管理层调整背后的战略意图 此次人事调整并非孤立事件，而是中信建投证券对公募业务板块的重新布局。黄凌作为债券业务和机构业务的老将，转任财富委主任，显然是要 强化母公司与基金板块的协同效应。而林煊的接任更值得玩味——这位拥有投行背景的博士，曾主导过中信建投证券的人力资源改革，其上任可 能意味着公司将更注重人才梯队建设与投研体系优化。 值得注意的是， 副总经理方俊才转管机构销售，电商负责人高晓素升任总监，这些细节暴露出中信建投基金正在重构销售体系，试图通过机构客 户与线上渠道的双轮驱动突破规模瓶颈。 券商系公募的生存现状 2026年开年，中信建投基金迎来核心管理层调整。 中信建投证券党委委员、执行委员会委员黄凌出任财富委主任，不再兼任中信建投基金董事 长；中信建投证券党委副书记、工会主席林煊拟兼任中信建投基金党委书记、董事长。这一人事变动标志着中信建投基金在行业深度调整期的战 略转向。 这次管理层调整只是开始，真正的考验在于后续的战略执行。在公募行业从规模竞争转向质量竞争的新阶段，中信建投基金的转型实验，将为整 个券商系公募群体提供重要范本。 行业变局下的生存法则 当前公募行业正经历前所未有的深度调整。费率改革三年 ...

Core Viewpoint - The restructuring of the financial landscape triggered by the merger of leading brokerages has significant implications for the public fund sector, particularly for Huazhong Fund, which is facing multiple challenges including performance decline, talent loss, and shareholder integration [2][6] Group 1: Leadership Transition - The appointment of Xu Yong as the new chairman of Huazhong Fund is seen as a critical variable for overcoming the company's current challenges, given his extensive background in financial management [2][3] - Xu Yong's previous experience in insurance asset management is expected to potentially revitalize Huazhong Fund's stagnant growth, although his controversial "cross-border" label raises questions about compatibility with the public fund culture [3][6] Group 2: Performance Challenges - Huazhong Fund's management scale has surpassed 700 billion, but its revenue has decreased by 9.56% year-on-year to 3.11 billion, and net profit has dropped by 2.66% to 910 million, widening the gap with leading firms [3][4] - The fund's structure is heavily weighted towards money market funds, which account for over 40% of its total assets, while equity funds have seen a significant decline, leading to a mismatch between scale and performance [4][6] Group 3: Risk Factors - The fund has faced a series of scandals, including a significant penalty for a former fund manager due to misconduct, highlighting weaknesses in its risk control systems [4][6] - The departure of key talent and the lack of a robust investment research team have contributed to a loss of investor confidence, with many funds underperforming compared to peers [4][7] Group 4: Market Dynamics - The impending integration of Huazhong Fund with Haifutong Fund raises concerns about potential brand dilution and operational challenges, particularly regarding the management of overlapping licenses [6][7] - Xu Yong's background may provide leverage in navigating the complexities of this merger, but regulatory uncertainties remain, particularly concerning the non-transferability of certain licenses [6][7]