Market Performance - The A-share market has shown a strong rebound since the second quarter of this year, with the Shanghai Composite Index rising over 1% to 3825.76 points, marking its first time above 3800 points in nearly a decade [2] - The total trading volume across Shanghai, Shenzhen, and Beijing reached 2.58 trillion yuan on August 22, 2025, with the Shanghai Composite Index increasing nearly 14% since its low on April 7 [2] Fund Performance - Active equity funds have demonstrated significant profitability this year, with the Wind index showing that the ordinary stock fund index and the mixed equity fund index have increased by 24.96% and 24.72% respectively since the beginning of the year [2] - A total of 22 active equity funds have doubled their net value year-to-date, with the leading fund, Changcheng Medical Industry Select A, achieving a net value growth rate of 130.76% [3] Fund Management Insights - Among the 40 active equity funds that have seen a cumulative net value decline of over 50% since inception, they are managed by 24 different fund management companies, including prominent names like GF Fund and Dongfang Alpha Fund [4] - GF Fund has the highest number of funds with over 50% net value decline, with six funds including GF Chengxiang A/C and GF Youxian Growth A/C [5][11] Fund Manager Performance - The performance of certain fund managers has been notably poor, with multiple funds under their management reporting significant losses. For instance, the Taiping Flexible Allocation Fund has reported negative returns in six out of nine years from 2016 to 2024 [6][8] - The current fund manager of Morgan Integration Driven A has also faced challenges, with a cumulative net value return of -54.04% since its inception [9][10] Fund Launch Trends - The year 2021 saw a peak in new fund launches, with GF Fund issuing 67 new funds, raising nearly 210 billion yuan. However, the number of new fund launches has significantly decreased in subsequent years [13][14] - The trend of launching funds during market peaks has led to a high number of funds experiencing substantial losses, with over half of the funds that have seen a net value decline of over 50% being established during the last bull market in 2021 [11]

Core Insights - The article highlights significant changes in the fund management industry, with over 1,630 funds experiencing manager changes this year, indicating a dynamic environment rather than a negative trend [1][3] - Su Wenjie, a former manager at Jiashi Fund, has made a notable transition to Guangfa Fund, where he has achieved impressive returns in a short period [4][6] Fund Management Changes - As of August 13, the total number of fund managers in the market reached 4,065, with an increase of 111 since the beginning of the year [3] - The article notes that over 920 fund managers have left their positions, while more than 610 new managers have been hired [1] Su Wenjie's Performance - Su Wenjie joined Guangfa Fund in April 2024 and took over management of several funds, achieving a total management scale of 5.835 billion yuan [4] - His long-term managed funds, such as Guangfa Advantage Growth and Guangfa Jufeng A, have shown returns of 20.97% and 17.09%, respectively [4] - Recently taken over funds, Guangfa Resource Selection A and Guangfa Growth Power Three-Year Holding A, have also performed well with returns of 7.35% and 8.10% [4] Investment Strategy - Su Wenjie’s investment strategy focuses on cyclical thinking, with top holdings in resource and chemical industry leaders [7] - His second-quarter operations included a reduction in positions due to trade war impacts, but he plans to restore positions to 80%-90% focusing on sectors like non-ferrous metals, military, chemicals, and new energy [7] Market Outlook - Su Wenjie anticipates that the ongoing trend of de-globalization will continue to drive up upstream commodity prices, with expectations for coordinated fiscal and monetary policies during China's economic recovery in 2025 [9] - His successful first year at Guangfa Fund reflects a broader industry trend where experienced fund managers with proven methodologies are becoming key focal points for capital flows [9]