Core Insights - The A-share market in 2025 saw a general upward trend, with active equity funds experiencing a net value recovery, although some products continued to perform poorly over the past three years [1][11] - Among the 3,792 active equity funds with performance data over the last three years, 924 funds reported negative returns, accounting for nearly one-quarter of the total [1][11] Fund Performance Overview - The top ten funds with the largest declines over the past three years included four from CITIC Securities, with the worst performer being CITIC Securities Low Carbon Growth A, which recorded a return of -51.87%, lagging its benchmark by over 72 percentage points [3][13] - Other notable underperformers included CITIC Securities Smart IoT A at -51.65%, CITIC Securities Technology Theme 6-Month Holding A at -47.45%, and CITIC Securities Smart Living A at -46.73% [3][13] 2025 Annual Returns - In 2025, CITIC Securities Smart Living A also recorded a return of -16.33%, placing it among the top ten worst-performing active equity funds for the year [3][13] - The top ten funds with the worst returns in 2025 included several from various fund management companies, with CITIC Securities Smart Living A being one of them [4][15] Fund Manager Profile - Zhou Ziguang, a fund manager at CITIC Securities, has extensive experience in the securities industry and manages several funds focused on themes such as low carbon, technology, and IoT [5][16] - The funds managed by Zhou Ziguang have shown a consistent trend of underperformance over the past three years, despite some achieving positive returns since inception [5][16] Sector Allocation and Performance - The funds from CITIC Securities are heavily concentrated in sectors like renewable energy and power equipment, which have faced significant declines in stock prices recently, negatively impacting fund net values [7][17] - For instance, CITIC Securities Low Carbon Growth A's top three holdings have seen declines between 17% and 28% over the past three months, contributing to the fund's poor performance [7][17] Strategic Challenges - The performance of CITIC Securities' funds highlights potential strategic and risk management challenges within certain thematic investment areas [10][20] - The ability to enhance flexibility in sector allocation and improve stock selection accuracy will be crucial for these funds to recover from their current low performance [10][20]

Group 1 - The annual report of public funds for 2025 shows significant performance, with the top fund, Yongying Technology Smart A, achieving a return of 233.29% and a scale of 11.52 billion [1][9] - The second and third positions are held by Zhonghang Opportunity Leading A with a return of 168.92% and Hongtu Innovation Emerging Industry A with a return of 148.64%, with scales of 13.23 billion and 14.86 billion respectively [1][9] - The total scale of public funds reached 35.89 trillion, an increase of 3.65 trillion from the beginning of the year, with a total of 13,610 funds [5][13] Group 2 - Looking ahead to 2026, the core theme of market opportunities is expected to be driven by AI-induced industrial transformation, with a focus on fundamental verification rather than liquidity-driven optimism [2][10] - The cloud computing sector is anticipated to see sustained growth in demand due to the acceleration of AI applications, alongside stable competition in core areas like optical communication and PCB [2][10] - The investment focus is shifting from AI hardware to application sectors, particularly in smart driving, AI hardware (such as AI phones and AR glasses), and humanoid robots [3][11] Group 3 - The performance of funds over the past three years shows Dongwu New Trend Value Line leading with a cumulative return of 273.85%, followed by Dongwu Mobile Internet A at 262.23% and Huaxia North Exchange Innovation Small and Medium Enterprises Selection at 260.42% [3][11] - The bottom performers include Huafu Medical Innovation A with a return of -26.15% and CITIC Construction Low Carbon Growth A with a return of -51.87% over three years [4][12] - The public fund market has experienced sharp performance differentiation amid macro narrative changes, highlighting the potential for high-quality growth in the coming years [8][15]

Core Insights - The A-share market experienced a comprehensive upward trend in 2025, with significant recovery in market sentiment [1] - As of December 25, nearly 4,700 active equity funds were analyzed, with only 194 showing negative returns this year, while over 4,500 achieved positive returns [1][5] - A total of 83 funds reported annual returns exceeding 100%, with the top ten funds all surpassing 144% [1] - The top twenty funds over a three-year period had returns exceeding 160%, with an average return of 193% [1][5] - The worst-performing twenty funds averaged a loss of nearly 41% over the same period, highlighting a stark contrast with top performers [1][6] Fund Performance - The fund with the worst performance, Jin Ying Multi-Strategy A, recorded a loss of 47.72%, followed closely by CITIC Construction Investment Smart IoT A and Tianzhi New Consumption, both exceeding 47% losses [2][6] - Despite the overall market uptrend, ten funds still reported negative returns this year, with CITIC Construction Investment Smart Life A down 17.05% and Shenyin Wanguo Medical Pioneer A down 13.82% [7] - The underperforming funds primarily consisted of flexible allocation and equity mixed funds, many of which were themed around popular sectors like technology and new energy [7] Management and Size Analysis - CITIC Construction Investment Fund was notably affected, with four of its products appearing in the bottom twenty, managed by Zhou Ziguang, whose funds underperformed their benchmarks by over 54% [7] - Tianzhi Fund also had three products in the bottom list, with two managed by Li Shen, showing significant underperformance against benchmarks [7] - Most underperforming funds were categorized as "mini funds," with 15 having assets under 200 million yuan, and Tianzhi Transformation Upgrade nearing liquidation with only 0.03 billion yuan [3][7] Investment Style and Future Outlook - Some funds failed to manage drawdowns effectively during adjustments in sectors like new energy and healthcare, exemplified by Shenyin Wanguo Medical Biology A, which lost 38.73% over three years [8] - The future of the industry is expected to trend towards more refined and transparent fund assessment systems, with a focus on long-term performance metrics [8] - This shift aims to promote rational investment behavior and encourage fund managers to focus on long-term industry trends and corporate value, fostering sustainable benefits for investors [8]

Core Viewpoint - The recent reform in the public fund industry emphasizes performance, leading to potential salary reductions for nearly a thousand fund managers due to underperformance against benchmarks over the past three years [1][8]. Fund Performance and Salary Reform - According to the new regulations from the Asset Management Association of China, fund managers whose products underperform benchmarks by more than 10 percentage points and have negative profit margins will see their performance pay cut by at least 30% [1][8]. - As of December 11, 2023, out of 9,429 funds with performance data over the past three years, 1,625 funds underperformed their benchmarks by over 10 percentage points, with 55 funds lagging by more than 50 percentage points [1][8]. - Notable underperforming funds include Guangfa High-end Manufacturing A, Founder Fubon Innovation Power A, and CITIC Construction Investment Low Carbon Growth A, which underperformed by -81.11%, -73.54%, and -69.12% respectively [1][8]. Specific Fund Analysis - CITIC Construction Investment Low Carbon Growth A, managed by Zhou Ziguang, has a total fund size of 542 million yuan and has underperformed its benchmark by 69.12% over the past three years [2][9]. - Zhou Ziguang also manages CITIC Construction Investment Smart Internet of Things A and CITIC Construction Investment Smart Life A, which have underperformed by 65.51% and 54.26% respectively, with a combined fund size of 841 million yuan [2][9]. - The top holdings of CITIC Construction Investment Low Carbon Growth A have shown significant volatility, with major stocks like KOTAI Power and Weichai Heavy Industry experiencing declines of -24.96% and -23.15% respectively, while others like Sunshine Power and Deyang Co. achieved gains over 20% [2][10]. Manager Profile and Future Challenges - Zhou Ziguang has a master's degree and has been in the securities industry since January 22, 2010, with 8.55 years of investment management experience [5][13]. - Despite some periods of positive returns, such as a 26.97% gain over six months, the fund has also faced a maximum six-month return drop of -41.47%, indicating high volatility [7][15]. - The new salary regulations pose a significant challenge for managers like Zhou, who must optimize strategies and manage portfolios effectively to improve performance and meet benchmarks [7][15].

Core Viewpoint - The recently issued "Guidelines for Performance Assessment Management of Fund Management Companies" may lead to salary reductions for fund managers whose performance has significantly underperformed benchmarks, particularly affecting those managed by Zhou Ziguang of CITIC Construction Investment [1] Group 1: Performance Assessment Guidelines - Fund managers whose actively managed equity products have underperformed benchmarks by more than 10 percentage points over the past three years and have negative profit margins must see their performance compensation reduced by at least 30% [1] - If the performance is below the benchmark by over 10 percentage points but with positive profit margins, their performance compensation should also decrease [1] Group 2: Fund Performance Analysis - Zhou Ziguang's managed funds, including CITIC Construction Investment's "Low Carbon Growth Mixed A," "Smart IoT A," and "Smart Life A," have seen net value declines of approximately 50%, underperforming benchmarks by about 70%, 66%, and 55% respectively over the past three years [3] - The "Smart Life A" and "Smart IoT A" funds reported negative returns of around 17% and 7% year-to-date, lagging behind their benchmarks by 34 and 16 percentage points [3] - Zhou Ziguang's previous success with the "Low Carbon Growth A" fund has been overshadowed by recent poor performance due to market style shifts [3] Group 3: Fund Management Changes - Zhou Ziguang stepped down from managing the "Technology Theme 6-Month Holding Mixed Fund," which had a return of 44.31% over nearly three years, with the new manager, Leng Wenpeng, experiencing a return of nearly -9% in the first two months [4] - The "Technology Theme 6-Month Holding Mixed Fund" has seen a net value decline of 48.49% since its inception, underperforming its benchmark by 68 percentage points [4] Group 4: Overall Fund Management Landscape - As of the end of Q3 this year, CITIC Construction Investment manages a total of 65 products with a combined management scale of 71.486 billion, ranking 77th in the industry [5] - Compared to the end of last year, the number of products has increased by 9, but the management scale has decreased by nearly 24% [5] - The scale of 6 stock funds is 1.07 billion, while 26 mixed funds account for 9.003 billion, making up only 14% of the total [5]

Core Viewpoint - The recently issued "Guidelines for Performance Assessment Management of Fund Management Companies" may lead to salary reductions for fund managers whose performance has significantly underperformed benchmarks over the past three years [1] Group 1: Performance Assessment Guidelines - Fund managers whose actively managed equity products underperform benchmarks by more than 10 percentage points and have negative profit margins must see their performance compensation decrease by at least 30% [1] - If the performance is below the benchmark by over 10 percentage points but with positive profit margins, their performance compensation should also decline [1] Group 2: Fund Performance Data - Among the actively managed equity funds under China Citic Bank, several funds have shown poor performance, with the "China Citic Bank Smart Life A" and "China Citic Bank Smart IoT A" being the only two with negative returns this year, down approximately 17% and 7% respectively, underperforming their benchmarks by 34 and 16 percentage points [2] - The "China Citic Bank Low Carbon Growth Mixed A" fund, managed by Zhou Ziguang, has seen a net value drop of around 50% over the last three years, underperforming its benchmark by approximately 70% [3] Group 3: Fund Manager Performance - Zhou Ziguang's management of the "China Citic Bank Technology Theme 6-Month Holding Mixed" fund resulted in a return of 44.31% over nearly three years, but the new manager, Leng Wenpeng, has seen a return close to -9% in the two months since taking over [3] - The "China Citic Bank North Exchange Selected Two-Year Open Mixed A," managed by Leng Wenpeng, has shown a return of nearly 230% over about 1.5 years, outperforming its benchmark by approximately 157 percentage points [4] Group 4: Fund Management Scale - As of the end of Q3 this year, China Citic Bank manages a total of 65 products with a combined management scale of 71.486 billion yuan, ranking 77th in the industry [4] - Compared to the end of last year, the number of products has increased by 9, but the management scale has decreased by nearly 24% [4]

Core Insights - Hongtian Co., Ltd. (603800.SH) reported its Q3 2025 results, revealing that 12 institutional investors hold a total of 115 million shares, representing 55.39% of the company's total equity [1] - The top ten institutional investors collectively own 55.31% of the shares, with an increase of 1.64 percentage points compared to the previous quarter [1] Institutional Holdings - The number of public funds that increased their holdings this period is 2, including Guotai Jin Ying Growth Flexible Allocation Mixed Fund and Guotai Research Advantage Mixed Fund, with an increase ratio of 0.17% [2] - Four public funds decreased their holdings compared to the previous quarter, including CITIC Jiantou Low Carbon Growth Mixed Fund and Guotai Value Classic Flexible Allocation Mixed Fund, with a decrease ratio of 0.23% [2] - Two new public funds were disclosed this period, including Yongying Semiconductor Industry Selected Mixed Fund and Jin Ying Minfeng Return Mixed Fund [2] - Sixteen public funds were not disclosed this period, including Guotai Medical Health Stock A and CITIC Jiantou Smart IoT A [2]

Core Viewpoint - Tongwei Co., Ltd. (002835.SZ) reported its Q3 2025 financial results, indicating a decline in institutional ownership and a stable number of public funds compared to the previous quarter [1] Institutional Ownership - As of October 28, 2025, there is one institutional investor holding shares in Tongwei Co., Ltd., with a total holding of 827,800 shares, representing 0.38% of the total share capital [1] - The institutional ownership percentage decreased by 0.55 percentage points compared to the previous quarter [1] Public Fund Holdings - In this reporting period, 28 public funds were disclosed, which were not reported in the previous quarter [1] - Notable public funds include Dachen CSI 360 Internet + Index A, Guangfa Multi-Factor Mixed Fund, and others [1]

Core Insights - Inse Group (300781.SZ) released its Q3 2025 financial report, revealing that as of October 28, 2025, four institutional investors held a total of 31.19 million shares, representing 19.00% of the company's total equity [1] - The institutional ownership decreased by 1.18 percentage points compared to the previous quarter [1] - A total of 24 public funds were disclosed this period, including notable funds such as E Fund CSI Wan De M&A Index (LOF) and CITIC Securities Smart IoT A [1] - Foreign investment sentiment showed a slight increase, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings [1]