Core Insights - The performance of the GF High-end Manufacturing Stock A and C funds has significantly declined in the first half of the year, with respective drops of 10.39% and 10.57%, making them the worst-performing ordinary stock funds with a scale exceeding 5 billion yuan [1] - As of July 3, 2025, the cumulative return for fund A is 19.32%, while fund C has a negative cumulative return of -46.50% [1][2] - The fund manager, Zheng Chengran, has seen a substantial decline in performance during his tenure, with a return of -60.90% compared to a previous collaboration that yielded a return of 36.82% [2][3] Fund Performance - The total scale of GF High-end Manufacturing Stock A and C funds is 57.59 billion yuan as of the end of the first quarter [1] - The unit net value for fund A is 1.1933, with a recent one-month return of 9.72% and a one-year return of 3.32% [2] - The unit net value for fund C is 1.1711, with a recent one-month return of 9.68% and a one-year return of 2.91% [2] Investment Focus - The top ten holdings of the fund include companies in the renewable energy sector, such as Yangguang Electric, Deyang Co., and Longi Green Energy, indicating a concentrated investment strategy in the new energy industry [5] - Zheng Chengran has been managing public funds since May 2020, with a total of five years of experience as a fund manager [5]