Core Viewpoint - The retirement of Zhu Yongqiang, the general manager of Xinda Australia Fund, marks a significant personnel change in the public fund industry, with Fang Jing temporarily taking over the role [1][2]. Company Overview - Xinda Australia Fund, established in June 2006, is the first fund company in China controlled by a state-owned asset management company [5]. - The company has experienced substantial growth under Zhu Yongqiang's leadership, with total assets increasing over 7 times from 127.60 billion yuan at the end of 2019 to a peak of 1374.51 billion yuan by September 2024 [5][6]. Leadership Transition - Zhu Yongqiang retired on September 5, 2025, after more than five years as general manager, during which he significantly expanded the company's asset management scale [2][5]. - Fang Jing, the current deputy general manager, will temporarily assume the role of general manager [1][3]. Performance Metrics - Under Zhu's management, the fund's non-monetary asset scale grew from 118.46 billion yuan to 681.11 billion yuan, with the company ranking 61 out of 183 in the industry by mid-2025 [5]. - The company achieved a total scale increase of 7.07 times and a non-monetary fund scale increase of 4.75 times during Zhu's tenure [5]. Investment Strategy - The company focused on enhancing its equity research capabilities by investing in experienced researchers and building a diverse talent structure across key sectors such as technology and consumer goods [6]. - In fixed income, the company emphasized risk control and developed a rigorous credit rating system to manage various risks dynamically [6]. - The company has also embraced financial technology trends by integrating AI algorithms into its investment strategies, creating a comprehensive quantitative research ecosystem [6]. Recent Performance - As of August 31, 2025, 41 of the company's fund products achieved over 30% returns in the past year, with 34 products rising over 50% and 13 products doubling their returns [7].

Group 1 - The core viewpoint is that the A-share market is stabilizing, leading to a recovery in the issuance of public equity products, with investor confidence gradually restoring [1] - As of May 27 this year, four equity products under Xinda Australia achieved a return of over 30% in the past six months, demonstrating strong excess return capabilities in a volatile market [1] - The four well-performing equity products include Xinda Australia Bojian Growth, Xinda Australia Craftsmanship Return, Xinda Australia Enjoy Life, and Xinda Australia Xingyi, each with distinct investment strategies focusing on high-growth sectors and cyclical resources [1] Group 2 - Xinda Australia has consistently delivered good returns for investors, with a seven-year equity product return of 119.76% as of the end of 2024, ranking first among 109 public fund institutions [2] - The company's strong performance is attributed to its commitment to client interests, strict risk control, and a focus on long-term growth potential in investment targets [2] - Xinda Australia emphasizes deep value exploration and forward-looking research, employing a systematic investment decision-making process that combines top-down and bottom-up approaches [2] Group 3 - As the first fund management company controlled by state assets in China, Xinda Australia has become a professional asset management institution in the public fund industry over nearly 19 years [3] - The company aims to enhance its research capabilities and optimize product layout to better meet diverse investor needs and contribute to the healthy development of China's capital market [3]