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].

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]

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].