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 - Dachen Fund, once a leader in defensive strategies during the bear market of 2023-2024, has struggled to adapt to the current structural bull market, resulting in poor performance and significant criticism from investors [1][3][8]. Performance Analysis - Dachen Fund achieved a 7.99% absolute return in active equity during the bear market, ranking first among 24 large and medium-sized public funds [3]. - As of September 2025, Dachen Fund's active equity returns have dropped to second-to-last among peers, with several flagship products showing negative performance [3][4]. - The Dachen Gao Xin Stock Fund, the largest equity fund under Dachen, has seen a cumulative return of 423.11% since its inception in 2015, but has underperformed the market since Q3 2024 [3][4]. Fund Management Issues - Dachen Fund's conservative investment style, which focused on value stocks, has led to missed opportunities in the growth sectors that dominated the market in 2025 [8][9]. - Fund managers have been criticized for their slow response to market changes, with significant cash holdings delaying stock purchases [11]. - The Dachen Xingyuan Qihang Mixed Fund, launched in March 2025, had an 84% cash position three months post-launch, resulting in poor performance compared to benchmarks [11][12]. Trading Activity - Dachen Fund has experienced a dramatic increase in turnover rates, indicating a reactive rather than proactive approach to market conditions [14]. - The turnover rate for Dachen Industry Pioneer Mixed Fund surged from 520% to 1847%, significantly higher than the market average [14]. - Despite high turnover, performance has not improved, with the Dachen Industry Pioneer showing negative returns over the past year [15]. Strategic Recommendations - To address its current challenges, Dachen Fund needs to rethink its investment strategies and adapt to changing market conditions, moving away from rigid investment styles [15][16]. - A focus on restructuring its research and investment decision-making processes may be essential for long-term recovery and competitiveness in the public fund industry [15][16].

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]