Core Insights - The stock and mixed funds saw a positive return rate of 18.21% on December 9, with 127 funds achieving returns exceeding 3% and 86 funds experiencing a net value drawdown of over 3% [1][2] Fund Performance - The average net value growth rate for stock and mixed funds on December 9 was -0.46% [1] - The top-performing fund was "Caitong Growth Preferred Mixed C" with a net value growth rate of 5.89%, followed closely by "Caitong Growth Preferred Mixed A" at 5.87% [2] - Among the funds with a net value growth rate exceeding 3%, 79 were equity-oriented, 26 were flexible allocation, and 11 were standard stock funds [2] Drawdown Analysis - The fund with the largest drawdown was "Huatai-PB Hong Kong Stock Connect Era Opportunity Mixed A," which saw a decline of 4.07% [2][4] - Other significant drawdowns included "Huatai-PB Hong Kong Stock Connect Era Opportunity Mixed C" at -4.05% and "Great Wall Value Selection One-Year Holding Mixed C" at -3.91% [4][5] Fund Company Performance - Caitong Fund had the highest number of funds with a net value growth rate exceeding 3%, totaling 13 funds, while both Xinda Australia Fund and Fortune Fund had 10 funds each [1][2]

Core Insights - In November 2025, nine funds managed by Jin Zicai from Caitong Fund experienced declines exceeding 8%, with the largest drops being -9.13% and -9.10% for Caitong Growth Preferred Mixed C and A respectively [1][3] - The funds primarily focused on the semiconductor sector, which has been underperforming since mid-October after a previous surge, negatively impacting fund performance [1][3] Fund Performance Summary - Caitong Growth Preferred Mixed C: -9.13%, net value 2.0800 [3] - Caitong Growth Preferred Mixed A: -9.10%, net value 3.6170 [3] - Caitong Integrated Circuit Industry Stock C: -8.77%, net value 3.4032 [3] - Caitong Integrated Circuit Industry Stock A: -8.71%, net value 3.5990 [3] - Caitong Craftsmanship Preferred One-Year Holding Mixed C: -8.40%, net value 1.3723 [3] - Caitong Fuxin Open Mixed: -8.39%, net value 4.1437 [3] - Caitong Craftsmanship Preferred One-Year Holding Mixed A: -8.36%, net value 1.4130 [3] - Caitong Prosperity Selection One-Year Holding Mixed C: -8.24%, net value 2.2452 [3] - Caitong Prosperity Selection One-Year Holding Mixed A: -8.19%, net value 2.2879 [3] Management Background - Jin Zicai has over 11 years of experience in public fund management, having held various positions at Caitong Fund since August 2014, including Vice General Manager and Director of Equity Investment [2]

Summary of Key Points Core Viewpoint - The stock and mixed funds showed a mixed performance on July 15, with 58.46% achieving positive returns, while the Shanghai Composite Index fell by 0.42% to 3505.00 points, and the Shenzhen Component Index and ChiNext Index rose by 0.56% and 1.73% respectively [1][2]. Fund Performance - Among stock and mixed funds, 261 funds had a net value growth rate exceeding 5%, with the top performer being Nord New Life C at 9.42% [1][2]. - The average net value growth rate for these funds was 0.52% on July 15 [1]. Fund Types - The leading fund, Nord New Life C, is categorized as an equity fund, with 133 funds classified as equity funds, 60 as index equity funds, and 42 as flexible allocation funds among those with over 5% growth [2]. Fund Drawdowns - A total of 21 funds experienced a net value drawdown exceeding 2%, with the largest drawdown recorded by China Merchants Index Coal Equal-weighted C at 3.00% [2][3]. - Other funds with significant drawdowns included China Merchants Index Coal Equal-weighted A and E, both also at 3.00%, and Shenwan Lingshin Consumer Growth Mixed C at 2.54% [2][3]. Fund Rankings - The top funds by net value growth rate on July 15 included: - Nord New Life C: 9.42% - Nord New Life A: 9.42% - Caifeng Integrated Circuit Industry Stock C: 8.65% - Caifeng Integrated Circuit Industry Stock A: 8.65% [2][3]. - The funds with the largest drawdowns included: - China Merchants Index Coal Equal-weighted C: -3.00% - China Merchants Index Coal Equal-weighted A: -3.00% - Shenwan Lingshin Consumer Growth Mixed C: -2.54% [3][4].