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 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]

Core Viewpoint - The news highlights the significant losses incurred by Invesco Great Wall Fund over the past three years, totaling over 400 billion yuan, while the fund management fees collected exceeded 9 billion yuan, raising concerns among investors about the fund's performance and management practices [2][3][25]. Financial Performance - In 2024, Invesco Great Wall Fund reported operating income of 337.33 million yuan and a net profit of 95.11 million yuan [2]. - Over the past three years, the fund has achieved a net profit of over 3 billion yuan, despite the substantial losses in its non-money market funds [2]. - The fund's management fees collected from 2021 to 2024 amounted to 14.95 billion yuan, while the total losses for investors reached 37.44 billion yuan [25]. Fund Performance Analysis - The main contributors to the losses were the Invesco Great Wall Emerging Growth and Invesco Great Wall Dingyi funds, with the former losing 32.82% and the latter 32.91% over the past three years [3][6]. - The Invesco Great Wall Emerging Growth Mixed A fund has seen a cumulative loss of 25.50% since its inception [5]. - The Invesco Great Wall Dingyi Mixed A fund has also experienced a cumulative loss of 23.52% since its inception [7]. Investor Sentiment - Investor sentiment has turned negative, with many expressing frustration over the fund's performance and the management's ability to generate returns [8][9]. - Comments from investors indicate a strong desire for changes in fund management due to ongoing losses and poor performance [9]. Management and Strategy - The fund manager, Liu Yanchun, has been a central figure in the fund's performance issues, with a history of significant losses under his management [10][12]. - Liu's investment strategy has been characterized by heavy concentration in consumer stocks, which have faced substantial declines since 2021, leading to investor dissatisfaction [14]. - Despite the losses, Liu has continued to earn substantial management fees, which has further fueled investor discontent [14]. Leadership Changes - The fund has seen changes in its management team, including the departure of notable fund manager Bao Wuke, which raises questions about future performance and investor confidence [17][21]. - The company's chairman, Li Jin, also stepped down, with the general manager, Kang Le, taking over temporarily [22][24].

Group 1 - The Chinese technology industry has made significant breakthroughs at the beginning of the year, with DeepSeek emerging as a notable player, enhancing global investors' perception of China's technological capabilities and prompting a revaluation of Chinese assets [6][13] - In the first quarter, the performance of technology stocks has been strong, with many fund managers focusing on technology and artificial intelligence (AI) achieving both performance and scale growth [7][8] - Fund managers express optimism about investment opportunities in AI and robotics, but caution that the industry needs to find new iteration points for technological development to avoid stagnation [8][20] Group 2 - The A-share market is experiencing a structural trend, with technology growth sectors like automotive, TMT, and machinery performing well, while traditional sectors like coal and real estate lag behind [9] - Fund managers maintain high equity positions, with over 90% in some cases, and express confidence in the performance of Hong Kong and A-share markets, particularly in technology and consumer sectors [10][12] - The economic outlook for 2025 is cautiously optimistic, with expectations of gradual recovery driven by fiscal policy and improved corporate performance metrics [10][11] Group 3 - Fund managers are increasing investments in the AI industry, particularly in humanoid robots and autonomous driving, anticipating significant breakthroughs in the coming years [14][15] - The emergence of DeepSeek is seen as a catalyst for the revaluation of internet companies in Hong Kong and the overall technology sector, with expectations of a new wave of competitive Chinese companies in critical areas like semiconductors [16][18] - The AI sector is expected to drive substantial changes in manufacturing efficiency and cost reduction, although it is still in the early stages of development [19][20]