两进两出同一只产品，国新国证基金首席投资官为何如此操作？

Core Viewpoint - The public fund industry is experiencing a wave of changes in fund managers, with notable shifts at Guoxin Guozheng Fund, particularly the departure of fund manager Bi Zinan and the appointment of Zhang Honglei as his successor [2][5]. Fund Manager Changes - Bi Zinan has left his position as the fund manager of Guoxin Guozheng Xinli, while continuing as the Chief Investment Officer of the company [2]. - Zhang Honglei, with 12 years of experience, has taken over the management of Guoxin Guozheng Xinli [5]. Fund Performance - Bi Zinan's tenure at Guoxin Guozheng Xinli A lasted less than 13 months, yielding a return of 0.13%, which underperformed the benchmark by 3.8 percentage points [3]. - The fund's management scale was only 0.21 billion as of the end of Q1 2025, and it faced a situation where its net asset value was below 50 million for 60 consecutive working days [3][4]. - The performance of the remaining fund managed by Bi Zinan, Guoxin Guozheng Rongze 6-Month Open, was also poor, with returns of 0.71%, -32.11%, -32.16%, and -31.68% over the past year, two years, three years, and since inception, respectively [4]. Company Fund Structure - Guoxin Guozheng Fund's total public fund management scale was 110.81 billion, with only 2.23 billion allocated to equity funds, indicating a lag in their equity product layout [2][5]. - The company has only three equity funds, and the two fund managers, Bi Zinan and Zhang Honglei, have less than four years of experience in managing equity funds [5]. Future Outlook - The company has applied for three new funds since 2024, all of which are bond funds and currently awaiting approval [5]. - The China Securities Regulatory Commission has emphasized the need for innovation in equity fund products, which may influence the company's future strategies [6].