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 incident involving the fund manager at Shenwan Hongyuan has raised concerns about the company's investment strategies and performance, particularly in light of significant losses reported by employees and issues with the company's research and investment platform [1][5]. Group 1: Fund Performance and Employee Feedback - An employee reported a loss of 85,366.59 RMB on an investment of 1.5 million RMB in Shenwan Hongyuan's industry-selected mixed fund within two months [1]. - The employee emphasized that the situation described in the leak was accurate and not exaggerated [1]. - There is strong dissatisfaction among employees regarding the pressure to invest in high-dividend funds that have resulted in substantial losses [5]. Group 2: Company Leadership and Research Issues - Zhang Jian, the current Deputy Secretary of the Party Committee and General Manager of Shenwan Hongyuan Securities, has been implicated in the pressure to meet investment targets [2][3]. - Concerns have been raised about the effectiveness of the KAP project, which is intended to integrate research and risk control, suggesting it may not be functioning as intended [5]. - The company has been attempting to reform its research capabilities since 2021, but the results have been minimal, leading to ongoing challenges in investment performance [5][6]. Group 3: Talent and Management Challenges - Shenwan Hongyuan is facing a talent retention issue, with seven out of 26 fund managers leaving in the past year, significantly higher than the industry average [7][8]. - The average tenure of fund managers at Shenwan Hongyuan is 4.66 years, slightly below the industry average of 4.91 years [8]. - The company has also seen a decline in the scale of its funds, with several funds falling below 500 million RMB and three funds being liquidated within the year [5].