Core Insights - The performance of Da Cheng Fund's equity investment capabilities has declined in recent years, particularly in 2025, where its absolute return rate dropped significantly compared to previous years [1][3][10] Performance Overview - Da Cheng Fund achieved a 7.79% absolute return from 2023 to 2024, ranking first among 24 mid-to-large equity fund companies [1][3] - In 2025, the absolute return rate fell to 22.10%, placing it second to last in the same peer group [1][3] - The fund's flagship product, Da Cheng Gao Xin Stock A, has seen a cumulative return of 416.31% since its inception in 2015, but has recently underperformed against the market [3][4] Fund Management Strategy - The cautious investment strategies of star fund managers, such as Han Chuang, have contributed to the underperformance during the current bull market [1][6] - Han Chuang's funds have a high concentration in resource stocks and large-cap stocks, leading to a lack of diversification [7][8] - New fund launches, like Da Cheng Xing Yuan Qi Hang, have also reflected a conservative approach, with a low stock allocation of only 0.73% [8] Market Position and Challenges - Da Cheng Fund's overall market position has weakened, with its stock fund ranking dropping to 11th and mixed fund ranking to 16th [10][11] - The fund has failed to capitalize on the booming money market over the past eight years, resulting in a significant decline in its money fund scale [10][11] - The fund's late entry into the ETF market has hindered its ability to capture market opportunities, with significant gaps in product scale compared to leading competitors [11][12]

Core Viewpoint - Yiqiao Shenzhou (301047.SZ) reported its Q3 2025 results, highlighting significant institutional ownership and changes in fund holdings [1][2] Institutional Ownership - As of October 27, 2025, a total of 10 institutional investors disclosed holdings in Yiqiao Shenzhou A-shares, with a combined holding of 75.024 million shares, representing 61.68% of the total share capital [1] - The top ten institutional investors include various management consulting partnerships and investment firms, with their combined holding percentage decreasing by 0.74 percentage points compared to the previous quarter [1] Public Fund Holdings - In this reporting period, 46 public funds were not disclosed compared to the previous quarter, including notable funds such as Dachen Rui Xiang Mixed A and Southern CSI 1000 ETF [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.16% compared to the previous period [2]

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 Viewpoint - Kanghong Pharmaceutical has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of 8.09% [1] Company Overview - Chengdu Kanghong Pharmaceutical Group Co., Ltd. was established in 1996 and focuses on the research, production, sales, and after-sales service of biological products, traditional Chinese medicine, chemical drugs, and medical devices [1] - The company possesses advanced research and development centers and standardized industrial production bases, with a marketing network that spans the entire country [1] Shareholder Activity - Three funds under Dacheng Fund have entered the top ten shareholders of Kanghong Pharmaceutical, including: - Dacheng Strategy Return Mixed A, which increased its holdings in Q1 of this year - Dacheng Competitive Advantage Mixed A, which also increased its holdings in Q1 - Dacheng Rui Xiang Mixed A, which entered as a new shareholder in Q1 [1] - The performance of these funds in 2023 is as follows: - Dacheng Strategy Return Mixed A: 1.46% return, ranking 2872 out of 4548 - Dacheng Competitive Advantage Mixed A: 4.62% return, ranking 1825 out of 4548 - Dacheng Rui Xiang Mixed A: 2.35% return, ranking 2545 out of 4548 [1] Fund Management - The fund manager for Dacheng Strategy Return Mixed A, Dacheng Competitive Advantage Mixed A, and Dacheng Rui Xiang Mixed A is Xu Yan [5][7] - Xu Yan holds a master's degree in management from Fudan University and has extensive experience in fund management, having worked at Dacheng Fund Management Co., Ltd. since 2007 [6]