Core Viewpoint - The recent bull market has led to increased enthusiasm among public funds, with many aiming for a doubling of net value, while some fund companies, like Taixin Fund, lag significantly behind this goal due to various factors, primarily the lack of star fund managers and representative products [2][8]. Fund Performance and Management - Taixin Fund, established in 2003, ranked 97th in total assets as of Q2, with a total scale of approximately 329.37 billion, of which equity funds accounted for about 62 billion, indicating a weaker performance in equity products compared to fixed income [2]. - The so-called "Three Musketeers" of equity fund managers at Taixin, namely Wu Bingtang, Xu Muhao, and Dong Jizhou, have not achieved significant recognition or success in the market [3][8]. - Dong Jizhou, known for his semiconductor investments, has managed two funds with a cumulative return of nearly 30% this year, but his portfolio consists solely of 10 stocks from the Sci-Tech Innovation Board, none of which have doubled in value this year [3][4]. - Xu Muhao has managed two funds with a stark performance difference; one fund has a return exceeding 160%, while the other is only around 20%. His top holdings have not performed well, with the highest gain being less than 22% [4][5]. - Wu Bingtang has a mixed performance record, with returns exceeding 180% on some products but also significant losses on others, leading to a total management scale of only about 3.76 billion [5][7]. Challenges in Fund Management - The younger fund manager Huang Qianyi has also struggled, with two funds showing significant losses of -41.26% and -58.71%, indicating poor stock selection despite the overall market uptrend [7][8]. - Wang Boqiang, the longest-serving manager after Dong Shanqing's departure, manages four funds with a total scale of 8.25 billion, but his best return is only 14.07%, raising questions about his current management effectiveness [7][8]. - The only fund with a positive return is the newly managed Taixin Industry Select Mixed Fund, which has a return close to 15%, attributed to a stock that has increased sixfold this year, although it is co-managed with another manager, Chen Ying [8].

Group 1 - The core point of the article is that several fund companies, including Taixin Fund, have announced the closure of their online direct sales platforms, indicating a trend of contraction in the direct sales business within the industry [1][8][10]. Group 2 - Taixin Fund announced that it will close its online direct sales trading platform and related services on May 30, 2025, including functions such as account opening, subscription, and redemption [2][3]. - Taixin Fund was established in May 2003 with a registered capital of 200 million yuan, and it has seen fluctuations in its management scale, which was over 700 billion yuan in Q3 2023 but has since decreased to below 300 billion yuan due to a reduction in fixed income products [7]. - As of the end of Q1 this year, Taixin Fund's management scale was 26.4 billion yuan, with over half of this in money market funds, while mixed and bond funds were also significant [7]. Group 3 - Other fund companies, such as Guoshou Anbao Fund and Guojin Fund, have also announced the termination of their direct sales services, reflecting a broader trend of reducing online direct sales operations in the industry [9][10]. - The closure of online platforms is attributed to a small customer base and high maintenance costs, leading some companies to abandon these platforms as part of cost-cutting measures [10].