Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in the market and the limited number of funds that have distributed dividends this year [4][5]. Summary by Sections Market Performance - The A-share market has seen a significant rise, with major indices reaching new highs. As of September 24, the Shanghai Composite Index has increased by approximately 15% year-to-date, while the Shenzhen Component Index and the ChiNext Index have risen by 28% and over 48%, respectively [4]. Dividend Distribution - As of September 21, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, accounting for less than 2% of the total [4]. - The total dividend amount for actively managed equity funds with a scale of over 1 billion yuan that have distributed dividends this year is 2.106 billion yuan, with 32 distributions [5]. Top Dividend Funds - The top three actively managed equity funds in terms of dividend distribution this year are: 1. E Fund's E Fund Kexun Mixed Fund (110029) managed by Liu Jianwei, with a total dividend of 530.63 million yuan and a year-to-date return of 78.24% [6][7]. 2. E Fund's E Fund Value Selection Mixed Fund (110009) managed by Bao Zhengyu, with a total dividend of 437.51 million yuan and a year-to-date return of 28.11% [6][7]. 3. Huashang Fund's Huashang Advantage Industry Mixed A (000390) managed by Zhang Mingxin, with a total dividend of 170.30 million yuan and a year-to-date return of 81.98% [6][7]. Fund Strategies and Outlook - The E Fund Kexun Mixed Fund focuses on emerging growth sectors such as artificial intelligence and innovative pharmaceuticals, with the manager optimistic about continued investment opportunities in the equity market [7][8]. - The Huashang Advantage Industry Mixed A fund's manager adjusted the portfolio significantly after market fluctuations, leading to strong performance [7][8]. Fund Performance by Scale - For funds with a scale of 5-10 billion yuan, the top three in dividend distribution are: 1. Penghua Fund's Penghua Shengshi Innovation LOF (160613) [9]. 2. Caitong Asset Management's Caitong Digital Economy Mixed Fund (017483) with a total dividend of 53.71 million yuan and a year-to-date return of 61.98% [11]. 3. Xinhua Fund's Xinhua Preferred Dividend Mixed A (519087) [9]. - For funds with a scale of 1-5 billion yuan, the top three are: 1. Southern Fund's Southern North Exchange Selection Two-Year Open Mixed Fund (014294) [13]. 2. Yinhua Fund's Yinhua Huixiang Three-Year Regular Open Mixed Fund (019597) [13]. 3. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed A (010779) with a total dividend of 42.69 million yuan [13]. - For funds with a scale of 1 million to 1 billion yuan, the top three are: 1. Hongta Hongtu's Hongta Hongtu Shengfeng Mixed A (013733) with a total dividend of 16.52 million yuan [16][17]. 2. West China Fund's West China Quantitative Preferred One-Year Holding Period Mixed C (010780) [16]. 3. West China Fund's West China Central Enterprise Preferred Stock A (022164) [16].

Core Viewpoint - The article highlights the promising performance of Bao Zhengyu, a fund manager at E Fund Management, emphasizing his potential for future success despite facing challenges in the market [1][29]. Group 1: Background and Experience - Bao Zhengyu has been with E Fund Management since July 2017, starting as a researcher and gradually becoming the assistant general manager of the research department, currently managing several funds, with a focus on the E Fund Value Selection Mixed Fund, which has a scale of 3.74 billion [3][4]. - Unlike typical fund managers, Bao took over a large fund with nearly 4 billion in net assets right from the start, indicating E Fund's confidence in his abilities [4]. Group 2: Fund Performance - As of August 2025, Bao's total managed assets reached 3.85 billion, and he has developed a clear investment style and philosophy, gradually emerging in the value investment sector [6]. - The E Fund Value Selection Mixed Fund has achieved a cumulative return of 861.8% since its inception in June 2006, with an annualized return of 12.5% [7]. - In the past three years, the fund's returns were -2.6%, 3.5%, and 24.2%, outperforming the CSI 300 and benchmark in two of those years, with a mid-tier ranking among peers [9][10]. Group 3: Investment Strategy - Initially favoring liquor stocks, Bao's strategy led to lower returns in the first two years of managing the fund, as the liquor index entered a downtrend after three years of growth [15][16]. - By the end of 2024, Bao began to reduce liquor holdings and shifted focus towards new consumption and growth sectors, including AI [16][19]. - The fund's mid-2025 report indicates a continued focus on semiconductor and innovative pharmaceutical sectors, with a stock allocation nearing 95% [19][20]. Group 4: Management Style and Communication - Bao's investment approach shows flexibility without a strong personal bias towards specific stock types, maintaining a diversified industry distribution across finance, chemicals, and technology [23][24]. - Unlike many fund managers, Bao rarely promotes himself, with his insights primarily shared through official documents from E Fund, focusing on market analysis and investment strategies [25][27]. Group 5: Challenges and Future Outlook - Despite demonstrating solid investment capabilities, Bao faces challenges due to his limited experience of less than three years in fund management and a maximum drawdown exceeding 25% [29][30]. - As a representative of a new generation of fund managers at E Fund, Bao benefits from strong research support and a developing investment philosophy, making his future performance worth monitoring [31].