Core Viewpoint - The Eastern High-end Manufacturing Mixed Fund is facing severe performance issues, leading to attempts to modify contract termination clauses to avoid liquidation, which has been perceived as a "shell protection" strategy by the fund manager [2][3]. Fund Performance and Management - The fund was launched in November 2022 with a meager fundraising of 228 million yuan, and within three days of establishment, its net value fell below face value, marking a rare "opening black" record in the industry [3]. - As of May 21, 2025, the fund's net asset value has been below 50 million yuan for 45 consecutive working days, triggering the 13th warning for liquidation since its inception [3]. - The fund manager, Li Rui, has a strong academic background but has struggled to deliver positive results, with the fund's management scale shrinking from 22.44 billion yuan at its peak in 2021 to 8.065 billion yuan by the second quarter of 2025 [6]. Trading Strategy and Costs - The fund's trading strategy has been criticized for its high turnover rate of 2283% in 2024, resulting in 1.02 million yuan in trading commissions, which is nearly double the management fee, yet this strategy has not improved performance [5]. - Despite the poor performance, the fund manager launched the Eastern Low Carbon Economy Mixed Fund in March 2025, which has only seen a net value increase of 1.91% over three months, ranking 4405 out of 4642 in its category [9]. Recent Developments - In response to performance pressures, Li Rui increased his engagement with listed companies, participating in nine research activities between May and June 2025, compared to only five in the entire year of 2024 [11]. - The fund's scale has dropped below 50 million yuan, and despite a recent 0.22% rebound in one month, it remains insufficient for investors who are facing losses of 30% [11].

5月15日，东方基金发布公告称，截至2025年5月14日，东方高端制造混合基金已连续40个工作日基金资产净值低于5000万元，可能触发基金合同终止情形。 资料显示，东方高端制造混合基金成立于2023年3月，截至2025年一季度末，资产净值合计约为4281.89万元。 实际上，自东方高端制造混合基金成立以来，曾多次发布清盘提示公告。不仅如此，该基金还曾于3月20日发布公告称，决定以通讯方式召开基金份额持有 人大会，审议修改该基金合同终止条款。然而，该方案最终以失败告终。 4月23日，东方基金发布公告称，东方高端制造混合基金以通讯方式召开了基金份额持有人大会，大会表决投票时间为2025年3月21日至2025年4月21日。根 据计票结果，参加本次基金份额持有人大会表决的基金份额小于在权益登记日基金总份额的二分之一，因此未达到《基金合同》约定的关于以通讯方式召开 基金份额持有人大会的有效条件。本次持有人大会费用从基金财产列支，费用包含律师费20000元，公证费10000元，合计30000元。 截至2025年5月20日，东方高端制造混合A基金成立以来净值下跌25.6%，近1年净值上涨0.61%，近1个月净值增长10.8 ...

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].