Core Viewpoint - Wang Yuanhong's resignation from managing 10 funds at Changsheng Fund raises concerns about the fund's performance and management practices, particularly given the significant losses incurred during his tenure while still collecting management fees [2][7]. Fund Manager Changes - On November 22, Changsheng Fund announced the resignation of Wang Yuanhong from 10 funds, effective November 21, citing personal reasons [2]. - Wang Yuanhong's four-year tenure resulted in a total loss of 45.48 million, while he collected management fees amounting to 53.88 million [6]. Fund Performance - Wang Yuanhong's managed funds experienced a sharp decline in performance, with four funds losing over 10% in the past month [3]. - Specific fund performance includes: - Changsheng High-end Equipment Mixed A: -10.26% - Changsheng New Emerging Growth Mixed: -10.27% - Changsheng Innovation Driven Mixed A: 33.08% since April 2023, with a loss of 5.19 million during the tenure [5][6]. Management Fees vs. Performance - Despite significant losses, management fees continued to be collected, raising questions about the fund's accountability [7][8]. - Other fund managers at Changsheng, such as Qian Wenli and Zhang Yiran, also reported substantial losses while collecting management fees, indicating a potential systemic issue within the fund management practices [7][8]. Regulatory Context - The China Securities Regulatory Commission has revised regulations to lower management fees for public funds, aiming to reduce investor costs, which highlights the ongoing scrutiny of fund management practices [8].

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]