Group 1 - The core issue highlighted is the automatic termination of two initiated funds if their net asset value falls below 200 million yuan after three years, reflecting a design flaw in the fund structure [5] - The carbon neutrality fund has seen a reduction of over 90% in size since its inception, with a cumulative loss of 43.14%, trailing its performance benchmark by 10.24 percentage points [5] - The pension target fund has returned -0.15% since its establishment, lagging behind its benchmark by 5.3 percentage points, with its size now less than a quarter of its initial value [5] Group 2 - The recent fund liquidations are not isolated incidents, as six initiated funds from the company have been closed this year due to insufficient scale [6] - Currently, 12 out of 16 initiated funds under the company have a combined size below 200 million yuan, indicating a significant issue in product strategy and market performance [6] - Industry experts point out that the limitations of the initiated fund system are evident, emphasizing the need for sustained research support and market cultivation to avoid products becoming "mini funds" [6]

Core Viewpoint - The performance of renowned fund manager Jia Chengdong at Shenwan Hongyuan Fund has raised concerns among investors, as his recent funds have underperformed significantly in a rising market [1][5]. Group 1: Fund Performance - Since Jia Chengdong joined Shenwan Hongyuan Fund in March 2025, the Shenwan Hongyuan New Power Fund has lost over 7%, underperforming its benchmark by 12 percentage points [2][3]. - Another fund managed by Jia, the Shenwan Hongyuan Industry Selection Fund, has also lost over 5%, trailing its benchmark by more than 9% [2][3]. - The A-share market has seen a strong rally, with the Shanghai Composite Index rising over 7% since June 2025, highlighting the stark contrast in performance [2]. Group 2: Fund Holdings and Market Trends - The Shenwan Hongyuan New Power Fund heavily invested in pet economy stocks, which have collectively plummeted since June, despite being marketed as essential due to aging and single-person demographics [3]. - The price-to-earnings ratio of the pet stock "Guibao Pet" reached 50 times, significantly exceeding the industry average, indicating a disconnect between growth expectations and actual performance [3]. Group 3: Company Challenges - Shenwan Hongyuan Fund has faced multiple fund liquidations in 2025, with two funds recently announced for termination due to struggling below the regulatory threshold of 200 million yuan [5][6]. - This marks the fifth and sixth funds facing liquidation this year, with previous funds also having exited the market due to similar issues [6]. Group 4: Management and Structural Issues - The company's reform efforts under Chairman Chen Xiaosheng, aimed at creating a robust investment research system, have not translated into improved performance, revealing a significant gap between vision and reality [7]. - The talent pool within the company is concerning, with 7 out of 27 fund managers having less than 3 years of experience, and 5 managers overseeing 6 or more funds, leading to potential overextension [8]. - As of June 2025, the company's asset management scale was 82.679 billion yuan, ranking 66th in the industry, a decline from its peak of 102.492 billion yuan in June 2015 [8].

Core Viewpoint - The recent liquidation of six funds by Shenwan Hongyuan Fund indicates potential issues in product strategy management and research capabilities within the company, raising concerns about its investment management abilities [3][4]. Fund Liquidation - Shenwan Hongyuan Fund announced the termination and liquidation of the Shenwan Hongyuan Carbon Neutrality Mixed Fund due to its asset size falling below 200 million yuan three years after its establishment [3]. - The Shenwan Hongyuan Pension Target Date 2040 Fund also faced liquidation under similar circumstances, marking a total of six fund liquidations this year, all of which were initiated funds [3][4]. - Other funds that have been liquidated include Shenwan Hongyuan Xinxiang Stable Mixed Fund, Shenwan Hongyuan Shuangxi Mixed Fund, and Shenwan Hongyuan Specialized and New Theme Mixed Fund [3]. Company Performance - As of the end of Q2 2025, Shenwan Hongyuan Fund's total assets reached 82.679 billion yuan, reflecting a quarter-on-quarter growth of 12.24% but a year-on-year decrease of 5.29% [5]. - The company ranks 66th among all public funds in terms of total assets, with its non-money market fund management size at 70.446 billion yuan, placing it 59th [5]. - Despite the recent fund liquidations, 45 out of 49 active equity funds reported positive returns, with 27 funds achieving returns exceeding 10% [6]. Strategic Recommendations - To maintain stable growth, the company should focus on improving governance structures, ensuring product strategy stability, and enhancing research capabilities [7]. - Strengthening marketing efforts for smaller existing products and improving the brand influence of its research capabilities are essential to reduce future fund liquidations [7].