Core Viewpoint - Dachen Fund has struggled to adapt to the current bull market, resulting in underperformance of its equity products compared to the market average, highlighting issues in its investment strategy and execution [3][4][8]. Group 1: Performance Analysis - Dachen Fund's flagship product, Dachen Gaoxin Stock, has shown a decline in performance, with year-to-date returns of 15.75%, trailing behind its benchmark and the CSI 300 index [5][6]. - The fund's management scale decreased from 123.64 billion to 114.53 billion yuan, indicating a loss of investor confidence [6]. - Other Dachen equity products, such as Dachen Rui Xiang Mixed A and Dachen Strategy Return Mixed A, also underperformed relative to the CSI 300 index [6][7]. Group 2: Investment Strategy Issues - Dachen Fund's conservative investment approach, which worked well during bear markets, has led to missed opportunities in the current growth-driven market [8][9]. - The fund's portfolio has been heavily weighted towards value stocks and large-cap stocks, limiting its ability to capitalize on the tech and growth sectors that are currently leading the market [8][9]. - The fund's products have been criticized for style drift, where funds marketed as "growth" or "new" are actually concentrated in traditional value stocks, potentially misleading investors [9]. Group 3: Management and Operational Challenges - Dachen Fund's slow response to market changes has been evident in its delayed investment decisions, with significant cash holdings in newly launched funds [10][11]. - The Dachen Xingyuan Qihang Mixed Fund had an 84% cash position shortly after its launch, missing critical market gains during the early months [10][11]. - High turnover rates in the fund's portfolio have increased trading costs without resulting in improved performance, indicating a reactive rather than proactive management style [14][15]. Group 4: Future Outlook - Dachen Fund's current challenges may serve as a case study for traditional public fund institutions facing transformation difficulties in a changing market environment [16].

Core Viewpoint - 大成基金在2023年至2024年的熊市期间表现优异，但在牛市中未能跟上节奏，导致其权益产品年内收益排名靠后 [1] Group 1: Performance Analysis - 大成基金在熊市期间的主动权益绝对收益为7.99%，在24家大中型公募中排名第一 [1] - 今年初至9月底，大成基金的主动权益收益在同类基金中排名倒数第二，超额收益垫底 [1] - 截至11月2日，大成基金的收益率为15.35%，在188家机构中排名第87位 [1] Group 2: Fund Composition - 大成基金旗下股票型基金平均收益为25.44%，业内排名第85位；混合型基金平均收益率为21.67%，排名第117位 [1] - 根据三季报，首席权益投资官徐彦在管产品完成建仓，新成立的大成兴远启航混合基金的权益资产配置为股票，占基金总资产的60.89% [1] - 大成兴远启航混合基金成立于今年3月，符合偏股混合型基金最低六成权益仓位的要求 [1]

Core Viewpoint - Dachen Fund's chief equity investment officer Xu Yan has completed the stock positioning for the Dachen Xingyuan Qihang mixed fund in the third quarter, despite previous controversies regarding the slow pace of building positions [1][2] Group 1: Fund Positioning and Strategy - The Dachen Xingyuan Qihang fund has a stock asset allocation of 60.89%, just meeting the minimum requirement for equity mixed funds [1][2] - Xu Yan maintains a cautious approach to stock selection, focusing on companies with a high margin of safety, and has a consistent heavy allocation in stocks like Kanghong Pharmaceutical and China National Offshore Oil Corporation [1][2] - The fund has not invested in bond assets due to the current challenging bond market environment, instead allocating 33.23% to bank deposits and settlement reserves [2] Group 2: Fund Performance and Management - Xu Yan's management scale has grown, with a total of 21.462 billion yuan across eight funds, marking a continuous increase for three consecutive quarters [3] - All eight funds under Xu Yan's management saw growth in scale during the third quarter, with the Dachen Competitive Advantage fund experiencing a significant increase of 41.25 billion yuan [3] - Despite the growth in fund size, the performance of Xu Yan's funds in the third quarter was not outstanding, with none achieving the median performance of 23.17% for similar funds [3][4] Group 3: Long-term Performance - Over the past three years, Xu Yan's long-term performance has been impressive, achieving a return of 46.98%, which exceeds the return of the CSI 300 index by more than 10 percentage points [4]

Core Viewpoint - The A-share market has seen a significant rise since June, with the Shanghai Composite Index reaching a nearly ten-year high, leading to a profitable environment for most actively managed equity funds. However, some funds have struggled to keep pace with the market, highlighting the importance of their investment strategies [1][3]. Fund Performance and Strategies - Since June, the Shanghai Composite Index has surged, breaking through multiple key levels, which has opened up profit opportunities for actively managed equity funds [3]. - A total of 114 actively managed equity funds were established in early 2025, with 74 of them having an equity investment ratio exceeding 80% by the end of Q2 [3]. - Notable performers include the China Europe Information Technology Mixed Fund A/C, which achieved a return of 92.65% since June, significantly outperforming the average return of similar funds [3]. - Conversely, the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced criticism for its slow investment pace, resulting in minimal performance changes since its inception [4]. Investment Positioning - The Dacheng Xingyuan Qihang Mixed Fund reported a net value that remained relatively stable, with a return of -0.06% and -0.36% since its establishment [4]. - Other funds, such as the GF Industry Selection Mixed Fund and the Rongtong Quality Selection Mixed Fund, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5]. - The performance of these funds has lagged behind their peers, with the GF Industry Selection Mixed Fund underperforming by over 17 percentage points [5]. Market Trends and Manager Strategies - Some existing actively managed equity funds have also underperformed due to poor position control or deviations in their holding strategies, with the Fangzheng Fubang Xinyi One-Year Open Mixed Fund yielding returns significantly below the average [6]. - Funds that held high stock positions but diverged from the market's main upward trends also saw poor performance, such as the Shenwan Hongyuan Industry Selection Mixed Fund, which has declined since its inception [7]. - The average return for actively managed equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have returned less than 5% [7]. Future Outlook - Analysts suggest that fund managers may adopt a more cautious approach in the wake of recent market volatility, focusing on optimizing their holding structures and risk management [9]. - The potential for new market opportunities remains, especially with expectations of macroeconomic adjustments following changes in U.S. Federal Reserve policies [8][9].

Core Insights - The recent performance of the Dachen Xingyuan Qihang Mixed Fund, managed by Xu Yan, has come under scrutiny due to its slow investment pace, leading to investor concerns about missing out on market gains as the A-share market has surged since June, with the Shanghai Composite Index reaching a nearly ten-year high [1][3][4] Fund Performance and Strategy - Since its establishment on March 11, the Dachen Xingyuan Qihang Mixed Fund has shown minimal net value change, with a return of -0.06% and -0.36% for its A/C shares as of September 10, indicating a slow build-up of positions [4] - In contrast, many newly established active equity funds have rapidly increased their equity positions, with 74 out of 114 funds launched in early 2025 achieving over 80% equity investment by the end of Q2 [3][4] - The top-performing fund, the China Europe Information Technology Mixed A/C, recorded a return of 92.65% since June, significantly outperforming the average return of similar funds by 70.99 percentage points [3] Market Context and Fund Manager Insights - The current market environment, characterized by rapid rotations and a bullish trend, poses challenges for fund managers in terms of their investment strategies and execution [5][6] - Xu Yan acknowledged the slow build-up of positions, emphasizing the need to find undervalued companies while maintaining a low equity position [4][5] - Other funds, such as the Guangfa Industry Selection Mixed and Rongtong Quality Selection Mixed, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5] Broader Market Trends - The average return for active equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have underperformed, with returns below 5% [7][8] - The performance of funds has been influenced by their holding strategies, with some funds failing to capitalize on market trends due to misalignment with the prevailing market opportunities [9][10] - Analysts suggest that fund managers may need to adjust their strategies in response to market conditions, focusing on optimizing their holding structures and risk management as the market enters a potential correction phase [9][10]

Core Viewpoint - The appointment of Qi Weizhong as a co-manager for two funds at Dacheng Fund signifies a strategic shift aimed at improving fund performance amid declining returns under the previous manager Zhang Ye [3][4][9]. Fund Manager Changes - Dacheng Fund announced the appointment of Qi Weizhong as a co-manager for the Dacheng Consumer Select Equity Fund and Dacheng Enjoy Life Mixed Fund, alongside existing manager Zhang Ye [1][2]. - Qi Weizhong has 13 years of experience in the securities industry and has held various roles within Dacheng Fund since joining in July 2012 [2][3]. Performance Context - The Dacheng Consumer Select Equity Fund has seen a rebound with a 47.09% increase over the past year and a 22.72% increase over the last six months, although it still shows a total return of -12.7% since inception [4][6]. - The Dacheng Enjoy Life Mixed Fund, launched in December 2021, has faced challenges with returns of -4.92% for Class A and -7.04% for Class C shares [6][7]. Strategic Implications - The dual fund manager system is relatively rare at Dacheng Fund and is typically used for smoother transitions or to enhance investment strategies [3]. - The decision to appoint Qi Weizhong appears to be a response to the performance pressures faced by Zhang Ye, who has seen significant declines in fund performance [4][9]. Managerial Dynamics - Following the appointment, Zhang Ye no longer manages any funds independently, indicating a shift in management authority [9]. - Qi Weizhong is now managing nine funds, reflecting the company's trust in his capabilities but also raising concerns about his ability to maintain research depth across multiple products [7][9].

Group 1 - The recent surge in A-shares has led to many public funds ending their fundraising early, indicating strong investor interest and a desire for quicker capital deployment [1][2] - Several funds, including浦银安盛医疗创新混合 and 银华上证科创板综合增强策略ETF, have announced early closure of their fundraising periods, with some funds adjusting their deadlines from August 21 to August 19 [1] - The number of new funds launched has increased significantly, with 45 new funds starting fundraising this week, marking a 36.36% increase from the previous week, and this is the fourth consecutive week with over 30 new fund launches [2] Group 2 - Equity funds are the main focus of the recent fundraising surge, with 35 out of 45 new funds being equity funds, accounting for 77.78% of the total [2] - Large-scale equity funds have been launched, such as 易方达价值回报混合 and 中欧核心智选混合, both exceeding 2 billion in initial fundraising [2] - The current market sentiment reflects growing investor confidence, with expectations of continued market activity and structural growth opportunities [3]

Core Insights - The active equity funds have shown a dramatic contrast in performance amidst rising capital market volatility, with the first "doubling fund" emerging in the year, igniting market enthusiasm, while new fund issuance remains relatively subdued [1][3] - As of June 13, the "Huitianfu Hong Kong Advantage Selected Mixed A/C" fund achieved a year-to-date return exceeding 100%, becoming a market highlight, while 16 active equity funds have returns over 70% [3][4] - Despite strong performance from some funds, the new issuance of active equity funds has been lackluster, with a total of 299.16 billion yuan raised in new funds this year, accounting for only 6.56% of the total public offering new issuance [5][6] Fund Performance - The first "doubling fund" appeared in the active equity market, with the "Huitianfu Hong Kong Advantage Selected Mixed" fund showing a year-to-date increase of over 100% [3] - Other notable funds include "Changcheng Medical Industry Selected Mixed" with over 87% return and "Yongying Medical Innovation Smart Selection" with over 79% return [3] - The overall average return for active equity funds this year is 2.87%, with a significant disparity of 132.35 percentage points between the best and worst performers [3][4] Fund Issuance - A total of 89 new active equity funds were established this year, with the largest fund being "Oriental Red Core Value Mixed" at 19.91 billion yuan [5][6] - 32 active equity funds had issuance sizes below 1 billion yuan, indicating a trend towards smaller fund launches [5] - The failure of the "Shenwan Lingshin Vision Growth Mixed" fund to meet fundraising conditions highlights challenges in the current market environment [6] Market Outlook - Analysts suggest that the key to breaking the current stagnation in new fund issuance lies in enhancing asset allocation capabilities and improving net value performance [7][8] - The recent reforms in public funds emphasize the alignment of fund company income with investor returns, which may enhance the attractiveness of existing products and instill confidence in new offerings [8] - Future issuance of active equity funds may improve as market conditions stabilize and investor confidence returns, with a focus on optimizing product design and enhancing service quality [8][9]

Core Viewpoint - The active equity funds have regained market attention as the market conditions improve, with a notable focus on technology innovation-related themes [1][2][6] Group 1: Fund Issuance and Themes - As of March 20, a total of 17 new active equity funds have been launched, primarily focusing on technology innovation themes [1][2] - Among the 10 funds currently in the initial issuance phase, many are centered on technology sectors, including funds like Taiping Technology Pioneer Mixed and Deutsche Bank Emerging Industry Mixed [2] - Some funds are targeting specific themes, such as central enterprises and dividends, with examples like Rongtong Central Enterprise Selected Mixed focusing on high-dividend, stable cash flow companies [2][3] Group 2: Fund Issuance Strategies - Many funds are adopting a "initiated" issuance strategy due to concerns over unsuccessful fundraising, with 5 out of the 10 currently issuing funds being initiated funds [3][4] - Initiated funds require a minimum of 10 million yuan to establish and have shorter issuance periods, allowing for gradual scale growth post-establishment [4] Group 3: Fund Performance and Market Sentiment - Despite the increase in active equity fund issuance, there remains a cautious sentiment among fund companies due to recent failures in fundraising, with 3 funds reported to have failed to meet registration conditions this year [4][5] - The performance of active equity funds has shown promise, with the highest return exceeding 80% year-to-date, indicating potential for sustained performance as market conditions evolve [7]