Core Viewpoint - The China Securities Investment Fund Industry Association has revised the "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)", proposing a tiered performance salary adjustment mechanism for active equity fund managers, which may lead to significant salary reductions for underperforming managers [1][4]. Group 1: Performance Assessment Guidelines - The guidelines require fund management companies to establish a tiered performance salary adjustment mechanism based on the past three years' performance benchmarks and fund profitability [1]. - Fund managers whose products underperform the benchmark by more than 10 percentage points and have negative profitability should see their performance salaries decrease by at least 30% [1]. - For those with underperformance exceeding 10 percentage points but positive profitability, their performance salaries should also decrease [1]. Group 2: Longsheng Fund Performance - Over 40% of Longsheng Fund's active equity funds have underperformed their benchmarks over the past three years, with several managers facing potential salary reductions [2]. - Specifically, 13 active equity funds managed by Longsheng have underperformed their benchmarks by at least 10 percentage points in the last three years [4]. - For instance, the Longsheng Electronic Information Theme Mixed Fund, managed by Zhu Lu, has a three-year return of -1.56%, lagging behind its benchmark by nearly 42 percentage points [4]. Group 3: Fund Manager Salary Implications - Fund managers of Longsheng's underperforming funds may face salary cuts of over 30% according to the new guidelines [4]. - Conversely, fund managers whose funds significantly exceed performance benchmarks and maintain positive profitability may see reasonable increases in their performance salaries [5]. - For example, the Longsheng Urbanization Theme Mixed Fund, managed by Dai Yi, has nearly doubled its returns, outperforming its benchmark by 83 percentage points over the past three years [5]. Group 4: Longsheng Fund Overview - Longsheng Fund, established on March 26, 1999, is one of the earliest fund management companies in China and was among the first to obtain national social security fund management qualifications [5]. - As of the end of Q3 this year, Longsheng manages a total of 970.48 billion yuan across 73 products, with a significant drop in its ranking among peers [5]. - The fund's asset allocation shows a predominance of bond funds (51%) and money market funds (35%), while equity funds only account for 13% of the total [5].

Group 1 - The core viewpoint of the news is the performance and financial status of Zhongwei Semiconductor Equipment Co., Ltd., highlighting its stock increase and market capitalization [1] - As of September 26, Zhongwei's stock price rose by 5.01% to 302.42 CNY per share, with a trading volume of 4.407 billion CNY and a turnover rate of 2.38%, resulting in a total market value of 189.359 billion CNY [1] - The company, established on May 31, 2004, specializes in the research, production, and sales of high-end semiconductor equipment, with its main business revenue composition being 86.17% from specialized equipment, 12.84% from spare parts, and 0.99% from other sources [1] Group 2 - From the perspective of fund holdings, Changsheng Fund has a significant position in Zhongwei, with its Changsheng Electronic Information Industry Mixed A Fund (080012) being the fourth largest holding [2] - In the second quarter, the fund reduced its holdings by 16,700 shares, maintaining 324,400 shares, which represents 6.18% of the fund's net value [2] - The fund has achieved a year-to-date return of 38.74%, ranking 2213 out of 8171 in its category, and a one-year return of 71.11%, ranking 1530 out of 8004 [2]