Core Viewpoint - The asset management industry is fundamentally about trust, and recent fee reduction reforms in the public fund sector aim to enhance transparency and return to the core values of integrity and investor benefit [1]. Group 1: Fund Performance and Fees - Six out of seven highlighted funds are index funds, with four being newly established in 2025. These index products, which should ideally focus on low costs, are facing high implicit trading costs [2]. - The trading commissions for the new funds have surged, with the trading commission for the Hua Bao S&P Hong Kong Stock Connect Low Volatility Dividend ETF Link A being 5.39 times its management fee, the highest among the funds [3]. - The Hua Bao Zhong Zheng A500 ETF Link A saw its total shares drop from 1.026 billion at inception to 494 million by the end of March 2025, indicating a significant reduction in fund size [4][6]. Group 2: Impact of Fund Size Reduction - The majority of the reduction in fund size came from the C shares, which decreased by 455 million shares. This rapid withdrawal has led to a liquidity crisis, forcing fund managers to sell off holdings in the secondary market, resulting in increased trading activity and high commission costs [6]. - A total of seven funds under Hua Bao have reported trading commissions exceeding their management fees, with many funds experiencing higher turnover rates compared to the previous year [7]. Group 3: Performance Metrics - The Hua Bao Zhong Zheng Financial Technology Theme ETF Link A has a trading commission that is 1.99 times its management fee, while the Hua Bao Zhong Zheng Financial Technology Theme ETF Link A has underperformed its benchmark by nearly 47 percentage points over the past year [10][12]. - The Hua Bao Overseas China Mixed Fund, managed by a key figure in the company, has a trading fee that is 2.53 times its management fee, with a cumulative return of -7.81% over three years, significantly lagging behind its benchmark [12][13]. Group 4: Trading Behavior and Investor Impact - The turnover rate for the Hua Bao Overseas China Mixed Fund skyrocketed from 493.95% last year to 866.99% this year, indicating a trend of increased trading activity across multiple funds [15]. - The high trading commissions and turnover rates suggest a potential business model where "helping funds" collaborate with designated brokers to generate commissions, ultimately costing ordinary investors [9][19].

Core Insights - The sustainability of fund managers' performance is a crucial measure of their investment ability, risk control, and the effectiveness of their investment systems [1] - The A-share market has seen a shift in ecology over the past seven years, with small-cap stocks gaining prominence and technology and dividend sectors becoming focal points [1] Group 1: Fund Manager Performance - In the period from 2023 to 2025, there are 3,063 fund managers with performance data, of which 1,070 have achieved consecutive positive returns, accounting for 34.93% [1] - The top 20 fund managers for cumulative returns from 2023 to 2025 have a performance threshold of 76.6% [1] - Liu Yuanhai from Dongwu Fund ranks first with a return of 164.97%, maintaining over 30% returns since 2023 [5] Group 2: Fund Manager Rankings - The top five fund managers by returns include Liu Yuanhai (Dongwu Fund), Gong Zheng (Zhongyou Fund), Di Xinghua (Guohai Franklin Fund), Wang Haichang (Noan Fund), and Lei Tao (Debang Fund) [2][3] - Liu Yuanhai manages approximately 64 billion yuan across five funds, focusing on technology investments, particularly in AI and semiconductors [5] - The second-ranked fund manager, Gong Zheng, has a return of 150.86% from 2021 to 2025, with a management scale of 0.61 billion yuan [3][10] Group 3: Long-term Performance - From 2019 to 2025, 1,330 fund managers have performance data, with 260 achieving consecutive positive returns, representing 19.55% [11] - The top five fund managers in this period include Miao Weibin (Jinyuan Shun'an Fund), Song Qing (Noan Fund), Jiang Yiqian (Jia Shi Fund), Cai Yubin (Zhaoshang Fund), and Bai Bingyang (Fuguo Fund) [11][14] - Miao Weibin leads with a cumulative return of 461.69% and manages approximately 1.3 billion yuan across one fund [14][15]