Group 1 - The China Securities Investment Fund Industry Association has revised the "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)", which states that active equity fund managers with poor performance for three consecutive years may face a salary reduction of 30% [1] - Tongtai Fund, a personal public fund company, has several active equity funds that have underperformed their benchmarks over the past three years, leading to potential salary reductions for fund managers [1] - According to Tonghuashun data, most of Tongtai Fund's active equity funds have achieved positive returns this year, with many surpassing the benchmark return rates [1] Group 2 - Tongtai Fund was established in October 2018 and is the 14th personal public fund company in China, with three natural person shareholders among its main stakeholders [2] - As of the end of Q3 2025, Tongtai Fund manages a total of 22 products with an overall management scale of 4.728 billion yuan, ranking 143rd among public institutions [2] - The fund has five stock funds with a scale of 458 million yuan and nine mixed funds with a scale of 1.043 billion yuan, accounting for over 30% of its total management scale [2]