Core Viewpoint - The article discusses the paradox of value investors underperforming during a bull market, highlighting that many investors have lost money despite the overall market index rising significantly [3][7]. Group 1: Market Performance - As of September 18, 2025, the Shanghai Composite Index approached 3900 points, with a cumulative increase of over 15% from previous levels [3][7]. - Over 60% of individual investors experienced losses during this bull market, with an average loss of 28% [7]. - Notably, 13 funds under a prominent institution failed to achieve positive returns, with six funds showing returns below -15% since their inception [4]. Group 2: Fund Performance - Specific funds under the Dongfanghong brand showed particularly poor performance, with the Dongfanghong Qixing Three-Year Holding A fund returning -35.05% since its establishment [5][6]. - Other underperforming funds included Dongfanghong Qirui Three-Year Holding A at -27.48% and Dongfanghong Xinyuan Three-Year Holding A at -20.11% [5][6]. Group 3: Investor Behavior - The article identifies five traps that led to losses for value investors, including chasing speculative trends, neglecting long-term investment principles, and failing to maintain risk awareness [7][8][9]. - Investors often deviated from core value investment principles, leading to poor decision-making during the bull market [7][8]. Group 4: Market Dynamics - The bull market exhibited structural differentiation, with certain stocks and sectors, such as the liquor industry, experiencing declines despite the overall index rising [10]. - Psychological factors, such as greed and fear, significantly influenced investor behavior, leading to poor timing in buying and selling stocks [11][12]. Group 5: Evolving Investment Strategies - Value investors are encouraged to redefine their strategies in light of changing market conditions, focusing on high dividend yield stocks and emerging sectors like AI and biotechnology [13][14]. - The need for continuous adaptation in investment strategies is emphasized, as traditional approaches may no longer be effective in the current market landscape [14][15].

Core Viewpoint - The performance of the "three-year holding period" funds under Dongfanghong Asset Management has been disappointing, with all 13 funds established for over three years failing to achieve positive returns, raising concerns about the company's product strategy and market judgment [2][3]. Group 1: Fund Performance - As of September 18, 2025, 13 "three-year holding period" funds have not achieved positive returns, with six funds showing returns below -15% [2]. - The worst-performing fund, Dongfanghong Qixing Three-Year Holding A, has a return of -35.05% since its inception on October 29, 2021 [3]. - The majority of poorly performing funds were launched in 2021, coinciding with a peak in the A-share market, leading to systemic risks from the outset [3]. Group 2: Management and Strategy Issues - The overall poor performance of Dongfanghong's three-year products indicates systemic issues in product layout, research capabilities, and market judgment [3]. - The departure of key team members since 2016 has led to a loss of investment philosophy and continuity, contributing to declining product performance [9]. Group 3: Market and Investor Sentiment - The market is reassessing the design logic and issuance rationale of the "three-year holding period" products, which were intended to encourage long-term investment but have instead become a "passive constraint" for investors [6]. - The issuance of holding period products should be timed carefully, ideally during market lows, to align risks and rewards with investors [7][8]. Group 4: Company Financials - Dongfanghong's asset management scale has decreased from a peak of 2696.23 billion to 1662.99 billion, a reduction of 1033.24 billion or 38.32% [9]. - The company's revenue and net profit for 2024 were 14.35 billion and 3.33 billion, respectively, reflecting year-on-year declines of 30.41% and 32.04% [9]. Group 5: Leadership Changes - In May 2025, Dongfanghong appointed a new general manager, Cheng Fei, who has a background in fixed income and new business areas, raising hopes for a turnaround in the company's competitive position in equity investments [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].