Core Insights - The performance of products under Taixin Fund shows significant differentiation, with some funds achieving long-term gains while others have underperformed their benchmarks in recent years [1][2] - The company has faced criticism from third-party evaluation agencies regarding style drift in two of its products in Q2 of this year, which the company attributes to compliance with contract terms related to "new technology transformation of traditional services" [1] Fund Performance - Taixin Fund currently manages 35 products with a total net asset value of 32.937 billion yuan, ranking 98th among peers; its only money market fund has a scale of 19.454 billion yuan, while non-money market funds are below 13.5 billion yuan, ranking 127th [1] - The company has only one equity fund with a scale of 11.22 million yuan and 20 mixed funds totaling 6.184 billion yuan, which together account for less than 19% of the company's total management scale [1] - There are 13 bond funds under Taixin Fund with a combined scale of 7.288 billion yuan; however, the company has only two index products, both with scales below 50 million yuan [1] Performance Disparity - Among the equity products, some funds like Taixin Medical Service Mixed Fund and Taixin Small and Medium Cap Selected Mixed Fund have significantly outperformed their benchmarks over the past year and several years [2] - Conversely, several funds, including Taixin Development Theme Mixed Fund and Taixin Modern Service Industry Mixed Fund, have underperformed, with some showing a net value decline of around 50% over the past three years [2] - Specific funds have underperformed their benchmarks by at least 20 percentage points over the past two years, indicating a clear performance disparity within the company's offerings [2]

Core Viewpoint - The article highlights the competitive landscape of the public fund industry, emphasizing how mid-sized asset management firms like Taixin Fund are successfully navigating challenges through differentiated strategies and strong performance in specific sectors [1][2]. Group 1: Performance Metrics - As of June 30, 2025, Taixin Fund ranked 4th among 166 public funds in terms of equity asset performance over the past year, with its excess returns ranking 2nd in the industry [1]. - The Taixin Xin Xuan Mixed A and Taixin Small Cap Selected Mixed funds, managed by Dong Jizhou, ranked 1st and 17th respectively in their category over the past year [1]. Group 2: Investment Strategy - Taixin Fund focuses on differentiated strategies, emphasizing hard technology sectors such as AI, semiconductors, new energy vehicles, biomedicine, and consumption upgrades [2]. - The company is constructing a product matrix for absolute returns, accelerating the deployment of quantitative strategies in equity investments, and enhancing its fixed income product line from short-term bonds to "fixed income+" [2]. Group 3: Research and Development - The firm has established a quantitative research team that integrates talents from mathematics, AI, and financial engineering to develop models based on big data and machine learning [2]. - Taixin Fund is upgrading some of its older products, such as transforming the Taixin Smart Growth Mixed fund into a "quantitative + active" hybrid strategy product to enhance value discovery and minimize drawdowns [2]. Group 4: Market Trends and Opportunities - Dong Jizhou has been focusing on the semiconductor sector since 2020, capitalizing on domestic substitution opportunities, with a current emphasis on AI technology applications such as digital SoC chips and AIGC software [3]. - The emergence of AI technologies, particularly models like DeepSeek, is reshaping the competitive landscape and boosting confidence in the domestic technology sector, prompting investors to reassess the innovation capabilities and growth potential of Chinese tech companies [3].

Core Viewpoint - The article highlights the challenges faced by small and medium-sized asset management companies in the increasingly competitive public fund industry, while showcasing how companies like Taixin Fund are carving out unique paths and providing quality investment options for investors [1][2]. Group 1: Performance and Rankings - As of June 30, 2025, Taixin Fund ranked 4th among 166 public funds in terms of equity asset performance over the past year, with its excess returns ranking 2nd in the industry [1]. - The Taixin Xin Xuan Mixed A and Taixin Small Cap Selected Mixed funds, managed by Dong Jizhou, ranked 1st and 17th respectively in their categories over the past year [1]. Group 2: Investment Strategy and Research Development - Taixin Fund has focused on differentiated strategies, emphasizing hard technology sectors such as AI, semiconductors, new energy vehicles, biomedicine, and consumption upgrades to enhance its investment research capabilities [2]. - The company is constructing a product matrix for absolute returns and accelerating the deployment of quantitative strategies in equity investments, while also enhancing its fixed income product line [2]. - A quantitative research team has been established, integrating talents from mathematics, AI, and financial engineering to develop models based on big data and machine learning [2]. Group 3: Focus on Technology and Market Trends - Dong Jizhou has been focusing on the semiconductor sector since 2020, capitalizing on domestic substitution opportunities, with core investment directions including semiconductors, electronics, and defense industries [3]. - The investment strategy has evolved to include digital SoC chips, analog chips, and AIGC software, with a current emphasis on office software and multimodal processing in AI applications [3]. Group 4: Emerging Investment Opportunities - The article identifies the AI era as the latest investment opportunity, with significant advancements in AI models like DeepSeek, which challenge traditional paths and reshape industry standards [4]. - The emergence of DeepSeek is seen as a technological breakthrough that boosts confidence in the domestic technology sector and prompts investors to reassess the innovation capabilities and growth potential of Chinese tech companies [4].