Core Viewpoint - The resignation of Hu Jie, a key figure in the index investment sector at Huabao Fund, has raised concerns about the future direction of the company's index business and its overall strategy following significant personnel changes within the firm [1][8]. Group 1: Personnel Changes - Hu Jie has resigned from all managed products, totaling 16 funds with a management scale exceeding 100 billion yuan [1][4]. - Hu Jie was a foundational figure in Huabao Fund's index business and played a crucial role in establishing the "Technology ETF" concept in the market [4]. - The recent resignation is part of a broader trend of personnel changes at Huabao Fund, which has seen a complete overhaul of its core management team in recent months [8]. Group 2: Business Performance - As of October 2025, Huabao Fund's stock ETF management scale surged by 60.80% compared to the end of 2024, reaching 131.49 billion yuan, contributing to a total ETF scale exceeding 200 billion yuan [9]. - Despite impressive growth in ETF scale, there are concerns about the slower growth rate compared to the overall market, with Huabao Fund's ETF scale only reaching 213 billion yuan by early February 2026, while the total market ETF scale surpassed 5.6 trillion yuan [11]. Group 3: Strategic Direction - The new leadership under Chairman Xia Xuesong has proposed a dual strategy focusing on consolidating advantages and product innovation, particularly in thematic ETFs and fixed-income products [8]. - The company is actively working on talent development and succession planning to ensure continuity in its index business, with new fund managers being appointed to manage new products [12]. - The departure of Hu Jie marks the end of an era for Huabao Fund, prompting the new management to recalibrate its strategic direction to meet ambitious growth targets set by previous leadership [12].