Core Viewpoint - The expansion of public REITs in China is entering a phase of normalized issuance and revitalization of existing assets, with expansion fundraising emerging as a significant strategic value, highlighting the complexity of its pricing mechanism [1] Pricing Mechanism - The pricing for targeted expansions must not be lower than 90% of the average trading price over the previous 20 trading days, establishing a rigid bottom line for pricing [2] - Historical cases show that the subscription price for expansions typically ranges from 90% to 100% of the pricing benchmark, with an average first-day increase of only 1%, indicating limited effectiveness of new investment strategies [2] - The core logic of expansion pricing emphasizes using market prices as a reference, balancing the interests of investors and original rights holders, and enhancing trust with long-term investors [2][3] Balancing Interests - The recent expansion by Huaxia Fund, which allowed original holders to subscribe preferentially, exemplifies a significant institutional innovation aimed at protecting existing shareholders' interests [3] - The introduction of an "ex-rights" mechanism during expansions helps ensure fair pricing and trading, preventing risk-free arbitrage [3] Market Dynamics - The pricing of expansions can lead to discounts due to market fluctuations, particularly if the pricing benchmark is set during high market conditions, exposing products to systemic market risks [3][4] - Short-term discounts do not necessarily indicate a decline in long-term asset value but reflect market self-correction mechanisms [4] Institutional Evolution - The refinement of the expansion pricing mechanism is transitioning the REITs market from a single project financing tool to a sustainable "asset listing platform" [4][5] - New policies from the Shanghai Stock Exchange are expected to standardize the expansion process, enhancing predictability and promoting a dual-driven development model of "initial public offerings + expansions" [4][5] Strategic Considerations - The choice of assets for expansion should favor value creation, considering factors like synergy, economies of scale, and investor structure, indicating that pricing is not merely a numerical calculation but a strategic consideration [5] - Long-term investors prioritize high dividends, quality operations, and expansion potential, with transparent pricing mechanisms directly influencing their investment confidence [5][6] Future Outlook - As the pilot program for commercial real estate REITs progresses, the refinement of pricing mechanisms will become a key indicator of market maturity, with 78 public REITs listed and a total issuance and market value exceeding 200 billion [6] - The exploration of REITs expansion pricing represents an evolution of interests, moving towards a more equitable, transparent, and sustainable market environment [6]

Core Viewpoint - The announcement from Quan Guo Fund reveals significant changes in its management team, with Li Yunliang appointed as the new General Manager, indicating a strategic shift in leadership aimed at enhancing the company's operational capabilities and governance structure [1][9]. Management Changes - Li Yunliang has been appointed as the new General Manager, effective from February 13, 2026, succeeding Ren Li, who will no longer act in this capacity [1][10]. - Jiang Heze, a founding partner and Vice General Manager, will take on the role of Financial Responsible Person [1][10]. - Sun Yuan has been appointed as the Compliance and Risk Responsible Person, while Yao Zhongxiao will serve as a Vice General Manager [1][10]. - The management team is being strengthened with the addition of existing Vice General Manager Wei Haiqing [1][9]. Background of New Executives - Li Yunliang has extensive experience, having previously held positions such as General Manager at Southwest Securities and Deputy Researcher at Chongqing Securities Regulatory Bureau [2][11]. - Jiang Heze has been with Quan Guo Fund since March 2022 and has a background in asset management [2][11]. - Yao Zhongxiao has experience as a Fund Product Manager at China Merchants Bank and has been with Quan Guo Fund since March 2022 [3][12]. - Sun Yuan has a background in compliance and risk management, having worked at various positions in Oriental Securities before joining Quan Guo Fund [3][12]. Departure of Executives - Li Yunwan, the former Compliance and Risk Responsible Person, has left the position due to work arrangements and will transition to another role within the company [4][13]. Company Overview - Quan Guo Fund was established on February 8, 2022, with a registered capital of 100 million RMB and is based in Shanghai [6][15]. - The fund's assets reached 17.45 billion RMB by the end of 2025, reflecting its growth trajectory [6][15]. Employee Stock Ownership Plan - The company has initiated an employee stock ownership plan, which aligns the interests of shareholders, new management, and core employees, promoting long-term sustainable development [8][17].

Core Viewpoint - The announcement of new management appointments at QuanGuo Fund marks a significant leadership transition as the company enters its fourth year of development, with Li Yunliang appointed as the new General Manager [1][10]. Management Changes - Li Yunliang, a founding partner of QuanGuo Fund, will take over as General Manager, previously held by Chairman Ren Li [1][10]. - Other key appointments include Jiang Heze as the Financial Officer, Sun Yuan as the Compliance and Risk Control Officer, and Yao Zhongxiao as a Vice General Manager [1][10]. - The current Vice General Manager, Wei Haijing, remains in the leadership team, indicating a strengthening of the executive team [1][10]. Background of New Executives - Li Yunliang has extensive experience, having held various significant positions in the finance sector, including roles at Chongqing University, the Chongqing Securities Regulatory Bureau, and several asset management companies [1][3]. - Jiang Heze, the new Financial Officer, has a background as a researcher and director in various financial institutions [3][12]. - Sun Yuan, the Compliance and Risk Control Officer, has experience in compliance and risk management roles at different securities firms [4][13]. - Yao Zhongxiao, the new Vice General Manager, has previously worked in fund product management and business development [4][13]. Company Overview - QuanGuo Fund was established on February 8, 2022, with a registered capital of 100 million RMB and is based in Shanghai [7][16]. - The founding partners have an average industry experience of over 24 years, contributing to the firm's asset management expertise [7][16]. - As of the end of 2025, the fund's asset size reached 17.45 billion RMB [7][16]. Employee Stock Ownership Plan - The company has initiated an employee stock ownership plan, aligning the interests of shareholders, new management, and core employees for long-term sustainable development [9][18].

Group 1 - The core point of the news is the leadership change at Debon Fund, with Zuo Chang stepping down as chairman and Wu Xiaochun taking over the role, aimed at optimizing the company's governance structure [1] - Debon Fund currently manages 34 products, including active equity, index-enhanced, fixed income, and money market funds, with a total public asset management scale of 69.7 billion yuan as of December 31, 2025 [1] - The company emphasized that the core teams in investment research, sales, and operations remain stable, ensuring that all fund products are operating normally and that client funds and interests are not affected [1] Group 2 - A regulatory report indicated that a certain fund company, referred to as D Fund, faced penalties for collaborating with unqualified internet influencers to market high-risk products to unsuitable investors [2] - D Fund was ordered to rectify its practices and had its public fund product registration suspended, with accountability measures taken against its general manager and other responsible personnel [2] - Earlier in January, Debon Fund was reported to have a single-day inflow of 12 billion yuan, but the company clarified that it does not disclose intra-day fund size data, which is confirmed only after end-of-day settlement [2]

Core Viewpoint - Dongwu Fund Management Co., Ltd. has undergone a significant leadership change with the departure of former Deputy General Manager Li Jie and the appointment of two new deputy general managers, Ge Feng and Xia Zhifan, signaling a strategic shift in response to long-term underperformance and increasing industry competition [1][2][5] Group 1: Leadership Change - Li Jie has left the company due to "personal reasons," marking a critical leadership transition as Dongwu Fund seeks to revitalize its performance [1][5] - The new appointments of Ge Feng as Executive Deputy General Manager and Xia Zhifan as Deputy General Manager are seen as a dual approach to enhance market outreach and internal organizational efficiency [2][3][4] Group 2: Performance Under Li Jie - Under Li Jie's leadership, Dongwu Fund struggled to achieve significant growth, remaining in the lower tier of the industry despite being established in 2004 and backed by Dongwu Securities [2][6] - The fund's product line, which includes equity, mixed, bond, and REITs, has not produced standout products, with most offerings performing poorly [2][6] - The company failed to capitalize on the shift from "scale-driven" to "quality-driven" strategies in the public fund industry, lagging behind peers in channel collaboration and brand development [2][6] Group 3: New Management's Background - Ge Feng has a strong background in market development and resource integration, previously serving as Chief Marketing Officer at Xinda Australia Fund and successfully breaking into key channels at Yongying Fund [3][7] - Xia Zhifan brings over a decade of experience in human resources and organizational management, having held senior roles at various financial institutions, which may enhance internal governance and team stability [3][7] Group 4: Strategic Direction and Challenges - The new management structure aims to address key shortcomings in strategy, execution, and talent, with a focus on both market expansion and internal improvement [4][9] - Dongwu Fund faces significant challenges, including an increasing concentration of capital among top firms, severe homogenization among smaller funds, and heightened investor expectations for performance and risk management [9][10] - The company must implement rapid reforms and focus its product strategy to leverage its REITs management qualifications and regional themes to differentiate itself in a competitive landscape [5][9] Group 5: Future Outlook - The next 12 to 18 months will be critical in assessing the effectiveness of the leadership change, with market observers closely monitoring product issuance, channel partnerships, talent retention, and the performance of core products [10][11]

Core Viewpoint - Debon Fund announced a leadership change with Wu Xiaochun taking over as acting chairman from Zuo Chang due to work adjustments, ensuring stability in the company's management team and operations [9]. Group 1: Leadership Change - Zuo Chang has stepped down as chairman of Debon Fund effective February 12, 2026, with no indication of a new position within the company [6][9]. - Wu Xiaochun, who has over 30 years of experience in the financial industry, will serve as the acting chairman. He has held various key positions at Debon Securities, including general manager and chief financial officer [4][9]. Group 2: Company Growth - Under Zuo Chang's leadership since July 2018, Debon Fund experienced significant growth, with assets under management increasing from less than 8 billion yuan at the end of 2018 to approximately 69.7 billion yuan by the end of 2025, representing nearly an eightfold increase [9]. - Debon Fund was established in early 2012 with a registered capital of 590 million yuan and is the 70th fund company approved by the China Securities Regulatory Commission [10].

泉果基金官宣新总经理。 2月14日，泉果基金发布公告，宣布自2月13日起，公司创始合伙人李云亮出任总经理一职，同时不再担任公司合规负责人及风控负责人。泉果基 金董事长任莉不再代为履行总经理职责。 此次管理层调整还涉及多个关键岗位：公司创始合伙人、副总经理姜荷泽兼任财务负责人；公司合规稽核部总经理孙媛接任合规负责人及风控负 责人；公司渠道发展部总经理兼互联网金融部总经理姚钟骁出任公司副总经理。以上任命均自2月13日起生效。 | 基金管理人名称 | 泉果基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《证 | | | 券基金经营机构董事、监事、高级管理人员及从 | | | 业人员监督管理办法》等相关法律法规 | | 高管变更类型 | 新任基金管理公司总经理 | | | 新任基金管理公司副总经理 | | | 新任基金管理公司合规负责人、风控负责人 | | | 离任基金管理公司合规负责人、风控负责人 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 李云亮 | | 是否经中国证监会核准取得高管任职 | - ...

【大河财立方消息】2月14日，德邦基金管理有限公司发布公告，因工作调整，左畅离任公司董事长，总 经理武晓春代任董事长一职。 官网显示，德邦基金管理有限公司成立于2012年3月27日，是经中国证监会批准设立的第70家基金管理公 司。公司注册资本5.9亿元人民币，总部位于上海。截至目前，德邦基金在管基金34只，总规模709亿元。 责编:史健 | 审核:李震 | 监审:古筝 公开履历信息显示，武晓春拥有30余年金融从业经验，曾任职于华泰证券，2011年3月加入德邦证券。在 德邦证券股份改制前，历任公司副总裁、代总裁以及总裁；在德邦证券股份改制后，曾任德邦证券总裁、 首席执行官、首席风险官等职。2025年6月起任德邦证券总经理、财务总监。 ...

出品｜搜狐财经 作者｜汪梦婷 编辑｜杨锦 2026年的1月，本应是银行理财惯例中的"开门红"旺季，却意外遭遇了一场"倒春寒"。 全市场理财规模缩水逾千亿，头部大行理财子更是成为了缩量的重灾区。与此同时，公募基金却在权益市场的回暖中异军突起，月度发行份额创近三年新 高，开户数更是翻倍。 "一冷一热"背后，并非简单的季节性波动，还有居民财富在"降息周期"与"赚钱效应"博弈下的自发迁移。数据显示，今年1月，公募基金业绩表现优异，35 只基金月度收益超过30%，还有3只基金涨幅超过50%。 这种极端的业绩表现，不断通过社交媒体发酵。而银行理财长期以来宣传的"低波动、小确幸"，在权益基金单月50%的暴利面前，显得有些苍白无力。 按照往年惯例，1月通常是银行理财的"开门红"时点，然而今年1月的数据却给市场泼了一盆冷水。 据华西证券数据，全市场银行理财规模在1月内缩量1142 亿元，并未如市场预期那样回升。其中月末周（26-30日），在回表的驱动下，理财规模再度承 压，环比降1788亿元至33.18万亿元。 市场呈现出鲜明结构性特征。过去两年狂飙突进的头部理财子公司，在今年首月反而成为了缩量的重灾区。 据证券时报及相关渠道 ...

2月14日，德邦基金发布人事变更公告，宣布公司董事长任职调整事宜：经董事会审议通过，左畅不再 担任公司董事长职务，武晓春将代行公司董事长职责。 根据公告，离任原因为工作调整，未有转任其他工作岗位说明。本次人事调整自2月12日起正式生效， 并按有关规定履行备案手续。 据悉，本次董事长人事调整系德邦基金董事会基于内部治理优化需要作出的正常人事安排，核心目的是 进一步完善公司治理结构，保障公司独立、规范、稳定运作。 值得一提的是，证监会证券基金机构监管司于1月29日发布2026年第一期《机构监管情况通报》（下称 《通报》），明确指出某基金公司存在违规销售行为。 《通报》称，针对近期某基金产品单日申购量超百亿、涉嫌违规销售并引发舆论广泛关注一事，监管部 门已第一时间组织现场核查，并依法对相关机构及个人从严采取监管措施。从通报细节来看，矛头直指 此前处于风口浪尖的德邦基金。 | 基金管理人名称 | 德邦基金管理有限公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管理人员 | | | 及从业人员监督管理办法》、《公开募集证券投资 | | | 基金信息披露管理办法》等规定。 | | ...