Core Viewpoint - The A-share market has seen a significant rise since June, with the Shanghai Composite Index reaching a nearly ten-year high, leading to a profitable environment for most actively managed equity funds. However, some funds have struggled to keep pace with the market, highlighting the importance of their investment strategies [1][3]. Fund Performance and Strategies - Since June, the Shanghai Composite Index has surged, breaking through multiple key levels, which has opened up profit opportunities for actively managed equity funds [3]. - A total of 114 actively managed equity funds were established in early 2025, with 74 of them having an equity investment ratio exceeding 80% by the end of Q2 [3]. - Notable performers include the China Europe Information Technology Mixed Fund A/C, which achieved a return of 92.65% since June, significantly outperforming the average return of similar funds [3]. - Conversely, the Dacheng Xingyuan Qihang Mixed Fund, managed by Xu Yan, has faced criticism for its slow investment pace, resulting in minimal performance changes since its inception [4]. Investment Positioning - The Dacheng Xingyuan Qihang Mixed Fund reported a net value that remained relatively stable, with a return of -0.06% and -0.36% since its establishment [4]. - Other funds, such as the GF Industry Selection Mixed Fund and the Rongtong Quality Selection Mixed Fund, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5]. - The performance of these funds has lagged behind their peers, with the GF Industry Selection Mixed Fund underperforming by over 17 percentage points [5]. Market Trends and Manager Strategies - Some existing actively managed equity funds have also underperformed due to poor position control or deviations in their holding strategies, with the Fangzheng Fubang Xinyi One-Year Open Mixed Fund yielding returns significantly below the average [6]. - Funds that held high stock positions but diverged from the market's main upward trends also saw poor performance, such as the Shenwan Hongyuan Industry Selection Mixed Fund, which has declined since its inception [7]. - The average return for actively managed equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have returned less than 5% [7]. Future Outlook - Analysts suggest that fund managers may adopt a more cautious approach in the wake of recent market volatility, focusing on optimizing their holding structures and risk management [9]. - The potential for new market opportunities remains, especially with expectations of macroeconomic adjustments following changes in U.S. Federal Reserve policies [8][9].

Core Insights - The recent performance of the Dachen Xingyuan Qihang Mixed Fund, managed by Xu Yan, has come under scrutiny due to its slow investment pace, leading to investor concerns about missing out on market gains as the A-share market has surged since June, with the Shanghai Composite Index reaching a nearly ten-year high [1][3][4] Fund Performance and Strategy - Since its establishment on March 11, the Dachen Xingyuan Qihang Mixed Fund has shown minimal net value change, with a return of -0.06% and -0.36% for its A/C shares as of September 10, indicating a slow build-up of positions [4] - In contrast, many newly established active equity funds have rapidly increased their equity positions, with 74 out of 114 funds launched in early 2025 achieving over 80% equity investment by the end of Q2 [3][4] - The top-performing fund, the China Europe Information Technology Mixed A/C, recorded a return of 92.65% since June, significantly outperforming the average return of similar funds by 70.99 percentage points [3] Market Context and Fund Manager Insights - The current market environment, characterized by rapid rotations and a bullish trend, poses challenges for fund managers in terms of their investment strategies and execution [5][6] - Xu Yan acknowledged the slow build-up of positions, emphasizing the need to find undervalued companies while maintaining a low equity position [4][5] - Other funds, such as the Guangfa Industry Selection Mixed and Rongtong Quality Selection Mixed, also exhibited slow investment rates, with equity investment ratios of only 18.68% and 19.7%, respectively [5] Broader Market Trends - The average return for active equity funds has reached 27.13% since June, with 45 funds doubling their returns, while 233 funds have underperformed, with returns below 5% [7][8] - The performance of funds has been influenced by their holding strategies, with some funds failing to capitalize on market trends due to misalignment with the prevailing market opportunities [9][10] - Analysts suggest that fund managers may need to adjust their strategies in response to market conditions, focusing on optimizing their holding structures and risk management as the market enters a potential correction phase [9][10]

Core Viewpoint - The article discusses the performance issues of the Shenwan Hongyuan Securities Industry Selected Mixed Fund, which has seen a decline of over 8% since its inception, raising concerns about the fund manager's investment strategy and decision-making [1][2]. Fund Performance - The Shenwan Hongyuan Industry Selected Fund A has a unit net value of 0.9177 yuan as of August 8, with a cumulative decline of 8.23% since its establishment on June 3, 2025 [1][2]. - The fund has underperformed compared to major indices, with the Shanghai Composite Index rising by 9.51% during the same period [2]. Fund Manager's Strategy - Allegations have been made that the fund manager has deviated from the advertised high-dividend strategy by chasing high-priced new consumer stocks and bank shares [1]. - The fund is still in its initial investment phase, having only been operational for 71 days as of August 12, 2025 [1]. Comparison with Other Funds - The Shenwan Hongyuan Industry Selected Fund C has also seen a decline of 8.29% since its inception, indicating a similar performance issue [1]. - The fund's performance is notably worse than the performance of the Shenwan Hongyuan New Power Mixed Fund, which has maintained a value investment style under the management of the same fund manager [7]. Market Context - The article highlights that the fund's holdings have significantly underperformed compared to the broader market, with the Shanghai Composite Index and CSI 300 Index showing positive returns during the same timeframe [2].

Core Viewpoint - The news highlights the controversy surrounding fund manager Jia Chengdong and the performance of the newly launched fund, Shenwan Lingshin Industry Select Mixed Fund, which has significantly underperformed since its inception, leading to dissatisfaction among investors and employees [1][3][5]. Group 1: Fund Performance - Shenwan Lingshin Industry Select Mixed Fund has seen a decline of over 8% since its establishment, ranking at the bottom among its peers during the same period [1][5]. - The fund was launched with a total scale of 1.219 billion yuan, and as of August 11, its A/C share returns were -8.23% and -8.29%, respectively [5]. - Another fund managed by Jia Chengdong, Shenwan Lingshin New Power Mixed Fund, has also reported losses of -6.06% and -6.23%, placing it near the bottom of its category [5]. Group 2: Employee Allegations - An employee from Shenwan Hongyuan Securities alleged that staff were pressured to purchase the new fund, contradicting the initial investment strategy that promised a gradual build-up of positions [3][4]. - The employee expressed frustration over the fund's performance and the lack of communication from the company regarding their concerns [3][4]. Group 3: Company Response - Shenwan Lingshin Fund denied the allegations of forced purchases and encouraged investors to focus on long-term performance rather than short-term results [6]. - The company emphasized its commitment to long-term investment strategies and expressed confidence in the future of the Chinese capital market [6].

Group 1 - Several floating rate funds have been announced today, with total establishment sizes exceeding 600 million yuan, including E Fund Growth Progress exceeding 1.7 billion yuan [1][2] - The established floating rate funds have begun building positions, with some funds showing significant movements shortly after their establishment [1][4] - The cumulative establishment size of five floating rate funds has surpassed 6 billion yuan [3] Group 2 - New funds established in the second quarter have shown notable building actions, with over 1,000 million yuan in total establishment size for stock and mixed funds [5][6] - Among the new funds, some have already exceeded 50% in stock asset allocation within a short time frame [6] - The top holdings of newly established funds indicate a concentration in the banking sector, benefiting from recent strong performance in that sector [6][7]