Group 1 - The core point of the news is the leadership change at China Merchants Fund, with Xu Yong resigning as General Manager and being succeeded by Zhong Wenyue, effective May 20 [1] - China Merchants Fund was established in 2002 and is the first Sino-foreign joint venture fund management company in China, with shareholders including China Merchants Bank (55% stake) and China Merchants Securities (45% stake) [1] - Xu Yong's tenure lasted three years, during which he implemented a "heavy on fixed income, light on equity" strategy, resulting in a total public fund management scale of 915.1 billion yuan by the end of Q1 2025, an increase of 132.7 billion yuan from 782.4 billion yuan in June 2022 [1] Group 2 - The new General Manager, Zhong Wenyue, has over 30 years of experience in the financial industry and has held various positions within China Merchants Fund since joining in June 2015 [1] - Recent years have seen frequent changes in the investment research personnel at China Merchants Fund, with notable departures including star fund manager Jia Chengdong and fixed income manager Ma Long [2] - In 2024, China Merchants Fund reported revenue of 5.308 billion yuan, a year-on-year increase of 0.26%, while net profit was 1.650 billion yuan, a decline of 5.90%, marking two consecutive years of profit decline [2]