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].

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 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].

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]

Group 1 - Multiple newly established active equity funds have begun building positions, indicating that fund managers are actively entering the market [1][2] - Several funds have announced early closure of their fundraising periods, suggesting that managers aim to seize favorable entry points in the current market [1][4] - The recent performance of innovative pharmaceutical sectors has led to significant gains for funds heavily invested in this area [2][3] Group 2 - The A-share market is expected to maintain an upward trend, supported by a recovery in corporate performance and external factors becoming less disruptive [5][6] - Key sectors to watch include artificial intelligence, high-end manufacturing, and biomedicine, which are showing signs of progress and improvement [6] - The overall sentiment towards the mid-term market outlook remains optimistic, with a focus on structural opportunities and potential outperformers in traditional and new consumer sectors [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].

Group 1 - Multiple newly established active equity funds have begun building positions, indicating that fund managers are actively entering the market shortly after fund establishment [1][2] - The first fundraising scale of the newly established fund "Shenwan Lingshin Industry Selection" was 1.219 billion yuan, making it one of the few active equity products this year to exceed 1 billion yuan in fundraising [2] - The net value of "Shenwan Lingshin Industry Selection A" fluctuated from 0.9802 yuan on June 6 to 0.9885 yuan on June 13, reflecting active market engagement by the fund manager [2] Group 2 - Several funds have announced early closure of fundraising, such as "Zhaoshang Value Select Mixed Fund," which closed fundraising on June 25 instead of the originally planned July 4 [3][4] - The trend of early fundraising closures is becoming more common, with some funds having fundraising periods as short as two days, indicating a strategic move by fund managers to capitalize on current market opportunities [4] - Fund managers are optimistic about the A-share market's upward trend, citing external disturbances easing and a potential rebound in previously affected sectors like technology and overseas industries [5] Group 3 - The long-term outlook for the Chinese economy remains positive, with ongoing industrial development and improvements in corporate performance, particularly in sectors like artificial intelligence, high-end manufacturing, and biomedicine [5][6] - The overall sentiment towards the mid-term market trajectory is optimistic, with signs of recovery in free cash flow among all A-share listed companies [5] - Key areas of focus for investment include stable assets represented by banks, offensive upstream assets like gold and oil, and event-driven assets such as new consumer products [6]

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].