Core Insights - The article provides an overview of the latest performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [1]. Fund Performance Summary Top Performing Funds - The top 10 funds with the highest net value growth include: 1. Guotou Ruijin Silver Futures (LOF) A: 2.3777, up 6.27% 2. Xinao Medical Health Mixed A: 1.3136, up 4.78% 3. Xinao Medical Health Mixed C: 1.3101, up 4.77% 4. GF Innovation Medical Two-Year Holding Mixed C: 0.9070, up 4.61% 5. GF Innovation Medical Two-Year Holding Mixed A: 0.9245, up 4.61% 6. Wanjia Global Growth One-Year Holding Mixed (QDII) C: 0.9410, up 4.34% 7. Wanjia Global Growth One-Year Holding Mixed (QDII) A: 0.9656, up 4.33% 8. Xinao Enjoy Life Mixed C: 1.2091, up 4.29% 9. Xinao Enjoy Life Mixed A: 1.2301, up 4.28% 10. GF Hong Kong-Shanghai Medical Mixed A: 1.1561, up 4.26% [2][3]. Bottom Performing Funds - The bottom 10 funds with the largest declines in net value include: 1. Dongfang Alpha Zhaoyang Mixed A: 0.5213, down 6.36% 2. Dongfang Alpha Zhaoyang Mixed E: 0.5144, down 6.35% 3. Great Wall Prosperity Growth Mixed C: 1.6053, down 6.22% 4. Great Wall Prosperity Growth Mixed A: 1.6280, down 6.22% 5. Xinyuan Industry Opportunity Mixed A: 1.1447, down 6.06% 6. Xinyuan Industry Opportunity Mixed C: 1.1432, down 6.06% 7. Huaan Big Security Theme Mixed C: 3.0600, down 5.99% 8. Huaan Big Security Theme Mixed A: 3.1370, down 5.97% 9. Zhongou High-end Equipment Stock Initiation C: 1.1549, down 5.79% 10. Zhongou High-end Equipment Stock Initiation A: 1.1731, down 5.79% [3]. Market Overview - The Shanghai Composite Index opened high but experienced wide fluctuations, closing with a small decline. The total trading volume reached 3.69 trillion, with a ratio of advancing to declining stocks at 1622:3729 [5]. - The leading sectors included insurance, which rose over 2%, while the lagging sectors were aviation, semiconductors, and telecommunications, which fell over 3% [5].

Core Viewpoint - The article highlights the phenomenon in the public fund industry where many products labeled as "mixed" are actually heavily invested in a single sector, leading to significant losses for investors [2][3]. Group 1: Fund Performance - The fund named Dongfang Alpha Zhaoyang Mixed A, established on March 17, 2021, has a current unit net value of only 0.4603 yuan, indicating a loss of over 50% from its initial value of 1 yuan [4][5]. - Over the past year, despite a significant market rise, the fund recorded a return of -10.4%, and its performance over three years has been stagnant [6][7]. - The long-term decline in net value has resulted in substantial psychological burdens for investors, as their capital has effectively halved [8]. Group 2: Investment Strategy - The fund manager has focused on the growth of China's high-end manufacturing, particularly in the military industry, leading to a concentrated investment in stocks from the aerospace and military sectors [9]. - This strategy reflects a typical "track investment" logic, where the fund manager bets on the growth potential of the military sector, hoping to achieve excess returns through industry cycles [9][10]. - However, this concentrated approach has not yielded the expected returns, as the fund's net value has consistently declined since its inception [9]. Group 3: Investor Behavior - Despite the fund's poor performance, there has not been a significant outflow of shares, with the fund maintaining 5.85 billion shares at the end of Q3 2025, down from 6.35 billion at the beginning of the quarter [11]. - This stability in shareholding may be due to various factors, including investors' reluctance to realize losses, high expectations for the military sector, or a misunderstanding of the fund's thematic characteristics [12][13]. - The lack of significant share redemption does not indicate reduced risk; rather, it may suggest that some investors are inadvertently increasing their risk exposure [13].

Group 1 - The core point of the article is that Maxinlin (688685.SH) reported its Q3 2025 results, revealing a decrease in institutional investor holdings compared to the previous quarter [1] - As of October 30, 2025, three institutional investors disclosed holding a total of 9.0597 million shares of Maxinlin, representing 6.23% of the total share capital [1] - The institutional holding ratio decreased by 0.90 percentage points compared to the previous quarter [1] Group 2 - The public funds that did not disclose holdings in the current period totaled 192, including notable funds such as Changxin National Defense Military Industry Quantitative Mixed A and Dongfang Alpha Zhaoyang Mixed A [1]

Group 1 - Wanze Co., Ltd. (000534.SZ) released its semi-annual report for 2025, indicating that as of August 22, 2025, 14 institutional investors held a total of 204 million shares, accounting for 40.40% of the total share capital [1] - The top ten institutional investors collectively held 40.35% of the shares, with a notable decrease of 5.28 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Southern Military Industry Reform Flexible Allocation Mixed A, increased its holdings by 0.22% compared to the previous period [2] - Five new public funds were disclosed this period, including Chuangjin Hexin Advanced Equipment Stock A and others, while eight public funds were not disclosed compared to the previous quarter [2] - In the social security fund sector, the National Social Security Fund 103 Combination increased its holdings by 0.25% compared to the previous period [2]

Core Viewpoint - Several well-known fund managers have resigned from their positions in 2023, with significant losses reported during their tenure, raising concerns about their investment performance [1][2]. Group 1: Fund Manager Resignation - Liu Ming was dismissed as the fund manager of the Dongfang Alpha Zhaoyang Mixed Securities Investment Fund on June 7, 2023, due to internal adjustments within the company [1]. - Liu Ming had managed the fund since March 17, 2021, for a total of 4 years and 82 days, during which the A-class share return was -53.07% and the C-class share return was -55.33% [2][3]. Group 2: Fund Performance - The cumulative net value of the Dongfang Alpha Zhaoyang Mixed A/C shares as of June 12, 2025, was only 0.4668 yuan and 0.4443 yuan, respectively [2]. - The Dongfang Alpha Zhaoyang Mixed E share, despite being established later, also reported a loss of nearly 30% after over two years of management [2]. - Liu Ming also resigned from the Dongfang Alpha Selected Mixed A/C in April 2023, which he managed for 7 years, resulting in a loss of 20.02% [3].