Core Viewpoint - The departure of Zou Xi, a veteran executive at Rongtong Fund, marks a significant transition in the public fund industry, reflecting broader trends of talent mobility and a shift towards a platform-based investment strategy [4][10]. Company Summary - Zou Xi, the Vice President of Rongtong Fund, officially left the company on October 11, 2025, after 24 years of service [1][4]. - Prior to his departure, Zou had already resigned from managing four funds, signaling his exit from the company [4]. - Zou Xi joined Rongtong Fund in February 2001 and has held various positions, including industry analyst and director of equity investment [4]. - During his tenure, Zou managed a peak fund size of 15 billion yuan, but this had shrunk to 3.925 billion yuan at the time of his departure, a decline of over 70% [4]. Industry Summary - The public fund industry has seen a total of 292 fund manager departures in 2025, indicating a significant trend of personnel changes [6]. - The industry is transitioning from a model dominated by star fund managers to a more collective and systematic approach to investment management [10]. - Rongtong Fund is actively restructuring its investment research system following its integration into China Chengtong Group in 2022, emphasizing a platform-based and team-oriented strategy [10].

10月11日，融通基金发布高级管理人员变更公告，副总经理邹曦离任，离任日期2025年10月11日。此前9月已卸任融通行业景气A、融通领先成长A、融通产 业趋势、融通中国风1号A四只产品基金经理，这位在融通基金工作了24年的元老级人物，最终挥手作别。 | 1.公目本4 百公 | 基金管理人名称 | 融通基金管理有限公司 | | --- | --- | --- | | | 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 | 图任基金管理人副总经理 | | | 2.离任高级管理人员的相关信息 | | | | 离任高级管理人员职务 | 副总经理 | | | 周任高级管理人员姓名 | 气的意 | | | 料任原内 | 个人原因 | | | 图任目前 | 2025年 10月 11日 | | | 转任本公司其他工作岗位的说明 | | 在邹曦卸任基金经理后，融通基金迅速安排了接任团队。融通行业景气混合由权益投资部副总经理李进接管，李进为清华大学工学博士。截至2025年10月10 日，其管理的融通产业趋势臻选 ...

Core Viewpoint - The public fund industry is experiencing a significant wave of fund managers transitioning to private equity, driven by changes in compensation structures and performance pressures within the public fund sector [1][13][14]. Group 1: Manager Departures - A total of 212 public fund managers have left their positions in 2025, marking a 7% increase from 2024 and a 23% increase from 2023 [1]. - Notable fund managers such as Zhang Yifei, Wang Peng, and Zhou Haidong have made "clearance-style" departures, raising concerns about potential fund redemptions [4][5]. - The departure of star managers often leads to significant fund redemptions, as seen with Zhou Haidong, whose management accounted for 58% of his fund's total scale [5]. Group 2: Industry Transformation - The public fund industry is undergoing a "de-starring" process, as the departure of prominent managers forces companies to adapt and transform [8][9]. - The shift from a "license dividend" to a "capability competition" phase indicates a reallocation of value chains between public and private fund sectors [16]. - The trend of public fund managers moving to private equity is not merely cyclical but reflects deeper structural changes in the industry [16]. Group 3: Performance of Private Fund Managers - As of June 2025, there are 863 private fund managers with public fund backgrounds, with only 36 managing over 10 billion yuan, indicating a trend towards smaller private firms [18]. - In the first half of 2025, private fund managers who transitioned from public funds achieved an average return of 9.18%, with top performers reaching returns as high as 45.66% [19][20]. - However, some former public fund managers have struggled in the private sector, facing challenges such as inadequate strategy adjustments and risk management [22][23].

Group 1 - The Chinese public fund market has achieved significant milestones in 2025, with bond ETFs surpassing 300 billion yuan, public REITs exceeding 200 billion yuan in market value, and gold ETFs doubling in growth this year [1][3] - The competition in the public fund market has shifted from traditional categories like money market, bond, and equity products to non-mainstream products such as bond ETFs, gold ETFs, and public REITs, which are now driving industry growth [3] - The rapid growth of these products is attributed to fund companies exploring differentiated development paths and focusing on niche markets, leading to notable achievements in specific product lines [3] Group 2 - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to bring more innovative products and services to the market, providing investors with diverse options [4] - The public fund industry is undergoing a transformation from homogeneous competition to differentiated specialization, enhancing overall competitiveness and offering richer asset management solutions for investors [4] - The future of the public fund market is anticipated to be more prosperous and diverse due to ongoing innovation and development within the industry [4]

Core Viewpoint - The 2025 Fund High-Quality Development Conference emphasizes the importance of the public fund industry in serving the real economy and meeting wealth management needs, highlighting the need for reform and optimization in response to growing competition and investor expectations [1][3]. Group 1: Industry Growth and Challenges - The public fund industry has seen significant growth, with net asset value reaching 32.83 trillion yuan by the end of 2024, marking a substantial increase from the previous year [3]. - There is a steady rise in the number of investors, with both individual and institutional investors increasingly incorporating public funds into their asset allocation strategies [3]. - Despite growth, the industry faces challenges such as heightened market competition and increasing demands from investors for product quality and service transparency [3]. Group 2: Strategic Directions and Initiatives - The introduction of the "Action Plan" serves as a guiding framework for the industry, shifting the focus from "scale" to "returns," aiming to create a virtuous cycle of "return increase - capital inflow - market stability" [4]. - Fund companies are encouraged to enhance asset management capabilities and improve investment performance, aligning their offerings with customer needs through a comprehensive "investment research - product - service" system [4]. - Strengthening collaboration with sales institutions and developing an integrated online and offline service ecosystem is essential for enhancing customer experience and building a wealth management ecosystem [4].

Core Viewpoint - The performance of funds managed by Liao Hanbo from Great Wall Fund has shown significant disparity, with some products experiencing losses exceeding 20%, reflecting both individual investment style issues and the broader transformation challenges facing the public fund industry [1]. Group 1: Fund Performance - Liao Hanbo's managed products have seen a drastic decline in management scale, dropping from nearly 5 billion yuan in 2022 to 1.627 billion yuan in 2025 [1]. - The fund "Great Wall Vision Growth Mixed A" has recorded a cumulative loss of approximately 28% since its inception on September 28, 2022, with a unit net value of 0.7293 as of May 21, 2025 [3]. - The "Great Wall Competitive Advantage Six-Month Mixed A" fund has suffered a loss exceeding 30%, with its scale shrinking from 1.2 billion yuan to around 200 million yuan, a decline of 80% [3]. Group 2: Fund Comparison - Among the funds managed by Liao Hanbo, "Great Wall Jiuding Mixed A" and "Great Wall Balanced Growth Mixed A" have performed relatively well, with annualized returns exceeding 10% [2]. - The C-class shares of some funds have underperformed compared to their A-class counterparts, with "Great Wall Jiuding Mixed C" showing an annualized return of -36.3% [3]. - The average performance of similar funds has been better than some of Liao's funds, with a one-year return of -0.79% compared to the average of 7.92% for similar funds [5].

Group 1 - The core viewpoint of the article highlights the declining performance of Xinda Australia Fund, with a significant drop in revenue and net profit compared to 2023 [1] - Xinda Australia Fund reported a revenue of 644 million yuan in 2024, a year-on-year decrease of 31.24%, and a net profit of 101 million yuan, down 41.92% [1] - The fund's business structure, primarily focused on actively managed equity funds, has faced multiple pressures, leading to a continuous decline in revenue and net profit for two consecutive years [1] Group 2 - The current product landscape shows that mixed funds have the highest number at 52, with a total scale of 27.243 billion yuan, followed by bond funds at 20 with a scale of 43.957 billion yuan, and equity funds at 4 with a scale of 9.009 billion yuan [2] - The scale of actively managed equity funds has significantly shrunk, from 21.887 billion yuan at the end of 2021 to only 9.009 billion yuan by the end of 2024, nearly halving [3] - Mixed funds also saw a notable decline, from 42.805 billion yuan at the end of 2021 to 27.243 billion yuan by March 18, 2025, a reduction of over 15.5 billion yuan [3] Group 3 - In contrast, Xinda Australia Fund has been focusing on bond and money market funds, achieving substantial growth in these areas, with bond fund scale increasing by 36.399 billion yuan and money market fund scale growing by 46.038 billion yuan compared to the end of 2021 [4] - Despite a significant recovery in the A-share market in the second half of 2024, Xinda Australia Fund's performance growth was only 4.52%, lagging behind the CSI 300 index [7] - Over the past two years, Xinda Australia Fund's overall performance has consistently underperformed compared to the CSI 300 index, with a net value decline of 14.22% in 2023 [7] Group 4 - Investors, having experienced years of bear markets, are primarily focused on recovering their investments, leading to a situation where actively managed equity funds are seeing more redemptions despite net value recovery [8] - The public fund industry is undergoing a transformation phase, with leading institutions evolving from "scale kings" to "all-round players," while smaller institutions must pursue differentiation to survive [8] - The deepening of the comprehensive registration system and the acceleration of pension fund entry into the market will favor institutions with strong research capabilities, product innovation, and customer service [11]