破茧突围，王者归来 作者：岩石 编辑：张戈 风品：一然 来源：首财——首条财经研究院 真正的舞者，不会辜负每一个起风季。 2025年以来，中国资本市场显露出结构性牛市特征。wind数据显示，截至2025年6月30日，北证50指数 上半年表现最强，累计上涨39.45%。中证2000指数表现次之，累计上涨15.24%。进入8月下旬，北证50 再现连创历史新高的行情，8月19日盘中最高触及1637.50点，开市以来首破1600点整数关口。 港股市场同样不逞多让，恒生指数上半年上涨20%，涨幅在全球主要股指中位居第三。 水大鱼大，基金市场也迎来业绩复苏。Morningstar晨星中国最新发布的业绩榜单显示，截至6月30日， 工银瑞信基金凭借卓越的管理能力和出色的投资业绩脱颖而出。共17只基金获评三年期五星基金，13只 基金获评五年期五星级基金，7只主动权益类基金荣获十年期五星基金评级。 不过，这不代表无懈可击。相较靓丽收益率，整体规模却不算出众，市场号召力待提升。天天基金网显 示，截至2025年6月30日，三只基金规模分别为仅为1.21 亿元、8.19亿元、0.51亿元。 其次，若拉长周期看，收益稳定性方面也需加劲儿 ...

Core Viewpoint - The performance of renowned fund manager Jia Chengdong at Shenwan Hongyuan Fund has raised concerns among investors, as his recent funds have underperformed significantly in a rising market [1][5]. Group 1: Fund Performance - Since Jia Chengdong joined Shenwan Hongyuan Fund in March 2025, the Shenwan Hongyuan New Power Fund has lost over 7%, underperforming its benchmark by 12 percentage points [2][3]. - Another fund managed by Jia, the Shenwan Hongyuan Industry Selection Fund, has also lost over 5%, trailing its benchmark by more than 9% [2][3]. - The A-share market has seen a strong rally, with the Shanghai Composite Index rising over 7% since June 2025, highlighting the stark contrast in performance [2]. Group 2: Fund Holdings and Market Trends - The Shenwan Hongyuan New Power Fund heavily invested in pet economy stocks, which have collectively plummeted since June, despite being marketed as essential due to aging and single-person demographics [3]. - The price-to-earnings ratio of the pet stock "Guibao Pet" reached 50 times, significantly exceeding the industry average, indicating a disconnect between growth expectations and actual performance [3]. Group 3: Company Challenges - Shenwan Hongyuan Fund has faced multiple fund liquidations in 2025, with two funds recently announced for termination due to struggling below the regulatory threshold of 200 million yuan [5][6]. - This marks the fifth and sixth funds facing liquidation this year, with previous funds also having exited the market due to similar issues [6]. Group 4: Management and Structural Issues - The company's reform efforts under Chairman Chen Xiaosheng, aimed at creating a robust investment research system, have not translated into improved performance, revealing a significant gap between vision and reality [7]. - The talent pool within the company is concerning, with 7 out of 27 fund managers having less than 3 years of experience, and 5 managers overseeing 6 or more funds, leading to potential overextension [8]. - As of June 2025, the company's asset management scale was 82.679 billion yuan, ranking 66th in the industry, a decline from its peak of 102.492 billion yuan in June 2015 [8].