Core Viewpoint - The influence of Bank of China Fund is declining, with its management ranking dropping from 11th in 2018 to 19th in 2024, despite an increase in total assets and management scale [2][6]. Financial Performance - Net profit decreased from 973 million yuan in 2018 to 790 million yuan in 2024, a decline of 18.8% [4][5]. - Total assets increased from 4.06 billion yuan to 6.482 billion yuan, a rise of 59.7% [4][5]. - Net assets rose from 3.02 billion yuan to 5.537 billion yuan, an increase of 83.3% [4][5]. - Public fund management scale grew from 401.1 billion yuan to 618.7 billion yuan, an increase of 54.3% [4][5]. Industry Ranking - The management scale ranking fell from 11th in 2018 to 19th in 2024, while profit ranking dropped from 7th to 16th during the same period [6][7]. Fee Structure - Over seven years, the fund generated 94.44 billion yuan for investors while charging 23.59 billion yuan in management fees, resulting in a fee-to-profit ratio of 24.06%, the lowest among major state-owned bank funds [8][10]. Investment Strategy - The fund's equity investment performance has been inconsistent, with significant profits concentrated in 2020, which accounted for 89.6% of total stock profits over seven years [10][12]. - The fund has a high liquidation rate, with 41 funds liquidated, representing 4.23% of its total, significantly higher than peers [10][11]. Management Changes - Zhang Jiawen, the new acting chairman, has a long history with the company and aims to stabilize the investment team and enhance both equity and fixed-income capabilities [18][19].