Core Viewpoint - The announcement of the departure of Gao Chong, the general manager of ICBC Credit Suisse Asset Management, indicates a personnel adjustment within the Industrial and Commercial Bank of China (ICBC) group, with Zhao Guicai taking over as acting general manager [2][5]. Group 1: Management Changes - Gao Chong has left his position as general manager due to work adjustments, effective August 28, 2025, with Zhao Guicai serving as the acting general manager from the same date [2][3]. - This change was approved by the board of directors during its fourth meeting of 2025 and has been reported to regulatory authorities [2]. - Gao Chong was the third general manager in the history of ICBC Credit Suisse, having served for over four years, during which the total management scale increased from 1.7 trillion yuan to over 2.1 trillion yuan [1][5]. Group 2: Company Background and Performance - ICBC Credit Suisse Asset Management, established in June 2005, is primarily controlled by ICBC, which holds 80% of its shares [8]. - Under Gao Chong's leadership, the fund's total management scale rose significantly, with public fund management exceeding 800 billion yuan and non-monetary management at approximately 431.96 billion yuan, ranking thirteenth and sixteenth in the market respectively [8]. - The company has a diverse range of business qualifications, including private asset management plans and various pension fund investments, managing a total asset scale exceeding 2 trillion yuan [8]. Group 3: Industry Context - As of August 29, 2025, there have been 112 changes in senior management across various fund companies, involving 258 individuals, including 64 chairpersons and 52 general managers [10]. - Recent changes in other fund companies include leadership transitions at Huazheng Fund and China Merchants Fund, indicating a broader trend of management reshuffles within the industry [10].

Core Viewpoint - The recent data on corporate annuities reveals that public fund companies hold a significant position in the investment management landscape, with a 50% share among 22 institutions, indicating their growing influence in the non-public management sector [1][2]. Group 1: Investment Management Landscape - As of the first quarter of this year, there are 22 investment management institutions managing a total of 3.67 trillion yuan in corporate annuity assets, with public fund companies occupying 11 positions [2]. - The leading public fund company in terms of the number of managed portfolios is E Fund, with 422 portfolios amounting to 311.81 billion yuan, while ICBC Credit Suisse Asset Management has the highest asset amount at 315.12 billion yuan despite managing fewer portfolios [2]. - Other notable public fund companies include Southern Fund with 323 portfolios (253.42 billion yuan) and several others managing over 100 portfolios, indicating a diverse competitive landscape [2][3]. Group 2: Investment Performance - The three-year cumulative returns for fixed income and equity-inclusive portfolios are 10.92% and 7.15% respectively for single plans, while for collective plans, the returns are 10.16% and 6.09% [4]. - Among public fund companies, Hai Fu Tong Fund leads in fixed income returns at 12.71%, followed by Yin Hua Fund (12.19%) and Guo Tai Fund (12.02%), while Jia Shi Fund recorded a loss of 1.68%, the only negative return among the 22 institutions [4]. - In equity-inclusive portfolios, Guo Tai Fund achieved the highest return at 11.86%, with ICBC Credit Suisse Fund following closely at 11.65%, marking a significant performance in comparison to other institutions [5]. Group 3: Non-Public Business Development - The corporate annuity market in China has evolved since its inception in 2005, with public funds being a major player, and the scale of non-public management business is increasingly significant [6][7]. - Non-public business, including corporate annuities, accounts for a substantial portion of the total asset management scale for many fund companies, with some companies like ICBC Credit Suisse Fund having over 20 trillion yuan in total assets under management [8]. - The non-public business is characterized by large institutional funds, providing stable and sustainable management income, which is crucial for the growth of conservative public fund companies [7][9].