基金行业正在经历一轮大洗牌。本来嘛，基民的钱亏了，基金经理却还拿着高薪和奖金，管理费一分不少，这事被吐槽很久了。 就在上个月，新规出 来，一切都要改变。 资本市场，现在是冰火两重天。 买科技股的公募，最高年盈利233%，另一方面，持有老登股的基金经理们，逐渐被基民抛弃。 四季度，医药女神们纷纷扑街。还有基金持仓紧握老登股的基金经理，被爆出来自己偷偷买了很多科技股赚了大钱，成了众矢之的。 业绩轮流翻车，去年的基金经理离职人数创下新高，已经达到453人。而基金经理总人数却在持续扩大，很多年轻的基金经理，83%连上一轮牛市都没经 历过。 整个基金行业，正在经历一轮大洗牌。 医药女神翻车，有人差别操作自己赚翻，基民气炸了 除了医药女神，其他明星基金经理也有翻车的。 知名基金经理刘彦春的四季报，普遍亏损在5.8%-7.5%之间，最近五年基本上是腰斩。 尤其是基金的四季报一披露，不少医药女神都扑街了。张韡、赵蓓等管理的医药基都在四季度陷入了亏损，把上半年的利润吐回去不少。 新晋的医药一姐张韡，去年曾凭借管理的香港优势精选，以85.64%的收益斩获公募业绩上半年冠军，结果下半年就把上半年挣的钱亏了一半回去。 去年的医药板块 ...

Core Viewpoint - The performance of investment funds is the ultimate measure of success, as evidenced by the struggles of Guodu Securities' public fund business and the retirement of its fund manager, Liao Xiaodong, amid significant losses [4][11]. Group 1: Guodu Securities' Fund Performance - Liao Xiaodong, after nearly 22 years at Guodu Securities, retired with all managed products in deep losses, including one fund with a return of -63.78% [4][5]. - The two remaining public funds managed by Liao, Guodu Ju Cheng Mixed Fund and Guodu Innovation Driven Fund, have been under continuous warning of liquidation and are struggling for survival [6][10]. - Guodu Securities' public fund business, which once peaked at 855 million yuan in 2017, has seen its managed scale plummet to just 2.2 million yuan by Q3 2025, a decline of over 98% [8][10]. Group 2: Industry Insights - The retirement of Liao Xiaodong marks a significant moment for Guodu Securities, indicating the potential end of its public fund operations [11]. - The public fund industry is returning to its core principle: delivering returns to investors is more important than the reputation or experience of fund managers [12].

Group 1 - Liao Xiaodong, the fund manager, has resigned from managing Guodu Jucheng Mixed and Guodu Innovation Driven funds due to approaching retirement age [1][4] - Liao's tenure has been marked by negative returns across all three public funds he managed, with the largest loss exceeding 60% [1][5] - The two funds under Liao's management have reported returns of -63.78% and -44.1% over the past five years, significantly underperforming their respective benchmarks by 45 and 51 percentage points [5][6] Group 2 - Guodu Securities has been experiencing a decline in public fund management scale, with the two remaining funds having a combined management scale of less than 12 million yuan [6] - The company has faced challenges with fund performance leading to multiple fund liquidations, and management adjustments have been frequent [6][8] - Following Liao's resignation, Liu Yinguan has been appointed as the new head of the fund management department, bringing nearly 30 years of experience in risk and internal control management [7]

Group 1 - Liao Xiaodong, the fund manager, has resigned from managing Guodu Jucheng Mixed and Guodu Innovation Driven funds due to approaching retirement age, effective January 4, 2025 [1][4] - The two funds managed by Liao have reported negative returns over the past five years, with Guodu Jucheng Mixed down 63.78% and Guodu Innovation Driven down 44.1%, significantly underperforming their benchmarks [5][6] - The total losses from the three funds managed by Liao exceed 55 million yuan, contributing approximately 3.6 million yuan in management fees to the company [5][6] Group 2 - Guodu Securities has been facing challenges with its public fund management, with the current two funds being the only remaining public products, both with management scales below 12 million yuan and at risk of being liquidated [6] - The company has a history of frequent management changes and has seen its public asset management scale shrink from a peak of 855 million yuan in 2017 [6] - Following Liao's resignation, Liu Yinguan has been appointed as the new head of the fund management department, bringing nearly 30 years of experience in risk management and internal control [7]

Core Insights - Haoshi Electromechanical (300503.SZ) reported its Q3 2025 results on October 30, 2025, highlighting a significant increase in institutional ownership [1] Institutional Ownership - As of October 29, 2025, eight institutional investors disclosed holding a total of 28.75 million shares of Haoshi Electromechanical, representing 9.33% of the company's total share capital [1] - The institutional ownership increased by 4.22 percentage points compared to the previous quarter [1] Public Fund Activity - Two public funds increased their holdings during this period, including the E Fund National Robot Industry ETF and Guodu Innovation Drive, with an increase in holding proportion of 1.74% [1] - A total of 20 public funds did not disclose their holdings compared to the previous quarter, including notable funds such as Invesco Great Wall National Robot Industry ETF and Huashang National Robot Industry Index A [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings, contributing an increase of 0.17% [1]