一只基金也管理不好，长城基金翁煜平被降职为研究员

Core Viewpoint - The departure of fund manager Weng Yuping from Great Wall Fund Management Company highlights the challenges faced by the firm in managing its funds effectively, particularly in the context of a bull market [1][17]. Group 1: Departure of Fund Manager - Weng Yuping has resigned as the manager of the Great Wall Jiuyuan Flexible Allocation Mixed Securities Investment Fund and will transition to a role as an industry researcher within the company [1][18]. - The reason for Weng's departure is attributed to business adjustments within the firm [2][18]. - Weng's tenure as a fund manager lasted over four years, during which he failed to demonstrate satisfactory performance, leading to a significant career setback [3][19]. Group 2: Fund Performance - Under Weng's management, the Great Wall Jiuyuan Mixed Fund experienced a decline of over 53% in its return during his tenure [9][25]. - The fund's performance deteriorated significantly from 2022 onwards, with losses recorded at -0.80 billion yuan in 2022, -0.168 billion yuan in 2023, and -0.022 billion yuan in 2024 [8][24]. - The net asset value of the fund dropped from 2.5 billion yuan at the end of 2021 to 0.34 billion yuan by the end of 2024, indicating a continuous decline [8][24]. Group 3: Fund Management History - The Great Wall Jiuyuan Mixed Fund has had multiple managers since its inception in 2016, with Weng being the longest-serving but also the least successful in terms of performance [6][22]. - Prior to Weng, the fund was managed by Liu Jiang, who achieved a return of over 75% during his tenure, showcasing a stark contrast to Weng's performance [6][22]. - The fund's investment focus remained largely on high-tech sectors such as aerospace and semiconductors, despite the declining performance [9][25]. Group 4: Company Overview - Great Wall Fund Management Company was established on December 27, 2001, and has a total asset management scale of 361.297 billion yuan as of December 26, 2025, with over 85% of its assets in money market and bond funds [12][27]. - The company manages a total of 250 funds and employs 39 fund managers, indicating a relatively small size in the public fund management industry [12][27]. - The firm has been criticized for its weak performance in active equity investments, with many fund managers underperforming [15][30].