Company Overview - Shengda Resources experienced a decline of 5.34% on September 3, with a stock price of 19.34 CNY per share, a trading volume of 681 million CNY, a turnover rate of 5.10%, and a total market capitalization of 13.344 billion CNY [1] - Shengda Metal Resources Co., Ltd. is located in Fengtai District, Beijing, and was established on June 22, 1995, with its listing date on August 23, 1996. The company primarily engages in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] Revenue Composition - The revenue composition of Shengda Resources is as follows: lead concentrate (including silver) accounts for 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (including silver) 20.44%, renewable energy metals 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Penghua Fund has a significant position in Shengda Resources. The Penghua Research-Driven Mixed Fund (006230) held 50,300 shares in the second quarter, representing 2.47% of the fund's net value, ranking as the ninth largest holding [2] - The Penghua Research-Driven Mixed Fund (006230) was established on September 14, 2018, with a latest scale of 30.38 million CNY. Year-to-date returns are 40.39%, ranking 1168 out of 8180 in its category; the one-year return is 56.51%, ranking 1983 out of 7967; and since inception, the return is 107.63% [2] Fund Manager Information - The fund manager of the Penghua Research-Driven Mixed Fund (006230) is Jiang Canhui, who has been in the position for 91 days. The total asset size of the fund is 30.38 million CNY, with the best fund return during the tenure being 32.36% and the worst also being 32.36% [3]

Group 1 - On June 5, Penghua Fund announced the resignation of fund manager Bao Binghua from the Penghua Research-Driven Mixed Fund, with senior researcher Jiang Canhui taking over the role [2][3] - Bao Binghua will continue to manage other funds, including Penghua Growth Smart Selection Mixed and Penghua Research Smart Selection Mixed [2] - Bao Binghua has a background in management and has been with Penghua Fund since November 2016, managing multiple funds during his tenure [4] Group 2 - Under Bao Binghua's management since April 2019, the Penghua Research-Driven Mixed Fund achieved a total return of 26.87% and an annualized return of 3.96%, ranking 436th among 670 similar products [4][5] - The fund's asset size decreased from a peak of 14.83 billion yuan in 2020 to 2.71 billion yuan by the end of Q1 2025 [4] - Other funds managed by Bao Binghua showed significant performance divergence, with the Penghua Research Smart Selection Mixed achieving a return of 89.84% since May 2019, while the Penghua Growth Smart Selection Mixed A had a return of -18.69% since October 2020 [5] Group 3 - Jiang Canhui, the new fund manager, has no prior independent fund management experience and has been with Penghua Fund since June 2017 [6] - The latest net value of the Penghua Research-Driven Mixed Fund is 1.5706, with a daily increase of 0.1211% as of June 6 [6] - The entry of new fund managers like Jiang Canhui is seen as a potential driver for innovation and competition within the mutual fund industry, although market performance will determine the effectiveness of new strategies [6]