Core Insights - The best-performing fund managed by manager Shi Hongjun is the Pengyang Zhongzheng Kechuang Chuangye 50 ETF (588350), which achieved a quarterly net value increase of 65.01% by the end of Q3 2025 [1][2]. Fund Performance Summary - **Pengyang Zhongzheng Kechuang Chuangye 50 ETF**: - Size: 14.70 billion CNY - Annualized Return: 12.95% - Q3 2025 Increase: 65.01% - Top Holding: Ningde Times (10.72% weight) [2] - **Pengyang Zhongzheng Digital Economy Theme ETF**: - Size: 7.58 billion CNY - Annualized Return: 1.47% - Q3 2025 Increase: 41.28% - Top Holding: Dongfang Caifu (8.64% weight) [2] - **Pengyang Zhongzheng 500 Quality Growth ETF**: - Size: 5.20 billion CNY - Annualized Return: 4.11% - Q3 2025 Increase: 22.66% - Top Holding: Huazhi Technology (3.37% weight) [2] - **Pengyang Zhongzheng State-owned Enterprises Dividend ETF**: - Size: 0.46 billion CNY - Annualized Return: 7.66% - Q3 2025 Increase: 1.28% - Top Holding: Zhongjiang Haikong (2.24% weight) [2] Manager's Performance Metrics - Shi Hongjun's management of the Pengyang Zhongzheng 500 Quality Growth ETF Link A (007593) resulted in a cumulative return of 106.77% with an average annualized return of 12.5% [2]. - The fund had 102 adjustments in its top holdings, with a success rate of 61.76% (63 profitable adjustments) [2]. Notable Stock Adjustments - **Top Performing Stocks**: - **Zhongji Xuchuang**: Bought in Q1 2023, sold in Q2 2023, with an estimated return of 174.88% and a company profit growth of 77.58% [3][5]. - **Fucait**: Held from Q2 2020 to Q4 2020, with an estimated return of 173.04% and a company profit growth of 127.09% [3]. - **Underperforming Stocks**: - **Lili Diamond**: Bought in Q1 2023, sold in Q1 2024, with an estimated return of -54.72% and a company revenue decline of 8.74% [7]. - **Huayou Diamond**: Held from Q1 2023 to Q1 2024, with an estimated return of -52.64% despite a company profit growth of 23.99% [4].