Group 1 - The core point of the news is that Junyi Digital's stock price has dropped by 5.02%, currently trading at 26.28 CNY per share, with a total market capitalization of 4.533 billion CNY [1] - Junyi Digital, established on May 16, 2002, is located in the Chengdu High-tech Zone of the China (Sichuan) Pilot Free Trade Zone and was listed on July 26, 2023. The company specializes in providing system integration services, operation and maintenance services, and self-developed product sales for smart city clients [1] - The trading volume for Junyi Digital reached 454 million CNY, with a turnover rate of 17.04% [1] Group 2 - Among the top ten circulating shareholders of Junyi Digital, the Jin Ying Fund has a new entry with the Jin Ying Reform Dividend Mixed Fund (001951), holding 967,100 shares, which accounts for 0.98% of the circulating shares. The estimated floating loss today is approximately 1.3443 million CNY [2] - The Jin Ying Reform Dividend Mixed Fund was established on December 2, 2015, with a latest scale of 966 million CNY. Year-to-date returns are 5.15%, ranking 6699 out of 8194 in its category, while the one-year return is 18.79%, ranking 5778 out of 7963 [2]

Group 1 - In April 2025, six funds managed by Golden Eagle Fund Company experienced a decline of over 8% [1][5] - The worst-performing fund was Golden Eagle Transformation Dynamic Mixed, with a drop of -11.86%, managed by Yang Fan and Li Longjie [1][6] - Yang Fan has over 6 years of management experience, while Li Longjie and Zhang Zhanhua have less than 1 year of experience [1][6] Group 2 - The Golden Eagle Wisdom Life Mixed C and A funds had declines of -11.82% and -11.78%, respectively, both managed by Yang Fan and Zhang Zhanhua [1][6] - Yang Fan's management of the Golden Eagle Wisdom Life Mixed C fund resulted in a return of -26.02% over 1 year and 202 days, compared to a 6% increase in the same period for the product average [1][6] - The Golden Eagle Wisdom Life Mixed A fund saw a return of over -50% during Yang Fan's management [1][6] Group 3 - The funds managed by star fund manager Han Guangzhe, including Golden Eagle Era Navigation One-Year Holding Mixed C and A, experienced declines of -8.83% and -8.79%, respectively [3][6] - The Golden Eagle Era Navigation One-Year Holding Mixed fund, established on September 6, 2022, has seen a cumulative return decline of nearly 40% [3][6]

Group 1 - The article discusses the performance of public funds in China, highlighting that as of May 21, nearly 6000 public funds have been established for over three years, with 1341 funds underperforming their benchmarks by more than 10 percentage points over the same period, involving 735 fund managers [1] - Among the underperforming funds, 31 funds have shown a cumulative return lower than their benchmarks by over 50 percentage points, including several products managed by Han Guangzhe from Jin Ying Fund [1] - The Jin Ying Reform Dividend Mixed Fund, established on December 2, 2015, has reported a one-year return of -13.41%, a two-year return of -37.29%, and a three-year return of -49.62%, while the average returns for the same categories were 7.40%, -2.84%, and -5.73% respectively [1] Group 2 - The Jin Ying Reform Dividend Mixed Fund maintains a medium to high stock position, focusing on growth style and cyclical sectors, with key investments in leading companies in the consumer electronics supply chain, semiconductor manufacturing, intelligent vehicle applications, engineering machinery, AI+medical, and innovative pharmaceuticals, while reducing holdings in semiconductor equipment and banking sectors [3] - As of the end of the first quarter, the fund's top ten holdings include Luxshare Precision, SMIC, Seres, Dongshan Precision, SANY Heavy Industry, Weining Health, Goertek, Huamao Technology, BYD, and Blue Lithium [3] - Han Guangzhe has a background in fund management, having worked at Huaxia Fund Management, Yinhua Fund Management, and Xinda Securities before joining Jin Ying Fund Management in June 2019 [3]

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, which includes a performance-based compensation mechanism for fund managers linked to long-term performance [1] - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years will face significant reductions in performance pay, while those who outperform may see pay increases [1] Group 2: Fund Performance Analysis - Among funds with over 1 billion yuan in size and established for more than three years, 356 funds have underperformed their benchmarks by 10% over the past three years, involving 265 fund managers and 61 fund companies [2] - The Jin Ying Reform Dividend Mixed Fund (code: 001951) has a total scale of 1.056 billion yuan and has lost 47.86% over the past three years, significantly underperforming its benchmark by approximately 55.51% [2][4] Group 3: Fund Manager Insights - Fund manager Han Guangzhe has a total management scale of 1.056 billion yuan, with a total return of 28.92% during his tenure of nearly six years [4] - The fund's high turnover strategy has led to significant fluctuations in performance, with a turnover rate of 574.59% in the first quarter of 2024, indicating rapid responses to market trends [5][7] Group 4: Market Outlook - Han Guangzhe's latest view suggests that the A-share market will remain volatile until solid fundamental growth is observed, with a focus on companies benefiting from global AI opportunities [8] - The fund manager emphasizes the need for investors to assess their risk tolerance and consider more balanced alternatives with better drawdown control [8]

Group 1 - In April 2025, eight funds under Jinying Fund Company experienced a decline of over 8% [1] - The worst-performing fund was Jinying Transformation Dynamic Mixed, with a drop of -11.86%, managed by Yang Fan and Li Longjie [1] - Jinying Smart Life Mixed C and A followed closely with declines of 11.82% and 11.78%, respectively, both managed by Yang Fan and Zhang Zhanhua [1] Group 2 - Yang Fan has over 6 years of management experience, having previously worked at various financial institutions before joining Jinying Fund in August 2022 [1] - Li Longjie is a newcomer with less than 1 year of management experience, while Zhang Zhanhua has just over 1 year [1] - Despite not managing these funds from inception, Yang Fan's management period has seen significant underperformance compared to peers, with Jinying Smart Life Mixed C showing a return of -26.02% against a peer average increase of 6% [1][3] Group 3 - Jinying Smart Life Mixed A has a return of -50.31% over its management period of less than 3 years [3] - Other funds managed by different managers, such as Hongli Transformation Opportunity Stocks C and A, also saw declines of 9.35% and 9.29% respectively [5] - Jinying Era Navigation One-Year Holding Mixed C and A, managed by star manager Han Guangzhe, experienced declines of 8.83% and 8.79% [5]