不到3年，兴业基金两换董事长，近年业绩陷入“爬坑”状态

Core Viewpoint - The recent leadership change at Industrial Fund, with Liu Zongzhi appointed as chairman, raises questions about the company's ability to overcome its performance stagnation and improve its equity business, which has been a weak point compared to its bond and money market funds [2][3][5]. Leadership Changes - Liu Zongzhi officially took over as chairman on October 16, 2025, following the resignation of Ye Wenhuang due to age [2][4]. - This marks the second chairman change within three years, indicating instability in leadership [2][4]. - Liu Zongzhi has a background in the banking sector, having held various positions within Industrial Bank, which may influence his approach to managing the fund [3][4]. Performance Challenges - Industrial Fund has faced a "bottleneck" in performance, with net profit failing to surpass the 2021 peak [2][5]. - In 2022, the company experienced a revenue decline of 7.2% to 1.13 billion yuan and a net profit drop of 22% to 380 million yuan [4][5]. - Despite a recovery in 2024, with revenue increasing by 5.9% to 1.237 billion yuan and net profit rising by 6.2% to 426 million yuan, it still lags behind the 2021 figures [5]. Product Structure Imbalance - As of June 2025, the fund's product structure is heavily weighted towards fixed income, with bond and money market funds comprising 96.4% of the total, while equity funds account for less than 4% [6][9]. - The departure of key equity fund manager Qian Ruinan has raised concerns about the fund's ability to enhance its equity offerings [6][9]. Regulatory Environment and Fee Structure - Recent regulatory changes aimed at reducing fund fees may further pressure the company's earnings, particularly affecting fixed income products which generally have lower management fees compared to equity products [8][9]. - The new fee regulations are expected to reshape the fund sales ecosystem, potentially impacting the income structure of firms like Industrial Fund that rely heavily on fixed income products [8][10]. Future Outlook - The new chairman, Liu Zongzhi, is expected to seek a balanced development strategy to address the challenges posed by the current market environment and regulatory changes [10].