12月5日晚间，信达澳亚基金公告称，方敬自12月5日起正式出任公司总经理一职，不再担任公司副总经理。此前，方敬于今年9月5日起代任信达澳亚基 金总经理职务。 | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 方敏 | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2025年12月5日 | | 过往从业经历 | 曾任职于中国人寿资产管理有限公司,中国民生银 | | | 行股份有限公司,中信证券股份有限公司,中新融 | | | 创资本管理有限公司和中国银河证券股份有限公 | | | 司,前海开源基金管理有限公司专户业务部负责人, | | | 曾任信达澳亚基金管理有限公司代任总经理、副总 | | | 经理。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 硕士研究生、硕士 | 来源：基金公告 公开资料显示，方敬拥有保险、银行、证券、基金等多领域的金融机构从业经历。他曾任职于中国人寿资管、中国民生银行、中信证券、中新融创资本 管理有限公司 ...

Core Viewpoint - The departure of veteran fund manager Li Xin from Huashan Fund Management has raised concerns about the stability of the company's investment research system, especially following the recent exit of other prominent managers and ongoing regulatory issues [2][3][11]. Group 1: Li Xin's Departure and Impact - Li Xin, a key figure at Huashan Fund, left the company on May 6, 2025, after managing a total of 7 funds with a combined scale of 8.016 billion yuan, achieving an annualized return of around 10% over the past six years [2][4][6]. - His exit was unexpected, as his managed funds had seen continuous growth for seven consecutive quarters prior to his departure, indicating strong investor confidence in his management abilities [6][9]. - Following Li Xin's departure, the management of his funds has been handed over to seven different managers, raising questions about their ability to maintain performance [9][12]. Group 2: Performance and Challenges of Huashan Fund - Over 30% of Huashan Fund's equity products have reported negative returns since inception, leading to scrutiny over the company's management capabilities [3][9]. - As of the end of Q1 2025, Huashan Fund's total management scale reached 686.037 billion yuan, with a significant portion (66.6%) coming from money market and bond funds, while equity funds accounted for a relatively small share [9][10]. - The company is facing internal challenges, including the fallout from a regulatory penalty involving former manager Zhang Liang, and external pressures from potential mergers following the consolidation of its parent company [11][12]. Group 3: Investment Strategy and Performance of Li Xin - Li Xin was known for his investment strategy focused on high positions, long cycles, and heavy investments in hard technology, leveraging his engineering background to analyze companies beyond surface-level financial data [6][7]. - His management of the Huashan Intelligent Equipment Theme Fund yielded a return of 223.04% over nearly ten years, with an annualized return of 12.68% [4][5]. - Li Xin's investment approach involved identifying opportunities along the industrial chain, particularly in the semiconductor and AI sectors, which contributed to the outperformance of his funds [6][7].