权益规模占比仅4%！“流水线”管理背后，中银基金权益团队是否集体躺平？

Core Viewpoint - The resignation of Wang Rui, the Vice President of Zhongyin Fund, from six equity products highlights the operational challenges faced by the bank-affiliated public fund in managing equity investments [1][29]. Group 1: Fund Performance and Management Changes - Wang Rui's six mixed funds have shown varied performance, with returns ranging from -15.73% to 88.44% over their respective tenures [2]. - As of the first quarter of 2025, Zhongyin Fund's public fund management scale is over 650 billion, with equity products accounting for only 4% of this total, a decline of over 40 billion from its peak in 2021 [3]. - The mixed fund scale has decreased by 67% compared to its peak in the first quarter of 2021, while the stock fund segment has shrunk to a "mini" scale of 5 billion by the end of 2024 [3]. Group 2: Fund Closure and Investor Concerns - By April 25, 2025, 19 equity products from the company had fallen below the 50 million yuan liquidation warning line, with nearly 60 products struggling below the 200 million yuan threshold [5]. - The overlapping holdings among the funds managed by Wang Rui indicate a lack of diversification, with only 18 unique stocks held across the six products [6][29]. Group 3: Management Practices and Team Dynamics - The "copy-paste" management style is prevalent not only in Wang Rui's funds but also among other key members of the equity investment team, leading to a standardized reporting format [16]. - The operational analysis and investment strategies of various funds managed by different team members exhibit a similar template, raising concerns about the effectiveness of their investment approach [16][29].