Core Viewpoint - The number of stock mutual funds achieving positive returns continuously from 2022 to 2025 (up to October) is significantly low, with only 39 funds out of 4737 showing consistent positive performance, highlighting the challenges faced by fund managers in a volatile market environment [2][3][12]. Group 1: Fund Performance Overview - In 2022, only 132 out of 4744 stock mutual funds achieved positive returns, representing 2.79% of the total [2][3]. - The number of funds with positive returns increased to 541 in 2023, accounting for 11.41% [2][3]. - By 2024, the number surged to 3102, with a positive return rate of 65.47%, and in the first ten months of 2025, 4624 funds achieved positive returns, representing 97.59% [2][3]. Group 2: Consistent Positive Return Funds - Among the 4737 funds with performance data since 2022, only 39 funds maintained positive returns each year, which is a mere 0.82% [3][4]. - The 39 funds that achieved continuous positive returns had an average return of 7.96% in 2022, 8.14% in 2023, 11.74% in 2024, and 22.25% in the first ten months of 2025 [4]. Group 3: Top Performing Funds - The top three funds in terms of returns for the year 2025 (up to October) are: 1. "Qianhai Kaiyuan Gold and Silver Jewelry Mixed A" managed by Wu Guoqing with a return of 75.66% [9][11]. 2. "Caitong New Horizons Mixed A" managed by Shen Li with a return of 68.43% [9][12]. 3. "Invesco Great Wall Shanghai-Hong Kong-Shenzhen Selected Stock A" managed by Zhang Zhongwei with a return of 59.81% [9][13]. Group 4: Fund Manager Insights - Wu Guoqing from "Qianhai Kaiyuan Gold and Silver Jewelry Mixed A" emphasizes the focus on the gold resource sector, which has benefited from rising gold prices due to geopolitical factors and economic conditions [11][12]. - Shen Li from "Caitong New Horizons Mixed A" highlights a focus on AI industry chains, semiconductor domestic substitution, and consumer sectors, reflecting a positive outlook on the economic recovery [12][13]. - Zhang Zhongwei from "Invesco Great Wall Shanghai-Hong Kong-Shenzhen Selected Stock A" believes in the potential of AI technology to drive innovation and growth in the market [13].

Core Viewpoint - The article discusses the performance of stock mutual funds in the A-share market from 2022 to 2025, highlighting the challenges of achieving consistent positive returns amid market fluctuations and the increasing difficulty of obtaining excess returns in recent years [3][6]. Group 1: Market Performance Overview - The A-share market has experienced significant volatility, with a deep adjustment in 2022, a structural market in 2023, and a recovery in 2024 [3]. - The leading sectors in terms of growth have varied by year, with coal in 2022, telecommunications in 2023, and banking and non-bank financials in 2024 [3]. Group 2: Fund Performance Analysis - From 2022 to 2025, the number of stock mutual funds achieving positive returns has increased significantly, from 132 in 2022 to 4624 in the first ten months of 2025, with positive return ratios of 2.79%, 11.41%, 65.47%, and 97.59% respectively [6][7]. - Only 39 out of 4737 stock mutual funds have achieved positive returns for four consecutive years from 2022 to 2025, representing a mere 0.82% [7][8]. Group 3: Top Performing Funds - The top three funds for the year 2025 (up to October) are: 1. Qianhai Kaiyuan Gold and Silver Jewelry Mixed A, managed by Wu Guoqing, with a return of 75.66% [12][13]. 2. Caitong New Vision Mixed A, managed by Shen Li, with a return of 68.43% [14][15]. 3. Invesco Great Wall Hong Kong and Shanghai Select A, managed by Zhang Zhongwei, with a return of 59.81% [15][16]. - The average returns for the 39 funds achieving consecutive positive returns from 2022 to 2025 are 7.96%, 8.14%, 11.74%, and 22.25% respectively [8]. Group 4: Fund Manager Insights - Fund managers have expressed cautious optimism regarding the economic outlook, with a focus on sectors such as AI, semiconductor domestic substitution, and consumer spending [15][16]. - The performance of the Qianhai Kaiyuan fund is attributed to its focus on the gold resource sector, which has benefited from rising gold prices due to geopolitical factors and economic conditions [14][13].

Core Insights - The article discusses the evolution of investment strategies and experiences shared by individuals in the private domain (XQ) over nearly a decade, highlighting the importance of learning and adapting in investment practices [1][3]. Investment Journey - The author began their investment journey around 2015-2016, inspired by articles that emphasized the significance of investment timing and returns on wealth accumulation [4]. - In February 2016, the author started investing in equity funds, achieving a 20% return within approximately 10 months [5]. - By July 2017, the author entered the workforce and continued to invest despite market challenges, including the impact of the trade war [10]. Influential Figures and Events - In September 2019, the author attended an event hosted by a fund company, where they met influential figures, including 博格, who shared insights on long-term investment strategies and the importance of minimizing trading costs [12][16]. - 博格's investment philosophy evolved from a focus on passive investing to a more active approach, suggesting adjustments based on market conditions [16]. Fund Performance and Strategies - The author created a personal fund portfolio named "大富神," which was significantly influenced by 博格's strategies, achieving a net value of 1.43, although the investor's return was lower due to timing [18]. - By the end of 2020, the author liquidated their investments to purchase a home, realizing a 25% return over three years [20]. Market Conditions and Adaptation - After joining the private domain (XQ) in January 2021, the author faced challenging market conditions, particularly for Hong Kong stocks, which were negatively impacted by various factors [23]. - Despite these challenges, the author remained committed to following 博格's investment strategies, emphasizing the importance of consistency and rational decision-making in investment [26]. Recent Developments - In the past year, market conditions improved, leading to increased engagement among 博格's followers and a rise in account values [26].

Core Viewpoint - The recent departures of prominent fund managers, including Zhang Kun and Bao Wuke, signal a potential shift in the public fund industry, raising concerns about whether public funds are becoming a "training ground for private equity" [3][4]. Group 1: Departure of Fund Managers - Bao Wuke, a notable fund manager with over 15 years of experience and an annualized return of approximately 15.5%, has officially announced his departure from the public fund sector [5][11]. - The market interpreted Bao Wuke's recent actions, such as appointing new fund managers, as indicative of his impending exit, which was confirmed over the weekend [3][4]. - The trend of high-performing fund managers leaving the public sector has raised questions about the future of public funds and their ability to retain talent [4]. Group 2: Performance and Management Transition - Bao Wuke managed a total of 16.2 billion yuan across eight funds before his departure, with the majority of his funds being handed over to three experienced managers, including Liu Su, Zhang Zhongwei, and Zou Lihua [11][12]. - Liu Su, who has 13 years of experience, is known for a balanced investment style, while Zhang Zhongwei, with over nine years of experience, is recognized for a growth-oriented approach focused on technology stocks [28][20]. - The performance of the funds under Bao Wuke's management has been strong, with a total return exceeding 380% over the past decade, indicating a solid track record that the new managers will need to uphold [5][11]. Group 3: Investment Styles and Strategies - Bao Wuke's investment strategy emphasized low volatility and steady returns, focusing on high-barrier companies with reasonable valuations [7][8]. - In contrast, Zhang Zhongwei's investment philosophy is centered on capturing growth in technology sectors, with a significant portion of his portfolio allocated to TMT (Technology, Media, Telecommunications) stocks [24][27]. - Liu Su's approach is more balanced, with a diversified portfolio that includes sectors like food and beverage and pharmaceuticals, aiming for stable long-term growth [30][28].

Core Viewpoint - The article discusses the significant reforms introduced in the public fund industry through the "Action Plan for Promoting High-Quality Development of Public Funds," emphasizing the importance of performance benchmarks and the need for a more rational setting of these benchmarks to improve fund performance [2][6][12]. Summary by Sections Performance Benchmarks - The document highlights the critical role of performance benchmarks for public funds, which serve as a standard for fund managers to achieve and exceed [6][7]. - Most funds currently use indices like CSI 300, CSI 800, and CSI 500 as benchmarks, with nearly half of active funds benchmarked against the CSI 300 [7]. Fund Performance Analysis - Recent data indicates that only 30% of funds have outperformed their benchmarks over the past three years, with nearly 50% of products underperforming by more than 10% [12]. - The average excess return relative to benchmarks has been negative in recent years, with a notable decline in the proportion of funds outperforming benchmarks from 2020 to 2024 [13][14]. Active Fund Management Challenges - Continuous outperformance is challenging, especially during market downturns, where only about 20% of active funds managed to outperform their benchmarks from 2022 to 2024 [14]. - A study identified only 46 funds (2.2% of the sample) that consistently outperformed their benchmarks over five years, with 25 of these having a combined scale of over 1 billion [17]. Fund Manager Performance - The article lists funds that have consistently outperformed their benchmarks over five years, noting that many of these funds are managed by well-regarded fund managers [21][22]. - The performance of fund managers is evaluated not only on returns but also on their ability to control drawdowns, with some funds experiencing significant drawdowns despite strong returns [23][24]. Notable Fund Managers - The article mentions specific fund managers who have successfully managed funds that consistently outperform benchmarks, highlighting their investment philosophies and strategies [25][36]. - It also discusses the impact of fund manager changes on fund performance, particularly in the context of recent departures of notable managers [29][33]. Conclusion on Fund Evaluation - The article concludes that while outperforming benchmarks is a key metric for evaluating fund performance, it should not be the sole criterion, as other factors such as risk management and drawdown control are equally important [44].

Group 1 - Midea Group (000333.SZ) released its 2024 annual report on March 29, 2025, with 1,673 institutional investors disclosing holdings of 4.481 billion shares, accounting for 58.53% of the total share capital [1] - The top ten institutional investors hold a combined 50.12% of Midea Group's shares, with a slight decrease of 0.44 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 103 funds increased their holdings, with a holding increase ratio of 0.13%, while 203 funds decreased their holdings, with a decrease ratio of 0.54% [2] - A total of 385 new public funds were disclosed this period, while 911 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction ratio of 0.21% [2]