Core Viewpoint - The recent performance of the fund managed by star fund manager Jia Chengdong has raised concerns, as his first fund at Shenwan Hongyuan Fund has seen a net value loss of 5.24% within two months, disappointing many investors [1][3]. Group 1: Fund Performance - Jia Chengdong's first fund, Shenwan Hongyuan Industry Selection, experienced a maximum drawdown exceeding 8% during its initial period [1]. - The fund's A and C share classes reported losses of 5.24% and 5.32% respectively, significantly underperforming against industry benchmarks [1]. - Another fund managed by Jia, Shenwan Hongyuan New Power, also showed poor performance with A and C share losses of 3.11% and 3.36% respectively [3]. Group 2: Market Reaction and Company Response - The fund's initial launch was met with enthusiasm, raising 1.219 billion yuan and attracting 10,477 subscriptions, but the current performance starkly contrasts this initial success [3]. - Shenwan Hongyuan Fund faced allegations of pressuring employees to subscribe to funds, although the company denied these claims without addressing the reasons for the fund's poor performance [1][5]. - The company has been struggling with declining rankings and management scale, leading to multiple fund closures this year, marking it as the only firm in the industry to experience failed active equity fund launches [5][6]. Group 3: Strategic Challenges - The significant portfolio adjustments in Shenwan Hongyuan New Power did not yield the expected performance improvements, indicating potential issues with investment strategy [5]. - The introduction of Jia Chengdong was seen as a desperate attempt by Shenwan Hongyuan Fund to reverse its declining fortunes, but the results so far have not met expectations [5]. - The company is currently facing a trust crisis and must find new development paths to address these challenges in the current market environment [6].

Core Viewpoint - The news discusses the performance and management issues of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund, which has been under scrutiny due to its poor returns since inception [4][5]. Fund Performance - The Shenwan Hongyuan Industry Select Fund, established in early June, has reported a return of -8.23% for Class A and -8.29% for Class C, with total assets of 8.13 billion and 4.06 billion respectively [5]. - The fund has been criticized for its management style, with frequent adjustments leading to losses, particularly in the new consumption and banking sectors [5]. Management and Strategy - The fund manager, Jia Chengdong, employs a combination of top-down and bottom-up approaches for investment, focusing on macroeconomic conditions, industry trends, and company fundamentals [5]. - Jia Chengdong has a history of successful fund management, achieving returns of 140.33% and 192.09% in previous roles, but has struggled with the current funds under his management [8]. Financial Metrics - Shenwan Hongyuan Fund's total management scale is reported at 826.07 billion, down 4.83% year-on-year [9]. - The fund's revenue for 2024 was 4.91 billion, a decrease of 10.73%, with net profit at 77.15 million, down 9.45% [11]. Fee Structure - The fund incurs various operational fees, including a management fee of 1.2% per annum, a custody fee of 0.2%, and additional costs for auditing and information disclosure [6][7].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Industry Select Fund, managed by newly appointed deputy general manager Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [2][4][6]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the Shanghai Composite Index, which rose by 8.96% during the same period [4][5]. - The fund's initial scale reached 1.219 billion yuan with 10,477 effective subscriptions, marking it as the largest fund launch for Shenwan Hongyuan in 2025 [4][6]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within three trading days, indicating volatility and a rapid decline in value [5]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan in December 2024 and became deputy general manager in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [3][6]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [6][7]. Group 3: Market Reactions and Investor Sentiment - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [4][5]. - The fund's rapid fluctuations and inability to adapt to market conditions have raised concerns about the manager's capability and the fund's long-term viability [5][6]. Group 4: Company Challenges - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds undergoing liquidation due to asset values falling below the required thresholds [7][8]. - The company's total asset management scale has decreased to 82.557 billion yuan, ranking it 66th in the industry, down from 84.640 billion yuan at the end of 2024 [8].

Core Viewpoint - The article discusses the performance issues of the Shenwan Hongyuan's fund, particularly the Shenwan Lingshin Industry Select Fund, which has experienced significant losses shortly after its establishment, raising concerns among investors about the management and investment strategies of the newly appointed vice president, Jia Chengdong [3][5][10]. Group 1: Fund Performance - The Shenwan Lingshin Industry Select Fund, managed by Jia Chengdong, has seen a cumulative decline of over 8% since its inception on June 3, 2025, while the Shanghai Composite Index rose by 8.96% during the same period, indicating a significant underperformance [6][7]. - The fund's initial net asset value was 0.98 yuan, which dropped to 0.92 yuan by August 11, 2025, reflecting volatility and a rapid decline in value shortly after launch [7]. - Investors have expressed dissatisfaction with the fund's performance, with comments highlighting disappointment in its ability to generate returns during a bullish market [5][10]. Group 2: Management Background - Jia Chengdong joined Shenwan Lingshin in December 2024 and became vice president in March 2025, shortly before launching the Shenwan Lingshin Industry Select Fund [6][9]. - Prior to joining Shenwan Lingshin, Jia managed multiple funds at Guotai Fund and招商基金, with mixed performance results, including both significant gains and losses in various funds [9][10]. - His previous experience included managing funds that performed well over several years, but he also oversaw funds that recorded losses during market downturns [9]. Group 3: Industry Context - Shenwan Lingshin has faced challenges in its equity products, with multiple funds facing liquidation due to asset values falling below the required thresholds [10]. - As of August 12, 2025, Shenwan Lingshin's total asset management scale was 825.57 billion yuan, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [10].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund managed by Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [1][2][3]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the benchmark by 13.79 percentage points, while the Shanghai Composite Index rose by 8.96% during the same period [2][3]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within a short span, indicating volatility and poor initial performance [3]. - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [2][3]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan Fund in December 2024 and became a vice president in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [2][4]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [4][5]. Group 3: Fund Liquidation Issues - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds, including the Shenwan Hongyuan Carbon Neutrality Mixed Fund and Shenwan Hongyuan Pension Target Date Fund, being terminated due to asset values falling below 200 million yuan [6]. - The company's public asset management scale has decreased to 825.57 billion yuan as of August 12, 2025, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [6].

Group 1 - The core issue revolves around the underperformance of the newly launched fund, Shenwan Lingshin Industry Selection, managed by Jia Chengdong, which has seen a cumulative decline of over 8% since its inception, contrasting with the gains of the Shanghai Composite Index and CSI 300, which rose by 8.59% and 6.89% respectively [1] - The fund's launch attracted attention due to Jia Chengdong's reputation, with a fundraising scale of 1.219 billion yuan and 10,477 effective subscription accounts, making it the fourth actively managed equity fund this year to exceed 1 billion yuan in fundraising [1] - Shenwan Lingshin Fund acknowledged the market's focus on the fund but urged investors to consider its long-term performance despite short-term underachievement [1] Group 2 - Jia Chengdong has a notable career history, having joined Guotai Fund in 2008 and later managing funds at招商基金, where he oversaw nearly 18 billion yuan at his peak in 2020 [2] - Since joining Shenwan Lingshin Fund in March 2024, Jia has also been managing another fund, Shenwan Lingshin New Power, which has reported a year-to-date loss of 7.43% as of August 8 [2] - The company is facing scrutiny due to the poor performance of its star fund manager and the potential liquidation of its public funds, raising questions about the effectiveness of the reforms initiated by Chairman Chen Xiaosheng [2] Group 3 - The company is experiencing a talent gap, with 7 out of 27 fund managers having less than 3 years of experience, and 8 others with 3-5 years, indicating a high proportion of newcomers [3] - There is a significant issue of fund managers handling multiple funds, with some managing as many as 17 products, which may impact performance [3] - As of June 2025, the company's public asset management scale was 82.679 billion yuan, ranking 66th in the industry, a decline from 84.640 billion yuan at the end of 2024 and a significant drop from its peak of 102.492 billion yuan in June 2015 [3]

Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index reaching a new high for the year, closing up 0.34% at 3647.55 points [1] - The Shenzhen Component Index increased by 1.46%, and the ChiNext Index rose by 1.96% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.85 trillion yuan, an increase of 113.6 billion yuan compared to the previous trading day [1] - Over 4100 stocks in the market experienced gains [1] Fund Performance - The fund "Shenwan Lingshin Industry Selection," managed by renowned fund manager Jia Chengdong, was established on June 3, 2023, but reported a loss of 8.23% as of August 8, 2023 [1][9] - The fund's performance ranked 4672 out of 4673 in its category, while the Shanghai Composite Index and CSI 300 Index saw cumulative increases of 8.59% and 6.89%, respectively, during the same period [1][9] - The fund had a total fundraising scale of 1.219 billion yuan, with 10,477 effective subscription accounts [7][9] Investor Sentiment - The fund has drawn significant attention from investors, with many expressing concerns over its performance in the comments section on investment platforms [6] - Some investors criticized the fund's performance during its lock-up period, indicating dissatisfaction with the management [6] Manager Background - Jia Chengdong, the fund manager, has a notable background, having previously managed funds at Guotai Junan Fund and later at China Merchants Fund, where he oversaw nearly 18 billion yuan at his peak [9] - Following his departure from China Merchants Fund in September 2024, he joined Shenwan Lingshin Fund as a vice president and manager of the Shenwan Lingshin New Power fund [9] Additional Fund Information - The Shenwan Lingshin Fund was established in 2004 and is backed by strong shareholders, including Shenwan Hongyuan Securities and Mitsubishi UFJ Trust and Banking Corporation [11] - As of August 11, 2023, the company had not responded to inquiries regarding the fund's performance [11]

红星资本局8月11日消息，今日，A股三大指数集体收涨，截至收盘，沪指续创年内新高收涨0.34%，报3647.55点，深成指涨1.46%，创业板指涨1.96%，沪 深京三市全天成交额1.85万亿，较上个交易日放量1136亿。全市场超4100只个股上涨。 A股市场整体上行，但依旧有少数基金未能踩准市场节奏。红星资本局注意到，一只叫申万菱信行业精选的基金，成立于今年6月3日，由知名基金经理贾成 东掌舵，但截至8月8日，该基金A份额成立亏损8.23%，任职回报在同类产品中排名为4672/4673。同期沪指、沪深300分别累计上涨8.59%、6.89%。 截图自天天基金APP 近日，在天天基金网，该基金的评论区已经炸锅了，不少基民在追问基金亏损原因，还有基民表示："贾总让人失望。" | 基金募集申请获中国证监会核准的文 | | 证监许可〔2025〕719号 | | | | --- | --- | --- | --- | --- | | 号 | | | | | | 基金募集期间 | | 自 2025年05月 16日至 2025年 05 月 29 日止 | | | | 验资机构名称 | | 毕马威华振会计师事务所(特殊普通 ...

Core Viewpoint - The issuance of new funds by Shenwan Hongyuan Fund is seen as a test of the fundraising capabilities of the newly appointed fund managers rather than merely an expansion of the product line [1][5]. Fund Manager Insights - Wang Yunjie, with nearly five years of experience, is managing multiple passive index funds at Shenwan Hongyuan Fund, which raises concerns about his ability to effectively allocate attention across different products [3][5]. - Jia Chengdong, who recently joined Shenwan Hongyuan Fund, previously managed several successful funds at China Merchants Fund, indicating his strong track record in the industry [5][6]. Fund Performance - Jia Chengdong's previous funds, such as China Merchants Industry Select and China Merchants Quality Growth, achieved returns of 192.09% and 140.27% respectively, with annualized returns of 15.45% and 13.41%, ranking highly among peers [6][7]. - The performance of funds managed by Jia Chengdong reflects his ability to adapt to market conditions, as evidenced by significant shifts in industry allocations during his tenure [8]. Company Background - Shenwan Hongyuan Fund, established in January 2004, has experienced fluctuations in its management scale, peaking at 102.49 billion yuan in mid-2015 before declining significantly [11][14]. - As of the first quarter of 2025, the fund's management scale was 73.66 billion yuan, with a total of 81 funds under management [11][14]. Current Challenges - The company faces challenges such as the failure of a recent fund launch due to insufficient market demand and the pressure of several funds nearing liquidation due to low asset values [10][14]. - Approximately 25% of the company's funds are struggling with asset values below 50 million yuan, indicating a need for strategic changes [14]. Strategic Moves - The introduction of Jia Chengdong is viewed as a potential key move for the company to overcome its current challenges, aiming to enhance its research and investment strategies and improve its market image [14].