Caitong Securities(SH:601108) Xin Lang Ji Jin·2025-06-25 03:28Core Viewpoint - The appointment of Li Xiang as co-manager alongside Jiang Yongming in the "dual fund manager system" at Caitong Asset Management reflects the company's strategic intent to enhance its investment capabilities in the equity sector and adapt to changing market dynamics [1][4]. Group 1: Company Developments - Caitong Asset Management has appointed Li Xiang, who has 17 years of experience in the securities industry, to strengthen its equity research capabilities [2][3]. - The fund managed by Jiang Yongming has seen a significant decline, with a return rate of -30.45% since inception, indicating challenges in the current market environment [3][4]. - The company reported a revenue of 1.653 billion yuan in 2024, a year-on-year increase of 3.14%, and a net profit of 520 million yuan, reflecting a growth trend over six consecutive years [4]. Group 2: Market Context - The "dual fund manager system" is indicative of a broader trend in the public fund industry towards reducing reliance on star fund managers, as smaller institutions like Caitong Asset Management seek to differentiate themselves [4][5]. - The asset management industry is experiencing a "Matthew effect," where larger firms dominate, posing challenges for smaller institutions to compete effectively [5]. - Caitong Asset Management's recent approval for QDII business qualification marks a significant step in its global expansion strategy [4].