管理规模“过山车”，业务“偏科”，千亿元公募基金新帅能否“破局”

Core Viewpoint - The appointment of Huang Deliang as the new chairman of Xingyin Fund marks the end of a five-month leadership vacuum, but he faces significant challenges due to the company's heavy reliance on fixed-income products and recent fluctuations in asset management scale [2][4][9]. Group 1: Company Performance - Xingyin Fund's asset management scale peaked at 125.23 billion yuan at the end of 2023, driven by explosive growth in money market funds, but fell to 106.28 billion yuan by the end of 2024 and further declined to 87.16 billion yuan in Q1 2025, marking its first drop below the 100 billion yuan threshold [4][5]. - By the end of Q2 2025, the scale slightly recovered to 103.58 billion yuan, ranking 53rd among 162 public fund companies, indicating significant volatility in its asset management scale [5][6]. Group 2: Business Structure - As of September 16, 2025, Xingyin Fund's total managed assets were approximately 111.5 billion yuan, with bond funds accounting for 66.57 billion yuan (59.69%) and money market funds for 39.94 billion yuan (35.82%), together comprising over 95% of the company's business [7]. - The company has a pronounced "debt-heavy" structure, with equity and mixed funds only amounting to 2.34% and 1.12% of total assets, respectively, highlighting a severe dependency on fixed-income products [7]. Group 3: Management Changes - Xingyin Fund has experienced frequent management changes, with multiple general managers replaced since 2021, culminating in the recent appointment of Huang Deliang as chairman and the restructuring of the board [8][9]. - Huang Deliang's extensive background in the financial sector, particularly in promoting a "commercial bank + investment bank" model, may provide new opportunities for business transformation within the fund [9][10].