Group 1 - Huanxin Building Materials experienced a decline of 5.05% on November 12, with a stock price of 22.96 yuan per share, a trading volume of 273 million yuan, a turnover rate of 0.87%, and a total market capitalization of 47.734 billion yuan [1] - The company, established on November 30, 1993, and listed on January 3, 1994, is primarily engaged in cement manufacturing and sales, cement technology services, research, manufacturing and installation of cement equipment, and import-export trade of cement and related products [1] - The revenue composition of Huanxin Building Materials includes: cement sales at 54.56%, concrete sales at 21.54%, aggregate sales at 17.22%, other sales at 4.21%, and clinker sales at 2.47% [1] Group 2 - Xiangcai Fund has one fund heavily invested in Huanxin Building Materials, specifically the Xiangcai Balanced Selection Mixed A (018930), which held 29,000 shares as of the third quarter, accounting for 2.95% of the fund's net value, ranking as the eighth largest holding [2] - The Xiangcai Balanced Selection Mixed A fund was established on September 21, 2023, with a latest scale of 15.1256 million yuan, yielding a return of 0.15% year-to-date, ranking 8000 out of 8147 in its category [2] - The fund has experienced a loss of 4.53% over the past year, ranking 7870 out of 8056, and a cumulative loss of 11.05% since its inception [2]

Core Insights - The resignation of Xu Yida, the head of the research department at Xiangcai Fund, has led to a complete withdrawal from all managed funds, attributed to "resignation" [1] - Xu Yida's performance has been subpar, with half of the funds he managed showing negative returns [1][2] - The overall management structure of Xiangcai Fund is currently weak, with only six fund managers, significantly below the industry average [2] Performance Analysis - Xu Yida managed several funds with poor historical performance, including a nearly -22% return over four years for Xiangcai Changshun Mixed Fund A [1] - The Xiangcai Balanced Selection Mixed Fund A has underperformed this year, with a return of approximately -3%, lagging behind the benchmark by 14 percentage points [3] - Other funds managed by the investment team have also shown significant declines, with the Xiangcai Innovation Growth Fund A experiencing a net value drop of over 31% since inception [3] Management Structure - Following Xu Yida's departure, Xiangcai Fund has only six fund managers, with an average tenure of just over two years, which is below the industry average [2] - The fund's total asset management scale is relatively low, with only 71.35 billion yuan across 19 products, ranking 145th among over 200 institutions [2] - The current fund managers, including the deputy general manager and chief strategist, have also reported negative returns compared to their peers, indicating a broader issue within the fund's management team [4]