Core Viewpoint - HSBC Jintrust Fund Company has experienced significant declines in multiple funds managed by Lu Bin, with 12 funds dropping over 8% in November 2025, primarily due to their heavy investment in the photovoltaic sector within the renewable energy industry [1][2]. Fund Performance Summary - The HSBC Jintrust Research Selected Mixed Fund saw the largest decline at 9.97% in November, with a cumulative return of -3.23% since its inception on January 21, 2022 [1]. - Other notable declines include the HSBC Jintrust Core Growth Mixed C and A funds, which fell by 9.87% and 9.83%, respectively, with cumulative returns of -8.76% and -6.67% [1]. - The HSBC Jintrust Era Pioneer Mixed Fund, established on June 8, 2022, reported cumulative return declines of 12.13% and 13.90% for its A and C shares, with unit net values of 0.8787 and 0.8610 [1][3]. Investment Focus - The primary investment direction for these funds has been in the renewable energy sector, particularly in the photovoltaic industry, with top holdings including companies like Yiwei Lithium Energy, JA Solar Technology, and Xinyi Solar [1][2]. - Lu Bin, who has over six years of experience managing public funds, has seen most of his managed funds underperform compared to their peers, except for a few funds managed prior to 2021 [2].