Core Viewpoint - Great Wall Fund, a veteran fund company in China, faces significant challenges in its equity investment performance despite a public fund management scale exceeding 300 billion yuan as of Q1 2025, with equity products accounting for less than 8% of its total [1] Group 1: Company Performance - As of Q1 2025, Great Wall Fund's public fund management scale surpassed 300 billion yuan, but the combined scale of its stock and mixed funds was only 25.48 billion yuan [1] - The performance of funds managed by key executives Yang Jianhua and Liao Hanbo has drawn market scrutiny, with several funds significantly underperforming the industry average [1] - Yang Jianhua, a seasoned fund manager, has seen six out of eight products under his management yield negative returns, with a total loss of 96.67 million yuan in 2024 [2] Group 2: Investment Strategy and Challenges - Yang Jianhua's long-term focus on the liquor sector has led to poor performance, with core holdings like Kweichow Moutai and Wuliangye experiencing substantial declines, contributing to a cumulative loss of 2.7 billion yuan for the Great Wall Consumption 30 Stock A fund since its inception [3][4] - Market analysis indicates that Yang's over-reliance on traditional consumption stocks and failure to adjust during market shifts have been primary factors in the decline of fund performance [6] - Liao Hanbo's management style is characterized by high-frequency trading and misjudgment of sectors, leading to significant performance disparities among his funds [7] Group 3: Management Scale and Market Position - Liao Hanbo's management scale has drastically decreased from nearly 5 billion yuan in 2022 to 1.627 billion yuan in 2024, a decline of 67% [10] - The performance issues faced by Great Wall Fund's core executives reflect a disconnect between their equity investment capabilities and market dynamics, highlighting the urgent need for a transformation in their traditional investment research model [10]