Core Viewpoint - The resignation of Jiang Jialiang, the Assistant General Manager and Chief Equity Investment Officer of Puyin Ansheng Fund Management Co., marks the end of an investment era for the company, as he has been a key figure in equity investment since joining in 2018 [1][4]. Group 1: Management Changes - Jiang Jialiang will officially leave his position on November 7, 2025, due to personal reasons, after serving for approximately two years and eight months [1][3]. - His departure has been a gradual process, with him stepping down from multiple fund manager roles between September and October 2025 [4][6]. Group 2: Performance Overview - Under Jiang's management, the Puyin Ansheng New Economy Structure A fund achieved a return of 169.87% with an annualized return of 15.19%, ranking in the top 20% among similar funds [4][6]. - In contrast, the Puyin Ansheng Quality Preferred A fund, managed by Jiang since December 2021, suffered a loss of 45.34%, with an annualized return of -14.63%, ranking near the bottom among its peers [4][6]. Group 3: Fund Management Transition - Following Jiang's resignation, new fund managers have been appointed for the products he managed, including Ling Yaliang for Puyin Ansheng New Economy Structure A and Puyin Ansheng Balanced Preferred 6-Month Hold, and Li Haoxuan for Puyin Ansheng Quality Preferred A [7][9]. - The company is in need of rebuilding its equity investment team and has not yet announced a successor for the Chief Equity Investment Officer position [10]. Group 4: Industry Context - The movement of core talent within the fund industry has become a norm, especially in the current market environment, where performance and compensation are increasingly linked [9][10]. - The company is undergoing a strategic transformation under the new leadership of Zhang Chi, focusing on three main business strategies: "Global Sci-Tech Innovator," "Index Specialist," and "Fixed Income Expert" [9].