Core Viewpoint - The public fund industry in China has experienced significant growth in the third quarter of 2025, driven by a strong performance in the A-share market, with total assets under management reaching 36.45 trillion yuan, an increase of approximately 2.41 trillion yuan from the previous quarter [1] Group 1: Fund Management Scale - As of the end of Q3 2025, the total scale of public fund management institutions reached 36.45 trillion yuan, up from 34.05 trillion yuan at the end of Q2, marking a growth of about 7.09% [1] - The top ten companies in the public fund industry all surpassed the 1 trillion yuan mark, with E Fund and Huaxia Fund leading the first tier, while GF Fund ranked third with 1.5425 trillion yuan [1] - GF Fund's non-monetary fund scale reached 991.6 billion yuan, an increase of 97 billion yuan from the end of Q2 2025, reflecting a quarter-on-quarter growth of 10.84% [1] Group 2: Equity Fund Performance - In the equity fund category, E Fund, Huaxia Fund, and Huatai-PB Fund ranked as the top three, with GF Fund closely following with a scale of 568.16 billion yuan, which saw an increase of over 100 billion yuan in the quarter, representing a growth rate of 27.65% [1] - GF Fund's active equity fund reached 233.3 billion yuan by the end of Q3 2025, growing by 34.3 billion yuan from the previous quarter, with a quarter-on-quarter increase of 17.25% [2] Group 3: Underperforming Funds - Despite the overall strong performance of active equity funds, some products managed by GF Fund, particularly those under manager Wang Mingxu, have shown disappointing net value performance, with several funds experiencing significant declines [3][4] - Among the underperforming funds, the GF Value Advantage Mixed Fund had a net value growth rate of -15.37%, ranking last in the market, while the GF Domestic Demand Growth Fund also performed poorly with a decline of 14.77% [4][5] - A total of six funds managed by Wang Mingxu recorded net value declines exceeding 10%, indicating a significant underperformance compared to their benchmarks [5] Group 4: Investment Strategy and Challenges - The investment strategy at GF Fund has been criticized for its lack of flexibility, as the firm has divided its equity investment department into three segments based on manager styles, which may hinder timely investment opportunities [6][7] - The misalignment of interests between public fund companies and investors is evident, as management fees are tied to fund size rather than performance, leading to a focus on growing assets rather than enhancing investor returns [8][10] - Despite cumulative losses exceeding 100 billion yuan from 2022 to 2024, GF Fund continued to collect nearly 20 billion yuan in management fees, highlighting the disconnect between fund performance and management compensation [10]

Core Viewpoint - The article discusses the evolution of the A-share market, highlighting the importance of being present during key investment opportunities, particularly since the "9·24" market event, which marked the beginning of a bull market and a revaluation of assets in China [1][2]. Group 1: Market Performance - The A-share market has reached new highs in 2024, with significant performance from growth sectors since the "9·24" event [1]. - From September 24, 2024, to September 30, 2025, 41 funds under the management of Jiashi Fund achieved "doubling" performance, with 21 active equity products and 20 passive index products [3]. Group 2: Active Equity Performance - Notable active equity funds include those managed by Cai Chengfeng, who focused on the semiconductor industry with a return of 170.38%, and Li Tao, who achieved returns of 146.6% and 100.86% through his management of Jiashi Information Industry and Jiashi Quality Core [4]. - Other successful managers include Meng Xia, with a return of 132.53% in the robotics sector, and Yang Huan, whose funds achieved returns exceeding 113% [4][5]. Group 3: Passive Investment Strategy - Jiashi Fund has effectively captured beta opportunities in various technology sectors through its forward-looking index fund strategies, with significant performance in ETFs such as the Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, which rose by 206.72% since the "9·24" event [8][9]. - The fund has a comprehensive range of ETFs covering high-growth sectors, including technology and rare metals, demonstrating its capability in identifying long-term investment opportunities [9].

Market Overview - The market has shown a strong upward trend since the "9·24" rally last year, with the CSI 300 index surpassing the previous high of 4600 points and the Shanghai Composite Index reaching a nearly ten-year high of 3732 points on August 18 [1] - The ChiNext index has experienced a robust surge, with an annual increase of nearly 50% in the second half of this year [1] Fund Performance - Active equity funds have demonstrated significant excess return capabilities, with nearly 3000 out of approximately 4300 funds achieving over 20% returns year-to-date as of September 26 [2] - Over 700 funds have reported returns exceeding 50%, and 125 funds have seen returns above 80%, with a notable concentration from 51 fund companies [2] - A long-term performance analysis shows that nearly 250 funds have doubled their performance over the past year, with several companies like Caitong, E Fund, and others leading in the number of "doubling funds" [2][3] Investment Strategies - Top-performing funds have capitalized on favorable sectors such as technology, pharmaceuticals, and new consumption in Hong Kong, showcasing strong stock selection and market timing abilities [2] - E Fund has been particularly successful, with multiple funds focusing on technology themes and demonstrating significant excess returns [2][3] Research and Management Structure - E Fund's investment philosophy emphasizes deep research and value discovery, which has been integral to its success over the past two decades [4] - The company employs a "big platform + small team" management model, allowing for resource sharing while maintaining independent investment strategies [5] - The research team has expanded its coverage to include various sectors and global markets, ensuring comprehensive analysis and timely insights [6] Technological Integration - E Fund has enhanced its process management through digitalization, integrating workflows and data to support scientific management practices [7] - The company has developed an intelligent research and investment platform that facilitates a closed-loop process across research, investment, trading, and risk management [7] Team Culture and Development - E Fund promotes a collaborative team culture that encourages knowledge sharing and interaction among investment teams [8] - The firm has established a robust talent development system, ensuring a continuous influx of skilled professionals while maintaining a stable core team [8][9] Notable Fund Managers - Several fund managers have achieved remarkable performance, with some funds nearing a doubling of returns year-to-date [10][11] - Managers like Wu Yang and Yang Zhengxiao have demonstrated strong capabilities in navigating market trends and achieving high returns in their respective sectors [11][12] Long-Term Performance - E Fund has produced multiple "double ten" fund managers, indicating a strong track record of over ten years of management with annualized returns exceeding 10% [13][14] - The company's long-term investment management capabilities are underscored by the consistent performance of its funds, reflecting a commitment to sustainable growth [16]

Core Viewpoint - The company is facing dual challenges of management changes and performance differentiation amid stricter governance and intensified competition in the Chinese public fund industry [1] Management Changes and Board Restructuring - Vice General Manager Gu Yuanyuan officially left the company on September 26, 2025, due to personal reasons, and will not hold any other positions within the company [4][3] - The board of directors has undergone a restructuring, with new members including Zhong Maojun as a director and two independent directors from Fudan University, enhancing the board's balance [4][5] Fund Performance and Challenges - Despite a market rebound, over 30 funds under the company have long-term negative returns, with some actively managed equity products and index funds showing significant losses, indicating structural contradictions in investment research capabilities and product layout [1][8] - As of September 26, 2025, 34 out of 285 funds have negative returns since inception, with 22 funds losing over 10% and 7 funds losing over 30%, reflecting pressure during style rotations [8] - Specific funds managed by Liu Xuanzai and Wan Jianjun have shown poor long-term performance, with some index funds experiencing substantial losses related to the cyclical downturn of their tracked sectors [9][8] Strategic Transition - The company is at a critical transition point, with management and board updates introducing new governance elements, while long-term performance differentiation highlights the need to address shortcomings in the investment research system [10] - The company must find a balance between "scaling up" and "strengthening capabilities" to determine its future position in the public fund industry amid stricter regulations and increasing investor focus on long-term returns [10]

Core Insights - The new "National Nine Articles" emphasizes the need for public funds to enhance wealth management capabilities, driving the industry towards a client-centered model from a sales-oriented approach [1] - The recently disclosed Q2 reports provide clear evidence of this transformation, with leading institutions like Huaxia Fund demonstrating high-quality development through their ecological moat and professional accumulation [1] Group 1: Industry Trends - The industry is experiencing a deepening head effect, with significant differentiation among firms, as evidenced by the Q2 reports showing 86 public funds achieving scale growth [2] - Huaxia Fund led the scale increase with 311.94 billion yuan, becoming the first to surpass 2 trillion yuan in management scale, and recorded a growth rate of 14.86% among the top-tier institutions [2] - Huaxia Fund generated a net profit of 30.092 billion yuan for investors in Q2, the only institution in the industry to exceed 30 billion yuan, showcasing its ability to convert scale advantages into client returns [2] Group 2: ETF Growth - The growth of non-monetary management scale further confirms the leading institutions' control over their sectors, with the total market non-monetary scale surpassing 20 trillion yuan [3] - Huaxia Fund led the increase in non-monetary ETF scale with 120.675 billion yuan, continuing to dominate the industry with a total scale of 751.311 billion yuan [3] - The firm has established a comprehensive product matrix with 110 non-monetary ETFs, covering various types, and has 12 ETFs with over 10 billion yuan, the highest in the industry [3] Group 3: Research and Performance - Huaxia Fund's research and investment system is a key driver of sustained performance, with notable achievements in various sectors during the structural market conditions of H1 2025 [4] - The Huaxia Beijing Stock Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund achieved a 72.16% return, ranking among the top three in the market for H1 [4] - The firm has also excelled in fixed income and QDII sectors, with multiple funds ranking at the top for three-year performance, highlighting its global asset allocation capabilities [4][5] Group 4: Strategic Development - Huaxia Fund's comprehensive performance is supported by a robust research and investment system, emphasizing the philosophy of "research creates value" [5] - The firm has established a talent cultivation mechanism covering the entire lifecycle, forming a professional and complementary research team [5] - As the public fund industry shifts focus from "scale" to "quality," Huaxia Fund exemplifies a clear path by building an ETF ecosystem, solidifying performance through deep research, and innovating services to enhance client trust [5]

Core Viewpoint - The article emphasizes the continuous improvement and advancement of the investment research system at Fuqun Fund, highlighting its strong performance in equity investment and the growing demand for stable mid-to-long-term investment products in the Chinese market [1][4][6]. Group 1: Market Context - As Chinese residents' wealth continues to grow, the demand for asset allocation is increasing, making public funds an important part of investment choices [3]. - Investors are increasingly focused on long-term performance rather than just short-term results, leading to a more rigorous evaluation of fund performance [3]. Group 2: Fuqun Fund's Performance - Fuqun Fund's active equity funds have demonstrated excellent investment capabilities, with a 20-year return of 953.86%, ranking 4th in the industry [6]. - As of June 30, 2025, 11 of Fuqun Fund's equity funds ranked in the top 10 of their categories for the past year, with several funds achieving returns exceeding 40% [8]. Group 3: Specific Fund Highlights - Fuqun Medical Innovation Stock A achieved a return of 58.87% over the past year, ranking 2nd among 45 funds in the medical and healthcare sector [8]. - Fuqun Consumption Select 30 Stock A has performed well in the new consumption investment trend, ranking 2nd among 38 funds in the consumption sector over the past year [8]. Group 4: Fixed Income and Hybrid Products - Fuqun Fund's fixed income products have shown strong performance, with Fuqun Strong Return Bond A achieving returns of 13.03%, 23.28%, and 45.09% over the past three, five, and seven years, respectively, ranking in the top 9 of its category [10]. - The "fixed income + equity" products, such as Fuqun Enhanced Bond and Fuqun Jiuli Stable Allocation Mixed A, have also performed well, with returns of 28.74% and 41.24% over the past year, ranking first in their categories [11]. Group 5: Quantitative Investment - Fuqun Fund's quantitative products have consistently ranked well, with 10 quantitative funds placing in the top 10 of their categories over the past year [12]. - The classic ETF, Fuqun Shanghai Composite Index ETF, has also performed well, ranking among the top five in its category over the past three, five, and seven years [12].

Core Viewpoint - Great Wall Fund, a veteran fund company in China, faces significant challenges in its equity investment performance despite a public fund management scale exceeding 300 billion yuan as of Q1 2025, with equity products accounting for less than 8% of its total [1] Group 1: Company Performance - As of Q1 2025, Great Wall Fund's public fund management scale surpassed 300 billion yuan, but the combined scale of its stock and mixed funds was only 25.48 billion yuan [1] - The performance of funds managed by key executives Yang Jianhua and Liao Hanbo has drawn market scrutiny, with several funds significantly underperforming the industry average [1] - Yang Jianhua, a seasoned fund manager, has seen six out of eight products under his management yield negative returns, with a total loss of 96.67 million yuan in 2024 [2] Group 2: Investment Strategy and Challenges - Yang Jianhua's long-term focus on the liquor sector has led to poor performance, with core holdings like Kweichow Moutai and Wuliangye experiencing substantial declines, contributing to a cumulative loss of 2.7 billion yuan for the Great Wall Consumption 30 Stock A fund since its inception [3][4] - Market analysis indicates that Yang's over-reliance on traditional consumption stocks and failure to adjust during market shifts have been primary factors in the decline of fund performance [6] - Liao Hanbo's management style is characterized by high-frequency trading and misjudgment of sectors, leading to significant performance disparities among his funds [7] Group 3: Management Scale and Market Position - Liao Hanbo's management scale has drastically decreased from nearly 5 billion yuan in 2022 to 1.627 billion yuan in 2024, a decline of 67% [10] - The performance issues faced by Great Wall Fund's core executives reflect a disconnect between their equity investment capabilities and market dynamics, highlighting the urgent need for a transformation in their traditional investment research model [10]

Core Viewpoint - The article discusses the significant personnel change in the asset management sector, highlighting the upcoming transition of Cheng Fei from Guosen Securities to Dongzheng Asset Management, and the implications for both companies in terms of performance and strategy [2][3]. Group 1: Personnel Change - Cheng Fei, Vice President of Guosen Securities and Chairman of Guosen Asset Management, is set to join Dongzheng Asset Management, a well-established brokerage asset management firm [3][11]. - Cheng Fei has nearly 20 years of experience in asset management and has been a key driver of Guosen Asset Management's growth over the past four years [5][6]. Group 2: Performance of Guosen Asset Management - Under Cheng's leadership, Guosen Asset Management's net income from asset management fees increased from 203 million yuan in 2021 to 496 million yuan in 2023, with a year-on-year increase of 81.62% in the first three quarters of 2024 [5][6]. - The growth was attributed to innovative strategies, refined market management, and the use of capital market tools to provide financing services to real enterprises [6]. Group 3: Challenges Faced by Dongzheng Asset Management - Dongzheng Asset Management has faced significant challenges, with its non-monetary management scale declining by 261 million yuan in 2024, causing it to fall out of the top thirty in the industry [3][15]. - The firm has lost investor trust due to continuous losses, with several of its products reporting over 30% losses since inception [13][14]. - The market is closely watching how Dongzheng Asset Management will restructure its research and investment system to seek breakthroughs and establish a distinctive development goal [15].