Core Viewpoint - As of the end of Q3 2025, the company has a net asset value of approximately 1.2 trillion yuan, ranking seventh in the industry, but its growth rate is lagging behind peers, indicating a structural misalignment between stable rankings and slow growth [1][2]. Company Performance - The company's public fund asset scale reached 1.2 trillion yuan, with a quarterly increase of 646.56 billion yuan, maintaining its seventh position in the industry [2][3]. - Among the 24 large public fund companies with assets over 500 billion yuan, the company ranked 13th in quarterly growth, reflecting a stable size but insufficient momentum [2][4]. - The company's active equity fund saw a quarterly increase of 119.66 billion yuan, ranking 15th in the industry, indicating a slower growth compared to peers [1][4]. ETF Market Position - The company reported an ETF scale of 338.86 billion yuan with a quarterly increase of 748.02 billion yuan, ranking fifth overall; however, it ranked third from the bottom among ETF companies with over 200 billion yuan in scale [5][6]. - The overall ETF market expanded significantly, but the company's growth in this area is considered weak due to a conservative approach in emerging sectors and cross-border products [5][6]. Team Dynamics and Governance - The company has experienced a significant turnover of core investment research members, with 14 key personnel leaving in 2025, which is unusual for established public funds [6][7]. - The transition in governance, with a new chairman taking over in September 2024, and the existing general manager having been in position since 2018, indicates a period of organizational restructuring [6][7]. Profitability and Future Outlook - The company achieved over 100 billion yuan in profits for investors in Q3, ranking among the top three fund management companies, primarily driven by the recovery of broad-based ETFs [7]. - The focus for Q4 includes accelerating the issuance of new ETFs and thematic funds, improving active equity fund inflows, and enhancing communication and stability within the investment team [7].

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].