over 50% and 25 products increasing over 70%. Notably, 6 products have doubled in value [1]. - The top-performing funds include Xinda Performance Driven A with a return of 149.64%, Xinda Star Yi A at 118.55%, and Xinda Bojian Growth One-Year Open A at 117.29% [2][4]. Group 2: Investment Strategy - The strong performance of Xinda Australia Fund's products is primarily driven by actively managed equity funds, which have become the core engine of performance growth, demonstrating the company's investment strength in active equity [4]. - The company employs a diversified research matrix covering key sectors such as manufacturing, technology, consumption, and new energy, optimizing its investment research team to enhance its investment capabilities [5]. Group 3: Quantitative and Pension Strategies - Xinda Australia Fund's active equity is considered the "alpha engine," with quantitative investments capturing market beta effectively. The company utilizes a "HI+AI" dual-engine approach to develop a range of quantitative products [7]. - In the pension finance sector, the company focuses on "target date strategies" to assist investors in achieving comprehensive retirement planning, with a notable return of 31.04% for the Xinda Yiyuan Pension Target 2055 Five-Year Holding A product [7]. Group 4: Future Outlook - Looking ahead, Xinda Australia Fund aims to continue prioritizing the interests of its investors, deepening its commitment to long-term value investment, optimizing its research system, and expanding its product line to create sustainable returns for investors [8].

Core Insights - The A-share market is experiencing a rebound, with the Shanghai Composite Index reaching historical highs, boosting investor confidence and leading to a resurgence in public funds [1] - Active equity funds, particularly those managed by Xinda Australia Fund, have shown remarkable performance, creating sustained value growth for investors [1][2] Fund Performance - Xinda Australia Fund's products, including Xinda Craftsmanship Return Mixed A, Xinda Preferred Life Mixed A, Xinda Medical Health Mixed A, and Xinda Performance Driven Mixed A, have achieved net value growth rates of 70.82%, 57.40%, 57.46%, and 51.72% respectively in 2025 [1] - According to Haitong Securities, these funds ranked in the top 10% of their category as of June 30, 2025, with respective rankings of 138/3751, 214/3751, 338/3751, and 162/3751 [1] - Over the past five years, Xinda Australia's equity products have yielded a return of 17.86%, ranking 47 out of 137 in the market, while the seven-year return reached 149.24%, placing second out of 115 [2] Investment Strategy - Xinda Australia Fund emphasizes a dual-driven approach of "talent + technology," utilizing intelligent analysis tools and multi-factor quantitative models to enhance decision-making efficiency [2] - The firm has actively responded to industry fee reforms, prioritizing investor benefits and reinforcing market trust [2] - The fund's investment strategy focuses on long-term value creation aligned with national industrial upgrading directions, aiming to provide sustainable returns for investors [2] Fund Manager Profiles - Xinda Craftsmanship Return Mixed Fund is managed by Zhang Mingye, who has a background in industry analysis and has been with Xinda Australia since 2020 [3] - Xinda Preferred Life Mixed Fund is managed by Yang Ke, who has experience in consumer industry research and has been with Xinda Australia since 2015 [4] - Xinda Medical Health Mixed Fund is currently managed by Li Diandian, who has a background in biochemistry and has been with Xinda Australia since 2020 [6] - Xinda Performance Driven Mixed Fund is managed by Liu Xiaoming, who has extensive experience in equity investment and joined Xinda Australia in 2021 [6]

Core Viewpoint - The performance of key fund managers at Dongfang Fund, particularly Wang Ran and Li Rui, has raised concerns in the market due to their poor investment returns, leading to a potential trust crisis for the company [2][3]. Group 1: Fund Performance - Dongfang Fund currently manages a total of 123.4 billion yuan across 123 funds, but the active equity investment capabilities are under scrutiny due to negative returns [3]. - Wang Ran's three managed funds have all reported negative returns, with the best performance being -8.94% over her tenure [3]. - The Dongfang Quality Consumption One-Year Holding A/C classes have seen returns of -57.93% and -58.31%, with net values dropping to 0.424 yuan and 0.417 yuan respectively [3]. - The Dongfang Urban Consumption Theme Mixed Fund has also underperformed, with returns of 16.53%, -15.83%, and -28.70% over the past one, two, and three years, respectively [4]. Group 2: High Turnover Rates - Wang Ran's Dongfang Emerging Growth Fund has a turnover rate exceeding 600%, reaching 750% in Q2 2024, but this high turnover has not translated into improved returns, with a three-year loss of 38.71% [4][5]. - High turnover rates are indicative of unstable investment strategies, which contradict the advocated principles of value and long-term investing [5]. - Frequent trading increases transaction costs, which can further erode fund performance and negatively impact investor experience [5][7]. Group 3: Li Rui's Fund Performance - Li Rui's flagship fund, the Dongfang New Energy Vehicle Theme Mixed Fund, has seen a drastic decline in performance since 2022, with returns of -31.69%, -32.02%, and -2.11% in the following years, ranking at the bottom among peers [6]. - The fund's management scale has decreased significantly from 224.41 billion yuan at the end of 2021 to 78.58 billion yuan by mid-2024 [6]. - Another fund managed by Li Rui, the Dongfang Automotive Industry Trend Mixed A, has also seen its scale shrink from 1.4 billion yuan to 0.52 billion yuan over three years [6].

Group 1: Overseas Events - The upcoming meeting between Trump and Putin is a key event to watch, with potential implications for global risk appetite depending on the outcomes of their discussions on the Russia-Ukraine conflict [8][10][11] - The U.S. stock market reached a historical high last week, with the Nasdaq 100 setting a new record, indicating strong market performance despite previous concerns about economic data [11] Group 2: Real Estate Policy - Beijing's recent decision to lift purchase restrictions on properties outside the Fifth Ring Road marks a significant policy shift, the first substantial easing since 2010, which is expected to increase housing demand [12][13] - In Guangzhou, a real estate company has introduced a price protection initiative, allowing buyers to receive compensation if the price of their purchased property drops [12] Group 3: Industry Insights - The banking sector is experiencing pressure as many small banks significantly reduce fund distribution fees, highlighting the competitive landscape influenced by larger banks and e-commerce platforms [20][22] - In the insurance industry, the market share of leading companies is increasing, with top insurers reporting a 48.9% growth in sales through bank channels, significantly outpacing the industry average growth of 4.8% [22][23] Group 4: Equity Market Developments - Several companies are making significant investments in the stock market, with Liou Holdings announcing a 3 billion yuan investment, indicating a trend of companies reallocating capital towards equity investments [24][25] - The departure of prominent fund managers from public funds to private equity firms raises concerns about the sustainability of active equity management in the long term [26] Group 5: Economic Indicators - The Consumer Price Index (CPI) showed no growth year-on-year, while the Producer Price Index (PPI) declined by 3.6% year-on-year, reflecting ongoing economic weakness [28][29] - Upcoming social financing data is anticipated to be weak, which may impact short-term loan demand and overall market sentiment [29]

Core Viewpoint - The continuous decline in risk-free interest rates poses new challenges for bank wealth management, prompting companies like Xingyin Wealth Management to innovate in their investment strategies to meet public demand for returns [1][2]. Group 1: Investment Strategy and Performance - Xingyin Wealth Management has launched the "Alpha 2" product, which has achieved an absolute return of 18.9% since its inception on March 27, 2023, with a cash dividend of 0.03 yuan per unit, representing a distribution ratio of approximately 2.54% [1]. - The "Alpha 1" product managed by investment manager Li Feng has delivered an impressive absolute return of 22.189% from June 14, 2024, to July 30, 2025, showcasing the effectiveness of its unique low-valuation value investment strategy [2]. - Xingyin Wealth Management has established a proactive equity investment team, differentiating itself from traditional bank wealth management practices that often rely on fund-of-funds (FOF) and outsourcing [2][6]. Group 2: Team and Research Development - The proactive equity investment team at Xingyin Wealth Management was built over five years, focusing on creating a self-reliant research and investment system, which includes a diverse product matrix covering various risk levels [6][7]. - The team is led by experienced professionals, including Li Feng, who has a strong background in finance and investment, and is supported by analysts with diverse academic backgrounds [7][8]. - The investment team employs advanced technologies such as quantitative analysis and artificial intelligence to enhance decision-making processes [7]. Group 3: Investment Framework and Methodology - Li Feng has developed a comprehensive PB-ROE investment framework that integrates value, cycle, and growth, aiming to provide a more nuanced approach to equity valuation [13]. - The framework emphasizes the importance of low valuation to mitigate human biases in investment decisions, reflecting a more rational investment attitude [13]. - The investment strategy also incorporates a lifecycle approach to pricing, allowing for a more dynamic assessment of companies' operational cycles and growth potential [13][14]. Group 4: Long-term Value Creation - Xingyin Wealth Management is committed to creating long-term value for clients, aligning its investment strategies with the evolving regulatory landscape and market conditions [18][19]. - The recent cash dividend from the Alpha 2 product exemplifies the company's focus on enhancing client experience and meeting their liquidity needs while delivering strong investment performance [18]. - The company believes that sustainable growth in bank wealth management can only be achieved by integrating the underlying operational chain and focusing on long-term client value [19].

Core Viewpoint - Fidelity's active equity investment remains a strong area, supported by a vast research network and a robust investment culture [1] Group 1: Research and Investment Culture - Fidelity International has nearly 500 professional research personnel across 18 global research centers, with fund managers averaging about 20 years of industry experience and researchers averaging 11 years [1] - The continuous exchange and interaction among different asset classes contribute to Fidelity's advantages in active equity [1] Group 2: Technological Empowerment - Fidelity's proprietary Insight system is a significant advantage, serving as a powerful internal research platform developed over decades [1] - The Insight system enables real-time connection to global research resources, allowing fund managers in Shanghai to access first-hand information from researchers in various regions [1] - The system includes various tools for stock screening, fundamental monitoring, and portfolio construction and management, providing strong support for fund managers [1]

Core Insights - Active equity funds have significantly outperformed passive index funds this year, with the best-performing active fund achieving nearly 100% returns, surpassing the highest index fund by nearly 34 percentage points [1][2] - The strong performance of active equity funds is attributed to the ongoing structural market trends, allowing fund managers to leverage their stock-picking abilities [1][4] Performance Comparison - As of July 8, all top ten performing equity funds are active products, primarily focused on Hong Kong stocks, pharmaceuticals, and the Beijing Stock Exchange [2] - The average return for ordinary stock funds is 9.06%, while stock index funds average 6.29%, indicating a clear advantage for active funds [3] Market Trends - The success of active equity funds is linked to favorable market conditions, particularly in sectors like pharmaceuticals and Hong Kong stocks, where active managers have demonstrated superior stock selection [4] - A diverse range of active funds, including those focused on dividends and cyclical stocks, have also shown strong performance [4][5] Future Outlook - Fund managers anticipate multiple investment opportunities across various sectors in the second half of the year, driven by domestic growth policies and a supportive liquidity environment [6] - Key investment themes include technology, new consumption, and cyclical dividend stocks, with specific focus areas such as AI applications and agricultural recovery [6][7]

Core Insights - The report highlights the performance of fund companies in active equity investment over various time frames, revealing the top performers in the A-share market [1][2]. Long-term Performance (10 Years) - The top three fund companies over the last decade (from July 1, 2015, to June 30, 2025) are: - Wanji Fund with a return of 151.15%, ranking first among 81 companies - Dacheng Fund with a return of 120.64%, ranking second - Hongta Hongtu with a return of 117.93%, ranking third [2][3][5]. Medium-term Performance (5 Years) - For the five-year period (from July 1, 2020, to June 30, 2025), the leading fund companies are: - Jinyuan Shun'an with an average return of 152.27%, ranking first among 137 companies - Guojin Fund with a return of 94.55%, ranking second - Zhongtai Securities Asset Management with a return of 94.46%, ranking third [7][8]. Short-term Performance (3 Years) - In the three-year period (from July 1, 2022, to June 30, 2025), the top performers are: - Huarun Yunda with an average return of 34.65%, ranking first among 156 companies - Jinyuan Shun'an with a return of 33.61%, ranking second - Guojin with a return of 23.92%, ranking third [12][14]. Recent Performance (First Half of 2025) - In the first half of 2025, the best-performing fund companies include: - Zhonghang Fund with a return of 23.01% - Hongtu Innovation with a return of 22.10% - Hengyue with a return of 21.23% [17][18][20]. Performance Comparison by Company Size - The average returns of large, medium, and small fund companies over the last ten years show that large and medium companies significantly outperform small companies, with medium companies averaging 67.85% and large companies averaging 56.16% [5][6].

Core Viewpoint - The China Securities Regulatory Commission's recent action plan aims to shift the public fund industry from a focus on scale to a focus on returns, impacting the active equity investment ecosystem and requiring fund managers to adapt their strategies [1] Group 1: Impact of the Action Plan - The action plan strengthens the constraints of performance benchmarks, leading to a shift away from strategies that heavily deviate from benchmarks towards a more balanced allocation across sectors and styles [2] - Fund managers will need to enhance their stock selection capabilities, as the focus will shift towards matching portfolios with benchmarks, allowing for clearer demonstration of their ability to generate excess returns [2][3] - The plan presents significant opportunities for Fund of Funds (FOF) and fund advisory businesses, enabling active equity fund managers to concentrate on in-depth stock research while advisory firms can leverage their expertise in asset allocation [2] Group 2: Stock Selection as a Key Competence - The ability to generate long-term excess returns is crucial for fund managers, with stock selection being the most stable and sustainable core competency, aligning with the plan's emphasis on investor interests and long-term value [3] - Historical trends indicate that even in high-growth sectors, only companies with core technological advantages and strong management can provide sustainable returns, highlighting the risks of short-term strategies focused on single sectors [3] Group 3: Finding Investment Opportunities - Fund managers should enhance their tracking of individual stock fundamentals, ensuring effective pricing and proactive investment when positive changes occur in quality growth stocks [4] Group 4: The Irreplaceability of Active Management - Despite discussions on the potential replacement of active equity funds by index-enhanced or quantitative funds, active management is expected to maintain a vital role in the asset management industry due to its advantages in tracking short-term economic changes and conducting in-depth research [5] - The core competencies of active management will focus on high-frequency tracking of corporate dynamics and deep valuation assessments, distinguishing it from quantitative strategies and ensuring continued excess returns for investors [5]