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].

11月5日，大成基金发布公告，基金经理魏庆国因"内部调整"离任大成行业先锋混合（008274），由共同经理于威业独立管理。这是魏 庆国年内第四次退出大成旗下主动权益产品，其所管基金近三年业绩普遍低于业绩基准，最新中报显示行业先锋混合上半年亏损1699 万元。频繁的人事调整，折射出大成基金在业绩压力下的主动权益"瘦身"趋势。 与此同时，大成基金首席权益投资官徐彦管理的多只产品在今年三季度依然未能跑赢基准。以大成睿享混合（008269）为例，报告期A 类净值增长率为9.59%，同期业绩比较基准为11.38%；股票仓位不足六成，现金及结算备付金合计超过三成。在市场反弹阶段，稳健仓 位策略使得基金错过部分进攻性机会，也暴露出公司投研体系防守偏重、风格分散的问题。 | 离任基金经理姓名 | 魏庆国 | | --- | --- | | 离任原因 | 内部调整 | | 离任日期 | 2025年11月4日 | | 转任本公司其他工作岗位 的说明 | 否 | | 是否已按规定在中国基金 业协会办理变更手续 | 是 | 四次解聘成事实，产品业绩连续为负 魏庆国在大成基金任职逾12年，主要管理中小盘、科技和成长主题产品。2025年 ...