Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

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].

Group 1 - A fund manager from Shenwan Hongyuan Fund faced criticism from investors due to poor performance of two managed products, significantly underperforming benchmarks and major indices [1] - The fund manager, who previously had a successful track record at China Merchants Fund, has struggled since joining Shenwan Hongyuan Fund, with one fund returning -6.06%, lagging behind the benchmark by nearly 11 percentage points [1] - The independently managed Shenwan Hongyuan Industry Select Fund also performed poorly, with a return of -8.23%, underperforming its benchmark by over 13 percentage points [1] Group 2 - The trend of changing fund managers has become common in the public fund industry, with 2,554 fund products announcing manager changes in the first half of the year, involving 1,351 individuals [2] - Investor dissatisfaction with fund performance is a significant factor driving demands for manager changes, especially when funds fail to deliver positive returns even in favorable market conditions [2][3] - The public fund industry is under pressure to improve talent development and management mechanisms in response to investor demands for better returns [3]

Core Viewpoint - The recent performance of the "Shenwan Hongyuan Industry Select" fund managed by Jia Chengdong has raised concerns, with a net value decline of over 8% within two months of its establishment, leading to a trust crisis among investors [1][3][5]. Fund Performance - The "Shenwan Hongyuan Industry Select" fund was established on June 3, 2023, with an initial scale exceeding 1.2 billion yuan [2][5]. - As of August 8, 2023, the fund's net value had dropped by 8.2% since its inception [3]. - The fund is currently in a closed period, and there have been complaints from investors across various fund distribution platforms [5]. Management and Strategy - Jia Chengdong, with 17 years of experience in the securities industry, joined Shenwan Hongyuan Fund in December 2024 and began managing public funds in March 2023 [3][7]. - The fund's investment strategy focuses on adjusting asset allocation based on industry trends and selecting high-quality stocks with good cost-performance ratios [5]. - There are allegations that the fund frequently switched investment tracks and bought at high prices, which contributed to its poor performance [1][5]. Company Background - Shenwan Hongyuan Fund, established in 2004, is controlled by Central Huijin Investment, which holds 67% of its shares, while Mitsubishi UFJ Trust and Banking holds 33% [9]. - The company has experienced a decline in its management scale, with stock and mixed fund scales of 12.1 billion yuan and 9.2 billion yuan, respectively, as of the second quarter of this year [9]. Future Outlook - The ability of Shenwan Hongyuan Fund to reverse its declining equity investment trend and regain its position among the top fund companies remains uncertain [10].

Market Performance - The Shanghai Composite Index has been rising since August, reaching a new high of 3683 points on August 13, surpassing the previous year's high of 3674 points [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan [1] - A-shares and Hong Kong stocks are experiencing a multi-sector rotation upward, with public funds demonstrating strong active management capabilities [1] Fund Performance - Over 800 new funds were established this year, with more than 700 achieving positive returns, representing over 90% [1] - Notable active equity funds include the Invesco Great Wall Medical Industry Fund, which has returned over 60% since its inception on January 24, 2023 [3] - Other high-performing funds include the Yongying Rui Jian Fund with a return of 43.63% and several funds exceeding 30% returns [3][4] Fund Manager Insights - The performance of the newly established fund managed by Jia Chengdong at Shenwan Hongyuan Fund has been disappointing, with a decline of over 8% since its launch [1][6] - Concerns have been raised regarding the fund's frequent adjustments and high-risk strategies, which diverge from its advertised high-dividend focus [6] - Shenwan Hongyuan Fund has responded by urging investors to focus on long-term performance rather than short-term results [6] Market Outlook - Analysts from CITIC Securities suggest that while A-shares may face short-term resistance, the overall trend remains bullish, presenting opportunities for reallocation during pullbacks [2][6] - There is a recommendation to focus on new sectors and low-positioned niche products, particularly in defense, AI computing, semiconductors, and innovative pharmaceuticals [6][7] Sector Analysis - The innovative pharmaceutical sector is viewed as having sustainable growth potential, with fund managers expressing confidence in the industry's trajectory [7] - The technology sector, particularly cloud computing, is expected to experience adjustments, but remains a focus for long-term investment opportunities [7] - Emerging fields such as autonomous driving and robotics are anticipated to see significant growth, although current market conditions are uncertain [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].

Group 1 - Well-known fund manager Jia Chengdong has been with his new employer for 8 months, but the performance of his two funds has significantly underperformed against benchmarks and major indices [1] - Jia Chengdong joined Shenwan Hongyuan Fund in December last year and has been managing the Shenwan Hongyuan New Power Mixed Fund since March 5, with a return of -6.06%, lagging behind the benchmark by nearly 11 percentage points [1] - The Shenwan Hongyuan Industry Selection Fund, which Jia independently manages, has also shown poor performance with a return of -8.23%, underperforming the benchmark by over 13 percentage points [1] Group 2 - Investors have expressed dissatisfaction with the fund's performance, with some calling for a change in fund manager due to the significant losses despite favorable market conditions [2] - Shenwan Hongyuan Fund, established in early 2004, has seen a decline in its industry ranking over the past 21 years [2]

Core Viewpoint - The article highlights the significant underperformance of the "Shenwan Lingxin Industry Selection" fund, which lagged its benchmark by 13.5 percentage points within two months of its launch, raising concerns within the industry [4][6]. Fund Performance - The "Shenwan Lingxin Industry Selection" fund, launched on June 3, saw its net value decline by 8.23% by August 8, while its benchmark rose by 5.27%, resulting in a 13.5 percentage point underperformance [6]. - The fund's rapid investment strategy led to high exposure in the new consumption sector, which was already at elevated valuations, causing a swift decline in net value [6]. Fund Manager's Strategy - Fund manager Jia Chengdong shifted strategies after initial losses, moving from a planned investment approach to chasing rising bank stocks, which subsequently faced a market correction, leading to further losses [6]. - Despite a 2% increase in the banking sector, the fund's net value fell by 1%, prompting speculation about the manager's strategy of chasing market trends [6]. Internal Operations - Jia Chengdong's internal presentation lasted only 16 minutes, where he discussed the fund's operations, notably the high purchase of Zhongchong shares based on hearsay rather than thorough research [7]. - Prior to joining Shenwan Lingxin, Jia managed approximately 8 billion yuan at China Merchants Fund, where he had better support and resources for investment decisions [8][9]. Company Strategy and Goals - Shenwan Lingxin Fund aimed to rapidly increase its equity asset scale, with Jia Chengdong likely pursuing market opportunities to attract capital inflows and meet company commitments [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].