8月12日，汇安基金接连发布两则公告，汇安价值蓝筹混合、汇安均衡成长混合两只产品解聘基金经理陆丰，由蒋毅管理。 | 基金名称 | 汇安价值蓝筹混合型证券投资基金 | | --- | --- | | 基金简称 | 汇安价值蓝筹混合 | | 易金主代码 | 009750 | | 基金管理人名称 | 汇安基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》以及 | | | 《基金管理公司投资管理人员管理指导意见》、《证 | | | 券期货经营机构投资管理人员注册登记规则》等相 | | | 关法律法规 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 蒋毅 | | 解聘基金经理姓名 | 陆丰 | | 基金名称 | 汇安均衡成长混合型证券投资基金 | | --- | --- | | 基金简称 | 汇安均衡成长混合 | | 基金主代码 | 016388 | | 基金管理人名称 | 汇安基金管理有限责任公司 | | 公告传据 | 《公开募集证券投资基金信息按露管理办法》以及 | | | 《基金管理公司投资管理人员管理指导意见》、《证 | | | 券期货 ...

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].

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF (159220) experienced a slight decline of 0.09% on August 11, with a trading volume of 33.19 million yuan, indicating a stable but cautious market environment [1] Fund Performance - The ETF's total shares increased by 2 million, bringing the total to 234 million shares, although there has been a reduction of 2 million shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 268 million yuan [1] - The performance benchmark for the ETF is the adjusted return of the S&P Hong Kong Stock Connect Low Volatility Dividend Index, managed by Hua Bao Fund Management Co., Ltd. [1] - Since its inception on April 29, 2025, the ETF has returned 14.50%, with a one-month return of 3.39% [1]

Core Viewpoint - A500ETF Zhongjin (512080) experienced a 0.55% increase in value on August 11, with a trading volume of 87.8463 million yuan, indicating positive market performance [1] Group 1: Fund Performance - The fund's latest net asset value is calculated at 1.185 billion yuan [1] - Since its establishment on January 14, 2025, the fund has achieved a return of 10.42% [1] - Over the past month, the fund has delivered a return of 4.12% [1] Group 2: Fund Management - The fund is managed by Zhongjin Fund Management Co., Ltd. [1] - The fund manager is Liu Chongjin [1] Group 3: Fund Size and Trading Activity - The fund's shares increased by 15 million units on the reporting day, bringing the total shares to 1.073 billion [1] - Over the last 20 trading days, the fund's shares have decreased by 12.9 million units [1]

Core Viewpoint - The recent resignation of star fund manager Yang Siliang from multiple funds at Baoying Fund highlights significant changes in the management structure and raises questions about the future performance of the affected funds [2][3][4]. Group 1: Fund Manager Resignation - Yang Siliang has resigned from the management of four funds: Baoying New Value, Baoying Quality Selection, Baoying Enhanced Income, and Baoying Advantage Industry, due to internal adjustments [2][3]. - Following his resignation, the management of these funds has been reassigned to other managers, with a focus on maintaining investment strategy continuity [3][4]. - Yang Siliang's current management count has decreased to three funds, with a total management scale of only 709 million yuan [2][7]. Group 2: Fund Performance - The funds managed by Yang Siliang have shown poor performance this year, with year-to-date returns of -2.4%, -2.73%, -0.71%, and -2.56% for the respective funds, placing them in the lower half of their peer rankings [4][7]. - Despite positive returns during his tenure, the recent performance has been attributed to market volatility and sector shifts, particularly in the consumer industry [7][9]. - The top holdings of the remaining funds include major liquor companies, which have faced challenges this year, with the liquor index down by 8.4% [8][9]. Group 3: Management Scale and Investor Sentiment - Yang Siliang's management scale has significantly decreased, with a drop from over 10 billion yuan to 709 million yuan, influenced by market fluctuations and investor behavior [6][7]. - Baoying Fund has indicated that they are enhancing research support and optimizing client services to maintain investor confidence and mitigate redemption impacts [6][9].

Core Insights - The majority of ordinary stock funds in China have performed well in the first seven months of the year, with 92% of the 983 funds showing positive returns [1] - The top-performing fund, Huaan Medical Biotechnology, achieved a remarkable increase of over 105% [1] - The strong performance of these funds is largely attributed to their heavy investments in the pharmaceutical sector, with several stocks experiencing significant gains [2][3] Fund Performance - Huaan Medical Biotechnology Fund A and C led the performance with increases of 105.40% and 104.88% respectively, heavily investing in companies like Innovent Biologics and Stone Pharma [1] - Other notable funds include Jiashi Mutual Selection and Fortune Medical Innovation, which saw increases of 97.28% and 96.67% respectively, also focusing on pharmaceutical stocks [2] - Funds with over 80% growth include Ping An Medical Selected Stocks and Penghua Medical Technology Stocks, indicating a strong trend in the healthcare investment space [3] Underperforming Funds - Only seven funds experienced declines exceeding 10%, primarily in sectors like consumer goods, new energy, and technology [4] - The Minsheng Plus Silver Preferred Stock Fund saw a decline of 13.06%, with major holdings in companies like CATL and BYD [4] - Other funds with significant declines include Changxin Consumer Selected Quantitative Stocks and Beixin Ruifeng Preferred Growth, both heavily invested in the liquor sector [5]

Group 1: Overview of Public FOF Funds in Q2 2025 - As of Q2 2025, a total of 518 FOF products have been established, with a combined scale of 166.198 billion yuan, representing a 10.01% increase compared to Q1 2025 [1][6][9] - The scale of different types of FOFs in Q2 2025 is as follows: 92.091 billion yuan for bond-type FOFs, 32.454 billion yuan for balanced-type FOFs, and 41.652 billion yuan for equity-type FOFs, with median returns of 1.20%, 1.76%, and 2.62% respectively [1][6][16] Group 2: FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Bodao Growth Zhihang C, with the largest holdings being Dachen Gaoxin A, Yifangda Kerong, and Yifangda Information Industry Selected C [2][23] - In the bond fund category, the most held funds are Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with the largest holdings being Boshi Credit Preferred A, Yifangda Suifeng Tianli A, and Boshi Credit Pure Bond A [2][23] Group 3: Changes in Fund Allocations - Compared to Q1 2025, the most net increased active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Silver Jewelry A, with the largest net increase in scale for Jiao Yin Technology Innovation C, Yifangda Smart Manufacturing Advantage C, and Yifangda Supply-side Reform [3][39] - In the bond fund category, the most net increased funds are Xingquan Stable A, Huatai Bairui Seasonal Red A, and Fuguo Industrial Bond A, with the largest net increase in scale for Boshi Credit Preferred A, Boshi Credit Pure Bond A, and Boshi Anyue Short Bond A [3][39] Group 4: FOF Fund Managers - The top three active equity fund managers with the most FOF allocations are Liu Xu, Fan Yan, and Xu Yan, while the top three "fixed income +" fund managers are Wang Xiaocheng, Peng Chengjun, and Zhang Ting [4][23] Group 5: FOF Stock Investment Situation - As of Q2 2025, 149 FOFs have directly invested in stocks, with the highest proportion of stock investments in balanced-type FOFs, followed by equity-type FOFs [5][6] - The top three stocks held by FOFs are Ningde Times, Changjiang Electric Power, and Zijin Mining, with the highest market value held in Ningde Times, Haomai Technology, and Wuliangye [5][6]

Core Viewpoint - The Fidelity Enjoy Dividend Preferred Mixed A Fund (020493) reported a profit of 4.8742 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0651 yuan. The fund's net value growth rate was 7.25%, and the fund size reached 49.2887 million yuan by the end of Q2 2025 [3][14]. Fund Performance - As of July 21, the unit net value was 1.133 yuan. The fund's three-month, six-month, and one-year net value growth rates were 19.03%, 17.96%, and 18.19%, respectively, ranking 87/607, 119/607, and 344/602 among comparable funds [3]. - The fund's Sharpe ratio since inception was 0.6855 as of June 27 [7]. - The maximum drawdown since inception was 11.11%, with the largest quarterly drawdown occurring in Q2 2025 at 10.13% [10]. Investment Strategy - The fund management remains optimistic about the long-term prospects of the equity market and plans to closely monitor individual stock fundamentals and earnings as listed companies begin to disclose their semi-annual reports. The management also anticipates short-term market volatility due to increasing geopolitical uncertainties [3]. - The fund's average stock position since inception was 77.96%, compared to the industry average of 85.36%. The fund reached a maximum stock position of 92.19% by the end of 2024 and a minimum of 52.12% by mid-2024 [13]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included China Construction Bank, Yutong Bus, Jiangsu Bank, Placo New Materials, Satellite Chemical, Minsheng Bank, Sinopec Crown, China Merchants Bank, China Shenhua, and Milkyway [17].

Core Viewpoint - The AI Fund Dachen State-Owned Enterprise Reform Flexible Allocation Mixed A (002258) reported a profit of 21.27 million yuan in Q2 2025, with a net value growth rate of 2.81% for the period, and a total fund size of 1 billion yuan as of the end of Q2 2025 [2][15]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.0681 yuan [2]. - As of July 21, the unit net value was 3.587 yuan [2]. - The fund's one-year return rates compared to peers are as follows: Dachen Industry Trend Mixed A at 25.22% (highest), and Dachen New Industry Mixed A at 8.85% (lowest) [2]. Investment Strategy - The fund manager indicated a strategic shift in Q2 towards resource and financial sectors to align with macroeconomic trends [2]. - The fund's average stock position over the past three years was 90.75%, higher than the peer average of 84.87% [13]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.3762, ranking 17 out of 57 among comparable funds [8]. - The maximum drawdown over the past three years was 29.27%, with a single-quarter maximum drawdown of 21.18% occurring in Q1 2022 [10]. Holdings Concentration - The fund has a high concentration of holdings, with the top ten stocks consistently representing over 60% of the portfolio for nearly two years [18]. - As of Q2 2025, the top ten holdings included Shandong Gold, Sailun Tire, Guangsheng Nonferrous, Zhongjin Gold, Haohua Technology, Zijin Mining, Huatai Securities, Yun Aluminum, China Aluminum, and Industrial Bank [18].