Core Insights - The best-performing fund managed by manager Zhu Shaoxing is the FuGuo TianHui LOF (161005), which achieved a quarterly net value increase of 17.45% as of the end of Q3 2025 [1][2]. Fund Performance - Zhu Shaoxing manages a total of three funds, with the FuGuo TianHui LOF having an annualized return of 15.44% and a total fund size of 226.61 billion [2]. - The FuGuo TianHui Growth Mixed (LOF) C and D funds also performed well, with quarterly increases of 17.22% and 17.45%, respectively [2]. Investment Strategy - During Zhu Shaoxing's tenure as the manager of FuGuo TianHui Growth Mixed (LOF) A (161005), the cumulative return reached 1654.7%, with an average annualized return of 15.44% [2]. - The fund made 158 adjustments to its heavy stock positions, achieving a success rate of 60.76% with 96 profitable trades [2]. Key Holdings - The top holding for the FuGuo TianHui LOF is Ningbo Bank, which constitutes 5.47% of the net value [2]. - Notable stock adjustments include significant gains from stocks like Guoci Materials, which yielded an estimated return of 570.91% during its holding period [3][4]. Case Studies of Stock Adjustments - Guoci Materials was held for over 7 years, with a revenue growth of 744.76% during that period [4]. - In contrast, Wei Er Shares experienced a loss of 50.86% during its holding period, reflecting a revenue decline of 16.7% [5].

Group 1 - Xueda Education has experienced a decline for five consecutive trading days, with a cumulative drop of -4.14% [1] - Xueda Education has completed the acquisition of Xueda Education Group and significant asset restructuring, shifting its main business from equipment procurement and leasing to educational training services [1] - The company aims to provide personalized tutoring services, establishing a strong reputation in the extracurricular tutoring industry [1] Group 2 - The financial report indicates that the Fuguo Tianhui Growth Mixed Fund (LOF) A has entered the top ten shareholders of Xueda Education, marking its new entry in the first quarter of this year [1] - The fund has achieved a year-to-date return of 1.39%, ranking 3454 out of 4529 in its category [1]