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]

Group 1 - In the second quarter, 12 pension target funds experienced a growth in shares exceeding 100% [2][6] - Some of the funds with significant growth had initially small sizes, resulting in substantial percentage increases even with modest absolute growth [5] - Notably, several funds saw increases of over 50 million shares, including Zhongou Pension 2025 and Invesco Great Wall Conservative Pension [6] Group 2 - Nine pension target funds experienced a notable decrease in shares, with reductions exceeding 30% [6] - The fund "Caitong Asset Management Kangze Stable Pension Target One-Year Holding Mixed (FOF) A" saw over 300 million shares redeemed in a single quarter [6] Group 3 - As of the end of the second quarter, 85 index funds had a cumulative share of approximately 1.366 billion shares, with a total scale of about 1.576 billion yuan, showing significant growth compared to the previous quarter [13] - The share count for index funds increased from 1.049 billion shares and a scale of 1.186 billion yuan in the first quarter [13] - Eight products exceeded 50 million yuan in scale, with two products surpassing 100 million yuan, namely Huatai-PB Dividend Low Volatility ETF and E Fund Sci-Tech 50 ETF [13]