Core Points - Allianz Fund announced the resignation of Chairman Wu Jiayao due to personal reasons, effective July 25, 2025, with General Manager Shen Liang taking over the chairman role temporarily [1][4] - The company emphasized that this leadership change will not affect daily operations, investor relations, or product services [1][9] Group 1: Leadership Change - Wu Jiayao served as chairman for 1 year and 4 months, from April 18, 2024, to July 25, 2025, during which the fund achieved significant growth with two products reaching an asset scale of 685 million [5] - Shen Liang, who has been with Allianz since January 2021, will assume the chairman role, bringing over 20 years of experience from various top financial institutions [8][9] Group 2: Shen Liang's Background - Shen Liang has held key positions in several financial institutions, including investment director at Zhonghong Life Insurance and COO at Morgan Stanley Asia [3][8] - He holds a master's degree in business administration from the University of Western Ontario and possesses CFA and ACCA certifications, enhancing his capabilities in fund risk control and investment strategy [3][8] Group 3: Future Outlook - Allianz Fund aims to maintain stability in its current asset management scale of 690 million while planning to leverage global resources to expand in the Chinese public fund market, particularly in ESG investments and cross-border products [9][10] - The leadership transition reflects the adaptability of foreign public fund institutions in a rapidly changing market, with expectations for enhanced competitiveness under Shen Liang's leadership [9][10]

Abstract 摘要 点击小程序查看报告原文 规模及竞争格局：产品规模上行趋势暂缓，宽基规模占比有所回落 被动产品规模上行趋势暂缓。 截至3月末被动产品整体规模5.14万亿元，总规模在近两年的上行趋势中首次出现单季度下滑，季度规模增速为-1.0%。结构 上，虽然一季度股票ETF新发规模不少，但由于产品资金净流出较多，整体上股票ETF相较上季度规模仅增长0.3%；债券型ETF则维持规模高增速，规模 增长21.2%，连续4个季度规模增速在20%以上；商品型ETF受益于黄金市场的持续走强，单季度大幅增长39.9%。此外，LOF和场外指数基金规模下降 8.2%；而货币型ETF规模下降6.1%。 产品集中度进一步下降。 无论是公司还是产品口径，被动产品集中度继上一季度下降后都出现进一步回落，行业CR5降至47.9%，产品CR10下降至 28.0%。我们认为长期来看集中度升高的趋势难以逆转，头部区域格局较为固定，目前竞争的加剧主要来源于大量新产品发行，尾部产品市占率扩充明 显。 权益产品发行热度攀升。 2025年一季度被动权益产品共计发行99只。季度发行数量创历史新高。同时总发行规模709亿元也有明显上升，总发行规模处 ...