来源：中国能源网 2025年，当A股在科技成长引领下轰鸣向前，同业机构凭借敏锐的嗅觉在AI、高端制造等新兴赛道上赚 得盆满钵满时，大成基金旗下多只权益产品业绩显著落后，规模出现萎缩，与市场整体表现形成鲜明反 差。 一、牛市里的"局外人" 2025年即将接近尾声，这是股市红红火火的一年。沪深300指数今年以来（截至2025年12月10日）的涨 幅达到14.82%，上证指数也一度站上4000点大关。 沪深300指数今年以来日线图。数据来源：Wind，截至2025年12月10日。 股市火热的行情下，基民也"跑步"进场。全市场股票型基金的份额从年初的199，208亿份增长到223， 348亿份，涨幅达到12.1%。 但是在这样火热行情下，大成基金却出现了明显的"掉队"。大成基金的股票型基金份额从年初的243.8 亿份下降到了200.9亿份，不升反降了17.6%。 全市场股票基金份额大增的情况下，大成基金却在快速衰退。数据来源：Wind，截至2025年12月10 日。 值得一提的是，大成基金权益条线的招牌产品大成高鑫A，今年以来的业绩实在让人遗憾。15.76%的收 益，在同类基金中排名723/969！ 二、"深度价值" ...

来源：中国能源网 股市火热的行情下，基民也"跑步"进场。全市场股票型基金的份额从年初的199,208亿份增长到223,348 亿份，涨幅达到12.1%。 但是在这样火热行情下，大成基金却出现了明显的"掉队"。大成基金的股票型基金份额从年初的243.8 亿份下降到了200.9亿份，不升反降了17.6%。 值得一提的是，大成基金权益条线的招牌产品大成高鑫A，今年以来的业绩实在让人遗憾。15.76%的收 益，在同类基金中排名723/969！ | | YTD | 近六月 | | --- | --- | --- | | ● 大成高鑫A | 15.76% | 8.37% | | ● 大成高鑫A基准 | 18.09% | 16.59% | | ● 沪深300 | 16.69% | 18.79% | | ● 普通股票型基金 | 30.95% | 23.61% | | 同类排名 | 723/969 | 733/1007 | 二、"深度价值"风格的依赖 2025年，当A股在科技成长引领下轰鸣向前，同业机构凭借敏锐的嗅觉在AI、高端制造等新兴赛道上赚 得盆满钵满时，大成基金旗下多只权益产品业绩显著落后，规模出现萎缩，与市场整体表现 ...

Core Viewpoint - The performance of the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced significant criticism from investors due to its near "zero operation" strategy, resulting in a net value that remains below 1 since its inception, despite a strong market rally [1][3][6]. Fund Performance - As of August 19, the net value of the Dacheng Xingyuan Qihang Mixed Fund is 0.9994 for Class A shares and 0.9968 for Class C shares, indicating that the fund has not generated returns since its establishment on March 11, 2025 [1]. - The fund's initial fundraising was 757 million yuan, but it has since shrunk to 627 million yuan, a decrease of 17% over six months [1]. - Investors have expressed dissatisfaction, noting that despite a strong market since the beginning of the year, the fund has not participated in the gains, leading to calls for action from the fund manager [1][2]. Investor Sentiment - Investor feedback on platforms like Dongfang Caifu reflects widespread frustration, with comments highlighting the fund's failure to capitalize on market opportunities and questioning the fund manager's strategy [2]. - Many investors feel misled by the fund's positioning and the expectations set by the reputation of the fund manager, Xu Yan, who is known for his cautious investment approach [6]. Fund Manager's Response - Xu Yan acknowledged the lack of systematic investment in the fund, attributing it to the need to start from scratch and the challenges posed by the current market environment, which has seen a significant reduction in undervalued stocks [3]. - He committed to completing the fund's investment within the stipulated timeframe, emphasizing the importance of adhering to investment discipline [3]. Company Background - Dacheng Fund Management Company, established in 1999, is one of China's first ten fund companies and has a strong track record in absolute returns over the past decade [5]. - Xu Yan, a seasoned fund manager with a background in value investing, has been with Dacheng since 2007 and is recognized for his long-term investment strategy, which prioritizes stability over short-term gains [5].

Core Viewpoints - The article summarizes the insights from fund managers based on their Q1 2025 reports, focusing on their investment strategies and market outlooks [1]. Group 1: Fund Manager Perspectives - Fund managers typically cover two main areas in their reports: a review of past investments and future market outlooks, with the latter being more significant [3]. - Different fund managers exhibit varying levels of detail in their reports, influenced by their investment styles, such as value or growth [3]. - The deep value style emphasizes low valuations and high dividend yields, primarily investing in sectors like finance, real estate, and energy [4][5]. - Growth value style focuses on companies with strong profitability and cash flow, often holding stocks for the long term [10]. Group 2: Deep Value Style Insights - Deep value style has shown strong performance from 2021 to 2024, while it underperformed in 2019-2020 [6]. - Fund managers express confidence in their holdings despite market uncertainties, citing factors like geopolitical changes and technological advancements as influential [7]. - The current market environment is characterized by structural changes, with some sectors facing prolonged competition, while others show clear competitive advantages [7]. Group 3: Growth Value Style Insights - Growth value managers highlight the resilience of high-frequency economic data and improved financing conditions, suggesting a positive outlook for the second quarter [12]. - They emphasize the importance of focusing on domestic economic transformation and internal demand rather than external pressures [12][13]. - Fund managers are adjusting their portfolios to capitalize on sectors like AI and healthcare, anticipating a shift in consumer behavior and market dynamics [15][16]. Group 4: Balanced Style Insights - The balanced style seeks to combine growth potential with valuation, often looking for stocks that offer good value relative to their growth prospects [26]. - Fund managers maintain a diversified approach, focusing on sectors with favorable valuations and growth potential, such as healthcare and technology [29][30]. - They express optimism about domestic consumption policies and liquidity, which may support market performance despite external uncertainties [30]. Group 5: Growth Style Insights - The growth style prioritizes companies with high revenue and profit growth, often accepting higher valuations for strong growth potential [39][40]. - Fund managers are actively seeking opportunities in emerging industries, such as renewable energy and technology, which are expected to drive future growth [41].