Core Viewpoint - The public fund industry in China has experienced significant growth in the third quarter of 2025, driven by a strong performance in the A-share market, with total assets under management reaching 36.45 trillion yuan, an increase of approximately 2.41 trillion yuan from the previous quarter [1] Group 1: Fund Management Scale - As of the end of Q3 2025, the total scale of public fund management institutions reached 36.45 trillion yuan, up from 34.05 trillion yuan at the end of Q2, marking a growth of about 7.09% [1] - The top ten companies in the public fund industry all surpassed the 1 trillion yuan mark, with E Fund and Huaxia Fund leading the first tier, while GF Fund ranked third with 1.5425 trillion yuan [1] - GF Fund's non-monetary fund scale reached 991.6 billion yuan, an increase of 97 billion yuan from the end of Q2 2025, reflecting a quarter-on-quarter growth of 10.84% [1] Group 2: Equity Fund Performance - In the equity fund category, E Fund, Huaxia Fund, and Huatai-PB Fund ranked as the top three, with GF Fund closely following with a scale of 568.16 billion yuan, which saw an increase of over 100 billion yuan in the quarter, representing a growth rate of 27.65% [1] - GF Fund's active equity fund reached 233.3 billion yuan by the end of Q3 2025, growing by 34.3 billion yuan from the previous quarter, with a quarter-on-quarter increase of 17.25% [2] Group 3: Underperforming Funds - Despite the overall strong performance of active equity funds, some products managed by GF Fund, particularly those under manager Wang Mingxu, have shown disappointing net value performance, with several funds experiencing significant declines [3][4] - Among the underperforming funds, the GF Value Advantage Mixed Fund had a net value growth rate of -15.37%, ranking last in the market, while the GF Domestic Demand Growth Fund also performed poorly with a decline of 14.77% [4][5] - A total of six funds managed by Wang Mingxu recorded net value declines exceeding 10%, indicating a significant underperformance compared to their benchmarks [5] Group 4: Investment Strategy and Challenges - The investment strategy at GF Fund has been criticized for its lack of flexibility, as the firm has divided its equity investment department into three segments based on manager styles, which may hinder timely investment opportunities [6][7] - The misalignment of interests between public fund companies and investors is evident, as management fees are tied to fund size rather than performance, leading to a focus on growing assets rather than enhancing investor returns [8][10] - Despite cumulative losses exceeding 100 billion yuan from 2022 to 2024, GF Fund continued to collect nearly 20 billion yuan in management fees, highlighting the disconnect between fund performance and management compensation [10]

Core Viewpoint - The public fund market in 2025 presents a stark contrast, with the A-share market recovering while prominent fund manager Wang Mingxu faces significant setbacks, leading to a decline in the performance of his managed funds [3][11]. Performance Overview - Wang Mingxu's seven independently managed equity funds have all reported negative returns year-to-date as of October 23, 2025, with four of them ranking among the bottom ten in performance within their category [4][5]. - The funds managed by Wang Mingxu have underperformed significantly compared to the benchmark index, with the flagship fund, Guangfa Value Advantage Mixed, showing a decline of 17.40%, contrasting sharply with the 17.06% increase in the CSI 300 index [5][6]. Investment Strategy - An analysis of Wang Mingxu's investment strategy reveals a high degree of similarity across his funds, with concentrated holdings in specific stocks such as Jiangsu Bank and Sifang Jingchuang, which have not performed well in the current market [8][10]. - The strategy of heavily investing in traditional value stocks has not aligned with the market's preference for growth stocks, particularly in sectors like pharmaceuticals and technology, leading to poor performance [10]. Comparative Performance - In contrast to Wang Mingxu's struggling funds, the Guangfa Shengjin Mixed Fund, co-managed with Duan Tao, achieved a positive return of 18.29%, highlighting the importance of diversified investment strategies [10]. - The successful performance of Guangfa Shengjin Mixed underscores the necessity for flexibility and balance in investment portfolios, especially in a rapidly changing market environment [10]. Investor Sentiment - Wang Mingxu's management scale has decreased from a peak of 306.52 billion yuan in mid-2021 to 108.91 billion yuan, reflecting a growing trust crisis among investors [11]. - The dissatisfaction among investors is evident, with many expressing frustration over losses, indicating a potential shift in investor confidence and expectations for future performance [11][12].

Core Insights - In the first three quarters of this year, 15 mixed funds experienced a decline of over 10%, with 11 of these funds managed by GF Fund [1] - All 11 underperforming funds are managed by Wang Mingxu, who has nearly 7 years of experience managing funds at GF Fund [1] Fund Performance Summary - The worst-performing fund is GF Value Advantage Mixed, with a decline of 15.37% [2] - Other notable declines include GF Domestic Demand Growth Mixed C at -15.01% and GF Domestic Demand Growth Mixed A at -14.77% [2] - The performance of additional funds managed by Wang Mingxu includes GF Value Preferred Mixed C at -13.59% and GF Value Preferred Mixed A at -13.34% [2] - The overall trend indicates a significant underperformance of GF Fund's mixed funds compared to the market [1][2]

Core Viewpoint - In the first three quarters of this year, 15 mixed funds experienced a decline of over 10%, with 11 of these funds managed by GF Fund, indicating significant underperformance in this category [1] Group 1: Fund Performance - The top underperforming fund is GF Value Advantage Mixed, which declined by 15.37% [2] - Other notable declines include GF Domestic Demand Growth Mixed C at -15.01% and GF Domestic Demand Growth Mixed A at -14.77% [1][2] - The performance of GF funds is concerning, as they occupy 11 out of the 15 positions on the decline list [1] Group 2: Fund Manager - All 11 underperforming funds are managed by Wang Mingxu, who has nearly 7 years of experience managing funds at GF Fund [1] - Wang Mingxu's previous roles include positions at Northeast Securities, Life Insurance Asset Management, and other financial institutions, showcasing a robust background in investment management [1]

Core Insights - In the first three quarters of this year, 98.2% of the 8,172 comparable mixed funds experienced an increase in net value, with only 142 funds showing a decline [1] - The top-performing mixed funds, primarily focused on technology investments, saw returns exceeding 130%, with Yongying Technology Smart Mixed Fund A and C leading at 194.49% and 193.09% respectively [1] - The mixed funds with significant returns are primarily investing in sectors such as cloud computing and AI, indicating a strong market trend towards technology-driven investments [1][3] Fund Performance - Yongying Technology Smart Mixed Fund A and C achieved year-to-date returns of 187.86% and 186.44%, respectively, since their establishment on October 30, 2024, with cumulative net values of 3.2643 and 3.2451 [1][2] - The fund's top ten holdings include companies like Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication, reflecting a focus on the global cloud computing industry [1] - Another notable fund, the China Europe Digital Economy Mixed Fund A and C, reported returns of 140.86% and 139.79%, with a focus on six core AI sectors [3] Underperforming Funds - The fund with the largest decline was the GF Value Advantage Mixed Fund, which recorded a return of -15.37% for the year, with a cumulative net value of 1.2180 [4] - This fund is managed by Jin Wangmingxu, who has extensive experience in investment management [4] Fund Management - The current manager of Yongying Technology Smart Mixed Fund is Ren Jie, who has been with Yongying Fund Management since 2018 and has a background in TMT research [2] - The China Europe Digital Economy Mixed Fund is managed by Feng Ludan, who has been with the company since 2016 and has held various roles in research and investment [3]

Core Insights - In September, five mixed funds managed by GF Fund ranked among the top ten funds with the largest declines, each experiencing a drop of over 10% [1][2] Group 1: Fund Performance - The five funds with significant declines include GF Value Advantage Mixed (-11.53%), GF Value Preferred Mixed C (-11.00%), GF Value Preferred Mixed A (-10.96%), GF Domestic Demand Growth Mixed C (-10.11%), and GF Domestic Demand Growth Mixed A (-10.10%) [1][4] - All five funds are managed by Wang Mingxu, who has nearly seven years of experience managing funds and has held various positions in the finance sector [1][2] Group 2: Fund Holdings - The top ten holdings for GF Value Advantage Mixed include Midea Group, Jiangsu Bank, Yangtze Power, Longxin Group, TCL Electronics, Chengdu Bank, Sifang Jingchuang, Hangzhou Bank, Lakala, and Kweichow Moutai [1][2] - Similar holdings are observed in other funds, with a consistent focus on large-cap blue-chip stocks and undervalued sectors, reflecting Wang Mingxu's investment style [2]

Core Insights - In September, 81.81% of the 8627 mixed funds with comparable performance saw an increase in net value, while 1549 funds experienced a decline [1] - Fourteen mixed funds achieved a monthly increase of over 25%, with the top performers being 嘉实新优选混合, 东方新能源汽车主题混合, and others, showing returns between 27.03% and 30.17% [1][2] - 嘉实新优选混合 fund, established in April 2016, reported a year-to-date return of 54.33% and a cumulative net value of 1.4440 yuan as of September 30, 2025 [1][2] Fund Performance - 嘉实新优选混合 increased its allocation to leading lithium battery equipment companies, with top holdings including 宁德时代 and 星宇股份 as of June 30 [2] - 泉果旭源三年持有期混合A, the largest fund by size, had a monthly increase of 26.02% and a year-to-date return of 48.80%, with a cumulative net value of 1.1172 yuan [3] - The top holdings of 泉果旭源三年持有期混合A include 科达利 and 腾讯控股, focusing on sectors like high-end manufacturing and internet companies [3] Declining Funds - Eight mixed funds experienced a decline of over 10% in September, with five belonging to 广发基金, showing declines ranging from 10.10% to 11.53% [4]

Group 1 - The core point of the article highlights that two funds managed by GF Fund have the largest declines among actively managed equity funds with assets over 2 billion yuan in the first eight months of the year, with returns of -4.34% and -4.11% respectively [1][3] - The two funds are GF Value Advantage Mixed Fund and GF Balanced Preferred Mixed A, with asset sizes of 2.189 billion yuan and 2.769 billion yuan as of the end of Q2 [1][4] - Both funds are managed by Wang Mingxu, who has extensive experience in investment management and has been managing public funds for nearly seven years [1] Group 2 - As of September 3, 2025, GF Balanced Preferred Mixed A has a cumulative return of -4.43% since its inception on January 11, 2021, while its C share has a cumulative loss of -6.19% [2] - The investment style of both funds focuses on undervalued blue-chip stocks, including companies like Midea Group, Jiangsu Bank, and Kweichow Moutai, along with a small allocation to growth stocks [1]

Core Viewpoint - In the first seven months of the year, three funds managed by GF Fund have recorded the largest declines among actively managed equity funds with assets over 2 billion yuan, indicating significant underperformance in the current market environment [1][6]. Fund Performance Summary - The three underperforming funds are: - GF Value Advantage Mixed Fund: -10.9% performance [1][6] - GF Balanced Preferred Mixed A: -7.79% performance [1][6] - GF High-end Manufacturing Stock A: -7.00% performance [1][6] - The GF Balanced Preferred Mixed A fund has experienced a cumulative loss of 5.28% since its inception on January 11, 2021, while the GF Balanced Preferred Mixed C has a cumulative loss of 7% [2]. Fund Management and Strategy - Both GF Value Advantage Mixed and GF Balanced Preferred Mixed A are managed by Wang Mingxu, who has extensive experience in investment management [1]. - The investment strategy of these funds focuses on undervalued blue-chip stocks, including major holdings in companies like Midea Group and Kweichow Moutai [1]. High-end Manufacturing Fund Insights - The GF High-end Manufacturing Stock A fund, managed by Zheng Chengran, has maintained a focus on the renewable energy sector since 2022, with top holdings in companies such as Sungrow Power Supply and LONGi Green Energy [4]. - Despite its early establishment, the GF High-end Manufacturing Stock A fund has a positive cumulative return, while the GF High-end Manufacturing Stock C has seen a cumulative loss exceeding 45% since its inception on September 16, 2020 [4][5].