Core Insights - The article provides an overview of the latest fund net asset values, highlighting the top-performing and bottom-performing funds in the market [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. 东方阿尔法科技智选混合发起A with a net value of 1.3428 and a growth of 8.34% 2. 东方阿尔法科技智选混合发起C with a net value of 1.3416 and a growth of 8.34% 3. 方正富邦核心优势混合A with a net value of 1.4060 and a growth of 8.30% 4. 方正富邦核心优势混合C with a net value of 1.3875 and a growth of 8.29% 5. 永赢先锋半导体智选混合发起A with a net value of 1.6664 and a growth of 8.19% 6. 永赢先锋半导体智选混合发起C with a net value of 1.6632 and a growth of 8.19% 7. 富荣福锦混合C with a net value of 2.7841 and a growth of 7.06% 8. 富荣福锦混合A with a net value of 2.8334 and a growth of 7.06% 9. 德邦高端装备混合发起式A with a net value of 1.3684 and a growth of 6.69% 10. 永赢先进制造智选混合发起A with a net value of 2.7709 and a growth of 6.69% [2] Bottom 10 Funds by Net Value Decline - The underperforming funds include: 1. 银河消费混合C with a net value of 1.8630 and a decline of 6.15% 2. 银河消费混合A with a net value of 1.9190 and a decline of 6.12% 3. 银河文体娱混合C with a net value of 1.2525 and a decline of 5.61% 4. 银河文体娱混合A with a net value of 1.2896 and a decline of 5.61% 5. 前海开源人寿混合C with a net value of 1.4237 and a decline of 5.23% 6. 前海开源人寿混合A with a net value of 1.4292 and a decline of 5.23% 7. 金信核心竞争混合A with a net value of 1.1067 and a decline of 5.13% 8. 鹏华中证传媒混合C with a net value of 1.9953 and a decline of 4.89% 9. 鹏华中证传媒混合A with a net value of 1.5011 and a decline of 4.89% 10. 广发中证传媒混合C with a net value of 1.1737 and a decline of 4.68% [3] Market Analysis - The Shanghai Composite Index opened lower and experienced weak fluctuations, closing with a small decline. The total trading volume was 3.05 trillion, with 2,371 stocks rising and 2,973 falling. The number of stocks hitting the daily limit was 67 for gains and 57 for losses [5] - The semiconductor sector led the market with gains exceeding 3%, particularly in storage chips and advanced packaging concepts. Conversely, the media and entertainment sectors saw declines exceeding 4% [5] Fund Holdings and Strategy - The top holdings of the 东方阿尔法科技智选混合发起A fund include stocks like 佰维存储 and 江波龙, which saw gains exceeding 10%. The fund's style is heavily focused on the semiconductor industry, with top ten holdings accounting for 76.80% of total holdings [6] - The 银河消费混合C fund, which is focused on the consumer sector, has seen significant declines in its top holdings, indicating a potential need for rebalancing by the fund manager [6]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of September 22, 2025, highlighting the top and bottom performers in the market [2][4][7]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 中航远见领航混合发起A with a unit net value of 1.4889 and a cumulative net value of 1.5689 [2] 2. 中航远见领航混合发起C with a unit net value of 1.4787 and a cumulative net value of 1.5587 [2] 3. 永赢先锋半导体智选混合发起A with a unit net value of 1.0831 [2] 4. 永赢先锋半导体智选混合发起C with a unit net value of 1.0829 [2] 5. 前海开源人工智能主题混合A with a unit net value of 1.5944 [2] 6. 前海开源人工智能主题混合C with a unit net value of 1.5903 [2] 7. 华夏见龙精选混合 with a unit net value of 1.7381 [2] 8. 华夏潜龙精选股票 with a unit net value of 2.3667 [2] 9. 华夏优势精选股票 with a unit net value of 1.6059 [2] 10. 信澳先进智造股票型A with a unit net value of 2.4425 [2] - The bottom 10 funds with the lowest net value growth include: 1. 银河君信混合I with a unit net value of 1.0000 [4] 2. 同泰开泰混合C with a unit net value of 1.0305 [4] 3. 同泰开泰混合A with a unit net value of 1.0567 [4] 4. 景顺长城国证港股通红利低波动率ETF with a unit net value of 1.3233 [4] 5. 北信瑞丰产业升级 with a unit net value of 1.2910 [4] 6. 国泰中证影视主题ETF with a unit net value of 1.1362 [4] 7. 景顺长城国证港股通红利低波动率ETF联接C with a unit net value of 0.9744 [4] 8. 影视ETF with a unit net value of 1.0165 [4] 9. 景顺长城国证港股通红利低波动率ETF联接A with a unit net value of 0.9747 [4] 10. 华安恒生港股通中国央企红利ETF with a unit net value of 1.5782 [4] Market Trends - The market showed a slight upward trend with the Shanghai Composite Index experiencing horizontal fluctuations and the ChiNext Index rebounding slightly [7]. - The total trading volume reached 2.14 trillion, with a stock rise-to-fall ratio of 2175:3153 [7]. - Leading sectors included semiconductors, components, communication devices, and IT equipment, all showing gains of over 2% [7]. - Notable concepts that performed well included AI, smartphones, wireless earphones, and new tobacco products, also with gains exceeding 2% [7].

Group 1 - The core point of the article highlights that the Qianhai Kaiyuan Artificial Intelligence Theme Mixed A Fund (001986) has performed poorly, ranking last in the semi-annual mixed fund performance list with a return of -20.57% for the first half of the year [1] - As of July 3, 2025, the fund's year-to-date return is -22.61%, and its cumulative net value is 1.1547 yuan [4] - The fund has a long-term performance since its inception, with a cumulative return of 15.47% [4] Group 2 - The fund manager, Wei Chun, has a background in telecommunications and has been with Qianhai Kaiyuan Fund Management Company since 2013, managing public funds for six years [7] - The fund primarily invests in the TMT (Technology, Media, and Telecommunications) sector, with top holdings including companies like Chipone Technology, Rockchip Electronics, and others [7] - Another fund, Qianhai Kaiyuan Artificial Intelligence Theme Mixed C, was established on January 20 this year and has reported a cumulative return of -26.62% [7]

Group 1 - In the first seven months of the year, 7656 out of 8237 mixed funds with comparable performance saw an increase in net value, representing 92.95% of the total [1] - Eight mixed funds achieved a growth rate exceeding 100%, primarily focusing on investments in pharmaceutical companies [1] - The top-performing mixed funds include Changcheng Pharmaceutical Industry Select Mixed Fund A and C, with returns of 127.05% and 126.36% respectively [1] Group 2 - The other six mixed funds with growth rates over 100% include Bank of China Hong Kong Stock Connect Pharmaceutical Mixed Fund A, Yongying Pharmaceutical Innovation Select Mixed Fund A and C, and others, with returns ranging from 102.09% to 113.51% [2] - Yongying Pharmaceutical Innovation Select Mixed Fund A and C, established on November 22, 2022, reported returns of 90.60% and 88.63% respectively [2] - The top holdings of Yongying Pharmaceutical Innovation Select Mixed Fund A and C include companies like Innovent Biologics and BeiGene [2] Group 3 - The worst-performing mixed fund in the first seven months was Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund A, with a return of -19.15% [3] - This fund, established on May 4, 2016, has a cumulative return of 20.46% since inception [3] - The fund's focus in the second quarter was on stocks in the electronics and communication sectors related to edge AI [3]

Core Viewpoint - The artificial intelligence sector has attracted significant market attention this year, but the Qianhai Kaiyuan Fund's AI-themed products have underperformed amidst this technological revolution [2] Group 1: Fund Performance - From the beginning of the year to May 14, the Qianhai Kaiyuan AI-themed mixed fund A saw a net value decline of 19.14%, significantly underperforming the CSI Artificial Intelligence Index, which rose by 3.4% during the same period [2] - The Qianhai Kaiyuan AI-themed mixed fund C, established on January 20, also experienced a decline of 23.55% by May 14 [2] - The fund's poor performance is attributed to its strategy of betting on "dark horses" rather than focusing on leading companies in the AI sector, which is characterized by a "winner-takes-all" competition [3] Group 2: Investment Strategy - The fund's top ten holdings as of Q1 2025 included companies like Chipone Technology, Rockchip, and Hengxuan Technology, which collectively accounted for over 50% of its portfolio, excluding major players like Cambricon, Hikvision, and Inspur [3] - The strategy of investing in smaller chip companies, while they may have technological barriers, faces challenges such as high costs and complex ecosystem adaptations, leading to significant underperformance compared to industry giants [3] Group 3: Managerial Challenges - The fund underwent a complete overhaul of its top ten holdings by the end of Q1 2025, indicating a high turnover strategy that may have led to missed opportunities in leading stocks [4] - The fund manager, Qu Yang, has seen a significant decline in fund size, dropping from a peak of 60 billion yuan to 15.8 billion yuan, a reduction of over 70% [9] - The dual fund manager system, intended to balance experience and new perspectives, has faced challenges due to potential strategy conflicts, leading to increased volatility in fund performance [9][10] Group 4: Governance Issues - The unique three-way equity structure of Qianhai Kaiyuan Fund, involving state capital, private capital, and core employees, was initially seen as a model for governance but has raised concerns about concentrated power among decision-makers [11] - The dual role of Qu Yang as both the chairman of the equity investment decision committee and a general partner may lead to risks associated with excessive concentration of decision-making power [11]

Core Insights - The article highlights significant declines in the performance of several funds managed by Qianhai Kaiyuan Fund Company, particularly those focused on artificial intelligence, with drops exceeding 8% in April 2025 [1][4]. Fund Performance - Four funds under Qianhai Kaiyuan experienced declines over 8% in April, with the Qianhai Kaiyuan Artificial Intelligence Theme Mixed C and A funds showing the largest drops of 13.93% and 13.90%, respectively [1]. - The Qianhai Kaiyuan Artificial Intelligence Theme Mixed C fund, launched on January 20, 2025, has seen a total decline of 20.84% by May 7, 2025 [1]. Fund Managers - The funds are managed by experienced professionals, with Qu Yang having over 11 years of management experience and Wei Chun having over 6 years [2]. - Qu Yang has a background that includes roles at Southern Fund and has been with Qianhai Kaiyuan since July 2014, serving as Vice General Manager and Chairman of the Investment Decision Committee [2]. - Wei Chun joined Qianhai Kaiyuan in June 2013 and has held various positions, currently serving as a fund manager in the equity investment department [2]. Top Holdings - The top ten holdings of the Qianhai Kaiyuan Artificial Intelligence Theme fund include companies such as Chipone Technology, Rockchip Electronics, and Hanguang Information [2]. - Other funds managed by Wei Chun, such as Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life and Qianhai Kaiyuan Hong Kong-Shenzhen Strong Domestic Industry, also experienced significant declines, with drops of 9.87% and 8.10%, respectively [3].