Group 1 - The core viewpoint of the report indicates that the pharmaceutical and communication sectors performed well during the period, while the overall market saw declines in major indices [2][8][13] - The report highlights that the average return of actively managed equity funds decreased by 0.26%, while actively managed bond funds saw a slight increase of 0.08% [2][16] - The report notes that the long-term pure bond funds outperformed other bond categories, with an average return of 0.15% for the period [16][17] Group 2 - The report identifies that the pharmaceutical sector has shown strong performance, with several actively managed equity funds focused on this sector achieving high returns [14][15] - The report provides a detailed analysis of various fund categories, indicating that the average return for QDII funds varied significantly, with energy commodity QDII funds leading at 4.54% [18][20] - The report emphasizes that the average return for the equity funds in the Greater China region was notably high at 33.16% for the year [18][20]

Group 1: Market Overview - In July, 115 new funds were established, raising over 900 billion shares, indicating a warming trend in the market [1] - The A-share market showed volatility with the Shanghai Composite Index closing at 3609.71 points, up 0.33%, while the Shenzhen Component Index and the ChiNext Index reached new highs since November last year [1] Group 2: Fund News - No new funds were launched on July 29, but 16 funds distributed dividends, with the highest being 0.5810 yuan per 10 shares for the Jin Xin Min Da Pure Bond Fund [2] - Over 90% of active equity funds recorded positive returns by the end of July, leading to a surge in new equity fund issuances [2] - The number of domestic QDII funds reached 319, with a total scale of 683.77 billion yuan, marking an 11.85% increase from the end of last year [2] Group 3: Fund Performance - The best-performing fund on July 29 was the Kai Shi Lan Long Tou Economic One-Year Holding Mixed Fund, with a daily growth rate of 6.8416% [3] - The top equity fund was the Guo Lian An Technology Power Stock Fund, with a daily growth rate of 5.7455% [4] - The top QDII fund was the Guang Fa Zhong Zheng Hong Kong Innovation Drug ETF, with a daily growth rate of 4.5815% [4]

Core Viewpoint - The article discusses the poor performance of Guolian An Fund's manager Pan Ming, highlighting that several funds under his management have consistently underperformed, leading to investor dissatisfaction and market skepticism regarding his management capabilities [1][2]. Fund Performance Summary - Pan Ming manages six funds, all of which he oversees independently. The Guolian An Science and Technology Innovation Mixed Fund (LOF) has a five-year return of -35.26%, significantly underperforming its benchmark by over 20% [2][12]. - The Guolian An Science and Technology Innovation LOF has a cumulative return of -26.03% since its inception on March 20, 2020, with a unit net value of only 0.7397 yuan as of July 9, 2025 [6][7]. - The fund's management fees from March 2023 to December 2024 amounted to 6.21 million yuan, while the total management fees for 2021 and 2022 reached 15 million yuan [6][8]. Benchmark Comparison - The performance benchmark for the Guolian An Science and Technology Innovation LOF is a composite of various indices, with a benchmark return of -11.74% over the same five-year period, indicating a significant underperformance of -23.52% compared to the benchmark [2][12]. - Other funds managed by Pan Ming, such as Guolian An Preferred Industry Mixed Fund and Guolian An Technology Power Stock Fund, also show similar underperformance, with returns of -34.10% and -32.25% respectively, against their benchmarks [2][12]. Regulatory Context - In May 2023, the China Securities Regulatory Commission introduced a new action plan aimed at improving the quality of public funds, which includes a mechanism linking fund performance to management fees. This could impact Pan Ming's management fees if performance does not meet expectations [12].