天弘基金，固收大将姜晓丽离任

Core Viewpoint - The departure of Jiang Xiaoli, a key figure in Tianhong Fund's fixed income + sector, raises concerns about the company's future direction and management stability, especially given her significant contributions and the recent changes in the company's leadership structure [1][3][5]. Group 1: Jiang Xiaoli's Departure - Jiang Xiaoli announced her resignation from Tianhong Fund, citing personal reasons and the need for a break after 14 years without a long vacation [1]. - She managed over 300 billion yuan in assets before her departure, and her exit has drawn attention to the company's leadership, particularly to Ma Long, who has recently joined Tianhong Fund [2][3]. - Jiang was a pivotal figure in the fixed income + sector, having built the product line and served as the longest-tenured fund manager at the company [3][4]. Group 2: Impact on Tianhong Fund - Jiang's departure is expected to impact the management of fixed income + products, which are primarily managed by multiple fund managers, ensuring continuity in investment strategies [6][7]. - The company has expressed confidence in its research and investment framework, stating that the existing team will maintain the established investment goals and risk-return characteristics [5][7]. - Despite the overall growth in the fixed income + market, Tianhong Fund's product scale increased only by 94.3 billion yuan last year, indicating a decline in its competitive position [8]. Group 3: Recent Changes in Leadership - The company has seen significant personnel changes, including the appointment of new executives and fund managers, particularly in the equity investment sector, indicating a strategic shift in focus [9]. - The introduction of new talent, including those from other firms, suggests a move towards enhancing the company's capabilities in equity and innovative investment strategies [9]. - The overall non-monetary public fund management scale reached 4,853.31 billion yuan, reflecting a growth of 713.81 billion yuan, although the company's ranking has slipped [9].