Core Viewpoint - The recent significant decline in the net value of multiple products under Honghu Investment has led to a wave of investor redemptions, contrasting sharply with the company's previous year of outstanding performance, where annual returns approached 90% [1][2] Group 1: Performance Overview - In the past week (July 28 to August 1), several products from Honghu Investment experienced substantial declines, with specific products showing weekly drawdowns of 6.61%, 6.6%, and 6.57% respectively [2] - The company had previously achieved a remarkable performance in 2024, with its flagship product generating an annual return of 88.23%, ranking second among 886 fund managers [6][7] Group 2: Investment Strategy and Market Conditions - Honghu Investment attributed the recent negative returns to a mismatch between medium-term fundamental signals and short-term market price signals, leading to significant portfolio drawdowns [4][5] - The company noted that the "anti-involution" expectations began to impact the commodity supply chain in mid-July, prompting adjustments in their investment strategy [4] - Despite the recent downturn, the company maintains a diversified asset allocation strategy, with bond assets contributing over 1% positive returns, while equities and commodities faced declines [5] Group 3: Future Outlook - Looking ahead to 2025, the company plans to focus on the commodity market, anticipating increased volatility in precious metals that have performed well over the past three years [1][7] - The company has indicated that it will continue to monitor the dynamics of supply and demand in the commodity sector, particularly in light of potential policy changes affecting production limits [4][5]