Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Core Insights - The article discusses the performance and challenges faced by Penghua Fund in the public fund industry, highlighting its strong returns in both equity and fixed income sectors while also addressing its declining revenue and market share [4][10][12]. Group 1: Performance Highlights - Penghua Fund has achieved significant success in the active equity sector, with multiple products ranking at the top over various time frames, including a 96.93% return for Penghua Medical Technology Stock A over the past year [4][6]. - The fund's fixed income team has also delivered impressive results, with Penghua Yong'an Bond Fund showing a 3.76% return over the past year, ranking 206 out of 2757 funds [7]. - The overall market recovery and the fund's diversified product offerings have contributed to its strong performance, showcasing the expertise of its fund managers [8][10]. Group 2: Revenue and Market Challenges - Despite strong performance, Penghua Fund has faced declining revenues, with a reported revenue of 3.594 billion yuan in 2024, down 8.94% year-on-year, marking the third consecutive year of decline [10][11]. - The fund's management scale has only increased by 11.21% over two and a half years, lagging behind the industry average growth of 31.54% during the same period [11][12]. - The decline in the scale of equity and mixed funds managed by Penghua Fund has resulted in a significant drop in its market position, falling out of the top tier in the public fund industry [12][15]. Group 3: Strategic Shifts and Future Outlook - The article emphasizes the need for the fund industry to shift focus from scale-driven growth to long-term value creation and investor interests, as highlighted by the new floating fee rate fund initiative [18][19]. - Penghua Fund is adapting to these changes by emphasizing professional platform development and focusing on long-term investment strategies, as seen in the performance of its floating fee products [19][20]. - The growth of the ETF market presents an opportunity for Penghua Fund to enhance its competitive position, although it faces challenges with many of its ETF products being underfunded [23][24].

Group 1 - The first batch of new floating rate funds has completed fundraising, with some products still pending issuance dates [1] - Several public funds, including Penghua and Wanjia, have announced early closure of their fundraising efforts [1] - The total fundraising amount for the established funds has reached 12.6 billion shares, indicating strong market interest [1] Group 2 - Some products, such as Xin'ao Advantage Industry and Huashang Zhiyuan Return, have not yet confirmed their issuance dates [1] - Most of the new products are expected to complete their fundraising by the end of this month, with no announcements for extending the fundraising period [1]

Core Viewpoint - The active equity fund issuance market is experiencing a notable increase in activity, with fund companies and managers striving to highlight the advantages of active management in a volatile market environment [1] Group 1: Fund Management and Strategy - The Penghua Gongying Future Fund, managed by Yuan Hang, features an asymmetric design that enhances investor protection and aims to improve investor experience [1] - The fund's management fee is linked to its performance, decreasing when returns fall below a certain benchmark and increasing when excess returns are achieved, promoting active management without pushing it towards passive strategies [1] - Yuan Hang's investment focus includes major sectors such as consumer goods, finance, and manufacturing, aligning well with the weighted components of the CSI 300 index, which enhances his management of the new product [1] Group 2: Performance and Historical Data - Yuan Hang has 15 years of experience in the securities industry, with nearly 10 years in fund management, emphasizing a value growth and deep value investment style [2] - The Penghua Strategy Optimal Fund, under Yuan Hang's management, has achieved a net value growth of 58.04% over the past five years, significantly outperforming its benchmark of 14.33%, resulting in a historical excess return of 43.71% [2] - Since Yuan Hang took over management in 2015, the fund has generated positive excess returns relative to the CSI 300 index in 7 out of 9 complete natural years from 2016 to 2024 [2] Group 3: Market Outlook - The market is expected to have further upside potential, with opportunities outweighing risks, as policies are set to support high-quality economic development and mitigate key risks [3] - Anticipated fiscal and monetary policies are expected to become more accommodative, with additional supportive measures for industry development likely to be introduced [3] - Despite a slight increase in stock valuations, they remain relatively low, with opportunities to identify undervalued assets based on PE, PB, and dividend yield metrics [3]

Group 1 - The first batch of 16 floating rate funds was launched on May 28, with significant sales performance, particularly the Dongfanghong Core Value Mixed Fund, which surpassed 1.5 billion yuan in sales by June 3 [1] - Major contributions to the sales of the Dongfanghong fund came from its custodial bank, SPD Bank, and shareholder brokerage, Dongfang Securities, with initial sales reaching nearly 400 million yuan on the first day [1] - Other floating rate funds have also seen sales exceeding 100 million yuan, with sales performance closely linked to channel capabilities, as evidenced by the Tianhong Quality Value Fund, which also surpassed 400 million yuan in sales [1] Group 2 - The sales competition for floating rate funds is expected to remain strong into June, as several fund companies anticipate a surge in main client participation after the Dragon Boat Festival [2] - New floating rate funds are being launched, with 26 funds already filed for issuance, including Dachen Zhi Zhen Return and Wan Jia New Opportunities, which started issuing on June 3 [3] - Many public fund institutions are committing their own capital to invest in floating rate funds, such as Xingzheng Global Fund planning to invest 20 million yuan in its fund, and other firms like Bosera and Dongfanghong also announcing similar self-investments [3][4]