Core Viewpoint - The phenomenon of investment style drift is evident in the third-quarter report of the Jinxin Fund's Intelligent China 2025 Flexible Allocation Mixed Fund, which, despite its stated investment goal of focusing on intelligent enterprises, has heavily invested in traditional financial stocks, leading to poor performance and significant underperformance compared to peers [1][10]. Fund Performance - Jinxin Intelligent China 2025 Mixed Fund reported returns of -1.95% for Class A and -2.10% for Class C in the third quarter, while the benchmark return was 12.19%, and the CSI 300 index rose by 17.90%, indicating a nearly 20% underperformance against the index [2][3]. - Year-to-date performance as of October 21 shows Class A with a return of 14.90%, ranking 1417 out of 2303 similar products, and a six-month return of 11.87%, lagging the CSI 300 by nearly 10 percentage points [4][5]. Investment Strategy and Holdings - The fund's investment objective is to focus on enterprises providing intelligent production, design, and services, including sectors like smart machinery and smart healthcare [6]. - However, the top ten holdings for the third quarter were entirely traditional financial stocks, including major banks such as Industrial and Commercial Bank of China and China Construction Bank, indicating a significant deviation from its stated investment strategy [8][10]. Investor Sentiment - Investors have expressed concerns regarding the fund's strategy, questioning the rationale behind its heavy allocation to traditional financial stocks instead of intelligent enterprises, leading to skepticism about the fund's alignment with its stated goals [11][13]. Regulatory and Market Implications - The drift in investment style raises compliance concerns, as frequent style changes can mislead investors regarding the product's risk profile, potentially leading to greater scrutiny and pressure on the fund's future performance [14].