7月23日，东方基金发布《关于以通讯方式二次召开东方高端制造混合型证券投资基金基金份额持有人大会的第一次提示性公告》，公告的核 心议题是审议关于东方高端制造混合基金修改基金合同终止条款的议案。 图片来源：东方基金官网 值得一提的是，这并非东方高端制造混合基金首次提出修改基金合同终止条款的议案。早在2025年3月21日，东方基金就发布《关于东方高端 制造混合型证券投资基金基金份额持有人大会会议情况的公告》，首次提出修改合同终止条款的议案，试图将基金合同中的"连续50个工作日 净值低于5000万元基金合同终止，不需召开基金份额持有人大会"条款，修改为"连续60个工作日出现上述情形，可在6个月内召开持有人大会 表决"。 然而，东方基金上一次"自救"行为遭遇滑铁卢。2025年4月23日公布的持有人大会结果显示，参与表决的基金份额不足权益登记日总份额 58,330,081.03份的二分之一，该议案最终以消耗基金财产3万元律师公证费草草收场。颇具讽刺意味的是，合同修改的本意是"保护持有人利 益"，如今似乎演变成基金管理人东方基金的"保壳"游戏。 而这一切的根源，在于基金业绩的溃败，2022年11月，东方高端制造混合基金启 ...

Core Viewpoint - The Oriental High-end Manufacturing Mixed Fund is facing a potential termination due to its net asset value being below 50 million yuan for 40 consecutive trading days, with only 10 trading days left before reaching the critical threshold [1][8]. Fund Performance and Management - The fund was established on March 1, 2023, with a meager fundraising of 228 million yuan, and has since experienced a significant decline in net asset value, with A and C class shares dropping to 0.764 yuan and 0.755 yuan respectively, resulting in annualized losses exceeding 10% [4][9]. - The fund manager, Li Rui, has a strong academic background and extensive experience, yet the fund's performance has been disappointing, with a total return of -23.6% for A shares and -24.47% for C shares, ranking low among peers [4][10]. Trading Activity - The fund exhibited an exceptionally high turnover rate of 2283%, with all top ten holdings being replaced quarterly. In 2024, it bought 314 stocks exceeding 2% of its initial asset value, totaling 924 million yuan, while selling 312 stocks for 941 million yuan, leading to commission costs surpassing management fees [6][8]. Market Reaction and Regulatory Challenges - The fund has been in a cycle of warnings and temporary recoveries, with its size falling below the regulatory threshold of 50 million yuan by the end of Q4 2023. Attempts to amend the fund contract to extend warning periods have not been successful in reversing the downward trend [8][11]. - As of May 15, 2025, 40% of the funds managed by Oriental Fund have net asset values below 50 million yuan, indicating a systemic issue within the company's equity investment strategy [11].