Core Viewpoint - Guolian Fund has announced the termination of the Guolian Consumer Selected Mixed Securities Investment Fund due to its net asset value falling below 50 million yuan for 50 consecutive working days, triggering the fund contract termination clause [1][2]. Fund Overview - The Guolian Consumer Selected Mixed Securities Investment Fund was established on June 2, 2023, after receiving approval from the China Securities Regulatory Commission [1]. - The fund's last operating day is November 18, 2025, after which it will enter the liquidation process starting November 19, 2025 [2]. Performance Metrics - As of the last disclosed net value date on November 18, 2025, the cumulative unit net value for Guolian Consumer Selected Mixed A/C was 1.0411 yuan and 1.0311 yuan, with cumulative returns of 4.11% and 3.11% respectively [2]. - Year-to-date performance for Guolian Consumer Selected Mixed A shows a growth of 23.48%, while the average for similar funds is 31.26% [4]. - Guolian Consumer Selected Mixed C has a year-to-date growth of 23.09%, also underperforming compared to the average of 31.26% for similar funds [5]. Fund Management - Fund manager Qian Wencheng has been with Guolian Fund since July 2020 and currently manages six funds, all of which have reported negative returns [7]. - For instance, the Guolian Brand Selected Mixed A and C funds, managed by Qian since February 9, 2023, have seen returns decline by approximately 30%, significantly underperforming the average returns of similar products [9].

Summary of Key Points Core Viewpoint - The stock market experienced a decline, with a small percentage of funds achieving positive returns, indicating a challenging environment for investors [1][2]. Fund Performance - Only 5.26% of stock and mixed funds achieved positive returns yesterday, with 51 funds returning over 1% and 188 funds experiencing a net value drop exceeding 3% [1][2]. - The average net value growth rate for stock and mixed funds on May 15 was -0.95% [1]. - The top-performing fund was Guolian Brand Preferred Mixed C, with a net value growth rate of 3.36% [2]. Market Indices - The Shanghai Composite Index fell by 0.68% to close at 3380.82 points, while the Shenzhen Component Index and the ChiNext Index dropped by 1.62% and 1.92%, respectively [1]. Sector Performance - Among the Shenwan first-level industries, the best-performing sectors included beauty care (up 3.68%), coal (up 0.42%), and public utilities (up 0.12%) [1]. - The sectors with the largest declines were computer (down 2.97%), communication (down 2.45%), and electronics (down 2.12%) [1]. Fund Types - The top-performing funds by type included 34 equity funds, 12 flexible allocation funds, and 3 standard equity funds among those with over 1% growth [2]. - The fund with the largest decline was Yongying Digital Economy Smart Mixed Initiation C, which saw a drop of 5.56% [2][3]. Fund Company Performance - Among the funds with a net value growth rate exceeding 1%, 7 funds belonged to Fortune Fund, while Caitong Asset Management and Hengyue Fund each had 4 funds listed [1][2].