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 Viewpoint - The public fund industry in China actively engages in social responsibility, with companies like Xingzheng Global Fund leading initiatives in education, healthcare, and environmental protection since 2006 [1][2]. Group 1: Social Responsibility Initiatives - Xingzheng Global Fund has supported over 1,000 students through its "Shan Shu Class" project, which provides financial assistance to underprivileged students, with over 800 students gaining admission to their desired universities [1]. - The company has invested in more than 200 public welfare projects across four main areas: education, humanities, health, and environment, demonstrating a commitment to social responsibility [1][4]. Group 2: Focus on Education - The fund's initial charitable donation in 2006 targeted education, emphasizing soft investments like teacher training and children's reading programs rather than just infrastructure [3]. - Since 2009, the company has established scholarship programs at several prestigious universities to support underfunded basic and niche academic disciplines [3]. Group 3: Broader Philanthropic Vision - Xingzheng Global Fund has expanded its philanthropic efforts to include traditional culture, environmental protection, and healthcare, collaborating with various partners to promote these initiatives [4]. - The company has engaged in projects such as planting over 2,500 acres of poplar trees in the Kubuqi Desert and supporting healthcare professionals [4]. Group 4: Financial Mechanisms for Philanthropy - The company has created a sustainable "charity fund pool" by integrating its asset management expertise into its philanthropic practices, including the establishment of the first domestic social responsibility fund in 2008 [6]. - Xingzheng Global Fund has developed a social responsibility account project to provide tailored investment services for charitable foundations, ensuring the preservation and growth of charitable funds [6]. Group 5: Internal Management and Employee Engagement - The company has implemented a rigorous internal management mechanism for its philanthropic projects, including thorough background checks for partners and cross-departmental due diligence [7]. - A volunteer team known as "Love Ambassadors," consisting of 31 employees from various departments, is responsible for executing and overseeing philanthropic projects [7]. Group 6: Cultural Impact and Employee Experience - The company believes that participation in philanthropic actions allows employees to experience social challenges firsthand and contribute to meaningful change, reinforcing the company's culture of responsibility [8].