Core Insights - The Shanghai Composite Index is approaching the 4000-point mark after reaching a 10-year high [1] - Dongwu Fund's equity funds have shown negative returns over the past five years, with specific funds losing nearly 50% of their net value [1] Performance Summary - Dongwu Shuang Triangle Stock A and Dongwu Anxiang Quantitative Mixed A have five-year returns of -47.22% and -47.06%, respectively, underperforming the benchmark by over 50 percentage points [1] - Both funds have also recorded negative returns over the past three years [1] - Dongwu Industry Rotation Mixed A and Dongwu Progress Strategy Mixed A have negative returns across all time frames: year-to-date, one year, two years, three years, and five years [1] - Dongwu Shuang Power Mixed A has consistently underperformed the benchmark, with a three-year return that is negative and a five-year return close to -30% [1] - Dongwu Smart Medical Quantitative Mixed A and Dongwu State-Owned Enterprise Reform Mixed A also show negative returns over the past five years [1] Historical Performance - Several funds, including Dongwu Shuang Triangle Stock A, Dongwu Medical Service Stock A, Dongwu Consumption Growth Mixed A, Dongwu Industry Rotation Mixed A, Dongwu State-Owned Enterprise Reform Mixed A, and Dongwu Smart Medical Quantitative Mixed A, have negative returns since their inception [1] - The worst return among the fund managers of Dongwu Shuang Triangle Stock A over the past four years is -62.69% [1]

Core Insights - The Shanghai Composite Index is approaching the 4000-point mark after reaching a ten-year high, while several equity funds under Dongwu Fund have reported negative returns over the past five years, with Dongwu Double Triangle Stock A and Dongwu Anxiang Quantitative Mixed A experiencing nearly a 50% decline in net value [1][2] Fund Performance - Dongwu Double Triangle Stock A and Dongwu Anxiang Quantitative Mixed A have recorded five-year returns of -47.22% and -47.06%, respectively, significantly underperforming the benchmark by over 50 percentage points [1] - Dongwu Industry Rotation Mixed A and Dongwu Progress Strategy Mixed A have also shown negative returns across various time frames, with five-year returns of -30.54% and -26.70% [1][3] - Dongwu Double Power Mixed A has consistently underperformed the benchmark, with recent three-year returns being negative and five-year returns close to -30% [1] - Dongwu Wisdom Medical Quantitative Mixed A and Dongwu State-Owned Enterprise Reform Mixed A have also reported negative returns over the past five years [1] Management Changes - Dongwu Fund has appointed a new chairman with a background from the major shareholder, Dongwu Securities, following the resignation of the previous chairman, Ma Zhenya [4] - The new leadership faces challenges in addressing the imbalanced product structure and expanding equity business to enhance competitiveness [4] Company Overview - Dongwu Fund, established in September 2004, has struggled to exceed a management scale of 40 billion yuan, with a current management scale of 37.561 billion yuan, down nearly 6% from the previous year [3] - The company’s stock and mixed fund scales are significantly lower than its bond and money market fund scales, indicating a lack of focus on equity products [3]

Group 1 - The core viewpoint of the news is that Huihan Co., Ltd. (301600.SZ) has reported significant institutional investment, with 12 institutional investors holding a total of 42.39 million shares, representing 40.56% of the total share capital as of August 26, 2025 [1] - The top ten institutional investors collectively hold 40.50% of the shares, with a slight increase of 0.30 percentage points compared to the previous quarter [1] - The report highlights the presence of various institutional investors, including Fujian Guomai Group Co., Ltd. and Shanghai SAIC Venture Capital Center, among others [1] Group 2 - In the public fund sector, three public funds have increased their holdings, contributing to a slight rise in the overall holding percentage [2] - Three new public funds have been disclosed compared to the previous quarter, including Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, has reduced its holdings, indicating a slight decline in foreign investment [2]