Group 1 - The core point of the news is the personnel change at AVIC Fund, where Deng Haiqing has stepped down as the fund manager of the AVIC Mixed Reform Selected Fund, effective May 6, 2025, and will be succeeded by Fang Cen, while Deng continues as the company's Deputy General Manager and Chief Investment Officer [1][2][3] Group 2 - Deng Haiqing's departure is attributed to internal work adjustments within the company [3] - Deng has a rich background in finance, holding a PhD in Finance from Fudan University and has worked at notable institutions such as Guotai Junan Securities and CITIC Securities [4] - During Deng's tenure from December 4, 2023, to May 6, 2025, the AVIC Mixed Reform Selected Fund experienced a total loss of 13.45%, underperforming its benchmark by 21.64%, ranking 3643 out of 4028 in its category [4] - The fund has been heavily invested in the real estate sector, with its top holdings including Vanke A and other major real estate companies [4] Group 3 - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development in the public fund industry, which includes measures to adjust performance compensation for fund managers based on their long-term performance [7][8] - Deng Haiqing commented on the new regulations, describing them as a milestone event for the industry and emphasizing the need for a shift towards long-term value investment [8] Group 4 - AVIC Fund was established in 2016 and is a broker-based public fund, with a management scale of 43.133 billion yuan, ranking 87th among 162 licensed public funds in the market [9]