Core Viewpoint - The China Securities Investment Fund Industry Association has revised the "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)," which stipulates that fund managers of actively managed equity funds with poor performance for three consecutive years may face a salary reduction of 30% [1] Group 1: Performance Assessment Guidelines - The new guidelines establish a tiered performance salary adjustment mechanism, where if the performance of actively managed equity products falls below the benchmark by more than 10 percentage points over three years and the fund's profit margin is negative, the performance salary should decrease significantly, with a reduction of no less than 30% [1] - If the performance is below the benchmark by more than 10 percentage points but the fund's profit margin is positive, the performance salary should still decrease [1] Group 2: Fund Performance Issues - The "personal system" public fund company Tongtai Fund has several actively managed equity funds facing issues such as small scale and performance divergence, with multiple funds underperforming their benchmarks over the past three years [1] - Data shows that among Tongtai Fund's actively managed equity funds, half of the products have seen a decline in net value over the last three years, with nine products underperforming their benchmarks [2] Group 3: Specific Fund Performance - Tongtai Kaitai Mixed A has seen a net value decline of over 28% in the last three years, underperforming its benchmark by nearly 41 percentage points [3] - Tongtai Huaying Mixed A has experienced a net value drop of over 13%, underperforming its benchmark by nearly 27 percentage points [3] - The fund manager Wang Xiu has been in charge for just under two years, and the previous manager Yang Zhe has moved to another fund company, which may indicate a larger responsibility for the poor performance [3] Group 4: Fund Management Scale and Ranking - Tongtai Fund, established in October 2018, is the 14th "personal system" public fund company in China, with a total management scale of 4.728 billion yuan as of the end of the third quarter of 2025, ranking 143rd among public fund institutions [5] - The company manages 22 products, with five stock funds totaling 458 million yuan and nine mixed funds totaling 1.043 billion yuan, accounting for over 30% of its total management scale [5] - Several funds, including Tongtai Huaying Mixed and Tongtai Huizhe Mixed, have scales below 50 million yuan, approaching the liquidation threshold [5]

Group 1 - The core viewpoint of the news is that Huayou Cobalt has seen a significant stock price increase, rising 5.23% to 60.12 CNY per share, with a total market capitalization of 1109.45 billion CNY and a cumulative increase of 8.86% over three days [1] - Huayou Cobalt's main business involves the research and manufacturing of new energy lithium battery materials and cobalt new materials, with revenue composition including nickel products (34.54%), cathode materials (16.28%), and other categories [1] - The trading volume for Huayou Cobalt reached 39.14 billion CNY, with a turnover rate of 3.64% [1] Group 2 - The Tongtai Huiying Mixed A Fund holds 7,700 shares of Huayou Cobalt, representing 2.23% of the fund's net value, making it the eighth largest holding [2] - The fund has generated a floating profit of approximately 23,000 CNY today and 35,800 CNY during the three-day increase [2] - The fund has a total scale of 4.188 million CNY and has achieved a year-to-date return of 19.89% [2] Group 3 - The fund manager of Tongtai Huiying Mixed A is Wang Xiu, who has been in the position for 1 year and 244 days, with the fund's total assets amounting to 451 million CNY [3] - During Wang Xiu's tenure, the best fund return was 182.29%, while the worst return was 26.8% [3]

Group 1 - Guangsheng Nonferrous Metal Co., Ltd. experienced a decline of 5.05% on September 4, with a stock price of 61.87 CNY per share and a trading volume of 989 million CNY, resulting in a turnover rate of 4.63% and a total market capitalization of 20.815 billion CNY [1] - The company, established on June 18, 1993, and listed on May 25, 2000, is located in Guangzhou, Guangdong Province, and primarily engages in the mining and processing of nonferrous metals [1] - The revenue composition of Guangsheng Nonferrous is 59.32% from commercial activities and 40.68% from industrial activities [1] Group 2 - From the perspective of fund holdings, one fund under Tongtai Fund has a significant position in Guangsheng Nonferrous, with Tongtai Huiying Mixed A (008178) holding 6,000 shares, representing 2.49% of the fund's net value, making it the fourth-largest holding [2] - The fund Tongtai Huiying Mixed A (008178) was established on November 26, 2019, with a latest scale of 4.188 million CNY, and has achieved a year-to-date return of 16.59%, ranking 4297 out of 8180 in its category [2] - The fund manager, Wang Xiu, has been in position for 1 year and 219 days, overseeing total assets of 451 million CNY, with the best fund return during his tenure being 170.03% and the worst being 23.33% [2]