Core Viewpoint - The announcement of the resignation of Liu Gesong as the fund manager of the GF Multi-Asset Emerging Stock Fund, with Zhou Zhishuo taking over as the sole manager, reflects a normal adjustment within the company [1][2]. Fund Management Changes - Liu Gesong has left the management of the GF Multi-Asset Emerging Stock Fund, which he co-managed with Tang Xiaobin earlier this year, and Zhou Zhishuo is now the sole manager [1][2]. - Liu Gesong remains with GF Fund Management as the Deputy General Manager and continues to manage five other funds, totaling approximately 29.463 billion yuan in assets under management [3][4]. Fund Performance - The GF Multi-Asset Emerging Stock Fund has achieved a year-to-date return of 34.14% and a cumulative net value return of 98.87%, with a current net value of 1.9887 yuan [3]. - As of the end of Q2 2025, the fund's scale is approximately 1.832 billion yuan [3]. Investment Strategy - The fund has focused on sectors such as defense, electronics, new energy, smart driving, banking, and artificial intelligence, with its top holding being Seres [3]. - Liu Gesong's investment strategy has shifted towards Hong Kong stocks, emphasizing new economy and internet companies, as reflected in the top holdings of his other managed fund, which includes companies like Xiaomi and Tencent [4][6]. Fund Holdings and Adjustments - The GF Multi-Asset Emerging Stock Fund has seen significant changes in its holdings, with new investments in companies like Xinyisheng and Guangdong Hongda [3]. - Liu Gesong's other managed funds have experienced a decline in employee holdings, indicating potential concerns among internal stakeholders [4][6].