Group 1 - Longsheng Technology's stock increased by 5.31% to 45.43 CNY per share, with a trading volume of 487 million CNY and a turnover rate of 6.23%, resulting in a total market capitalization of 10.345 billion CNY [1] - Longsheng Technology, established on June 16, 2004, and listed on July 25, 2017, operates in the engine exhaust gas recirculation (EGR) system, new energy, and precision components sectors, with revenue composition of 62.71% from other segments and 37.29% from EGR products and injection systems [1] Group 2 - Dongfang Fund holds a significant position in Longsheng Technology through its fund, Dongfang High-end Manufacturing Mixed A (014699), which held 37,600 shares, accounting for 2.88% of the fund's net value, ranking as the ninth largest holding [2] - The fund, established on March 1, 2023, has a latest scale of 32.1948 million CNY, with a year-to-date return of 8.62% and a one-year return of 40.71%, ranking 3,523 out of 8,037 in its category [2] - The fund manager, Li Rui, has been in the position for 7 years and 263 days, managing assets totaling 8.065 billion CNY, with the best return during his tenure being 56.68% and the worst being -18.35% [2]

Core Viewpoint - The performance of key fund managers at Dongfang Fund, particularly Wang Ran and Li Rui, has raised concerns in the market due to their poor investment returns, leading to a potential trust crisis for the company [2][3]. Group 1: Fund Performance - Dongfang Fund currently manages a total of 123.4 billion yuan across 123 funds, but the active equity investment capabilities are under scrutiny due to negative returns [3]. - Wang Ran's three managed funds have all reported negative returns, with the best performance being -8.94% over her tenure [3]. - The Dongfang Quality Consumption One-Year Holding A/C classes have seen returns of -57.93% and -58.31%, with net values dropping to 0.424 yuan and 0.417 yuan respectively [3]. - The Dongfang Urban Consumption Theme Mixed Fund has also underperformed, with returns of 16.53%, -15.83%, and -28.70% over the past one, two, and three years, respectively [4]. Group 2: High Turnover Rates - Wang Ran's Dongfang Emerging Growth Fund has a turnover rate exceeding 600%, reaching 750% in Q2 2024, but this high turnover has not translated into improved returns, with a three-year loss of 38.71% [4][5]. - High turnover rates are indicative of unstable investment strategies, which contradict the advocated principles of value and long-term investing [5]. - Frequent trading increases transaction costs, which can further erode fund performance and negatively impact investor experience [5][7]. Group 3: Li Rui's Fund Performance - Li Rui's flagship fund, the Dongfang New Energy Vehicle Theme Mixed Fund, has seen a drastic decline in performance since 2022, with returns of -31.69%, -32.02%, and -2.11% in the following years, ranking at the bottom among peers [6]. - The fund's management scale has decreased significantly from 224.41 billion yuan at the end of 2021 to 78.58 billion yuan by mid-2024 [6]. - Another fund managed by Li Rui, the Dongfang Automotive Industry Trend Mixed A, has also seen its scale shrink from 1.4 billion yuan to 0.52 billion yuan over three years [6].