“一正四副”架构落定！鑫元基金高管团队扩容：张鹏飞、杨晓宇升任副总，固收基因持续强化

Group 1 - The core point of the news is the announcement of executive changes at Xinyuan Fund, with Zhang Pengfei promoted to Deputy General Manager and Yang Xiaoyu appointed as Deputy General Manager and Chief Information Officer, forming a leadership structure of "one general and four deputies" [1][2][3] - Both Zhang Pengfei and Yang Xiaoyu joined Xinyuan Fund in December 2022, coming from the Nanjing Bank system, indicating a trend of increasing management personnel with backgrounds in Nanjing Bank [3][5] - Xinyuan Fund is significantly influenced by Nanjing Bank, which holds 80% of its shares, and the recent appointments continue to reflect this deep penetration of Nanjing Bank into Xinyuan Fund's management [3][5] Group 2 - As of June 20, 2025, Xinyuan Fund's management scale has decreased to 190.43 billion yuan, down 29.5 billion yuan from the end of 2024, falling below the 200 billion yuan mark [5][7] - The most significant decline in management scale was observed in money market funds, which dropped from 80.45 billion yuan at the end of 2024 to 52.67 billion yuan, a quarter-on-quarter decrease of 34.52% [7][11] - The fund's product structure is heavily reliant on fixed-income products, with bond funds accounting for 70.85% of the total scale, which raises concerns about the company's ability to withstand market risks [11][15] Group 3 - The proportion of institutional investors in Xinyuan Fund has decreased from 96.27% at the end of 2023 to 86.68% at the end of 2024, indicating a potential outflow of institutional funds [16][18] - The management's continued focus on fixed-income strategies amidst structural challenges may hinder the company's ability to adapt to market trends, as competitors are increasingly exploring areas like ETFs and quantitative investments [18][19] - The recent executive promotions may signal a critical juncture for Xinyuan Fund, as it seeks to enhance its active management capabilities and innovate its investment research system [18]