Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Core Insights - The performance of actively managed equity funds in the A-share market has shown significant differentiation, with some funds achieving high returns while others face losses [1][2][10] - The disparity in performance is attributed to factors such as industry focus and timing of investments, reflecting varying interpretations of macroeconomic and micro-industry conditions by different fund managers [1][5][10] Fund Performance Overview - As of July 14, 2023, among 150 newly established actively managed equity funds, 80% have positive returns since inception, while approximately 9% have seen net value declines exceeding 3% [1] - Notable performers include the Invesco Great Wall Emerging Industries fund, which achieved over 18% return in just over three months, while the Debon High-end Equipment fund experienced a nearly 18% loss [1][2] Specific Fund Analysis - Several funds established in early 2023 have reported returns exceeding 35% within five months, with specific funds like Invesco Great Wall Medical Industry A and Invesco Great Wall Emerging Industry A showing returns of 37.51% and 18.45% respectively [2] - Conversely, funds such as Yongying Information Industry Smart A and Debon High-end Equipment A have reported net value declines of over 3% since their inception [3][4] Investment Strategy and Challenges - The Debon High-end Equipment fund's concentrated investment in humanoid robotics has led to significant losses, as the sector faced a downturn after reaching high points in early March [6][8] - The fund's top ten holdings account for 71.83% of its net value, indicating a high concentration risk [7] - Market volatility and the need for flexible investment strategies have posed challenges for fund managers, particularly in sectors like pharmaceuticals and new consumption [10][11]