Core Viewpoint - The appointment of Liu Dachao as the new Deputy General Manager of Jianxin Fund marks a significant leadership change aimed at enhancing the company's strategic transformation and operational safety, leveraging his extensive experience in fund custody [1][4][11]. Group 1: Management Changes - Liu Dachao has been appointed as Deputy General Manager, effective from August 12, 2025, bringing over 20 years of experience in fund custody within the China Construction Bank system [1][3]. - This appointment is part of a broader trend of high-level personnel changes at Jianxin Fund, which has seen multiple leadership transitions since late 2024 [5][11]. - Key management changes include the resignation of former President Zhang Junhong in December 2024 and the appointment of Xie Haiyu as the new President, indicating a restructuring of the core management team [5][11]. Group 2: Background of Liu Dachao - Liu Dachao has a long-standing career at China Construction Bank, having joined in July 2003 and worked in various key departments related to fund custody [4][3]. - His deep understanding of fund operations and regulatory frameworks positions him uniquely within the public fund industry, where such expertise is rare [4][11]. Group 3: Company Performance and Challenges - Jianxin Fund, established in September 2005, is facing profitability pressures, with net profits declining from 11.71 billion yuan in 2022 to 8.83 billion yuan in 2023, a drop of 24.59% [9][11]. - The fund's asset management scale reached 926.87 billion yuan by the end of Q2 2025, ranking 11th in the industry, but it has a high dependency on fixed-income products, with nearly 80% in money market funds [9][11]. - The company is navigating a challenging environment characterized by intensified competition and regulatory changes, necessitating strategic adjustments in management and operations [11].

Core Viewpoint - Chongqing Rural Commercial Bank has received approval from the China Securities Regulatory Commission for its securities investment fund custody qualification, marking it as the first financial institution to obtain this qualification in 2023 and the 37th commercial bank overall [1][2]. Group 1: Fund Custodian Expansion - The bank will strictly adhere to regulations and the approval document to conduct securities investment fund custody business, ensuring the integrity and independence of fund assets while protecting the legal rights of fund shareholders [3]. - As of May, there are 68 financial institutions listed as securities investment fund custodians, with commercial banks accounting for over 52% of this group [3]. - Among the qualified commercial banks, state-owned banks and national joint-stock banks dominate, with only a few rural commercial banks like Guangzhou Rural Commercial Bank and Shanghai Rural Commercial Bank having custody qualifications [3]. Group 2: Positive Impacts on Banking Operations - Obtaining the fund custody license can expand the bank's intermediary business income, enhancing revenue diversification and risk resilience through fees from custody and account services [4]. - The custody qualification can improve customer loyalty and comprehensive financial service capabilities, allowing the bank to serve various asset management institutions and connect with high-net-worth and institutional clients [4]. - The custody business can lead to increased fund settlement and retention, optimizing the bank's asset-liability structure and enhancing overall profitability [4]. Group 3: Quality Enhancement in Business Development - Commercial banks must enhance their operational quality in fund custody, addressing issues such as compliance and internal controls, as evidenced by recent regulatory warnings against certain banks [5]. - There is a need for banks to invest in IT systems to support custody operations, including valuation and clearing systems, to ensure compliance and operational stability [5]. - Banks should focus on professional talent development, IT infrastructure improvement, risk management, and building cooperative relationships with fund companies to enhance the quality of custody services [6].