Core Viewpoint - The article provides a ranking of open-end funds based on their net asset value growth as of September 25, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. Tongtai Huili Mixed C with a net value of 1.4443, up from 1.3920 [2] 2. Tongtai Huili Mixed A with a net value of 1.4778, up from 1.4243 [2] 3. Xinhua CSI Cloud Computing 50 ETF with a net value of 1.9822, unchanged [2] 4. GF CSI Cloud Computing and Big Data ETF with a net value of 2.1879, unchanged [2] 5. Huaxia CSI Cloud Computing and Big Data Theme ETF with a net value of 1.6759, unchanged [2] 6. China Merchants CSI Cloud Computing ETF with a net value of 1.7523, unchanged [2] 7. E Fund CSI Cloud Computing and Big Data Theme with a net value of 1.7239, unchanged [2] 8. Penghua CSI Cloud Computing and Big Data Theme ETF with a net value of 1.6467, unchanged [2] 9. Changsheng Internet+ Mixed A with a net value of 2.0675, up from 2.0037 [2] 10. Changsheng Internet+ Mixed C with a net value of 2.0192, up from 1.9569 [2] Bottom 10 Funds by Net Value Growth - The underperforming funds include: 1. Nanhua Ruiying Mixed Initiation C with a net value of 1.5575, down from 1.6141 [4] 2. Nanhua Ruiying Mixed Initiation A with a net value of 1.5389, down from 1.5948 [4] 3. AVIC New Start Flexible Allocation Mixed A with a net value of 0.9210, down from 0.9522 [4] 4. AVIC New Start Flexible Allocation Mixed C with a net value of 0.9034, down from 0.9340 [4] 5. Dongfang Alpha Industry Pioneer Mixed C with a net value of 0.6466, down from 0.6655 [4] 6. Yongying Low Carbon Environmental Smart Selection Mixed Initiation A with a net value of 0.9387, down from 0.9660 [4] 7. Dongfang Alpha Industry Pioneer Mixed A with a net value of 0.6603, down from 0.6795 [4] 8. Yuanxin Yongfeng High-end Manufacturing C with a net value of 2.5368, down from 2.6105 [4] 9. Yuanxin Yongfeng High-end Manufacturing A with a net value of 2.5367, down from 2.6103 [4] 10. Yongying Low Carbon Environmental Smart Selection Mixed Initiation C with a net value of 0.9280, down from 0.9549 [4] Market Overview - The Shanghai Composite Index showed slight fluctuations, closing down, while the ChiNext Index experienced a small rebound after an initial drop, with a total trading volume of 2.39 trillion [6]. - Leading sectors included IT equipment and the internet, both rising over 2%, while textiles, machinery, and consumer goods lagged behind [6].

Core Viewpoint - The announcement from GF Fund Management Co., Ltd. details the appointment of new fund managers for several ETFs, indicating a strategic shift in management to enhance fund performance and investor confidence [1][2]. Fund Manager Changes - New fund manager appointed: Lv Xin for multiple ETFs including GF National Communication ETF and GF Semiconductor Materials and Equipment ETF [1][2][6]. - Departing fund managers include Huo Huaming from GF National Cloud Computing and Big Data ETF, and Xia Haoyang from several ETFs including GF National Communication ETF [1][2][4][6]. Fund Performance Summary - **GF National Communication ETF**: Established on June 8, 2023; year-to-date return of -9.78%; since inception return of -0.12%; cumulative net value of 0.9988 yuan [1]. - **GF National Cloud Computing and Big Data ETF**: Established on January 22, 2024; year-to-date return of -0.91%; since inception return of 38.83%; cumulative net value of 1.3883 yuan [2]. - **GF National New Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF**: Established on December 1, 2023; year-to-date return of -5.10%; since inception return of -11.28%; cumulative net value of 0.8875 yuan; fund size of 2.764 billion yuan as of March 31, 2025 [2]. - **GF Semiconductor Materials and Equipment ETF**: Established on December 1, 2023; year-to-date return of 4.24%; since inception return of 13.44%; cumulative net value of 1.1347 yuan [2]. - **GF National Communication ETF Initiated Link A and C**: Established on October 26, 2023; year-to-date returns of -9.86% and -9.95%; since inception returns of 14.48% and 13.96%; cumulative net values of 1.1448 yuan and 1.1396 yuan [2]. - **GF Semiconductor Materials and Equipment ETF Initiated Link A and C**: Established on March 5, 2024; year-to-date returns of 4.33% and 4.23%; since inception returns of 26.82% and 26.39%; cumulative net values of 1.2682 yuan and 1.2639 yuan [2].