Core Viewpoint - The recent resignation of Li Ying as General Manager of Zhongjia Fund Management Co., Ltd. has raised concerns about the stability of the bank-affiliated public fund, following a series of high-level management changes over the past two years [2][5]. Management Changes - Li Ying resigned for personal reasons after only one and a half years in the role, which is less than the typical three-year term expected in the industry [2][4]. - The management turmoil at Zhongjia Fund has been ongoing for over two years, with multiple significant changes in core management positions, including the departure of former General Manager Zong Zhe in August 2023 and the interim leadership of Chairman Xia Yuanyang [3][5]. - In July 2024, Xia Yuanyang also resigned as Chairman, marking another significant leadership change within a short period [5]. Performance Metrics - During Li Ying's tenure, the company's management scale decreased by approximately 10 billion yuan, from a peak of 146 billion yuan in Q2 2024 to 136 billion yuan by Q3 2025 [6]. - The net profit of Zhongjia Fund dropped significantly to 93.77 million yuan in the first half of 2025, a decline of 29.85% compared to the previous year, ending a four-year streak of profit growth [7]. - The company's reliance on fixed-income products is evident, with bond funds making up 84.13% of the total fund size, while equity funds account for less than 2%, indicating a structural imbalance in its product offerings [7].

Core Viewpoint - The sudden resignation of Gong Yongyuan, the Vice President, CFO, and CIO of Jianxin Fund, has raised significant attention in the asset management sector due to the unusual nature of leaving multiple key positions simultaneously, with the stated reason being "shareholder has other work arrangements" [1][4][11]. Company Summary - Jianxin Fund Management Co., Ltd. is a state-owned public fund established in September 2005, with a shareholding structure that includes China Construction Bank (65%), American Securian Financial Group (25%), and China Huadian Corporation (10%) [7]. - As of the end of Q2 2025, Jianxin Fund's total asset management scale reached 926.87 billion yuan, ranking 11th in the industry, with non-monetary assets amounting to 191.43 billion yuan, placing it 27th among 162 public funds [7]. Financial Performance - Jianxin Fund's net profit peaked at 1.171 billion yuan in 2022 but fell to 883 million yuan in 2023, representing a year-on-year decline of 24.59%. The profit further decreased to 844 million yuan in 2024, marking two consecutive years of negative growth [9][10]. - The fund's revenue and profit trends contrast sharply with the growth seen in leading public funds within the industry [9]. Management Changes - Gong Yongyuan's departure signifies the end of her significant role within Jianxin Fund, as she held three critical positions simultaneously. This change is expected to impact the company's internal management structure and business processes [6][11]. - The company now faces the challenge of filling three key positions: Vice President, CFO, and CIO, which require professional qualifications and regulatory approval [11].

Core Viewpoint - The recent leadership change at Zhongjia Fund Management Co., Ltd. reflects the ongoing challenges faced by bank-affiliated public funds, particularly in balancing their business structure between fixed income and equity investments [1][4]. Group 1: Leadership Change - Yang Lin has been appointed as the new Chairman and legal representative, succeeding Xia Yuanyang, who left due to work arrangements [2][3]. - Yang Lin's background includes a dual master's degree in business administration and economics, with extensive experience in financial companies, trusts, and securities, primarily within Beijing Bank [4]. - The leadership transition continues the tradition of strong ties between Zhongjia Fund's management and its major shareholder, Beijing Bank [4]. Group 2: Business Structure and Performance - Zhongjia Fund has seen steady growth, with its management scale increasing from 121.9 billion RMB to 130.9 billion RMB during Xia Yuanyang's tenure, although its industry ranking fell from 43rd to 51st [4]. - The fund's business structure is heavily reliant on fixed income, with 90% of its management scale in bond funds, while equity and mixed funds account for less than 1.5 billion RMB [5]. - The fund's performance in equity investments is notably weak, with 7 out of 11 equity mixed funds underperforming their benchmarks over the past three years [6]. Group 3: Industry Challenges - The reliance on shareholder resources provides advantages in channels and risk control but may weaken market competitiveness due to a closed promotion mechanism [6]. - The inertia towards fixed income has resulted in a lack of talent in equity investment, complicating strategic transformation efforts [6]. - The public fund industry is experiencing frequent leadership changes, with over 230 executives transitioning in 2025, indicating a shift from scale competition to quality competition [6].