Group 1 - Changbai Mountain's stock price increased by 5.05% on September 4, reaching 54.10 CNY per share, with a trading volume of 833 million CNY and a turnover rate of 5.99%, resulting in a total market capitalization of 14.427 billion CNY [1] - The stock has risen for five consecutive days, with a cumulative increase of 20.33% during this period [1] - Changbai Mountain Tourism Co., Ltd. was established on December 8, 2010, and listed on August 22, 2014, primarily engaged in the tourism service industry, with revenue composition: 72.31% from tourist transportation, 18.79% from hotels, 4.52% from other services, 4.01% from travel agencies, and 0.36% from supplementary services [1] Group 2 - According to data, GF Fund's Guangfa Xinxing Mixed A Fund (002132) entered the top ten circulating shareholders of Changbai Mountain in the second quarter, holding 1.3101 million shares, accounting for 0.49% of circulating shares [2] - The fund has gained approximately 3.4062 million CNY in floating profit today and 11.3977 million CNY during the five-day rising period [2] - Guangfa Xinxing Mixed A Fund was established on January 15, 2016, with a latest scale of 1.805 billion CNY, achieving a year-to-date return of 11.47% and a one-year return of 31.61% [2] Group 3 - The fund manager of Guangfa Xinxing Mixed A Fund is Zheng Chengran, who has been in the position for 5 years and 109 days, managing total assets of 13.523 billion CNY [3] - During his tenure, the best fund return was 56.59%, while the worst return was -52.62% [3] Group 4 - Guangfa Xinxing Mixed A Fund holds 1.3101 million shares of Changbai Mountain, representing 2.67% of the fund's net value, making it the ninth largest holding [4] - The fund has realized a floating profit of approximately 3.4062 million CNY today and 11.3977 million CNY during the five-day increase [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development of public funds, which includes a performance-based compensation mechanism for fund managers linked to long-term performance [1] Group 1: Regulatory Changes - The new action plan specifies that if a fund manager's product underperforms its benchmark by more than 10 percentage points over three years, their performance compensation will be significantly reduced [1] - Conversely, if the performance exceeds the benchmark, the compensation may be increased [1] Group 2: Fund Performance Analysis - The Guangfa Xingcheng Mixed A fund has shown long-term poor performance, with a cumulative return over the past three years that is 51.12% lower than its benchmark [2] - As of May 20, 2025, the fund's total assets have decreased from a peak of 4.863 billion to 1.262 billion [5] - The fund manager, Zheng Chengran, has a return of -59.05% during his tenure, which has lasted over four years [4] Group 3: Investment Strategy and Holdings - The fund has heavily invested in the photovoltaic industry, with top holdings including leading companies such as Sungrow Power Supply (8.38%) and Hengtong Optic-Electric (8.02%) [6][9] - Despite attempts to diversify into other sectors like agriculture and pharmaceuticals, the fund's performance has continued to decline, indicating a lack of effective strategy [10][12] Group 4: Market Dynamics and Future Outlook - The fund's strategy has been characterized by frequent shifts without a clear guiding logic, leading to a fragmented approach that has not mitigated losses in the renewable energy sector [12][13] - Zheng Chengran expressed optimism about potential recovery in the renewable energy sector and the pharmaceutical industry, citing recent market stability and sector rotation [14]