Core Viewpoint - The fund "Quanguo Xuyuan" has opened for redemption after three years, presenting investors with a challenging decision despite a nearly 3.5% return during the holding period. The fund has experienced a significant decline in value over the past five quarters, starting from its establishment in October 2022 [1]. Performance Summary - The fund's performance has been volatile, with a notable recovery in Q3 2025, where it achieved a 45.58% increase, compared to the average of 25.43% in its category [2][3]. - The fund's performance has been heavily influenced by its concentration in the new energy sector, with major holdings like CATL (300750.SZ) experiencing a price drop of over 38.8% from its initial purchase price [2]. Fund Holdings - The top holdings of the fund include CATL, Tencent (0700.HK), and Enjie Co., Ltd. (002812.SZ), with a total holding value of approximately 12.88 billion yuan [4]. - The fund's strategy focuses on high-end manufacturing and technology sectors, with a diversified approach that includes new energy, electronics, machinery, and military industries [5]. Fund Size and Market Context - The fund was launched with an initial scale close to 10 billion yuan and has since grown to a total size of 19.069 billion yuan by the end of Q3 [7]. - The fund's benchmark performance has been significantly outpaced by the market, with a benchmark return of 22.88% compared to the fund's performance, indicating a failure to generate excess returns for investors [7]. Industry Trends - The trend of three-year holding period funds has seen a decline, with many funds experiencing poor performance and subsequent shrinkage in scale after redemption periods [9][10]. - The design of holding period funds aimed to reduce trading friction and improve investor returns, but the changing market dynamics have led to disappointing results for many funds launched in recent years [10].

Core Viewpoint - The performance of the "three-year holding period" funds under Dongfanghong Asset Management has been disappointing, with all 13 funds established for over three years failing to achieve positive returns, raising concerns about the company's product strategy and market judgment [2][3]. Group 1: Fund Performance - As of September 18, 2025, 13 "three-year holding period" funds have not achieved positive returns, with six funds showing returns below -15% [2]. - The worst-performing fund, Dongfanghong Qixing Three-Year Holding A, has a return of -35.05% since its inception on October 29, 2021 [3]. - The majority of poorly performing funds were launched in 2021, coinciding with a peak in the A-share market, leading to systemic risks from the outset [3]. Group 2: Management and Strategy Issues - The overall poor performance of Dongfanghong's three-year products indicates systemic issues in product layout, research capabilities, and market judgment [3]. - The departure of key team members since 2016 has led to a loss of investment philosophy and continuity, contributing to declining product performance [9]. Group 3: Market and Investor Sentiment - The market is reassessing the design logic and issuance rationale of the "three-year holding period" products, which were intended to encourage long-term investment but have instead become a "passive constraint" for investors [6]. - The issuance of holding period products should be timed carefully, ideally during market lows, to align risks and rewards with investors [7][8]. Group 4: Company Financials - Dongfanghong's asset management scale has decreased from a peak of 2696.23 billion to 1662.99 billion, a reduction of 1033.24 billion or 38.32% [9]. - The company's revenue and net profit for 2024 were 14.35 billion and 3.33 billion, respectively, reflecting year-on-year declines of 30.41% and 32.04% [9]. Group 5: Leadership Changes - In May 2025, Dongfanghong appointed a new general manager, Cheng Fei, who has a background in fixed income and new business areas, raising hopes for a turnaround in the company's competitive position in equity investments [10].

Core Viewpoint - The performance of the "three-year holding period" funds under Dongfanghong Asset Management has been disappointing, with many funds showing negative returns since their inception, raising concerns about the company's product strategy and market judgment [2][3]. Group 1: Fund Performance - As of September 18, 2025, 13 "three-year holding period" funds from Dongfanghong have not achieved positive returns, with six funds showing returns below -15% [2]. - The worst-performing fund, Dongfanghong Qixing Three-Year Holding A, has a return of -35.05% since its inception on October 29, 2021 [3]. - The majority of poorly performing funds were launched in 2021, coinciding with a peak in the A-share market, leading to systemic risks from the outset [3]. Group 2: Management and Strategy Issues - The overall poor performance of Dongfanghong's three-year products indicates systemic issues in product layout, research capabilities, and market judgment [3]. - The current fund managers, including those with extensive experience in both manufacturing and investment research, face challenges due to increased market volatility since 2021 [4]. Group 3: Market Perception and Product Design - The widespread losses in three-year holding period products have prompted a reevaluation of their design logic and issuance rationale, as they were intended to encourage long-term investment [5]. - The original intent of these funds was to create a win-win situation for investors and fund managers, but many products have instead become a "passive shackle" for investors [5]. Group 4: Company Challenges - Dongfanghong Asset Management has seen its public fund management scale shrink from a peak of 269.62 billion to 166.30 billion, a decrease of 38.32% [7]. - The company reported a revenue of 1.44 billion and a net profit of 333 million in 2024, both down approximately 30% year-on-year [7]. - The decline is attributed to the departure of core team members since 2016, which has disrupted the continuity of investment philosophy and strategy [7]. Group 5: Leadership Changes - In May 2025, Dongfanghong appointed a new general manager, Cheng Fei, who has a background in fixed income and new business areas, raising hopes for a turnaround in the company's performance in equity investments [8].

Core Viewpoint - The performance of several three-year holding period equity funds has improved significantly due to the recovery of the stock market, with some funds achieving substantial returns since their inception [1][2][3]. Group 1: Fund Performance - The Anxin Value Driven Three-Year Holding Mixed Fund has achieved a return of 107.78% since its inception, with a three-year return of 32.58%, ranking 209th among 3085 similar funds [3]. - The Dongfanghong Qidong Three-Year Holding Mixed Fund has seen a return of 10.75% in 2024 and 21.29% year-to-date, recovering from losses of -26.18% and -19.30% in 2022 and 2023 respectively [3][4]. - The Ruiyuan Balanced Value Three-Year Holding Mixed Fund A has achieved a return of 58.42% since inception, with a 2024 return of 16.51% and a year-to-date return of 18.17% [5]. Group 2: Underperforming Funds - Some three-year holding period funds, such as the ICBC Yuanfeng Three-Year Holding Mixed Fund, have not fully recovered, with a loss of 31.97% since inception and significant losses in 2022 and 2023 [6]. - The Jiashi Strategy Vision Three-Year Holding Mixed Fund has also seen a loss exceeding 30% since inception, with a 2024 loss of 2.82% [6][7]. - Other funds, including the Penghua Vision Return Three-Year Holding Mixed Fund, have consistently underperformed, with losses in 2022, 2023, and 2024, primarily due to poor stock selection in the consumer and pharmaceutical sectors [7].