Core Insights - The A-share market is experiencing fluctuations due to multiple factors, with a notable shift in investment styles and accelerated sector rotation expected from 2024 to mid-2025 [1] - Xinda Aoya has demonstrated strong performance in active equity investments, with over 30 of its products ranking in the top third of their categories for returns over the past year [1] Fund Performance - Six active equity funds from Xinda Aoya achieved over 60% returns, with "Xinao Bojian Growth One-Year Open A/C" leading at 95.08%/93.93% returns, ranking 6th/3751 and 9th/3751 respectively [3] - "Xinao Xingyi Mixed A/C" follows closely with returns of 91.61%/90.08%, ranking 12th/3751 and 13th/3751 [3] - Other notable funds include "Xinao New Energy Selected A/C" and "Xinao Leading Growth A/C," with rankings of 38th/3751 and 49th/3751 respectively [3] Investment Strategy - Xinda Aoya's successful performance is attributed to its precise market understanding and forward-looking strategies, focusing on sectors like technology, new energy, pharmaceuticals, and new consumption [4] - The company emphasizes a "反内卷" (anti-involution) approach, investing in companies that leverage new technologies and align with Chinese aesthetic upgrades [4] - The firm employs a dynamic portfolio adjustment strategy to capture structural opportunities while maintaining strict risk control [4] Future Outlook - Xinda Aoya plans to enhance its research depth and breadth, optimizing product strategies to navigate complex market environments [5] - The company aims to continue its focus on active equity investments, identifying high-quality growth opportunities to share in the benefits of China's high-quality economic development [5]

Core Viewpoint - The frequent turnover of senior management at Xinda Australia Fund reflects the intense competition and increasing performance pressure within the public fund industry, leading to potential personnel changes and reassignments [2][5][6]. Management Changes - On May 8, Xinda Australia Fund announced the resignation of Vice President Wei Qingkong, who will transition to the role of Chief Marketing Officer due to work arrangements [4][5]. - In the past six months, four vice presidents have left the company, including notable fund manager Feng Mingyuan, indicating a trend of high-level personnel changes [5][6]. - Wei Qingkong had been serving as Vice President since November 2021 and previously held the position of Chief Marketing Officer [5][6]. Fund Performance - Over 60% of Xinda Australia Fund's actively managed equity products have reported negative returns over the past three years, with 30 products showing losses, including 11 that fell over 30% [7]. - In contrast, some mixed bond funds have performed well, with four products achieving returns exceeding 10%, outperforming their peers by over 5 percentage points [7]. Financial Performance - In 2024, Xinda Australia Fund's operating income and net profit were reported at 644 million and 101 million respectively, representing year-on-year declines of 31.24% and 42.11% [8]. - The company attributes this decline to ongoing business structure optimization and a focus on reducing fund fees in response to regulatory requirements [8].