Core Insights - The announcement of the retirement of He Yanping, the former General Manager of Western Gain Fund, and the appointment of He Fang as the acting General Manager highlights a significant leadership change within the company [2] - Under He Yanping's management from November 2015 to September 2025, the fund's management scale increased dramatically from 9.3 billion to 116.6 billion, marking a growth of over 100 billion [2] - The current product structure of Western Gain Fund is heavily weighted towards bond and money market funds, which together account for the majority of the management scale, while equity and mixed funds remain relatively small [2] Company Overview - He Yanping's career prior to joining Western Gain Fund included roles at various securities and fund companies, indicating a strong background in the financial industry [2] - The largest actively managed equity fund at Western Gain Fund, the Western Gain CSI 500 Index Enhanced Fund, has a size of only 1.79 billion, suggesting that the company has a limited presence in the active equity fund market [3] - The company currently manages only two ETF products with a combined size of 0.868 billion, indicating a need for diversification in its product offerings [3]

Group 1 - The Hong Kong Securities Index has risen by 3% as of 11:05, with the Hong Kong Securities ETF (513090) trading volume exceeding 10 billion, ranking among the top in the market [1] - According to Wind data, the net inflow of funds into the Hong Kong Securities ETF for the month has reached 1.37 billion, bringing the latest total size to over 25 billion, continuing to set a historical high [1] - Shenwan Hongyuan Securities believes that under the backdrop of a moderately loose monetary policy this year and an increase in medium to long-term capital allocation to equities, the investment value of the brokerage sector is promising [1] Group 2 - The Hong Kong Securities Index focuses on stocks within the Hong Kong Stock Connect, including major companies like CITIC Securities, Hong Kong Exchanges, and Guotai Junan [1] - The Hong Kong Securities ETF (513090) is currently the only ETF product tracking this index in the market, offering scarcity, T+0 trading support, and a low management fee of only 0.15% per year, which can help investors to cost-effectively position in leading brokerages [1]