Core Viewpoint - The recent performance of the "Shenwan Hongyuan Industry Select" fund managed by Jia Chengdong has raised concerns, with a net value decline of over 8% within two months of its establishment, leading to a trust crisis among investors [1][3][5]. Fund Performance - The "Shenwan Hongyuan Industry Select" fund was established on June 3, 2023, with an initial scale exceeding 1.2 billion yuan [2][5]. - As of August 8, 2023, the fund's net value had dropped by 8.2% since its inception [3]. - The fund is currently in a closed period, and there have been complaints from investors across various fund distribution platforms [5]. Management and Strategy - Jia Chengdong, with 17 years of experience in the securities industry, joined Shenwan Hongyuan Fund in December 2024 and began managing public funds in March 2023 [3][7]. - The fund's investment strategy focuses on adjusting asset allocation based on industry trends and selecting high-quality stocks with good cost-performance ratios [5]. - There are allegations that the fund frequently switched investment tracks and bought at high prices, which contributed to its poor performance [1][5]. Company Background - Shenwan Hongyuan Fund, established in 2004, is controlled by Central Huijin Investment, which holds 67% of its shares, while Mitsubishi UFJ Trust and Banking holds 33% [9]. - The company has experienced a decline in its management scale, with stock and mixed fund scales of 12.1 billion yuan and 9.2 billion yuan, respectively, as of the second quarter of this year [9]. Future Outlook - The ability of Shenwan Hongyuan Fund to reverse its declining equity investment trend and regain its position among the top fund companies remains uncertain [10].