Group 1 - The core point of the article highlights the poor performance of Qianhai Kaiyuan Cycle Select Mixed A Fund, which has seen a net value decline of 3.64% since the beginning of 2026, significantly underperforming its benchmark by over 10 percentage points, ranking 5089 out of 5100 in its category [1][2][4] - The fund's investment strategy shifted in the third quarter of 2025, reducing exposure to gold resource stocks and increasing allocation to growth sectors related to computing power, including communication, electronics, and machinery [1][5] - The fund's cumulative net value has increased by 12.9% since its inception, but it has underperformed its benchmark by more than 30 percentage points [4] Group 2 - As of the end of the third quarter of 2025, the fund's stock holdings increased from 80.17% to 88.54% of total assets, indicating a significant shift in investment strategy [5] - The top ten holdings of the fund at the end of the third quarter included stocks that saw price increases of over 100% in the first three quarters, such as Industrial Fulian, Zhongji Xuchuang, and Xinyi Sheng [7] - The fund managers, Wu Guoqing and Wang Siyue, have shown a notable divergence in performance across the products they manage, with some funds achieving over 15% net value growth while Qianhai Kaiyuan Cycle Select Mixed A has declined [8][9]