华安基金“业绩担当”老将纷纷离职，恐被海富通吞并？

Core Viewpoint - The departure of veteran fund manager Li Xin from Huashan Fund Management has raised concerns about the stability of the company's investment research system, especially following the recent exit of other prominent managers and ongoing regulatory issues [2][3][11]. Group 1: Li Xin's Departure and Impact - Li Xin, a key figure at Huashan Fund, left the company on May 6, 2025, after managing a total of 7 funds with a combined scale of 8.016 billion yuan, achieving an annualized return of around 10% over the past six years [2][4][6]. - His exit was unexpected, as his managed funds had seen continuous growth for seven consecutive quarters prior to his departure, indicating strong investor confidence in his management abilities [6][9]. - Following Li Xin's departure, the management of his funds has been handed over to seven different managers, raising questions about their ability to maintain performance [9][12]. Group 2: Performance and Challenges of Huashan Fund - Over 30% of Huashan Fund's equity products have reported negative returns since inception, leading to scrutiny over the company's management capabilities [3][9]. - As of the end of Q1 2025, Huashan Fund's total management scale reached 686.037 billion yuan, with a significant portion (66.6%) coming from money market and bond funds, while equity funds accounted for a relatively small share [9][10]. - The company is facing internal challenges, including the fallout from a regulatory penalty involving former manager Zhang Liang, and external pressures from potential mergers following the consolidation of its parent company [11][12]. Group 3: Investment Strategy and Performance of Li Xin - Li Xin was known for his investment strategy focused on high positions, long cycles, and heavy investments in hard technology, leveraging his engineering background to analyze companies beyond surface-level financial data [6][7]. - His management of the Huashan Intelligent Equipment Theme Fund yielded a return of 223.04% over nearly ten years, with an annualized return of 12.68% [4][5]. - Li Xin's investment approach involved identifying opportunities along the industrial chain, particularly in the semiconductor and AI sectors, which contributed to the outperformance of his funds [6][7].