Core Viewpoint - The performance of public equity funds has been generally strong in 2025, but some funds, particularly the "Xinyuan Consumer Selection Mixed Fund," have experienced significant losses, highlighting issues in the fund's management and strategy [1][2][15]. Fund Performance - As of November 2025, the average net value growth rates for ordinary stock funds and mixed equity funds were 28.96% and 29.54%, respectively, while the Xinyuan Consumer Selection Mixed Fund saw declines of 20.93% and 21.24%, ranking last among 4,437 similar products [2][3]. - The fund's net value has halved since its inception, indicating poor long-term performance [2][3]. Fund Management and Strategy - The Xinyuan Consumer Selection Mixed Fund has shown a high turnover rate, increasing from 307.74% at the end of 2023 to 1116.15% in mid-2025, suggesting aggressive trading strategies [4][5]. - The fund has undergone frequent management changes, with three different fund managers in less than three years, which may contribute to its inconsistent performance [6][7]. Market Position and Challenges - Xinyuan Fund, established in 2013, has a significant focus on fixed-income products, with equity products accounting for less than 4% of its total assets as of September 2025 [9][11]. - Despite launching several new equity funds in 2025, many have struggled to attract external investment, raising concerns about the fund's market appeal and brand recognition [13][14]. Future Outlook - The Xinyuan Consumer Selection Mixed Fund faces potential liquidation risks if it does not achieve a minimum asset size of 200 million yuan within three years of its establishment [8][9]. - The management team is under pressure to improve equity performance and overcome the "specialization" issue in fixed-income products, which is critical for the fund's future success [15].

Core Viewpoint - Xin Yuan Fund is launching two new funds, "Xin Yuan Consumer Selection" and "Xin Yuan Emerging Industry Selection," aimed at investing in consumer and emerging industry stocks, respectively, with a focus on internal talent development and optimizing product structure [1][2][3]. Fund Launch Details - "Xin Yuan Consumer Selection" will be publicly offered from July 9 to July 10, 2025, while "Xin Yuan Emerging Industry Selection" will be available from July 7 to July 8, 2025 [1]. - Both funds are initiated as mixed-type, founder-style securities investment funds, with a minimum subscription of 10 million yuan by Xin Yuan Fund to ensure establishment [1]. Manager Background - The fund managers for the new offerings are Yao Qifan and Zhang Zhengqing, both of whom have limited prior experience managing public funds [2]. - Yao Qifan has a background in food and beverage analysis and joined Xin Yuan Fund in July 2022, while Zhang Zhengqing has experience in securities analysis and joined in November 2021 [2]. Product Structure and Strategy - As of March 31, 2025, Xin Yuan Fund's total net asset size was 188.602 billion yuan, with over 50% in bond products (137.062 billion yuan) and only 3.85 million yuan in stock funds, indicating a significant imbalance in product structure [3]. - The company aims to enhance its equity fund market share by cultivating new fund managers, with a total of 20 fund managers, including 5 newly appointed in the past year [3][4]. Talent Development Focus - Recent appointments show a trend towards hiring equity product researchers, with 4 out of 6 new managers coming from this background, indicating a strategic focus on strengthening equity investment research capabilities [4]. - Despite the emphasis on developing equity fund managers, the senior management team predominantly has a fixed-income background, which may impact the effectiveness of this strategy [6].