Group 1 - Jin Ying Fund Management Co., Ltd. announced the resignation of fund manager Yang Fan for personal reasons, effective June 2025 [1] - Yang Fan's management record includes three funds at Jin Ying, with the latest fund, Jin Ying Cycle Preferred Mixed A, showing a return of -43.90% [1] - The two funds managed by Yang Fan, Jin Ying Transformation Power Mixed and Jin Ying Smart Life Mixed, reported returns of -46.35% and -50.33% respectively, ranking at the bottom of the market [1] Group 2 - Zhang Zhanhua, who joined Jin Ying in June 2023, has managed three products, with returns of 22.09% and 5.33% for Jin Ying Small and Medium Cap Selected Mixed A and Jin Ying Dividend Value Mixed A, respectively [2] - The fund managed by Zhang Zhanhua, Jin Ying Smart Life Mixed A, has a return of -10.35% since January 2025 [2] Group 3 - Li Longjie, who has been with Jin Ying since June 2017, manages two funds, both of which have negative returns, with Jin Ying Transformation Power Mixed showing -10.17% and Jin Ying Research Driven Mixed A showing -1.85% [3] Group 4 - As of June 3, 2025, Jin Ying Fund has a total of 67 active products, with 44 underperforming their benchmarks over the past three years [4] - Among these, 28 funds have underperformed by over 10%, and 10 funds have underperformed by over 40% [4] Group 5 - The fund Jin Ying Multi-Strategy Mixed A, managed by Ouyang Juan, has underperformed its benchmark by 66.22% over the past three years [5] - Ouyang Juan's products have all shown negative returns, with the latest fund under her management, Jin Ying Multi-Strategy Mixed A, underperforming by 39.36% since she took over at the end of 2023 [6]

Core Viewpoint - The resignation of Zhang Yifu, a key figure at Huisheng Fund, raises questions about the underlying reasons for his departure, especially given the poor performance of the funds he managed [1][4][6]. Group 1: Fund Manager Changes - On May 20, Huisheng Fund announced the resignation of Zhang Yifu from his roles managing three mixed funds, with no clear indication of his future plans [1][2]. - The three funds previously managed by Zhang Yifu will now be overseen by new managers: Sun Qing, Peng Baiwen, and Zhang Zheng [1][2]. - Zhang Yifu's departure follows a trend of increasing managerial changes within Huisheng Fund, including the recent hiring of experienced personnel to strengthen the investment team [6][9]. Group 2: Fund Performance - Prior to his resignation, Zhang Yifu managed funds with a total scale of 2.267 billion yuan, accounting for 72.68% of Huisheng Fund's mixed product total [4]. - The performance of the funds under Zhang Yifu's management was notably poor, with annualized returns of only 1.21% for Huisheng Huimin Mixed Fund and -40.54% for Huisheng Medical Health Fund, significantly underperforming their benchmarks [4][10]. - The overall performance of Huisheng Fund's equity products has been under pressure, with five out of eight mixed funds reporting losses since inception [10]. Group 3: Company Structure and Strategy - As of the end of Q1 2025, Huisheng Fund's total management scale was 52.772 billion yuan, with fixed income assets making up 94.09% of the portfolio, highlighting a significant imbalance in product structure [9]. - The company has not launched any new equity products since March 2022, indicating a stagnation in its equity investment strategy despite recent managerial changes aimed at enhancing this area [9][10]. - The recent high-level departures and appointments within Huisheng Fund suggest a strategic shift as the company attempts to address its historical reliance on fixed income products and improve its equity investment capabilities [9].

Group 1 - Nanjing Securities has received approval for a 5 billion yuan private placement, marking a restart of refinancing for listed brokerages, which may enhance capital structure and risk resilience [1] - Tianfeng Securities also had its long-stalled private placement approved by the Shanghai Stock Exchange, indicating a revival in the private placement market [1] - The resumption of refinancing activities is expected to boost market confidence and promote the stability and healthy development of the capital market [1] Group 2 - Fund manager Bao Wuke has resigned from Invesco Great Wall Fund for personal reasons, which may lead to short-term fluctuations in investor confidence in the funds he managed [2] - The frequency of fund manager changes has been high this year, with 138 fund managers leaving their positions, reflecting a trend of talent mobility in the fund industry [2] - The departure of notable fund managers may raise concerns about the stability of fund management, potentially influencing investor choices regarding fund products [2] Group 3 - Bond funds demonstrated strong fundraising capabilities, attracting over 19.2 billion yuan in a single week, indicating a preference for low-risk fixed-income assets among investors [3] - Five bond funds accounted for 80.19% of the total issuance, highlighting the market's focus on stable returns in the current environment [3] - The trend of significant inflows into bond funds suggests a decline in risk appetite among investors, favoring conservative investment strategies [3] Group 4 - Fund managers have collectively purchased over 2 billion yuan worth of equity funds this year, reflecting their confidence in the market [4] - The self-purchase behavior of fund managers is seen as a positive signal that may help stabilize market sentiment and enhance investor confidence [4] - This trend may benefit related sectors, such as finance and asset management, as it contributes to an overall improvement in market confidence [5]

Core Viewpoint - The article discusses the trend of prominent fund managers in the public fund industry resigning from their positions, highlighting the recent departure of Ma Long from China Merchants Fund and the implications for the industry and investors [1][2][11]. Group 1: Ma Long's Departure - Ma Long, a star fund manager at China Merchants Fund, has resigned from all managed products, with his total management scale reaching nearly 900 billion yuan before his departure [2][3]. - Since the second half of 2023, Ma Long has gradually stepped down from nine products, with the largest being the China Merchants Industry A fund, which had a scale of 207.66 billion yuan at the time of his resignation [3][4]. - The company stated that the changes in fund managers are part of a broader strategy for optimizing research and investment team resources [4][9]. Group 2: Industry Trends - As of April 1, 2024, a total of 93 fund managers have resigned this year, which is higher than the same period last year, indicating a growing trend of fund manager turnover in the industry [13]. - The article notes that the departure of star fund managers is accelerating, influenced by market cycles and a shift towards team-based operations, moving away from a "star" model [14][15]. - The trend of increasing fund manager resignations may also be linked to some managers seeking better opportunities at larger firms or pursuing private ventures [15]. Group 3: Impact on Fund Management - The resignation of prominent fund managers can lead to losses for fund companies and affect investors, necessitating a reassessment of the capabilities of the incoming managers [8][12]. - The new managers taking over Ma Long's funds include Liu Wanfeng and Wang Zilin, both of whom have significant experience in fixed income investment [9][10]. - China Merchants Fund emphasizes its commitment to a collaborative investment approach within its fixed income team, which consists of nearly 40 research personnel, to mitigate the impact of these managerial changes [10].