Group 1 - The core point of the news is the appointment of Wang Siyue as a new fund manager for the Qianhai Kaiyuan Cycle Select Mixed Fund by Qianhai Kaiyuan Fund Management Co., Ltd. [1][2] - Wang Siyue has a background in risk control and auditing at Invesco Great Wall Fund Management Co., Ltd. before joining Qianhai Kaiyuan Fund Management in May 2018 [1] - The Qianhai Kaiyuan Cycle Select Mixed Fund A/C was established on January 21, 2025, and as of January 16, 2026, it has a year-to-date return of -4.56% and -4.57%, with cumulative returns since inception of 11.82% and 11.38% [1] Group 2 - The fund is classified as a mixed securities investment fund and is managed by Qianhai Kaiyuan Fund Management Co., Ltd. [2] - The announcement regarding the change in fund management is based on the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - The fund is co-managed by another fund manager, Wu Guoqing, alongside the newly appointed Wang Siyue [2]

Core Insights - The performance of Qianhai Kaiyuan Cycle Selected Mixed Fund A/C and C in October was notably poor, with returns of -15.61% and -15.65%, placing them at the bottom of the monthly mixed fund performance rankings [1][2] - Despite a strong A-share market in 2023, the cumulative return of Qianhai Kaiyuan Cycle Selected Mixed Fund was only 5% as of November 3 [2] - The Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C also underperformed, with a cumulative return of -8.91% since its inception [2][3] Fund Performance - Qianhai Kaiyuan Cycle Selected Mixed Fund A/C has been managed by Wu Guoqing since its establishment on January 21, 2023, who has 10 years of management experience [1][2] - The fund's top holdings included gold and mining stocks in the first half of the year, but shifted entirely to the semiconductor sector in the third quarter, which still resulted in only a 23% quarterly increase [2] - The top holdings of Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C included companies like Goertek and Rockchip, but it still recorded a negative return since inception [2][3] Fund Rankings - In the October mixed fund performance rankings, Qianhai Kaiyuan Cycle Selected Mixed Fund A/C and C ranked among the top six funds with the largest declines [4][5] - The specific rankings were as follows: Qianhai Kaiyuan Cycle Selected Mixed Fund C at -15.65%, Qianhai Kaiyuan Cycle Selected Mixed Fund A at -15.61%, and Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C at -12.70% [5]