Core Insights - The performance of star fund managers in the current bull market is mixed, with some outperforming the market while others lag behind [1][2]. Market Performance - As of August 13, the Shanghai Composite Index has risen by 9.90% year-to-date, the Shenzhen Component Index by 10.91%, and the ChiNext Index by 16.57%. The Wind Mixed Equity Fund Index has yielded 19.67% this year and 38% over the past year [1]. Star Fund Managers' Performance - Nearly 20 star fund managers have managed over 200 billion yuan in assets as of the end of Q2, showcasing diverse investment styles including growth, value, balanced, and thematic approaches [2]. - Notable performers include Ge Lan and Fu Pengbo, with Ge Lan's funds achieving returns of 26.60%, 67.85%, and 1.88% year-to-date, while Fu Pengbo's fund has returned 32.11% [3][4]. Sector Highlights - The innovative drug sector has been a standout, with Ge Lan's focus on this area leading to significant returns, particularly from Hong Kong-listed innovative drug stocks [3]. - Fu Pengbo has increased holdings in the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Balanced Investment Styles - Xie Zhiyu and Zhu Shaoxing, known for their balanced investment styles, have shown performance divergence this year. Xie Zhiyu's funds have returned between 12.84% and 37.65%, while Zhu Shaoxing's single fund has returned 9.29% [5][6]. Challenges in Consumer Sector - Liu Yanchun, focusing on consumer stocks, has faced challenges with returns ranging from 0.13% to 2.43% year-to-date, as the consumer sector struggles with demand and competition [7]. - Xiao Nan's consumer-focused funds have also shown mixed results, with one fund down 3.45% while another gained 15.97% [8]. Broader Market Trends - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9]. - The industry is reflecting on the definition of "star fund managers," suggesting that long-term risk management may be more indicative of skill than short-term performance spikes [9].

Core Viewpoint - The A-share market has experienced a significant rally, with the Shanghai Composite Index reaching a nearly four-year high, yet over 2,700 funds have not recovered to their levels from October 2022, indicating a divergence between index performance and fund recovery [1][2][3]. Group 1: Market Performance - The Shanghai Composite Index surpassed its October 2022 high, marking a significant milestone, while the Shenzhen Component and ChiNext also reached their annual peaks [1]. - The total trading volume of the two markets exceeded 2 trillion yuan for the first time in 114 trading days, with sectors like metals and AI hardware leading the gains [1]. - Despite the overall positive performance, more than 2,700 funds have unit net values below their levels from October 2022, highlighting a significant disparity in fund performance [2][3]. Group 2: Fund Performance Discrepancies - The phenomenon of "index rising, fund lagging" is particularly evident in equity funds, where funds heavily invested in traditional sectors like consumption and finance have struggled to recover [3]. - Notably, eight large-cap equity funds managed by prominent fund managers are facing challenges in net value recovery, becoming a focal point of investor discussions [5]. - For instance, the E Fund Consumer Industry fund managed by Xiao Nan has seen a unit net value drop of 0.50 yuan to 3.468 yuan, with a year-to-date return of -3.48% [6][9]. Group 3: Underlying Issues - The persistent "deep pit effect" from last year's market adjustments has left some funds with significant net value gaps, making recovery difficult [13]. - Funds that are misaligned with market trends, particularly those heavily invested in underperforming sectors, have also faced slow recovery rates [13]. - The E Fund Consumer Industry fund, for example, has over 60% of its top holdings in sectors like liquor and home appliances, which have underperformed compared to the AI hardware sector [13]. Group 4: Implications for Investors and Fund Managers - The current market conditions serve as a warning for investors to look beyond short-term returns and assess funds' maximum drawdown and recovery capabilities [14]. - For fund managers, large fund sizes may hinder flexibility in adjusting portfolios to align with market shifts, posing a challenge in a structurally changing market [14]. - Analysts suggest that as the A-share market enters a phase of normalized structural trends, the ability of fund managers to recover net values will become a key competitive factor [14].

Core Viewpoint - The performance of billion-level star fund managers during the current bull market is mixed, with some achieving significant returns while others underperforming the market [1][3]. Market Overview - The A-share market has shown a bullish trend with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2]. - The Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2]. Star Fund Managers Performance - Approximately 20 star fund managers with over 200 billion yuan in assets under management have diverse investment styles, including growth, value, balanced, and thematic strategies [3]. - Some star fund managers have successfully captured market trends, while others have lagged behind the market [3]. Notable Performers - Fund managers Ge Lan and Fu Pengbo have shown impressive performance, with Ge Lan managing three funds totaling 399.08 billion yuan, achieving returns of 26.60%, 67.85%, and 1.88% year-to-date [5]. - Fu Pengbo's fund, Ruiyuan Growth Value, has a return of 32.11% this year and 51.91% over the past year, with significant holdings in sectors like PCB and new energy [5][6]. Balanced Investment Style - Fund managers Xie Zhiyu and Zhu Shaoxing, known for their balanced investment styles, have shown performance divergence this year [7]. - Xie Zhiyu manages three funds with returns of 12.84%, 27.54%, and 37.65% year-to-date, benefiting from a diversified portfolio across various sectors [8]. - Zhu Shaoxing's single fund, with a return of 9.29% this year, has been negatively impacted by poor performance in consumer stocks, particularly in the liquor sector [9]. Challenges in Consumer Sector - Fund managers focusing on consumer and new energy sectors face significant challenges due to market conditions [10]. - Liu Yanchun's six funds have returns ranging from 0.13% to 2.43% this year, heavily affected by the underperformance of consumer stocks, particularly in the liquor industry [11]. - Xiao Nan's consumer-focused funds have shown a stark performance difference, with one fund down 3.45% and another up 15.97% year-to-date [12]. Market Dynamics - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [13]. - A reevaluation of what constitutes a "star fund manager" is underway, with a focus on long-term performance and risk management rather than short-term gains [14].

Market Overview - The A-share market has shown a bullish trend in 2023, with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2] - The Wind data indicates that the Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2] Star Fund Managers Performance - Approximately 20 star fund managers managing over 20 billion yuan have shown mixed performance during the bullish market, with some outperforming the market while others lagged behind [2] - Notable fund managers include Ge Lan and Fu Pengbo, who have achieved significant returns through their investment strategies [3] Sector Performance - Ge Lan's funds, particularly in the healthcare sector, have performed exceptionally well, with returns of 26.60% and 67.85% for her medical-themed funds [3] - Fu Pengbo's "Ruiyuan Growth Value" fund has a year-to-date return of 32.11%, focusing on sectors like PCB and new energy [3][4] Balanced Investment Style - Xie Zhiyu has shown a balanced investment style with returns of 12.84%, 27.54%, and 37.65% across his three funds, benefiting from diversified sector exposure [5] - In contrast, Zhu Shaoxing's single fund has underperformed with a return of 9.29%, primarily due to poor performance in consumer stocks [6] Challenges in Consumer Sector - Liu Yanchun's funds, focused on consumer stocks, have struggled with returns ranging from 0.13% to 2.43% due to weak performance in the consumer sector, particularly in the liquor industry [7] - Xiao Nan's consumer-themed funds have shown significant performance disparity, with one fund down 3.45% while another is up 15.97% [8] Market Dynamics and Reflections - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9] - There is a growing sentiment within the industry to redefine what constitutes a "star fund manager," focusing on long-term performance and risk management rather than short-term gains [9]

Market Performance - The A-share market showed strong performance on August 13, with the Shanghai Composite Index breaking the high point from October 8 of the previous year, reaching a nearly four-year high [1] - The Shenzhen Component Index and the ChiNext Index also reached their annual peaks, with total trading volume exceeding 2 trillion yuan for the first time in 114 trading days [1] - Over 2,700 stocks rose, led by growth sectors such as non-ferrous metals and AI hardware [1] Fund Performance - Despite the strong market indices, not all funds benefited, with over 2,700 out of more than 13,000 funds having unit net values below the level of October 8 of the previous year [1] - Notably, eight large-cap equity funds managed by well-known fund managers are facing issues with "net value recovery lag" [1] Specific Fund Analysis - The E Fund Consumer Industry fund (110022.OF) saw its unit net value drop by 0.50 yuan to 3.468 yuan, with a year-to-date return of -3.48%, despite a scale of 168.54 billion yuan [3][4] - The Invesco Great Wall New Emerging Growth A fund (260108.OF) experienced a net value decline of 0.29 yuan to 1.745 yuan, with a year-to-date return of -0.17% and a scale of 188.54 billion yuan [7][9] - The Fortune Select Growth A fund (161005.OF) had a slight net value drop of 0.11 yuan to 2.623 yuan, but achieved a year-to-date return of 8.22% [10] - The E Fund Blue Chip Select fund (005827.OF) reported a net value decrease of 0.08 yuan to 1.880 yuan, with a year-to-date return of 7.87% [12] - The Qian Guo Xu Yuan Three-Year Holding A fund (016709.OF) saw a minor net value drop of 0.01 yuan to 0.820 yuan, with a year-to-date return of 9.23% [15] - The Silver Hua Wealth Theme A fund (180012.OF) and the GF Stable Growth A fund (270002.OF) both experienced a net value decline of 0.008 yuan, with year-to-date returns of 2.71% and 4.58%, respectively [18] Market Insights - The decline in the E Fund Consumer Industry fund is attributed to the significant drop in liquor stocks in the fourth quarter of last year and a sluggish recovery in the consumer sector this year [4] - Fund managers express concerns over slow domestic demand recovery and low inflation, but maintain confidence in the long-term economic outlook [9][14] - The current market environment highlights a divergence between index performance and fund net values, signaling a need for investors to assess funds' maximum drawdown and recovery capabilities [18]

Market Overview - On August 9, the Shanghai Composite Index reached a peak of 3656.85, just 17.55 points shy of the high of 3674.40 from September 24 of the previous year [1] - The market has been characterized by small-cap stocks, with the Micro-cap Index rising by 1.75%, the CSI 2000 by 1.7%, the CSI 1000 by 1.55%, the CSI 500 by 1.08%, and the CSI 300 by 0.43% [1][2] Fund Performance - As of June 30, 2025, only 2 out of 1037 ordinary equity funds remained above 10 billion yuan in size, namely E Fund Consumer Industry at 16.854 billion yuan and Da Cheng Gao Xin A at 12.340 billion yuan [4] - Among 4846 mixed equity funds, only 14 funds exceeded 10 billion yuan, with the largest being E Fund Blue Chip Selection at 34.93 billion yuan [4] - The performance of these large-scale funds has been mixed, with only 4 out of 14 funds achieving returns over 20% year-to-date as of August 8, 2025 [6] Year-to-Date Performance - The top-performing funds year-to-date include: - Yongying Advanced Manufacturing Selection C with a net value growth of 59.99% - Ruiyuan Growth Value A with a growth of 22.04% - China Europe Medical Health A with a growth of 21.81% [6][8] One-Year Performance - Over the past year, the top three funds in terms of net value growth are: - Yongying Advanced Manufacturing Selection C at 163.94% - Galaxy Innovation Growth A at 62.66% - Ruiyuan Growth Value A at 40.79% [9][10] Annualized Returns - Among the 14 large-scale mixed equity funds, 10 have an annualized return exceeding 8%, indicating strong long-term performance [11] - Yongying Advanced Manufacturing Selection C, with a short history of less than 3 years, has an impressive annualized return of 35.96% [11][12] Notable Exceptions - The fund "Quan Guo Xu Yuan San Nian Chi You A" has a current size of 11.2 billion yuan, with year-to-date returns of 12.98% and one-year returns of 31.68%, but an annualized return of -7.18% since inception [12][13]

Core Viewpoint - The performance of large-cap actively managed equity funds has shown significant divergence in the first half of 2025, with 18 out of 26 funds achieving positive returns and 8 experiencing negative returns [1][2]. Group 1: Fund Performance - The top-performing fund, Penghua Carbon Neutral Theme, achieved a year-to-date return of 45.83%, while the bottom performer, Xingquan Trend Investment, recorded a decline of 12.01%, resulting in a performance gap of 57.84 percentage points [1][2]. - The funds with positive returns include notable names such as Yongying Advanced Manufacturing Select A with a return of 41.10% and Industrial Bank Frontier Medical A with a return of 16.15% [2][9]. - The performance of Penghua Carbon Neutral Theme was driven by strong stock performance in the first quarter, with some holdings experiencing a maximum increase of 129.37% [3][9]. Group 2: Recent Trends and Market Insights - The medical sector has gained attention due to significant excess returns, with funds like Industrial Bank Frontier Medical A and China Europe Medical Health A showing positive growth [9]. - The consumer sector has faced challenges, with several funds, including E Fund Consumer Industry and Huatai-PineBridge Dingli A, reporting declines [9][11]. - Market dynamics indicate that fund managers focusing on emerging sectors like "dual carbon" and healthcare have outperformed those relying on traditional consumer leaders [11]. Group 3: Fund Manager Insights - Fund managers such as Yan Siqian and Zhang Lu have successfully navigated the market by capitalizing on industry transformations, contrasting with traditional managers who have struggled [11]. - Zhao Yi, a prominent fund manager, has highlighted opportunities in rapidly growing AI-related sectors and high-end manufacturing, indicating a shift in investment focus [11]. Group 4: Future Outlook - As the second quarter approaches its end, the divergence in performance among large-cap funds is expected to continue, with fund managers' repositioning strategies being closely monitored [11].