Core Viewpoint - The article emphasizes the importance of providing low-volatility absolute return products to meet the changing needs of clients in a low-interest-rate environment, highlighting the investment philosophy of Shao Yunqi from Huatai-PineBridge Fund Management [3][10]. Group 1: Investment Strategy - Shao Yunqi combines macro strategy insights with product thinking, focusing on long-term macro trends and user demand [3][9]. - The investment approach includes expressing macro views through underweighting certain industries while maintaining a balanced industry allocation to reduce equity volatility [5][18]. - Emphasis is placed on safety margins in stock selection, prioritizing low volatility dividend stocks to optimize the portfolio's Sharpe ratio [5][20]. Group 2: Product Design and Client Needs - The goal is to design investment tools that clients can hold long-term, providing better returns than bank deposits while managing volatility [8][10]. - The demand for stable, low-volatility products is increasing as clients seek alternatives to low-risk bank wealth management products [10][30]. - The investment philosophy is centered around absolute returns rather than relative rankings, focusing on providing a better holding experience for clients [6][31]. Group 3: Market Outlook - The outlook for the market is optimistic, with expectations that money will flow from low-risk bank products to equity and bond combinations that offer better returns with manageable volatility [29][30]. - The article suggests that the liquidity easing trend will continue to support valuation increases, particularly in equity assets [30].

Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund marks a significant shift in the asset management landscape, as he transitions to the private equity sector seeking new challenges in his career [1][3]. Summary by Sections Departure Announcement - Zhang Yifei officially announced his resignation from all managed products at Anxin Fund as of July 15, 2023, confirming his intention to continue in the asset management industry [1][3]. Background and Performance - Zhang Yifei has over 11 years of experience in investment management, having previously held various roles in finance and asset management. His managed products had a total scale exceeding 32 billion yuan, accounting for over one-third of Anxin Fund's total assets of approximately 94.53 billion yuan [3][5]. - As of July 15, 2023, all nine products managed by Zhang Yifei reported positive returns, with six products achieving annualized returns exceeding 5%. The longest-managed product, Anxin Steady Growth A, recorded a return of 82.81% since May 25, 2015, with an annualized return of 6.12% [5]. Market Impact and Team Stability - Zhang Yifei's departure raised concerns about the stability of Anxin Fund's fixed income team. However, core team members he previously managed will remain at Anxin Fund to continue overseeing the products [3][5]. Successors - Following Zhang Yifei's exit, two core team members, Li Jun and Huang Wanshu, will take over the management of the products. Li Jun, with 20 years of experience and a history of collaboration with Zhang, will manage several key funds, while Huang Wanshu will oversee others, bringing her expertise in bond yield curve analysis [7][9].

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has confirmed his departure from the public fund industry after 13 years, indicating a desire for new challenges in his career, potentially moving to the private equity sector [1][2]. Fund Manager Departure - Zhang Yifei officially resigned from managing nine products, including Anxin Stable Value and Anxin Target Return, effective July 15, with a total management scale exceeding 32 billion yuan, accounting for over one-third of Anxin Fund's total assets of 94.531 billion yuan [2]. - His departure has raised concerns about the stability of Anxin's fixed income team, although core team members he previously managed will remain at Anxin Fund to continue managing the products [2]. Performance and Investment Style - As of July 15, all nine products managed by Zhang Yifei reported positive returns, with six products achieving annualized returns exceeding 5%. The longest-managed product, Anxin Stable Value A, has a return of 82.81% since May 25, 2015, with an annualized return of 6.12% [3]. - Zhang Yifei is known for his absolute return investment style, demonstrating strong defensive capabilities in volatile market conditions [3]. Successors and Management Changes - Following Zhang Yifei's departure, two core team members, Li Jun and Huang Wanshu, will take over the management of the products. Li Jun will manage Anxin Stable Value and Anxin Stable Growth, while Huang Wanshu will manage Anxin Target Return and other products [5][6]. - Li Jun has 20 years of experience and has previously co-managed multiple products with Zhang Yifei, while Huang Wanshu is recognized for her expertise in bond yield curve analysis and has a track record of managing products alongside Zhang Yifei [6][7].

Core Viewpoint - The recent management changes at Huiquan Fund, including the departure of General Manager Liang Yongqiang and the appointment of Chen Hongbin, are seen as a strategic move to address the company's underperformance and improve its investment strategies [1][9]. Management Changes - Liang Yongqiang officially left his position as General Manager due to "work adjustments," with his departure effective on June 20, 2025 [4]. - Chen Hongbin has been appointed as the new General Manager, effective June 20, 2025, bringing over 20 years of financial industry experience [3][9]. - Chai Gong has been appointed as the new Deputy General Manager, also effective June 20, 2025 [3][10]. Performance Context - Under Liang Yongqiang's leadership, the fund's performance has been poor, with a return of -40.52% over the past three years, significantly underperforming the benchmark [5][6]. - Specific funds managed by Liang, such as Huiquan Strategy Preferred A and Huiquan Zhenxin Zhiyuan A, reported returns of -51.25% and -56.59%, respectively, also underperforming their benchmarks [6]. Strategic Implications - Chen Hongbin's expertise in macroeconomic research and absolute return strategies is expected to help address the fund's weaknesses and improve its investment performance [9]. - The management change is viewed as both a response to current performance challenges and a proactive strategy to reshape the company's future [10]. - The collaboration between Chen Hongbin and Chai Gong is anticipated to enhance the fund's market positioning and operational effectiveness, particularly in fixed income and absolute return investments [10].