Core Insights - The equity market has shown significant improvement in the second half of the year, leading to a dilemma for fund managers regarding timing for investments [1] - There is a contrast between investors eager for strong fund performance and fund managers who are cautious due to risk management and valuation considerations [1][4] - New funds are beginning to establish positions, with some fund managers actively investing while others maintain a low exposure strategy [2][3] Fund Manager Strategies - Some newly established funds, like Guotai's quality core mixed fund, have already begun to build positions shortly after their inception, indicating a proactive approach [2] - Fund managers are divided in their strategies, with some opting for "right-side trading" to capitalize on market sentiment, while others prefer "left-side trading" to ensure a higher safety margin [6][8] - The cautious approach of some fund managers is influenced by the need to balance client expectations for quick profits against the risks of market valuation and potential corrections [4][5] Market Dynamics - The market has experienced a notable increase in investor enthusiasm, driven by factors such as anticipated interest rate cuts and ongoing domestic policy support [7] - Despite the overall upward trend, there are concerns about potential market adjustments due to accumulated profit-taking and macroeconomic uncertainties [7][8] - Analysts suggest that the current market environment presents opportunities for both aggressive and defensive investment strategies, depending on individual risk tolerance [8][9] Future Outlook - The market is currently positioned within historical average ranges, with stocks still showing high attractiveness for allocation [8] - Positive changes in corporate governance and asset quality are expected to gradually reflect in valuation systems, supporting a favorable long-term outlook [8] - Investment strategies should consider a balanced approach, focusing on core holdings while exploring growth sectors, particularly in technology and new energy [9]

Group 1 - The core viewpoint of the articles highlights the contrasting strategies of fund managers in the current market environment, where some are actively building positions while others remain cautious due to valuation concerns and market volatility [1][3][4] - The recent recovery in the A-share market has led to increased investor anxiety and expectations, with fund managers caught between the desire for returns and the need for risk control [1][3] - New funds have begun to establish positions, with examples such as the Guotai Quality Core Mixed Fund and the Jianxin Medical Innovation Stock Fund showing early gains shortly after their establishment [1][2] Group 2 - Fund managers are facing pressure from clients who expect quick profits, while they themselves are wary of market valuations and potential corrections, creating a tension between speed and safety in investment decisions [3][4] - Different fund managers exhibit varied attitudes towards building positions based on their investment strategies and market outlook, with some opting to slow down their pace to avoid buying at high levels [4][5] - The market's upward trend, influenced by factors such as interest rate expectations and policy support, has led to a surge in investor enthusiasm, but also raises concerns about potential adjustments and volatility [6][7] Group 3 - Fund managers who choose to enter the market are often guided by a "right-side trading" mindset, believing that the market sentiment has reversed and that the trend is clear, while those who remain cautious prefer a "left-side trading" approach, seeking higher safety margins [5][6] - The overall market is perceived to be in a historical average range, with equities still showing high allocation attractiveness, supported by improving corporate governance and asset quality [6][7] - Investment strategies suggested include a balanced approach of "core + satellite" allocations, focusing on diversified funds that can capture growth in emerging industries while managing risks [7]

Core Viewpoint - The newly established fund, Dachen Xingyuan Qihang, managed by veteran fund manager Xu Yan, has faced criticism for its near-zero operation strategy amidst a rising market, leading to questions about its investment approach and performance [1][2][3]. Fund Performance and Strategy - Since its inception in March, Dachen Xingyuan Qihang has maintained a net value close to its face value, with a stock allocation of only 0.73% and cash making up 84.95% of its net value as of June 30 [2][3]. - Xu Yan acknowledged in the fund's mid-year report that the current market environment has changed significantly, necessitating a more cautious investment approach [1][4]. - As of September 11, the fund's A-class share net value reached 1.0035, marking a new high since its establishment, despite the fund's minimal stock holdings [1][3]. Market Context - The Shanghai Composite Index reached a new high of 3892.74 points on September 12, with many newly launched funds quickly building positions and achieving significant returns [1][2]. - In contrast, Dachen Xingyuan Qihang's lack of aggressive investment has led to investor frustration, especially as other funds have capitalized on the market rally [2][3]. Manager Background - Xu Yan, a seasoned fund manager with a history at Dachen Fund, has emphasized his focus on absolute returns rather than relative performance, managing a total fund size of 19.367 billion yuan as of the second quarter [5]. - His management style is characterized by low turnover rates and a focus on long-term value, with several of his funds achieving over 100% returns since he took over [5].

Core Insights - Recent strength in the equity market has led to a dilemma for newly established funds regarding the timing of their investments [1][2] - Some fund managers have begun to build positions, while others remain cautious and are observing market conditions [3][4] Fund Activity - Several newly established funds, such as the Guotai Quality Core Mixed Fund, have started building positions shortly after their inception, with the fund's net value rising to 1.0035 within a week of its launch [2] - The healthcare sector has gained attention, with funds like the Jianxin Medical Innovation Stock Fund seeing a return of 2.45% since its establishment [2] - Other funds, including the Yifangda Value Return Mixed Fund, have shown slight fluctuations in net value since their launch [2] Manager Strategies - Not all fund managers are actively investing; for instance, renowned manager Xu Yan has maintained a largely "empty" position in his newly established fund, with a total return of -0.06% as of September 10 [3] - Some managers are making selective purchases, such as Ji Jun Kai from Haifutong Fund, who recently increased his stake in a technology ETF based on long-term industry trends [3] Market Outlook - Fund managers suggest that investors should evaluate their strategies based on current market conditions, with a focus on a "core + satellite" approach for A-share allocations [4] - The overall market is perceived to be in a historically average range, with equities still offering attractive allocation opportunities compared to bonds [5]

Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Core Viewpoint - The newly launched fund, Dachen Xingyuan Qihang, managed by Xu Yan, has underperformed significantly since its inception, with a net value loss of 0.06% compared to a 13% increase in the Shanghai Composite Index during the same period, raising concerns among investors about its lack of substantial investment activity in a rising market [1][2][3]. Fund Performance - As of August 22, the fund has not completed its investment phase, which is typically six months, and has shown minimal net value fluctuations, primarily around 0.01% [3][6]. - The fund's net value has remained stagnant despite the overall market recovery, with over 150 other funds achieving net value increases exceeding 50% during the same timeframe [3][9]. Manager's Challenges - Xu Yan faces two main challenges: the need to complete the fund's investment within the stipulated time frame amidst a rising market and the declining scale of the fund, which has dropped from 13.25 billion yuan to 9.89 billion yuan due to investor redemptions [9][10]. - The fund's slow performance has led to a loss of investor confidence, despite Xu Yan's strong track record in managing other funds with average annual returns of 13.87% [9][10]. Market Context - The Shanghai Composite Index has been on an upward trend, nearing 3900 points, making it increasingly difficult for new funds to establish positions effectively [12]. - In the current market environment, new funds face heightened challenges in building their portfolios, with many funds experiencing varying degrees of losses [12]. Investor Sentiment - Investor dissatisfaction has been vocal, with concerns about the fund's "zero investment in a bull market" narrative gaining traction since May [6][7]. - The fund's second-quarter report indicated that it had not begun large-scale investments, further fueling investor frustration [6][9].

Core Viewpoint - The recent performance and management decisions of fund manager Xu Yan from Dacheng Fund have drawn criticism from investors due to underperformance and lack of significant investment activity in the newly established Dacheng Xingyuan Qihang fund [2][3][4]. Fund Performance - As of the end of Q2, Xu Yan's Dacheng Xingyuan Qihang fund has a return of -0.04% since its establishment on March 11, 2023 [3][4]. - The fund's management scale was 1.93 billion yuan at the end of Q2, with an annualized return exceeding 13% across other funds managed by Xu Yan [2][3]. - The fund has only invested in two stocks, Antu Biology and Meituan-W, both of which experienced negative returns of -7.05% and -19.58% respectively during the second quarter [3]. Investor Sentiment - Investors have expressed frustration over the fund's lack of significant investment activity, with some redeeming their shares in favor of other funds that have yielded positive returns [4][5]. - The fund's size has decreased from 1.325 billion yuan at inception to 989 million yuan by the end of Q2, indicating a loss of investor confidence [5]. Management Strategy - Xu Yan has stated that he has not begun large-scale investments due to a perceived lack of significantly undervalued stocks in the current market environment, which he views as a challenge for the new fund [3][4]. - According to the fund contract, Xu Yan is required to complete the investment portfolio within six months of the fund's establishment, which means he must finalize his investments by September 11, 2023 [4].

Core Viewpoint - The recent trend of early fundraising closures for new funds indicates a warming market, with increased investor enthusiasm and a shift from cautious observation to active participation [1][4]. Fundraising Market Recovery - Multiple new fund products have completed fundraising ahead of schedule, reflecting a significant increase in investor confidence as the domestic stock and bond markets stabilize [3][4]. - Since March, over ten funds have ended their fundraising early, including low-risk products like bond funds and various equity funds, showcasing a diverse product offering [3]. Focus on Technology Innovation Funds - Technology-focused funds, particularly ETFs, have seen remarkable demand, with several products like the Huatai-PB SSE Sci-Tech Innovation Board 200 ETF completing fundraising quickly [6][9]. - The surge in interest for technology funds is attributed to improved market sentiment and a growing recognition of the investment logic in the tech sector, especially in areas like artificial intelligence [6][10]. Investor Preferences and Strategies - Investors are increasingly favoring short- to medium-term bond funds due to their clear cash flow expectations and liquidity, aligning with current risk preferences [7]. - ETFs are becoming the primary tool for investors to access the Sci-Tech sector, offering low costs, high efficiency, and risk diversification, making them attractive for capturing long-term growth opportunities [9][10].