2025-09-24 经观金融 9月24日，招商基金管理有限公司发布高级管理人员变更公告。公告显示，因工作安排调整，王小青自 2025 年9月24日起，不再担任公司董事长职务，且离 任后不再转任公司其他岗位；与此同时，公司现任党委书记、董事、总经理钟文岳先生将代行董事长职责，代任职务自 9 月 24 日起生效，与王小青先生离 任日期保持一致。 公开履历显示，王小青先生于 2020 年 3 月加入招商基金，任职期间先后担任公司总经理、董事长等核心管理职务，任期长达五年。在其主导管理期间，招 商基金实现资产管理规模与核心业务业绩的跨越式发展：截至相关统计节点，公司资产管理总规模从 2020 年的 4078.51 亿元增长至9176.08 亿元，累计增幅 达 125%，持续稳居行业前十阵营，其中非货币基金管理规模最高时跻身行业第四位，核心业务竞争力显著提升。业务布局层面，王小青先生推动公司多板 块协同突破：权益类资产管理规模实现超两倍增长，养老金管理业务增速位居行业首位，公募 REITs、指数投资等创新领域亦取得阶段性成果；投研体系建 设上，其主导强化 "投研一体化" 机制，确立长期业绩导向，带动公司权益类基金主动 ...

Group 1 - The Hong Kong Dividend Low Volatility ETF (520550) experienced a decline of 0.51% on September 23, with a trading volume of 44.1694 million yuan [1] - The fund's shares increased by 1 million, bringing the total shares to 884 million, while there was a reduction of 58.5 million shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated to be 1.042 billion yuan [1] Group 2 - The performance benchmark for the Hong Kong Dividend Low Volatility ETF is the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index return (adjusted for exchange rates) [1] - The fund is managed by China Merchants Fund Management Co., Ltd., with Xu Rongman as the fund manager [1] - Since its establishment on January 15, 2025, the fund has achieved a return of 19.68%, while the return over the past month is -1.96% [1]

9月23日，招商基金发布公告称，自9月24日起，王小青因工作安排离任董事长，钟文岳代任招商基金董 事长。钟文岳自2025年7月起担任招商基金党委书记、董事、总经理。 | 基金管理人名称 | 招商基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基金经营 | | | 机构董事、监事、高级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 离任基金管理人董事长、代任基金管理人董事长 | 截至2025年二季度末，招商基金权益类基金近一年、近两年、近三年、近五年绝对收益排名均处于行业 前30%。招商基金自成立以来，累计服务客户数量超1.8亿，累计为客户盈利超2300亿元，累计为客户 分红近1300亿元。 谈及未来，招商基金表示，该公司将坚持和加强党的全面领导，深刻把握金融工作的政治性、人民性， 围绕做好金融"五篇大文章"要求，以全面落实《推动公募基金高质量发展行动方案》为抓手，以为投资 者创造更多价值为使命，坚定以持有人获得感为引领、打造最佳客户体验资产管理公司的战略愿景，强 化多元资产配置核心逻辑，将投资者利益作为公司自身效益与管理规模之间的 ...

Core Viewpoint - Wang Xiaoqing has resigned as the chairman of China Merchants Fund, effective September 24, 2025, with General Manager Zhong Wenyue taking over the role. The company expressed gratitude for Wang's significant contributions during his tenure [1][4]. Management Changes - Wang Xiaoqing's resignation is attributed to work arrangements, and he will not take on any other positions within the company [3]. - Zhong Wenyue, who has a long history in the financial sector, will serve as the acting chairman. His previous roles include various senior positions at China Merchants Fund and other financial institutions [2][6][7]. Company Performance - Under Wang Xiaoqing's leadership from March 2020, the assets under management for both public and non-public funds at China Merchants Fund doubled, with the latest figures showing total assets of 926.9 billion yuan and non-public management assets of 553.2 billion yuan, placing the company among the top ten in the industry [4]. Future Outlook - Following the management changes, China Merchants Fund aims to enhance its core business layout and accelerate its transformation towards high-quality development, focusing on both active management and passive index businesses [8]. - The company recently launched a new fund, which successfully raised over 5 billion yuan in just one day, indicating strong market interest [8]. Industry Context - The public fund industry has seen a significant turnover in management, with over 287 executive changes reported in 2025 alone, including 68 chairpersons and 57 general managers [11].

Group 1 - Wang Xiaoqing officially resigns as Chairman of China Merchants Fund, with Zhong Wenyue taking over the position [1][2][7] - Wang Xiaoqing's departure is due to work arrangements, and he will not take on any other roles within the company [2][7] - Zhong Wenyue has extensive experience in the financial sector, having worked in various roles at China Merchants Bank and China Merchants Fund since 2015 [5][6][11] Group 2 - During Wang Xiaoqing's tenure from March 2020, the fund's management scale doubled, reaching a peak industry ranking of fourth in non-monetary assets [7][12] - The fund's total asset management scale reached 1.54 trillion yuan by the end of Q2 2025 [12] - The new leadership aims to enhance operational efficiency in strategic planning, investment decisions, and business expansion [13] Group 3 - The company plans to focus on dual-driven strategies of "active management" and "passive index business" for high-quality development [13][14] - Key strategic initiatives include enhancing research capabilities, improving asset organization, and strengthening pension finance business [14] - The company emphasizes the importance of governance mechanisms to support its strategic goals [14]

钟文岳代任 9月23日晚，招商基金发布高级管理人员变更公告称，王小青因工作安排自9月24日起离任董事长，不再转任公司其他岗位，由公司总经理钟文岳代任招商 基金董事长一职。 【导读】王小青正式离任招商基金董事长，钟文岳代任 又有公募巨头出现高管变更。 继上月请辞招商银行副行长后，王小青正式官宣离任招商基金董事长，由公司总经理钟文岳代任。目前，王小青已在招商局金融控股有限公司（下称招商 金控）出任总经理一职。 王小青正式离任招商基金董事长 | 基金管理人名称 | 招商基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基金经营 | | | 机构董事、监事、高级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 离任基金管理人董事长、代任基金管理人董事长 | | 代任高级管理人员职务 | 重事长 | | --- | --- | | 代任高级管理人员姓名 | 钟文岳 | | 定台经干四班位云区"四川"同 | | | 管任职资格 | | | 中国证监会核准高管任职资格 | | | 的目期 | | | 任职目期 | 2025年9月24日 | | 过往 ...

中国基金报记者 方丽 孙晓辉 【导读】王小青正式离任招商基金董事长，钟文岳代任 又有公募巨头出现高管变更。 继上月请辞招商银行副行长后，王小青正式官宣离任招商基金董事长，由公司总经理钟文岳 代任。目前，王小青已在招商局金融控股有限公司（下称招商金控）出任总经理一职。 王小青正式离任招商基金董事长 钟文岳代任 9 月 23 日晚，招商基金发布高级管理人员变更公告称，王小青因工作安排自 9 月 24 日起 离任董事长，不再转任公司其他岗位，由公司总经理钟文岳代任招商基金董事长一职。 | 基金管理人名称 | 招商基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基金经营 | | | 机构董事、监事、高级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 离任基金管理人董事长、代任基金管理人董事长 | 钟文岳曾在招商基金任职多年，此前回归招商基金并担任总经理。从过往履历来看，他于 1992 年 7 月至 2015 年 6 月曾在中农信福建集团公司、申银万国证券、厦门海发投资实 业、二十一世纪科技投资、新江南投资、招商银行工作。 2015 年 6 ...

Core Viewpoint - The announcement of leadership changes at China Merchants Fund, with Wang Xiaoqing stepping down as chairman and Zhong Wenyue taking over, marks a significant transition in the company's management structure [1][4]. Group 1: Leadership Changes - Wang Xiaoqing will leave the position of chairman effective September 24, 2023, after serving since March 2020, during which time the fund's management scale doubled and maintained a top ten position in the public fund industry [1][4]. - Zhong Wenyue, who has extensive experience in the financial sector, will assume the role of chairman and has been with China Merchants Fund since June 2015, holding various senior positions [1][3][4]. Group 2: Company Performance - Under Wang Xiaoqing's leadership, the fund's public and non-monetary management scale achieved significant growth, with absolute returns in equity funds ranking within the top 30% of the industry over various time frames [4]. - The company has served over 180 million clients and generated profits exceeding 230 billion yuan, with nearly 130 billion yuan distributed in dividends since its inception [4]. Group 3: Future Strategy - The company aims to enhance its dual-driven approach of "active management" and "passive index business" to strengthen its core business layout and improve investment performance [5][6]. - Strategic initiatives will focus on customer orientation, research platform optimization, digital management, and scientific governance to enhance capabilities in investment research, asset organization, risk management, and innovation [6]. - The company will implement six key support mechanisms to ensure the achievement of its strategic goals, emphasizing the importance of party leadership and internal controls [6].

Core Viewpoint - The announcement of leadership changes at China Merchants Fund, with Wang Xiaoqing stepping down as chairman and being succeeded by Zhong Wenyue, highlights a significant transition in the company's management structure and strategic direction [1][11]. Management Changes - Wang Xiaoqing will leave his position as chairman due to work arrangements, effective September 24, 2025, and Zhong Wenyue will take over the role [1][4]. - Zhong Wenyue has extensive experience in the financial sector, having worked in various capacities within China Merchants Fund and other financial institutions [3][11]. Performance Under Wang Xiaoqing - During Wang Xiaoqing's tenure from March 2020 to September 2025, the total asset management scale of China Merchants Fund increased from 407.85 billion to 917.61 billion, a growth of 125% [6][8]. - Non-monetary funds were the main growth driver, expanding from 242.72 billion to 543.88 billion, a 124% increase [6][8]. - The fund's performance in various sectors showed significant growth, with equity funds increasing from 33.15 billion to 122.81 billion, a 270% rise [7][8]. Business Structure Optimization - The business structure of China Merchants Fund has been continuously optimized, with notable progress in various areas including fixed income, equity, and alternative investments [7][9]. - The bond fund scale grew from 163.94 billion to 347.00 billion, reflecting a 112% increase, while the QDII fund saw a remarkable growth from 0.14 billion to 8.26 billion, a 5700% increase [7][8]. Client Service and Investment Philosophy - The company has served over 180 million clients and generated profits exceeding 230 billion, with nearly 130 billion in dividends distributed [10]. - Wang Xiaoqing emphasized a long-term, value-driven investment philosophy, which has led to improved performance in equity investments, placing the company among the top in the industry [9][10]. Future Strategy - The new management team under Zhong Wenyue aims to focus on a "dual-wheel drive" strategy, enhancing core business areas while ensuring balanced development [13][14]. - The company plans to implement four major initiatives to optimize operations and improve comprehensive capabilities, including client orientation and digital management [14][15].

Core Viewpoint - JinkoSolar Technology Co., Ltd. has experienced a decline in stock price, with a cumulative drop of 11.37% over the past four days, closing at 12.16 CNY per share on September 23, 2023, with a total market capitalization of 40.246 billion CNY [1] Company Overview - JinkoSolar was established on October 20, 2000, and went public on August 10, 2010. The company is primarily engaged in the research, production, and sales of silicon wafers, solar cells, and solar modules, as well as the development, construction, and operation of solar photovoltaic power plants [1] - The revenue composition of JinkoSolar is as follows: photovoltaic modules account for 91.10%, other businesses 5.85%, and photovoltaic power plant operations 3.05% [1] Fund Holdings - According to data, one fund under China Merchants Fund has a significant holding in JinkoSolar. The China Merchants CSI Photovoltaic Industry Index A Fund (011966) increased its holdings by 111,700 shares in the second quarter, bringing the total to 1.2879 million shares, which represents 2.2% of the fund's net value [2] - The fund has incurred a floating loss of approximately 296,200 CNY today, with a total floating loss of 2.0091 million CNY during the four-day decline [2] Fund Manager Performance - The fund manager Wang Ping has a tenure of 15 years and 98 days, with the fund's total asset size at 16.687 billion CNY. The best return during his tenure is 272.34%, while the worst return is -70.61% [3] - Co-manager Xu Rongman has a tenure of 4 years and 184 days, with the fund's total asset size at 27.361 billion CNY. The best return during his tenure is 62.99%, while the worst return is -59.08% [3]