Core Insights - The best-performing fund managed by Tian Yu in Q3 2025 is the Zhongtai Xingyu Value Growth Mixed A (012001), with a net value increase of 25.31% [1][2]. Fund Performance Summary - **Zhongtai Xingyu Value Growth Mixed A (012001)**: - Size: 18.03 billion - Annualized Return: -2.65% - Q3 2025 Increase: 25.31% - Top Holding: China Jushi (600176.SH) - Price-to-Book Ratio: 9.51% [2] - **Zhongtai Kaiyang Value Preferred Mixed A (007549)**: - Size: 17.33 billion - Annualized Return: 12.09% - Q3 2025 Increase: 24.13% - Top Holding: Wugang Yejin (000858.SZ) - Price-to-Book Ratio: 9.74% [2] - **Zhongtai Xingcheng Value One-Year Holding Mixed A (010728)**: - Size: 2.93 billion - Annualized Return: 7.71% - Q3 2025 Increase: 13.32% - Top Holding: China Jushi (600176.SH) - Price-to-Book Ratio: 9.63% [2] - **Zhongtai Kaiyang Value Preferred Mixed C (011437)**: - Size: 1.73 billion - Annualized Return: 1.31% - Q3 2025 Increase: 24.00% - Top Holding: Wugang Yejin (000858.SZ) - Price-to-Book Ratio: 9.74% [2] - **Zhongtai Xingyu Value Growth Mixed C (012002)**: - Size: 1.03 billion - Annualized Return: -3.13% - Q3 2025 Increase: 25.16% - Top Holding: China Jushi (600176.SH) - Price-to-Book Ratio: 9.51% [2] - **Zhongtai Xingcheng Value One-Year Holding Mixed C (010729)**: - Size: 0.54 billion - Annualized Return: 7.17% - Q3 2025 Increase: 13.18% - Top Holding: China Jushi (600176.SH) - Price-to-Book Ratio: 9.63% [2] Fund Manager Performance - Tian Yu has achieved a cumulative return of 101.44% during his tenure managing Zhongtai Kaiyang Value Preferred Mixed A (007549), with an average annualized return of 12.07% [2]. - During this period, there were 37 adjustments in the top holdings, with 22 profitable trades, resulting in a win rate of 59.46% [2]. Stock Adjustment Cases - **Hualu Hengsheng**: - Adjusted in Q2 2019, sold in Q4 2020 - Estimated Return: 115.83% - Company Performance Decline: -7.58% [3][4] - **Dongfang Yuhong**: - Adjusted in Q4 2019, sold in Q2 2023 - Estimated Return: 89.06% - Company Performance Increase: 80.80% [5] - **Gaoneng Environment**: - Adjusted in Q4 2021, sold in Q2 2024 - Estimated Return: -49.11% - Company Performance Increase: 85.26% [4][5]

Core Viewpoint - The article highlights the strong performance of public equity funds managed by various asset management firms in the first half of the year, particularly in sectors like AI, robotics, and innovative pharmaceuticals, with several fund managers achieving record net asset values [2][4]. Group 1: Fund Performance - In the first half of the year, the A-share market was active, with significant performances in sectors such as AI, robotics, and innovative pharmaceuticals [2]. - The net asset value of the "Oriental Red Medical Upgrade Stock Initiation A" fund managed by Jiang Qi increased by 44.55%, reaching a new high since its inception [2][4]. - Jiang Qi's fund maintained a high stock position of 90.37% as of June 30, with top holdings including Bai Li Tianheng and Kanghong Pharmaceutical [4]. Group 2: Manager Insights - Jiang Qi believes that the innovative pharmaceutical sector is entering a harvest phase, with expectations for a prolonged period of growth [5]. - Jiang Qi emphasizes the importance of technological advancements and clinical resources in accelerating the development of innovative pharmaceutical companies [5][6]. - Zhou Yun from Oriental Red Asset Management notes that the low interest rate environment and the "anti-involution" trend support a long-term bullish outlook for Chinese assets [7]. Group 3: Market Outlook - Jiang Cheng from Zhongtai Asset Management expresses a cautious optimism regarding macroeconomic conditions while advising caution at the micro level [8]. - Tian Yu from Zhongtai Asset Management remains optimistic about high-end liquor, citing business demand as a key driver despite recent market concerns [9].