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Core Viewpoint - The sudden leadership change at Xinyi Fund, which recently achieved a significant increase in scale, raises questions about the new chairman's ability to manage the firm effectively amidst ongoing challenges in the public fund industry [1][3]. Group 1: Leadership Change - Liu Zongzhi, who has no prior experience in public funds, has been appointed as the new chairman, relying solely on his investment banking background at Industrial Bank [3][4]. - His extensive experience in investment banking, including roles in bond underwriting and merger financing, may not directly translate to managing a public fund [5][6]. Group 2: Fund Performance and Structure - Xinyi Fund's current management scale is 454 billion, with 418.5 billion allocated to bond and money market funds, reflecting a significant increase of 93 billion from the previous year [10]. - Despite impressive growth, the fund's reliance on fixed-income products raises concerns, as only a small number of high-yield equity products exist, with many large funds yielding around 1% [10][12]. Group 3: Market Challenges - The recent fee rate reforms pose a significant challenge, reducing service fees for money market funds to below 0.15% and for bond funds to a maximum of 0.2%, which could lead to substantial revenue losses for Xinyi Fund [12][20]. - The removal of the 7-day redemption fee for short-term bond funds may drive institutional clients away, further impacting the fund's performance [12][20]. Group 4: Future Outlook - There are mixed opinions on Liu Zongzhi's appointment; some believe his investment banking experience could help Xinyi Fund innovate and develop differentiated products, while others question his ability to manage the research team and balance scale with returns [16][17]. - The fund's historical performance in fixed-income products has been strong, with excess returns ranking highly over various time frames, indicating a solid foundation for future growth [16][20].