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].

Core Viewpoint - In November 2025, all funds managed by Lu Bin at HSBC Jintrust Fund Company experienced significant declines, with 12 funds dropping over 8%, indicating potential management and investment strategy issues [1][3]. Fund Performance Summary - HSBC Jintrust Research Selected Mixed Fund had the largest decline at 9.97% in November, with a cumulative return of -3.23% since its inception on January 21, 2022 [1]. - HSBC Jintrust Core Growth Mixed C and A funds also saw declines of 9.87% and 9.83% respectively in November, with cumulative returns of -8.76% and -6.67% since their launch on May 24, 2021 [1][2]. - Other funds, such as HSBC Jintrust Era Pioneer Mixed, also reported significant losses, with cumulative returns of -12.13% and -13.90% for A and C shares respectively [2][3]. Investment Focus - The investment strategy of the funds primarily focuses on the renewable energy sector, particularly in the photovoltaic industry, with major holdings including companies like Yiwei Lithium Energy, JA Solar Technology, and Xinyi Solar [1][3]. - The top ten holdings for HSBC Jintrust Era Pioneer Mixed also reflect a strong emphasis on the photovoltaic sector, featuring companies such as Trina Solar and LONGi Green Energy [3]. Management Background - Lu Bin has over six years of experience managing public funds and has held various positions within HSBC Jintrust, including Assistant General Manager and Investment Director [3]. - Despite a strong track record with a few funds managed before 2021, the majority of Lu Bin's recent funds have significantly underperformed compared to their peers [3].

Core Insights - In April 2025, 14 funds managed by HSBC Jintrust experienced declines exceeding 7%, all managed by Lu Bin [1][6] - The HSBC Jintrust Low Carbon Pioneer Stock A/C funds recorded the largest monthly declines of 10.07% and 10.11% respectively, with a cumulative return of -57.35% since inception [1][2] Fund Performance Summary - The HSBC Jintrust Low Carbon Pioneer Stock C had a unit net value of 2.0504 as of May 6, 2025, with a cumulative return of -57.35% since its establishment on September 13, 2021 [2][4] - Other funds such as HSBC Jintrust Dynamic Strategy Mixed and HSBC Jintrust Intelligent Manufacturing Stock C also saw declines between 8.8% and 8.9% in April [2][3] - Funds established in 2021 and 2022, including HSBC Jintrust Core Growth Mixed A/C and HSBC Jintrust Research Selected Mixed, reported cumulative losses of nearly 30% since inception [3][5] Manager Information - All the aforementioned funds are managed by Lu Bin, who has held various positions within HSBC Jintrust, including Assistant Researcher and Investment Director [5][6]