Group 1 - Gindai Group has experienced a decline for five consecutive trading days, with a cumulative drop of -7.28% [1] - Gindai Group, founded in Shenzhen in 1988 and listed on the Shanghai Stock Exchange in 2001, has developed into a comprehensive listed company focusing on real estate development and related diversified businesses [1] - Two funds under Xingquan Global Fund have entered the top ten shareholders of Gindai Group, both being new additions in the first quarter of this year [1] Group 2 - The two funds are Xingquan Business Model Mixed (LOF) A and Xingquan New Vision Open Mixed, with year-to-date returns of 6.58% and 6.12% respectively [1] - Xingquan Business Model Mixed (LOF) A ranks 2604 out of 4519 in its category, while Xingquan New Vision Open Mixed ranks 939 out of 2296 [1]

Core Viewpoint - The performance of Xingzheng Global Fund has significantly declined, primarily due to the departure of star fund manager Dong Chengfei and the subsequent drop in the management scale of its actively managed equity funds, leading to a substantial decrease in revenue and net profit [3][5][19]. Group 1: Financial Performance - In 2024, Xingzheng Global Fund reported operating revenue of 3.279 billion yuan and net profit of 1.413 billion yuan, marking a decline of over 50% in revenue and nearly 37% in net profit compared to 2021 [3][5]. - The fund's actively managed equity fund scale dropped from 218.729 billion yuan in 2021 to 124.12 billion yuan by the end of 2024, reflecting a significant reduction in management fees [7][19]. - The decline in revenue and profit is attributed to the overall decrease in the performance of actively managed equity funds and the regulatory changes that reduced management fees from 1.5% to 1.2% [5][19]. Group 2: Competitive Comparison - In contrast, E Fund's operating revenue only decreased by approximately 16% and net profit by about 14%, indicating that Xingzheng Global Fund's performance decline is more severe [4]. - The poor performance of Xingzheng Global Fund's actively managed equity funds is linked to the lack of competitive investment returns compared to peers, with many funds underperforming their benchmarks [19]. Group 3: Management Challenges - The departure of Dong Chengfei has led to a talent drain within the company, resulting in a significant drop in the performance of flagship funds like Xingquan Trend Investment Mixed Fund, which has seen losses of nearly 10 billion yuan over three years [7][15][19]. - The current fund managers, including Xie Zhiyu and Dong Li, have not been able to replicate the previous success, with their management periods yielding negative returns [15][19]. - The company faces challenges in attracting and retaining top talent, which is critical for improving fund performance and regaining investor confidence [19].

Core Viewpoint - The stock of Pengding Holdings experienced a limit down on April 3, indicating significant market pressure on the company [1]. Group 1: Company Overview - Pengding Holdings (Shenzhen) Co., Ltd. was established through the overall change of Fu Kui Precision Components (Shenzhen) Co., Ltd. [1]. - The company has seen interest from Xingsheng Global Fund, with two of its funds entering the top ten shareholders of Pengding Holdings, holding a combined stake of 0.59% [1]. Group 2: Fund Performance - Xingsheng Global Fund's "Xingquan Business Model Preferred Mixed" fund reported a year-to-date return of 0.86%, ranking 2855 out of 4331 in its category [1]. - The "Xingquan New Vision Open Mixed" fund achieved a year-to-date return of 0.99%, ranking 1042 out of 2213 in its category [1]. Group 3: Fund Manager Profile - The fund manager for both funds is Qiao Qian, who has been with Xingsheng Global Fund Management Co., Ltd. since July 2008, serving in various roles including research analyst and assistant fund manager [5][6]. - Qiao Qian has managed the "Xingquan Business Model Preferred Mixed" fund since July 10, 2018, achieving a return of 131.93% during her tenure [6].