兴证全球“换帅”求变，权益基金巨头能否重振雄风？

Group 1: Management Changes - The recent management change at Xingzheng Global Fund involves veteran Zhuang Yuanfang becoming the chairman and Chen Jinqian as the general manager, indicating a new leadership core [1][7] - The transition follows the resignation of former chairman Yang Huahui due to age, with Zhuang having acted as chairman since June 23 [1][7] Group 2: Performance Decline - Xingzheng Global Fund was once a leading player in equity investments, achieving an average return of 369.78% from April 2012 to April 2022, significantly outperforming competitors [2][8] - However, following the departure of star fund manager Dong Chengfei in 2021, the company's performance has deteriorated, dropping to 12th place with an average return of 109.69% from April 2012 to April 2025 [2][8] Group 3: Managerial Challenges - The company is facing a talent gap in its equity fund management, with only Xie Zhiyu performing well among current managers, while others like Dong Li have underperformed significantly [3][9] - As of Q3 2025, the company's non-monetary scale has decreased to 288.83 billion yuan, ranking 20th in the industry, down from 305.88 billion yuan and 16th place in 2021 [3][9] Group 4: ETF Market Position - Xingzheng Global has been slow to enter the ETF market, launching its first product only in December 2025, while competitors have already established significant positions [4][10] - The total market size for ETFs reached 5.72 trillion yuan by December 1, 2025, with a notable growth of nearly 2 trillion yuan within the year, highlighting the competitive landscape [4][10] Group 5: Future Outlook - The management change is seen as a self-rescue effort amid declining performance, talent shortages, and lagging market positioning [5][11] - The new management faces the challenge of revitalizing equity investments and establishing a foothold in the competitive ETF market [5][11]