Core Viewpoint - The equity market has shown significant profitability this year, yet Longsheng Fund's products have underperformed against their benchmarks, with several funds reporting negative returns [1] Fund Performance - Approximately 90% of equity funds have achieved positive returns this year, with an average return of 27.21% for stock funds and 24.06% for mixed funds [1] - Longsheng Fund has over 20 funds (A share only) with returns below 24% this year, and 10 funds have single-digit net value growth [1] - Specifically, Longsheng's "Chenglong Leading Mixed" and "Chenglong Selected Mixed" funds have underperformed their benchmarks by 26 and 10 percentage points, respectively [1] Market Trends - In the first half of the year, small-cap growth stocks had a low proportion in the fund's portfolio, while large-cap value stocks were more prevalent [1] - During the market downturn in April, the funds followed the market decline, and in the subsequent rebound, they did not capture significant recovery gains [1]