Core Insights - The A-share market has faced pressure in recent years, impacting active equity funds and leading to poor investor experiences. However, since the introduction of the 924 policy last year, the market has rebounded, with active equity funds achieving impressive returns in 2023 [1] - Active equity funds, including ordinary stock, equity hybrid, flexible allocation, and balanced hybrid funds, have recorded an average return of 32.44% in the first three quarters of 2025, significantly outperforming mainstream broad-based indices [1] - The current market environment has led to a pronounced structural differentiation, raising the bar for fund managers' research and investment capabilities [1] Company Developments - Penghua Fund, with 26 years of investment research experience, recognizes the need to adapt to the new market environment and trends by evolving its investment research culture, talent development, and product layout [1] - The company has established a continuously iterating investment research system and a comprehensive talent pipeline, offering diverse asset allocation solutions for investors with varying risk appetites [1] - As a result of its sustained efforts, Penghua Fund has received notable ratings, with 24 of its active equity products awarded five-star or AAAAA ratings by major institutions as of the end of Q3 2025 [2] Performance Highlights - Among the rated products, Penghua Medical Technology A has achieved top rankings in various time frames within the pharmaceutical and healthcare sector, while Penghua Innovation Upgrade A has also received high ratings across multiple institutions [2][3] - Long-standing products like Penghua Brand Inheritance and Penghua Prosperity Innovation Mixed (LOF) A have withstood market tests, receiving five-star ratings over ten years from different institutions [2] - Seven active equity funds from Penghua Fund ranked in the top ten of their categories on the long-term performance list by Galaxy Securities as of September 30, 2025, showcasing the company's investment return capabilities [2] Investment Strategy - In the context of frequent structural opportunities in the equity market in 2025, Penghua Fund has developed a systematic investment research strategy that combines top-down and bottom-up approaches [3] - The company maintains a balanced industry allocation and dynamically optimizes its investment portfolio based on market changes, employing wave operations based on long-term trend judgments [3] - Penghua Fund aims to continue deepening its focus on active equity investments and enhancing its research capabilities to create long-term stable returns for investors [3]

Core Viewpoint - The article discusses the recent marketing strategy employed by Shangyin Fund, which features a "flower boy" advertisement campaign centered around fund manager Chen Bo, highlighting the challenges faced by the fund's equity products in terms of performance and scale [4][21]. Summary by Sections Marketing Strategy - Shangyin Fund has launched a large-scale advertising campaign in Shanghai, featuring fund manager Chen Bo with the slogan "Invest in funds, choose Chen Bo," aiming to attract attention through a celebrity-like approach [4][6]. - The campaign encourages social media engagement, with users sharing posters for a chance to win prizes, although discussions about fund performance are minimal [6][23]. Fund Performance - Chen Bo has managed several funds since joining Shangyin Fund in 2016, with the largest and best-performing being Shangyin Xinda Flexible Allocation Mixed A, which has a total return of 73.83% over 5 years and 272 days [8][18]. - Despite a high stock allocation of 84%, the fund's holdings are highly diversified, with the top two stocks only accounting for 3.21% and 3.17% respectively, leading to lower returns compared to benchmarks [10][14]. - Year-to-date, the fund has achieved a return of 19.12%, which is lower than the CSI 300 index and 6 percentage points below the average of its peers [14][17]. Fund Scale and Challenges - As of September 30, Shangyin Fund's total management scale reached 251.5 billion yuan, but the equity product scale is only 3.2 billion yuan, representing just 1.29% of the total [26][28]. - Four of the six funds managed by Chen Bo are at risk of being liquidated due to their net asset values falling below the regulatory threshold of 50 million yuan [20][21]. Regulatory Environment - The article highlights the regulatory push against the "star fund manager" phenomenon and emphasizes the importance of research capabilities over marketing gimmicks [24][32]. - The recent marketing approach by Shangyin Fund is seen as a response to the pressure of maintaining competitiveness in a market dominated by larger firms, but it contradicts regulatory guidelines [25][34].