千亿女将“清仓”离场，谁将扛起华宝基金指数大旗？

Core Viewpoint - The sudden resignation of Hu Jie, the index investment director of Huabao Fund, who managed assets worth 101.36 billion yuan, raises concerns about the future of the company's passive investment strategy and highlights the contrasting performance between its ETF and active equity funds [1][19][20]. Group 1: Hu Jie's Departure - Hu Jie has served nearly 20 years at Huabao Fund, with over 13 years as a fund manager, and her departure is significant due to her management of 16 index funds totaling 101.36 billion yuan, which is over half of the company's index fund assets [1][3][19]. - Despite her contributions to the rapid expansion of the ETF scale, her funds underperformed, with a one-year return of 9.33%, significantly lagging behind the 20.4% increase of the CSI 300 index [19][24]. - Hu Jie's exit has exposed the long-standing structural issues within Huabao Fund's equity funds, where the passive investment segment has thrived while active equity funds have struggled [19][20]. Group 2: Performance of Funds - The non-cash ETF scale reached 127.88 billion yuan by the end of 2025, marking a 56.38% year-on-year growth, nearly doubling in two years [19][28]. - In contrast, the active equity fund management scale has remained below 20 billion yuan for the past two years, with several products being liquidated due to insufficient scale [20][31]. - Huabao Fund's ETF products have been successful, with 34 new funds launched since 2025, including 26 ETFs, covering various market hotspots [28][30]. Group 3: Management Changes - Huabao Fund has undergone significant management changes, including the resignation of its chairman and several executives, which may impact the company's strategic direction [14][33][36]. - The new leadership aims to strengthen passive equity funds while potentially sidelining active equity strategies, raising questions about how the company will fill the void left by Hu Jie [36][37]. - The overall fund management scale of Huabao Fund reached 416.53 billion yuan by the end of 2025, with the non-cash ETF contributing significantly to this growth [36].