Since 2025, the global macroeconomic environment has gradually recovered, with improved corporate earnings expectations and policy tailwinds driving a steady upward trend in the A-share market. Major indices such as the CSI 300 and the ChiNext Index have gained over 20%, with technology, consumer, and new energy sectors leading the rally. Market activity has significantly increased, with average daily trading volume up approximately 15% year-on-year, as incremental capital inflows further solidify the bull market foundation.
Amid the market rally, equity funds have benefited from net asset growth and optimized investment strategies, with overall returns rising notably. The average annual return of hybrid equity funds has exceeded 25%, while several thematic funds (e.g., AI, advanced manufacturing) have surged over 40%. However, Dacheng Fund’s Qi Weizhong has underperformed, with his Dacheng Consumer Select Stock A posting a cumulative loss of 18.82% since inception.
**01: Heavy Allocation to Liquor Stocks at Highs, Lagging Retail Exposure** According to Tian Tian Fund Network, Qi Weizhong joined Dacheng Fund in July 2012, serving as a researcher, industry research director, and assistant fund manager before becoming assistant director of equity investment. He has managed multiple funds since 2020, with total assets under management of RMB 3.919 billion and a best tenure return of 94.75%.
Despite the bull market, Qi’s Dacheng Enjoy Life Hybrid A has struggled. Launched on December 10, 2021, with assets of RMB 146 million, its net value per unit stood at 0.8782 as of December 5, reflecting a cumulative loss of 12.18% since inception. While it gained 14.69% YTD, recent performance has been weak (-7.78% over three months, -3.44% over six months). Over three years, it declined 3.12%, lagging peers.
The fund heavily invested in traditional consumer sectors like liquor and duty-free retail, which face demand saturation, while missing emerging trends like instant retail and experiential consumption. Holdings in sector leaders saw weakened competitive advantages, and new consumer brands were overlooked.
**Stock-Specific Struggles** - **Kweichow Moutai**: The fund held shares from Q1 2022 to Q3 2025, during which the stock fell 20%. - **Luzhou Laojiao**: Holdings from Q1 2022 to Q3 2024 saw a 42% drop; a brief re-entry in Q1 2025 resulted in an 8% loss before liquidation. - **Mindray Medical**: A 17% decline during its holding period (Q1 2022–Q1 2023). - **Tsingtao Brewery**: A 22% drop from Q1 2022 to Q4 2023, followed by a 3% loss in a 2024 re-entry.
Dacheng Enjoy Life Hybrid A’s underperformance stems from multiple factors. As the consumer sector evolves, the fund must reassess its strategy and enhance team expertise to regain competitiveness. Investors should prioritize managers with strong thematic execution and industry research depth.
**02: Questionable Trades in Wuliangye and CTG DUTY-FREE** Dacheng Consumer Select Stock A, launched on May 24, 2021, with assets of RMB 269 million, reported a net value per unit of 0.8118 as of December 5, reflecting an 18.82% cumulative loss since inception. While it gained 16.55% YTD, recent performance has been mixed (-7.31% over three months, -2.44% over six months).
**Notable Holdings** - **KingMed Diagnostics**: A 54% drop during Q3 2021–Q1 2022. - **Haituo New Light**: A 37% decline from Q4 2023 to Q3 2024. - **Micro-Tech Endoscopy**: Volatile trades with mixed results (3% gain, 12% loss, 16% gain across periods). - **CTG DUTY-FREE**: A 62% plunge from Q3 2021 to Q2 2023. - **Wuliangye**: Multiple trades resulted in a 41% loss (Q3 2021–Q3 2022) and a 10% drop (Q2 2024–Q1 2025). - **Kweichow Moutai**: A 21% decline from Q3 2021 to Q3 2025.
The fund’s assets have dwindled from an initial RMB 634 million to RMB 269 million as of Q3 2025, with consistent quarterly redemptions. Its struggles highlight the challenges of timing high-valuation stocks and adapting to sector shifts. Investors should scrutinize fund managers’ strategic adjustments in dynamic markets.
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