“公募第一股”中邮基金换帅：固收成支柱，明星经理流失后寻破局

Core Viewpoint - The public fund industry in China is experiencing a new wave of growth at the beginning of 2026, driven by a bullish capital market, while facing challenges such as management changes and performance issues at Zhongyou Fund [2][3]. Management Changes - Zhongyou Fund announced the retirement of its chairman Bi Jinsong on December 16, 2025, with Zhang Tao from the major shareholder, Shouchuang Securities, taking over the role [2][6][7]. - Zhang Tao has extensive experience in the financial sector but lacks direct experience in fund management [11]. Financial Performance - In the first half of 2025, Zhongyou Fund reported a net profit of 27.04 million yuan, a year-on-year increase of 116.34%, although profits had previously dropped significantly from 128 million yuan in 2020 to 5.99 million yuan in 2024, marking a 91.6% decline [3][4]. Challenges Faced - Zhongyou Fund is currently facing three main challenges: the contradiction between scale growth and declining profits, the need to enhance research and investment capabilities after the loss of star fund managers, and the necessity to strengthen innovative product offerings [4][22]. Market Position - As of December 2025, Zhongyou Fund's management scale was 75.92 billion yuan, ranking 72nd among public fund companies, significantly lower than leading firms like E Fund and Huaxia Fund, which manage over 2.5 trillion yuan [14][15][16]. - The fund's product structure is heavily weighted towards fixed income, with bond funds accounting for 76.14% of its total assets under management [18][20]. Product Performance - The highest annualized return for Zhongyou Fund's mixed funds reached 83.1%, while its bond products offered lower returns, with some yielding less than 2% [19][20]. - The absence of ETF products in Zhongyou Fund's offerings is notable, especially given the growing popularity of ETFs in the market [20][21]. Talent Retention Issues - The fund has experienced a talent drain, losing several star fund managers, which has negatively impacted its performance [22][23]. - Currently, Zhongyou Fund has 24 fund managers, with a significant number being relatively new to the industry, which raises concerns about the firm's investment capabilities [24][25].