Market Performance - On January 20, the Shanghai Composite Index fell by 0.01% to 4113.65 points, the Shenzhen Component Index decreased by 0.97% to 14155.63 points, and the ChiNext Index dropped by 1.79% to 3277.98 points [1] Fund Manager Changes - On January 20, 24 fund managers experienced changes in their positions, with 43 fund products announcing fund manager departures, involving 12 fund managers [3] - In the past 30 days (December 21 to January 20), a total of 564 fund products saw fund manager changes, indicating significant turnover in the industry [3] - The reasons for the changes included 4 fund managers leaving due to job changes, 2 due to personal reasons, 4 due to product expiration, and 2 due to the end of agency roles [3] New Fund Manager Appointments - On January 20, 40 fund products announced new fund manager appointments, involving 12 fund managers [5] - Notably, Xia Haoyang from GF Fund currently manages assets totaling 163.79 billion yuan, with his highest-performing product being the GF Hang Seng A-share Electric Power Equipment ETF, which achieved a return of 97.29% over 1 year and 39 days [5] Fund Research Activity - In the past month (December 21 to January 20), Huaxia Fund conducted the most company research, engaging with 51 listed companies, followed by Bosera Fund with 39 and Southern Fund with 32 [6] - The automotive parts industry was the most researched sector, with 165 instances of fund company inquiries, followed by the medical device industry with 132 inquiries [6] Individual Stock Research - The most researched company in the last month was Xiangyu Medical, with 61 fund management companies participating in the inquiry [8] - In the past week (January 13 to January 20), the company with the highest number of fund inquiries was Tiancheng Technology, receiving attention from 36 fund institutions [8]

Market Performance - On January 8, A-shares experienced a collective adjustment, with the Shanghai Composite Index down by 0.07% to 4082.98 points, the Shenzhen Component Index down by 0.51% to 13959.48 points, and the ChiNext Index down by 0.82% to 3302.31 points [1] Fund Manager Changes - On January 8, a total of 24 fund managers experienced changes in their positions, with 19 fund products announcing departures of fund managers, involving 9 individuals. The reasons for these changes included 6 due to job changes and 3 due to personal reasons [3] - In the past 30 days (December 9 to January 8), 585 fund products saw their fund managers leave, indicating a significant turnover in the industry [3] New Fund Managers - On January 8, 34 fund products announced new fund manager appointments, involving 17 new managers. Notably, Liu Xiaocheng from Manulife Fund has a total fund asset scale of 2.247 billion, with a highest return of 89.20% on the Xinhua Preferred Consumption Mixed Fund during his tenure [5] Fund Research Activity - In the past month (December 9 to January 8), Huaxia Fund conducted the most company research, engaging with 44 listed companies, followed by Bosera Fund with 43 and Southern Fund with 35 [6][7] - The automotive parts industry was the most researched sector, with 160 instances of fund company engagement, followed by the computer equipment sector with 140 instances [6][7] Recent Fund Research Focus - In the last week (January 1 to January 8), Chaojie Co., a company in the automotive parts sector, was the most researched, with 37 fund institutions participating in the research [8] - The most focused stock in the past month was Zhongke Shuguang, with 117 fund management companies conducting research, followed by Haiguang Information and Chang'an Automobile [9]

重仓股战绩回顾：其管理的银华招利一年持有期混合A在2025年第二季度调入工业富联，调入当季均价 20.99，连续持有1个季度后，在2025年第三季度调出，调出当季均价45.73，估算收益率为117.87%（估 算收益率按后复权的调入调出季度均价算出）。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 李程先生：中国国籍，硕士研究生。曾就职于嘉实基金管理有限公司、平安养老保险股份有限公司， 2021年8月加入银华基金管理股份有限公司，现任养老金及多资产投资管理部投资经理(年金、养老 金)。2025年4月3日担任银华招利一年持有期混合型证券投资基金、银华招利一年持有期混合型证券投 资基金、银华汇盈一年持有期混合型证券投资基金、银华盛泓债券型证券投资基金基金经理。2025年8 月22日起任银华钰祥债券型证券投资基金基金经理。 其管理过的公募基金如下: 证券之星消息，2026年1月8日，银华盛安六个月持有混合（025993）发布公告，增聘李程为基金经理， 任职日期自2026年1月8日起，变更后银华盛安六个月持有混合（025993）的基金经理 ...

Market Performance - On January 7, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.05% to 4085.77 points, the Shenzhen Component Index rising by 0.06% to 14030.56 points, and the ChiNext Index up by 0.31% to 3329.69 points [1] Fund Manager Changes - On January 7, there were 11 fund manager changes reported, with 594 fund products experiencing manager departures in the past 30 days (December 8 to January 7) [3] - Among the changes, two fund managers left due to job changes, while one left for personal reasons [3] - Notably, He Fangzhou from Wanji Fund managed assets totaling 13.137 billion yuan, with the highest return of 96.83% from the Wanji CSI Industrial Nonferrous Metals Theme ETF during his tenure [3] New Fund Managers - On January 7, 11 fund products announced new fund managers, involving 8 new managers [4] - Niu Zhidong from Fortune Fund currently manages assets of 24.803 billion yuan, with a notable return of 137.93% from the Fortune CSI High-end Manufacturing Index Enhanced Fund during his tenure [4] Fund Research Activity - In the past month (December 8 to January 7), Huaxia Fund conducted the most company research, engaging with 42 listed companies, followed by Bosera Fund with 41, and Southern Fund with 34 [4][5] - The computer equipment industry was the most researched sector, with 140 instances of fund company inquiries, followed by the automotive parts industry with 136 [5] Recent Fund Research Focus - In the last week (December 31 to January 7), the most researched company was Entropy Technology, with 34 fund institutions participating in the inquiry [6] - Other companies with significant research interest included Jingji Zhinu and Jingbeifang, with 29 and 25 fund institutions respectively [6]

Market Performance - The A-share market showed mixed results on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day consecutive increase, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points [1]. Fund Manager Changes - From December 27 to December 29, a total of 63 fund managers experienced changes in their positions, with 83 fund products announcing departures of fund managers during this period, involving 32 managers [3]. - Over the past 30 days (November 29 to December 29), 696 fund products saw changes in their fund managers, indicating significant turnover in the industry [3]. - The reasons for the changes included 26 managers leaving due to job changes, one due to personal reasons, four due to product expiration, and one due to resignation [3]. Fund Manager Performance - Dai Jie from Pengyang Fund currently manages assets totaling 298 million yuan, with the highest return of 235.16% achieved by the Hui'an Fengze Mixed A fund (003889) during his tenure of 6 years and 147 days [5]. - Zhang Xun, also from Pengyang Fund, manages assets of 10.543 billion yuan, with the highest return of 129.11% from the Pengyang Digital Economy Pioneer Mixed A fund (012456) over a tenure of 1 year and 124 days [5]. Fund Company Research Activity - In the past month (November 29 to December 29), Huaxia Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Bosera Fund, and Huitianfu Fund, which researched 34, 32, and 31 companies respectively [7]. - The most researched industry was specialized equipment, with 146 instances, followed by the computer equipment industry with 111 instances [7]. Recent Fund Research Focus - In the last week (December 22 to December 29), Lingyi Zhizao, a company in the consumer electronics sector, was the most researched, receiving attention from 40 fund institutions [9]. - Other companies with significant research interest included Pulite, Nord Shares, and Desai Xiwai, with 28, 23, and 22 fund institutions respectively [9].

Market Performance - On December 25, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.47% to 3959.62 points, the Shenzhen Component Index rising by 0.33% to 13531.41 points, and the ChiNext Index up by 0.3% to 3239.34 points [1] Fund Manager Changes - On December 25, 24 fund managers experienced changes in their positions, with 675 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 4 managers leaving due to job changes, 1 due to personal reasons, and 3 due to product expiration [3] - Wang Liang from Minsheng Jianyin Fund managed assets totaling 3.205 billion yuan, with the highest return product being Minsheng Jianyin Prosperity Industry Mixed A, achieving an 86.63% return over 7 years and 56 days [3] New Fund Managers - On December 25, 29 fund products announced new fund managers, involving 16 managers [4] - Yang Zhenshao from E Fund currently manages assets of 9.842 billion yuan, with the highest return product being E Fund Medical Care Industry Mixed A, which achieved a 199.09% return over 9 years and 129 days [4] Fund Research Activity - In the past month (November 25 to December 25), Bosera Fund conducted the most company research, engaging with 39 listed companies, followed by Huaxia Fund, Southern Fund, and Huitianfu Fund with 38, 37, and 34 companies respectively [6] - The most researched industry was specialized equipment with 178 instances, followed by chemical products with 130 instances [6] Recent Company Focus - In the last month, the most focused company by public funds was Zhongke Shuguang, with 117 fund management companies participating in its research [6] - In the past week (December 18 to December 25), Lingyi Zhi Zao was the most researched company, receiving attention from 40 fund institutions [7]

Core Insights - The public fund industry is experiencing a significant personnel shift, driven by multiple factors including regulatory reforms, compensation adjustments, and the need for high-quality transformation [2][10] - Notable fund managers, such as Liu Gesong and Lei Zhiyong, have recently stepped down from their positions, raising market concerns about their future roles, although they have no plans to leave their companies [2][3] - The turnover rate of fund managers has reached a historical high, with 453 managers leaving their positions this year, a more than 30% increase compared to the previous year [3][6] Group 1: Personnel Changes - Liu Gesong announced his resignation from managing the Guangfa Small Cap Growth fund after over eight years, reducing his managed products from 5 to 4, with assets under management decreasing from 33.4 billion to approximately 27.5 billion [3] - The trend of fund managers stepping down is not isolated; it reflects a broader industry movement towards "mentoring the new generation" and focusing on investment management rather than administrative roles [4][5] - The industry has seen a notable increase in fund manager turnover, with over 5,015 funds experiencing changes in management this year, marking a more than 20% increase from the previous year [6][8] Group 2: Industry Dynamics - The industry is witnessing a shift towards a "return to investment research" trend, with several high-profile fund managers resigning from management roles to concentrate on investment [5][9] - The regulatory environment has intensified, with new performance assessment and compensation management frameworks being introduced, compelling fund managers to focus on improving investment quality and enhancing investor experience [8][9] - The understanding of management scale within the industry has become more rational, with practices like "top-tier managers reducing their load" and "performance-based product limits" becoming common [9][10]

Market Performance - On December 16, the A-share market saw declines across major indices, with the Shanghai Composite Index falling by 1.11% to 3824.81 points, the Shenzhen Component Index dropping by 1.51% to 12914.67 points, and the ChiNext Index decreasing by 2.1% to 3071.76 points [1] Fund Manager Changes - On December 16, there were 20 fund manager changes, with 631 fund products experiencing manager departures in the past 30 days (from November 16 to December 16) [3] - Among the changes on December 16, 25 fund products announced manager departures, involving 10 fund managers. The reasons for these changes included 5 due to job changes, 1 for personal reasons, and 4 due to product expiration [3] New Fund Managers - On December 16, 26 fund products announced new fund manager appointments, involving 11 fund managers. Notably, Qi Wei from Western Li De Fund has a total asset scale of 1.753 billion yuan, managing index funds with a highest return of 78.57% for the Western Li De Growth ETF [5] Fund Research Activity - In the past month (from November 16 to December 16), Bosera Fund conducted the most company research, engaging with 44 listed companies. Other active funds included Guotai Fund, Huaxia Fund, and Southern Fund, each researching 37 companies [6] - The most researched industry was specialized equipment, with 211 instances, followed by consumer electronics with 189 instances [6] Recent Fund Research Focus - In the last week (from December 9 to December 16), Zhongke Shuguang was the most researched company, with 116 fund institutions participating in the research. Other companies with significant attention included Haiguang Information and Guanglian Aviation [8]

Market Performance - On December 12, A-shares saw a collective increase, with the Shanghai Composite Index rising by 0.41% to 3889.35 points, the Shenzhen Component Index increasing by 0.84% to 13258.33 points, and the ChiNext Index up by 0.97% to 3194.36 points [1] Fund Manager Changes - On December 12, a total of 19 fund managers experienced changes in their positions, with 696 fund products having manager departures in the past 30 days [3] - Among the changes on December 12, 6 fund products announced manager departures, involving 3 fund managers, with 2 leaving due to job changes and 1 due to personal reasons [3][4] New Fund Managers - On December 12, 29 fund products announced new fund manager appointments, involving 16 fund managers [5] - Notably, Zhang Ge from Tianhong Fund has a current fund asset scale of 8.223 billion, managing index funds, with the highest return of 150.10% over 1 year and 241 days [6] Fund Research Activity - In the past month (November 12 to December 12), Bosera Fund conducted the most company research, engaging with 50 listed companies, followed by Huaxia Fund, Guotai Fund, and Huitianfu Fund with 42, 41, and 40 companies respectively [8] - The most researched industry was consumer electronics, with 249 instances, followed by specialized equipment with 209 instances [8] Individual Stock Research - The most focused stock by public funds in the last month was Zhongke Shuguang, with 116 fund management companies participating in its research, followed by Haiguang Information and Luxshare Precision [9] - In the last week (December 5 to December 12), Zhongke Shuguang remained the top researched stock, again with 116 fund institutions involved [10]

Market Performance - On November 28, all three major A-share indices closed higher, with the Shanghai Composite Index rising by 0.34% to 3888.6 points, the Shenzhen Component Index increasing by 0.85% to 12984.08 points, and the ChiNext Index up by 0.7% to 3052.59 points [1] Fund Manager Changes - In the past 30 days (October 29 to November 28), a total of 662 fund products experienced changes in fund managers, with 22 announcements made on November 28 alone [3] - The reasons for the changes included one manager leaving due to job changes, two due to personal reasons, and two due to product expiration [3] Fund Manager Performance - Yao Qiu, a fund manager at Guangfa Fund, currently manages assets totaling 2.127 billion yuan, with the highest return product being Xinhua Dividend Return Mixed Fund (003025), achieving a return of 82.74% over 4 years and 279 days [4] - Wei Xiaoxue from Lobo Mai Fund manages assets of 634 million yuan, with the highest return product being Everbright New Growth Mixed A (360006), which achieved a return of 273.86% over 9 years and 196 days [5] Fund Research Activity - In the last month, the most active fund company in conducting company research was Chuangjin Hexin Fund, which surveyed 169 listed companies, followed by Bosera Fund, Huaxia Fund, and Harvest Fund, which surveyed 101, 99, and 95 companies respectively [6] - The semiconductor industry was the most researched sector, with 470 surveys, followed by the medical device industry with 450 surveys [6] Recent Company Focus - In the past month, the most researched stock by public funds was Luxshare Precision, with 116 fund management companies participating in the survey, followed by Kaiying Network and Lens Technology with 75 and 74 participating companies respectively [7] - In the last week (November 21 to November 28), the most surveyed company was Jerry Holdings, with 65 fund institutions conducting research, followed by Century Huatong, Kaiying Network, and Nacono with 53, 33, and 33 surveys respectively [8]