Core Viewpoint - The announcement of new leadership at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, marks a significant transition in the company's management structure, aiming to ensure stability and continuity in its operations [1][5][4]. Management Changes - Zhuang Yuanfang has been promoted to Chairman and legal representative, having a long tenure of over 33 years in the industry, including previous roles at Xingzheng Global Fund [3][4]. - Chen Jinqian, with over 26 years of investment experience, has been appointed as General Manager, previously serving as Deputy General Manager [5][3]. - Both executives have been with the company for over 10 years, fostering a culture of professionalism and responsibility [5]. Fund Performance and Management Scale - Xingzheng Global Fund manages 143 funds with a total management scale of 741.992 billion yuan, which has increased by 44.73 billion yuan since the end of 2024 [1][6]. - The fund's flagship product, Xingquan Global Vision Stock Fund, has shown strong performance, with a 3-month increase of 21.68% and a 6-month increase of 37.89% as of November 7, 2025 [2][7]. Shift in Fund Composition - There has been a notable increase in the scale of money market funds, which reached 414.016 billion yuan by the second quarter of 2025, compared to 186.923 billion yuan in the third quarter of 2020 [8][6]. - Conversely, the scale of equity funds has decreased significantly, with mixed funds shrinking from 235.469 billion yuan in 2021 to 122.84 billion yuan by mid-2025 [7][8]. Financial Performance - The company's revenue and net profit have declined from 3.916 billion yuan and 1.376 billion yuan in the first half of 2021 to 1.785 billion yuan and 719 million yuan in the first half of 2025, respectively [8].

Market Performance - The A-share market has shown strong performance recently, with the Shanghai Composite Index returning to a relative high of 3600 points [1][2] - As of May 27, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed at 3608.85, 14897.19, and 3226.11 points, with daily increases of 0.43%, 0.7%, and 0.92% respectively [2] Fund Performance - Equity fund returns have significantly rebounded, with some star fund managers seeing their products' year-to-date returns turn positive and continue to rise [1][2] - Notable fund performances include E Fund's Blue Chip Select Mixed Fund with a year-to-date return of 8.43%, Invesco Great Wall Dingyi Mixed Fund at 8.48%, and China Europe Medical Health Mixed A Fund at 16.68% [2] Investor Sentiment - Many investors have expressed relief at recovering their investments, with some stating they have "broken even" after previous losses [4] - However, a portion of investors remains in a loss position, particularly those who entered the market during high net asset values before the recent downturn [4] Market Recovery Factors - The recent market recovery is attributed to a temporary easing of liquidity and a reduction in commodity price pressures [3] - As of May 26, the number of equity funds with negative year-to-date returns decreased to 1170, representing less than 20% of the total, indicating a significant recovery in fund performance [3] Future Outlook - Industry experts maintain an optimistic outlook for the market, suggesting that high-quality blue-chip stocks will continue to attract investment [5] - There is a consensus that while market sentiment may fluctuate, structural opportunities for growth remain, particularly as systemic risks have decreased [5]

Core Viewpoint - The article emphasizes the importance of respecting objective laws and being pragmatic in investment decisions, highlighting the need for thorough research and understanding of company fundamentals to achieve growth returns [1][2]. Investment Philosophy - Yang Shijin adheres to Graham's philosophy that "the market is a weighing machine in the long run," focusing on in-depth research of company fundamentals and growth returns as core investment goals [2][6]. - The investment strategy is characterized by a bottom-up stock selection approach, with a strong emphasis on the company's "moat" [2][6]. Investment Experience and Background - Yang Shijin has over ten years of experience in the investment industry, with a diverse skill set that spans pharmaceuticals, petrochemicals, semiconductors, military industry, and new energy sectors [2][4]. - His career began in 2010, focusing on coal industry research, which deepened his market understanding and awareness of cyclical forces [4]. Performance Metrics - As of June 30, 2025, the A-share of the Xingquan Multi-Dimensional Value Mixed Securities Investment Fund, managed by Yang Shijin, achieved a return of 9.29%, significantly outperforming the benchmark of -12.72% during a volatile market [5][11]. Investment Decision-Making - Investment decisions are made by balancing risk and return, with a strong emphasis on the importance of entry price; even the best companies can yield poor returns if purchased at high prices [3][8]. - Yang Shijin's investment framework includes assessing the value a company brings to society and customers, growth potential, and competitive barriers [7][10]. Relationship with Investors - Yang Shijin emphasizes the importance of building trust with investors, likening the relationship to a team working together to achieve market gains [3][11]. - He aims to enhance the investment experience through defensive strategies, including balanced diversification and style differentiation [11]. Market Outlook - The investment focus is expected to lean towards technology growth while maintaining appropriate diversification, with an overarching theme of economic recovery and transition to high-quality development [12].