Core Viewpoint - The first "Building a First-Class Investment Institution: High-Quality Development Forum for Public Funds" will be held in Hefei on November 7, co-hosted by Caixin and Ping An Bank, focusing on the high-quality development of the public fund industry [1][4]. Group 1: Forum Overview - The forum will gather over a hundred public fund participants, including leaders from the Shenzhen Stock Exchange and the Anhui Securities Regulatory Bureau, to share experiences and insights from both large and small institutions [4]. - The event will feature a closed-door exchange among public fund executives, focusing on development directions, assessment criteria, and key business areas [6][7]. - The establishment of the Evergreen Think Tank will be announced, aiming to provide strategic support and decision-making references for industry development [5]. Group 2: Key Discussion Topics - The closed-door session will address critical issues such as strategic positioning, governance structure optimization, and the balance between shareholder demands and long-term sustainability [6][7]. - The assessment mechanisms will be a focal point, discussing how performance evaluation systems can adapt to new product offerings and incorporate qualitative metrics [7]. - The shift from merely selling products to building customer trust will be emphasized, with executives sharing practical experiences on service-oriented business models [7]. Group 3: Main Forum Highlights - The main forum will include deep dialogues among leading public fund executives, focusing on the industry's role in supporting the real economy [10]. - Four key speeches will address critical areas such as research and investment system restructuring, differentiated development, product innovation, and ecological cooperation [11]. - Two roundtable discussions will explore the implications of recent reforms and the transition from scale competition to value creation in the public fund industry [12][13]. Group 4: Significance of the Event - The forum symbolizes a pivotal moment for the public fund industry, which is undergoing profound changes amid a shift towards high-quality development [10][14]. - The establishment of the Evergreen Think Tank reflects the industry's commitment to integrating asset management with wealth management, enhancing its role in serving the real economy and managing residents' wealth [14].

Core Insights - Huabao Fund is facing challenges with stagnant growth and underperformance in its investment products, particularly under the leadership of former chairman Huang Kongwei, who aimed for a management scale of 1 trillion yuan but left with a shortfall of over 650 billion yuan [1][3][9] Management Changes - On August 24, Huabao Fund announced the appointment of Xia Xuesong as the new chairman, succeeding Huang Kongwei due to "age reasons," indicating an internal personnel arrangement rather than a strategic overhaul [1][3] Performance Metrics - As of August 27, Huabao Fund manages 264 products with a total scale of 341.52 billion yuan, significantly below the ambitious "1 trillion Huabao" target [3] - The fund's active equity products account for only 4.89% of its total assets, with a significant portion (over 50%) in money market funds, leading to a structural imbalance [5][6] Market Comparison - In the recent bull market, Huabao Fund's performance has lagged, with 33.8% of its active equity products underperforming the CSI 300 index over the past year [6] - No Huabao Fund products are among the top performers, with only 1.58% of its products achieving over 100% growth in the past year [7][8] Structural Issues - The fund's product structure is heavily weighted towards industry index ETFs and fixed income, with many "mini funds" at risk of liquidation due to their small sizes [9][11] - A significant portion of Huabao's products (31.49%) have assets below 50 million yuan, indicating potential challenges in maintaining viability [11] Talent and Strategy Challenges - The fund has experienced a loss of star fund managers and a lack of effective investment strategies, leading to poor performance and high turnover rates among its products [9][10] - Frequent management changes and unrealistic growth targets have hindered strategic execution and responsiveness to market changes [9][10]