Group 1 - The core viewpoint of the articles highlights the strong performance and resilience of Changsheng Fund's products in the first half of the year, with several funds achieving significant returns [1][2] - As of June 30, 2023, 14 products from Changsheng Fund reported over 10% returns for the first half of the year, and 18 products had over 30% returns in the past year, indicating their adaptability in volatile markets [1] - Changsheng Innovation Pioneer A (080002) achieved a one-year return of 39.06%, ranking 8th out of 181 comparable flexible mixed funds, while Changsheng High-end Equipment A (000534) had a return of 49.70%, ranking 4th in its category [1] Group 2 - The China Securities Regulatory Commission (CSRC) recently released an action plan to promote high-quality development in public funds, emphasizing a shift from scale to investor returns, which aligns with Changsheng Fund's long-term investment strategy [2] - Changsheng Fund's first open-end fund, Changsheng Growth Value A (080001), has consistently ranked in the top five for returns over various time frames, showcasing its long-term investment philosophy [2] - Changsheng Quantitative Dividend A (080005), the first fund to use quantitative strategies for dividend stocks, achieved a five-year return of 99.79%, ranking 9th out of 741 in its category [2]

Group 1: Industry Overview - As of April 2025, the scale of public funds reached 33.12 trillion yuan, marking a historic high and reflecting the influence of public funds in the capital market [1] - The newly released "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes a shift from "scale" to "return" in the industry, focusing on enhancing investor satisfaction [1] Group 2: Long-term Investment Practices - Changsheng Fund, one of the first fund companies, prioritizes client interests over scale, seeking sustainable investment performance to support industry health [1] - The Changsheng Growth Value Fund, launched in 2002, has achieved a return rate of 1269.31% since its inception, significantly outperforming its benchmark [2] Group 3: Quantitative Investment Strategies - The Changsheng Quantitative Dividend Fund, launched in 2009, combines quantitative discipline with active management, achieving a cumulative return of 437.72% since inception, far exceeding its benchmark [3] - The fund has received multiple five-star ratings from various authoritative institutions, highlighting its strong performance [3] Group 4: Research and Development Efforts - Changsheng Fund has enhanced its research capabilities, developing a multi-factor stock selection system that has led to excess returns across its index funds since 2020 [4] - The Changsheng North Exchange 50 Index Enhanced Fund, launched in 2024, has achieved a return of 16.05% since its inception, ranking first among comparable products [4] Group 5: Performance Metrics - As of the first quarter of 2025, various Changsheng funds have shown strong performance, with rankings improving over time in their respective categories [5] - The company emphasizes the importance of aligning its development path with its resources and investment needs, focusing on long-term success despite short-term scale growth [5]