Core Viewpoint - The article discusses the current status and challenges faced by Xingzheng Global in the mutual fund industry, highlighting the decline in its equity fund performance and the shift towards fixed-income products [1][14]. Fund Performance - As of mid-2025, Xingzheng Global ranks 20th in non-cash fund size, with a total management scale of 652.3 billion yuan, of which fixed-income funds account for 79% [1]. - Among 4846 mixed equity funds, only a few hundred billion funds remain, with Xingquan funds holding three of them [1]. - The only two billion funds that lost money this year include one from Xingzheng Global, indicating challenges in its equity fund performance [1]. Key Fund Managers - The article highlights the performance of key fund managers, particularly Xie Zhiyu, who manages three funds with varying success. His best-performing fund, Xingquan Social Value, achieved a one-year return of 58.32% [4][8]. - Xie Zhiyu's funds have faced significant losses in recent years, with Xingquan He Run losing over 11.6 billion yuan from 2022 to 2023 [7]. Market Trends and Strategies - Xie Zhiyu has expressed optimism about sectors like technology and consumer goods, particularly in smart driving and emotional consumption [8]. - The article notes that Xingquan Trend Investment, once a flagship fund, has seen its scale shrink significantly and has struggled to keep up with market trends [9][13]. Challenges and Future Outlook - The article suggests that Xingzheng Global's equity business faces difficulties due to issues like cognitive rigidity and slow portfolio adjustments among its top fund managers [14]. - There are indications that Xingzheng Global may focus on ETFs in the second half of the year, but it is unlikely to aggressively push this strategy [14].

Core Viewpoint - After three years of underperformance, active equity funds have rebounded significantly in 2024, with a notable performance divergence among top fund managers [1][3]. Performance Overview - The "Wande Mixed Equity Fund Index," representing active equity funds, showed a performance of -21.03% in 2022, -13.52% in 2023, and a positive 3.45% in 2024, compared to the Shanghai Composite Index's performance of -15.13%, -3.70%, and 12.67% respectively [3]. - As of August 6, 2024, the Wande Mixed Equity Fund Index has increased by 16.67%, outperforming the Shanghai Composite Index by over 8 percentage points and the CSI 300 Index by over 12 percentage points [3]. Star Fund Managers' Performance - Among 242 active equity funds managed by star fund managers with over 10 billion in assets, only 35% outperformed the Wande Mixed Equity Fund Index, while 68% outperformed the Shanghai Composite Index, and 85% outperformed the CSI 300 Index [4][5]. - Notably, over 60% of these funds underperformed the average of active equity funds, with 30% lagging behind the Shanghai Composite Index [5]. Sector Analysis - The underperformance of some star fund managers is attributed to their heavy investments in core stocks, particularly in the food and beverage sector, which has seen declines this year [5][11]. - The food and beverage sector index dropped by 6.06%, with the liquor index down by 8.41% as of August 7, 2024 [5]. Top Performers - Fund managers like Ge Lan and Zhao Bei have excelled, with Ge Lan's funds showing returns of 68.97% and 25.36% respectively, primarily due to heavy investments in innovative drugs, especially in Hong Kong stocks [7]. - Zhao Bei's funds have also performed well, with returns of 89.92% and 63.59%, benefiting from significant allocations to innovative drugs [7][8]. Growth Style Managers - A number of growth-oriented fund managers have also shown strong performance, with returns exceeding 30% for several funds managed by Du Meng and Li Xiaoxing [9]. - These managers have successfully navigated structural market changes by investing in emerging sectors such as AI, innovative drugs, and new consumption [9]. Underperformers - Some previously top-performing fund managers, such as Zheng Chengran and Liu Yanchun, have struggled, with several funds showing negative returns due to heavy exposure to underperforming sectors like liquor and renewable energy [11]. - The rapid market style shifts and the inability to adapt investment strategies have contributed to their underperformance [11]. Future Outlook - The public fund industry is expected to evolve towards a more team-oriented and systematic approach, with a shift away from reliance on star fund managers [12].

Core Insights - The ETF market has seen a growth rate exceeding 70% this year, marking the highest increase in five years, with total assets surpassing 4 trillion [1] - New entrants like Changcheng Fund and Xingzheng Global Fund are beginning to explore the ETF space, indicating a shift in strategy among previously passive fund companies [3][7] ETF Market Trends - The overall scale and number of ETF funds in the market are on an upward trend, with significant participation from major fund companies [4] - The "Matthew Effect" is evident in the ETF market, where leading firms like Huaxia, E Fund, and Haitai Bailei dominate with over 2 trillion in market size [8][9] Competitive Landscape - Major fund companies entering the ETF market may not be too late, as the ETF sector is characterized as a "head game," where large public funds hold a significant market share [8] - Xingzheng Global Fund, backed by a strong reputation and a successful active equity strategy, may leverage its existing brand to compete effectively in the ETF market [7][10] Challenges and Opportunities - Despite the growth potential, challenges remain for fund companies in establishing a profitable ETF business, with a need for scale to achieve stable profitability [10] - The Chinese ETF market has significant room for growth compared to the U.S., where passive products hold about 16% of total stock market value, while in China, this figure is only around 3% to 4% [10]

Core Viewpoint - The establishment of a new subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., marks a significant step in Xingzheng Global Fund's international expansion strategy, following recent leadership changes [1][2]. Group 1: Company Developments - The China Securities Regulatory Commission (CSRC) approved Xingzheng Global Fund's establishment of a subsidiary in Singapore with a registered capital of 10 million Singapore dollars, which must be registered within 12 months [1][2]. - Xingzheng Global Fund plans to gradually develop its overseas business capabilities in research, investment, and client expansion through the new Singapore subsidiary [1]. - The chairman of the new subsidiary will be Xie Zhiyu, who is also the deputy general manager and holds multiple senior roles within Xingzheng Global Fund [1][2]. Group 2: Regulatory Requirements - The new subsidiary must comply with Singapore's legal and regulatory requirements and establish a comprehensive foreign exchange risk management system [2]. - The subsidiary is prohibited from engaging in non-financial activities or conducting business operations within mainland China [2]. Group 3: Industry Context - The trend of Chinese asset management firms establishing overseas subsidiaries has accelerated, with over 30 such subsidiaries now in operation, primarily in Hong Kong, Singapore, the US, and the UK [5][6]. - The CSRC has encouraged qualified fund management companies to "go global" to enhance their service capabilities for overseas investors [5]. - Other firms, such as Southern Fund and Huatai-PineBridge Fund, have also established subsidiaries in Singapore, indicating a competitive landscape for international business development [6]. Group 4: Challenges in Internationalization - Despite the push for international expansion, some Chinese fund companies have faced challenges in the Hong Kong market, leading to the closure of their subsidiaries due to intense competition and difficulties in attracting and retaining clients [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Xingzheng Global Fund to establish a subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., with a registered capital of 10 million Singapore dollars, to be completed within 12 months [1][4]. Group 1: Company Establishment - Xingzheng Global Fund is required to complete the registration of its Singapore subsidiary within 12 months from the approval date [1]. - The proposed chairman of the Singapore subsidiary is Mr. Xie Zhiyu, who will focus on strategic planning while daily operations will be managed by the general manager and other operational staff [4]. Group 2: Management and Performance - As of the end of Q1 2023, Xingzheng Global Fund's public asset management scale was 651.945 billion yuan, ranking 16th in the industry, with non-monetary asset scale at 262.443 billion yuan, ranking 20th [5]. - Mr. Xie Zhiyu has been with Xingzheng Global Fund since July 2007, holding various positions and becoming the deputy general manager in January 2022 [5]. - Mr. Xie manages a total scale of 39.712 billion yuan across three public funds, with notable performance in the fund "Xingquan Helun," achieving a total return of 520.14% since taking over in January 2013 [7].