Group 1 - The core point of the article is the appointment of Xue Zhen as the new chairman of Dongwu Fund, succeeding Ma Zhenya, who has served for nearly seven years and will transition to a senior supervisory role due to age [1][2][3][4] - Dongwu Fund was established on September 2, 2004, and as of the end of Q2 this year, it manages a non-monetary fund scale of 26.3 billion yuan, ranking 95th in the industry [1][5] - The major shareholders of Dongwu Fund are Dongwu Securities, which holds 70% of the shares, and Hailan Group, which holds the remaining 30% [5] Group 2 - Under the management of Liu Yuanhai, the equity investment director, the scale of managed funds has increased significantly from less than 900 million yuan at the end of Q2 2022 to 6.408 billion yuan at the end of Q2 this year, contributing to a total equity fund management scale of 9.619 billion yuan [5] - Despite the growth in non-monetary fund scale, Dongwu Fund faces challenges with performance differentiation in equity funds, as some funds have seen significant declines in net value over the past five years [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, proposing 25 measures, including significant salary reductions for fund managers whose products underperform their benchmarks by more than 10 percentage points over three years [1][3]. Group 1: Fund Performance and Manager Accountability - A notable number of funds have underperformed their benchmarks over the past three to five years, with some lagging by over 50 percentage points [1][3]. - For instance, the Minsheng Jianyin Innovation Growth Mixed Fund has a three-year net value growth rate of -58.8%, compared to its benchmark's -1.38%, indicating a performance gap exceeding 50 percentage points [3]. - Similarly, the Dongwu Double Triangle Fund has a five-year net value growth rate of -52.09%, while its benchmark grew by 0.76%, also reflecting a significant underperformance [4]. Group 2: Consequences for Fund Managers - Fund managers of products that fail to meet performance standards may face salary adjustments, reassignments, or even termination [2][5]. - Funds that have been underperforming for three years may also face liquidation, especially if the current fund manager has not been in charge for the full three years [5][7]. - The Changsheng Advanced Manufacturing Fund, for example, has a three-year net value growth rate of -51.71%, with its benchmark yielding 6.03%, putting it at risk of being liquidated due to low asset value [5][6]. Group 3: Adjustments in Performance Benchmarks - The new measures may lead to fund managers being more cautious in setting performance benchmarks, as many funds have already begun to adjust their benchmarks [8][9]. - For example, the CITIC Prudential New Sharp Mixed Fund changed its benchmark from a fixed deposit rate to a combination of equity and bond indices, indicating a shift in strategy [9]. - Other funds, such as the Fuyong Value Selection Mixed Fund, have also altered their benchmarks to reflect a more conservative investment approach [9].