Group 1 - The three major indices experienced a rebound in early trading, with the Shanghai Composite Index turning positive and the ChiNext Index rising nearly 3% at one point [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.28 trillion, a decrease of 85.4 billion compared to the previous trading day [1] - The new energy sector saw a collective surge, particularly in green methanol concept stocks, with Jiaze New Energy achieving three consecutive trading limit increases and Donghua Technology achieving two [1] Group 2 - The energy storage concept stocks rebounded, with Tongrun Equipment achieving two trading limit increases in four days [3] - Solid-state battery concept stocks performed strongly, with Tianji Co. achieving two consecutive trading limit increases, and multiple stocks such as Wanrun New Energy and Molybdenum Flour reaching trading limits [3] - The securities sector strengthened during the trading session, with Guosheng Jinkong hitting a trading limit and reaching a new high [3] Group 3 - The solid-state battery, non-ferrous metals, and photovoltaic equipment sectors saw the largest gains, while the education, coal, and pork sectors experienced the largest declines [3] - By the end of the trading session, the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 1.11%, and the ChiNext Index climbed by 1.77% [3]

Core Viewpoint - The announcement of the change in fund management for the GF Multi-Dimensional Emerging Fund, with Liu Gesong stepping down and Zhou Zhishuo taking over, highlights a significant transition in fund management within GF Fund Management [2][3]. Fund Management Change - Liu Gesong has resigned from the position of fund manager for the GF Multi-Dimensional Emerging Fund due to "work arrangements," and Zhou Zhishuo will now manage the fund alone [2][3]. - Zhou Zhishuo began co-managing the fund with Liu on August 21, 2025, indicating a brief transition period of less than a month [8]. Fund Performance - The GF Multi-Dimensional Emerging Fund has a total scale of 1.832 billion, making it the smallest fund managed by Liu Gesong among six funds, yet it has the highest annualized return of 13.63% [3][4]. - Since the market surge on September 4, 2024, the fund has increased by 64.32%, outperforming the average return of ordinary stock funds by 15% [4]. - Over nearly seven years under Liu's management, the fund achieved a cumulative return of 140% [3][5]. Manager Background - Zhou Zhishuo, a relatively new manager at GF Fund Management, joined the firm on February 13, 2025, and has prior experience managing funds at ICBC Credit Suisse and CCB Fund, with mixed performance results [8][9]. - Liu Gesong continues to manage five other funds with a total scale of 29.4 billion, although two of these funds have reported losses over nearly five years [7][10]. Future Outlook - The future performance of the GF Multi-Dimensional Emerging Fund under Zhou Zhishuo's management remains to be seen, particularly in comparison to the established managers at GF Fund Management [11].