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 point of the news is that Boten Co., Ltd. experienced a stock price increase of 5.02%, reaching 27.38 CNY per share, with a trading volume of 583 million CNY and a turnover rate of 4.36%, resulting in a total market capitalization of 14.935 billion CNY [1] - Boten Co., Ltd. specializes in CDMO (Contract Development and Manufacturing Organization) services across chemical raw materials, chemical formulations, and biological sectors, including gene and cell therapies [1] - The company's revenue composition includes 66.81% from late-stage clinical and commercialization, 25.76% from early-stage clinical, 7.11% from emerging businesses, and 0.32% from other supplementary sources [1] Group 2 - Longsheng Fund has a significant holding in Boten Co., Ltd., with its Longsheng Transformation Upgrade Mixed Fund (001197) holding 334,100 shares, accounting for 3.93% of the fund's net value, making it the third-largest holding [2] - The Longsheng Transformation Upgrade Mixed Fund was established on April 21, 2015, with a current size of 219 million CNY, achieving a year-to-date return of 23.07% and a one-year return of 11.36% [2] - The fund manager, Wang Bingfang, has been in position for 3 years and 101 days, with the fund's total asset size at 471 million CNY, experiencing a best return of -2.92% and a worst return of -47.99% during his tenure [3]