Group 1 - The core point of the article is the announcement of a change in leadership at Fangzheng Fubang Fund, with He Yagang retiring and Li Yan appointed as the new chairman [1][5][6] - He Yagang, who has been in the securities industry for 33 years, served as the chairman of Fangzheng Fubang Fund since July 2017 and retired on May 28, 2025 [5][6] - Li Yan, the new chairman, has extensive experience in the financial sector, having held various senior positions at Ping An Insurance and Fangzheng Securities, and he took office on May 28, 2025 [3][6] Group 2 - Fangzheng Fubang Fund has seen significant growth, with assets increasing from 13.197 billion yuan at the end of 2017 to 72.907 billion yuan by the first quarter of 2025, representing a growth rate of 452% [6] - The fund has developed a strong talent pool, referred to as a "3+4+N" structure, with three chief investment officers leading strategic decision-making [6] - As of the first quarter of 2025, Fangzheng Fubang Fund's fixed income products achieved a return of 11.27% over the past three years, ranking 18th out of 150 in the industry [6] Group 3 - The article highlights a broader trend in the public fund industry, with 158 executive changes reported in 82 companies in 2025, including 31 chairman changes [7] - Reasons for executive turnover include a focus on investment management, performance pressure, and adjustments by shareholders [7] - The retirement of senior executives is becoming more common as many reach retirement age, with over 10 public fund executives having retired or announced their retirement in 2025 [7][9]

Core Viewpoint - The resignation of Han Yong as the General Manager of Huatai-PB Fund marks a significant leadership change, with the company acknowledging his contributions to its growth and development during his tenure [1][2]. Company Summary - Han Yong's tenure as General Manager from October 2011 to May 2023 saw Huatai-PB Fund's total management scale grow from 13.406 billion to 652.648 billion, elevating its industry ranking from 38th to 15th [2]. - The Huatai-PB CSI 300 ETF, launched in April 2012, became the largest passive fund in A-share history at the time, with a fundraising scale of 33 billion [2]. - As of May 8, 2023, the Huatai-PB CSI 300 ETF has a current scale of 380.123 billion, maintaining its position as the largest ETF product in China's public fund market [2]. Industry Summary - The trend of changes in public fund executives continues in 2023, with 140 executive changes reported across 76 fund companies, marking Han Yong's resignation as the 34th General Manager change this year [3].