文/每日财报 楚风 12月17日，中邮基金公告，原董事长毕劲松因年满退休正式离任，由张涛接任董事长一职。此次调整与控股股东首创证券的近期人事变动一脉相承：毕劲 松于11月卸任首创证券董事长，张涛随后接棒并于12月兼任中邮基金董事长。 毕劲松担任中邮基金董事长时长5年，公司管理规模从400多亿元增长至700多亿元，相比同规模的基金公司并不突出。从产品类型来看，债券基金成为规 模增长的主要推动力，当前规模占比超过七成。 12月17日，中邮基金发布高管变动公告显示，毕劲松因年满退休，不再担任公司董事长的职务。自12月16日起，公司董事长由张涛接任。中邮基金是首创 证券的控股子公司，该高管变动与首创证券一脉相承。 《每日财报》曾撰文《首创证券"将帅齐换"背后：资管业务收入"腰斩"，投行业务成为短板》提到，11月20日，首创证券董事长毕劲松因退休离职，张涛 从总经理职位升任董事长，并担任法定代表人。 作为证券业"老将"，张涛并不具备基金公司从业经验。资料显示，张涛曾在华泰证券任职，历任总裁办公室总裁秘书、投资银行一部业务经理、上海总部 投资银行业务部副总经理等多个职位，后加入东兴证券，曾担任财务负责人、董事、总经理等职 ...

Core Viewpoint - The A-share market has seen a significant rise since June, with the Shanghai Composite Index reaching a nearly ten-year high, leading to a profitable environment for most actively managed equity funds. However, some funds have struggled to keep pace with the market, highlighting the importance of their investment strategies [1][3]. Fund Performance and Strategies - Since June, the Shanghai Composite Index has surged, breaking through multiple key levels, which has opened up profit opportunities for actively managed equity funds [3]. - A total of 114 actively managed equity funds were established in early 2025, with 74 of them having an equity investment ratio exceeding 80% by the end of Q2 [3]. - Notable performers include the China Europe Information Technology Mixed Fund A/C, which achieved a return of 92.65% since June, significantly outperforming the average return of similar funds [3]. - Conversely, the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced criticism for its slow investment pace, resulting in minimal performance changes since its inception [4]. Investment Positioning - The Dacheng Xingyuan Qihang Mixed Fund reported a net value that remained relatively stable, with a return of -0.06% and -0.36% since its establishment [4]. - Other funds, such as the GF Industry Selection Mixed Fund and the Rongtong Quality Selection Mixed Fund, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5]. - The performance of these funds has lagged behind their peers, with the GF Industry Selection Mixed Fund underperforming by over 17 percentage points [5]. Market Trends and Manager Strategies - Some existing actively managed equity funds have also underperformed due to poor position control or deviations in their holding strategies, with the Fangzheng Fubang Xinyi One-Year Open Mixed Fund yielding returns significantly below the average [6]. - Funds that held high stock positions but diverged from the market's main upward trends also saw poor performance, such as the Shenwan Hongyuan Industry Selection Mixed Fund, which has declined since its inception [7]. - The average return for actively managed equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have returned less than 5% [7]. Future Outlook - Analysts suggest that fund managers may adopt a more cautious approach in the wake of recent market volatility, focusing on optimizing their holding structures and risk management [9]. - The potential for new market opportunities remains, especially with expectations of macroeconomic adjustments following changes in U.S. Federal Reserve policies [8][9].

Core Insights - The recent performance of the Dachen Xingyuan Qihang Mixed Fund, managed by Xu Yan, has come under scrutiny due to its slow investment pace, leading to investor concerns about missing out on market gains as the A-share market has surged since June, with the Shanghai Composite Index reaching a nearly ten-year high [1][3][4] Fund Performance and Strategy - Since its establishment on March 11, the Dachen Xingyuan Qihang Mixed Fund has shown minimal net value change, with a return of -0.06% and -0.36% for its A/C shares as of September 10, indicating a slow build-up of positions [4] - In contrast, many newly established active equity funds have rapidly increased their equity positions, with 74 out of 114 funds launched in early 2025 achieving over 80% equity investment by the end of Q2 [3][4] - The top-performing fund, the China Europe Information Technology Mixed A/C, recorded a return of 92.65% since June, significantly outperforming the average return of similar funds by 70.99 percentage points [3] Market Context and Fund Manager Insights - The current market environment, characterized by rapid rotations and a bullish trend, poses challenges for fund managers in terms of their investment strategies and execution [5][6] - Xu Yan acknowledged the slow build-up of positions, emphasizing the need to find undervalued companies while maintaining a low equity position [4][5] - Other funds, such as the Guangfa Industry Selection Mixed and Rongtong Quality Selection Mixed, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5] Broader Market Trends - The average return for active equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have underperformed, with returns below 5% [7][8] - The performance of funds has been influenced by their holding strategies, with some funds failing to capitalize on market trends due to misalignment with the prevailing market opportunities [9][10] - Analysts suggest that fund managers may need to adjust their strategies in response to market conditions, focusing on optimizing their holding structures and risk management as the market enters a potential correction phase [9][10]