Market Performance - On January 27, the A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.18% to 4139.9 points, the Shenzhen Component Index rising by 0.09% to 14329.91 points, and the ChiNext Index climbing by 0.71% to 3342.6 points [1] - The sectors that performed well included storage chips, automotive chips, and F5G concepts, while sectors such as pork, Helicobacter pylori, and organic silicon experienced declines [1] Fund Manager Changes - On January 27, a total of 19 fund managers experienced changes in their positions, which can significantly impact the future performance of the funds they manage [2] - In the past 30 days (December 28 to January 27), 507 fund managers have left their positions, with 30 fund products announcing departures on January 27 alone [3] - The reasons for these departures included personal reasons, the end of agency roles, and product expirations [3] New Fund Managers - On January 27, 50 fund products announced new fund manager appointments, involving 15 new managers [5] - Notably, Longjiang Wei from Hengsheng Qianhai Fund has a total asset scale of 629 million yuan, with a highest return of 72.22% on the Hengsheng Qianhai High-end Manufacturing Mixed A fund during his tenure [5] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 46 listed companies, followed by Huaxia Fund and Guotai Fund with 44 and 37 companies respectively [7] - The chemical products industry was the most researched sector, with 193 instances, followed by the automotive parts industry with 170 instances [7] - In the last week (January 20 to January 27), the most researched company was Dajin Heavy Industry, which received attention from 67 fund management companies [9]

Core Viewpoint - Fund manager Chen Qiming has managed two funds as of the end of Q2 2025, with the best-performing fund being Huafu Tianxin Flexible Allocation Mixed A (003152), which achieved a net value increase of 0.92% in the quarter [1]. Fund Performance Summary - Chen Qiming's managed funds include: - Huafu Dacai Flexible Allocation Mixed C (003153) with an annualized return of 5.68% and a Q2 increase of 0.70%, holding a major stock, Xuguang Electronics (600353.SH), at 7.23% of net value [2]. - Huafu Daxin Flexible Allocation Mixed A (003152) with an annualized return of 6.53% and a Q2 increase of 0.92%, also holding Xuguang Electronics at 7.23% of net value [2]. - During his tenure managing Huafu Value Growth Mixed A (410007), Chen achieved a cumulative return of 232.74% with an average annualized return of 11.77%, executing 96 stock adjustments with a success rate of 63.54% [2]. Stock Adjustment Cases - Notable stock adjustment cases managed by Chen Qiming include: - Boteng Co., Ltd. (300363) was bought in Q2 2018 and sold in Q3 2022, yielding an estimated return of 396.40% with a company performance growth of 1510.87% during the holding period [5]. - Yifeng Pharmacy (603939) was bought in Q2 2016 and sold in Q2 2019, yielding an estimated return of 96.12% with a company performance growth of 175.23% during the holding period [6]. - Beilu Pharmaceutical (300016) was bought in Q2 2015 and sold in Q1 2017, resulting in a loss of -59.25% despite a company performance growth of 264.70% during the holding period [7].