Core Viewpoint - Dongfang Fund announced the appointment of Xu Aoqian as a new fund manager for the Dongfang Minfeng Return Ying'an Mixed Fund, following the departure of Zhang Bo [1][2]. Group 1: Fund Manager Changes - Xu Aoqian has a background as a securities specialist at Shenwu Group and joined Dongfang Fund in 2017, holding various positions including fixed income researcher and bond trader [1]. - Zhang Bo has officially left his position as a fund manager for the Dongfang Minfeng Return Ying'an Mixed Fund [2]. Group 2: Fund Performance - The Dongfang Minfeng Return Ying'an Mixed Fund was established on March 9, 2017, and as of November 24, 2025, it has recorded a year-to-date return of 2.17% for Class A and 1.94% for Class C [1]. - Since its inception, the fund has achieved a cumulative return of 6.82% for Class A and 4.22% for Class C, with net asset values of 1.0681 yuan and 1.0424 yuan respectively [1].

Core Insights - The performance of multiple products managed by Wang Ran, the general manager of the equity research department at Dongfang Fund, has been persistently poor, leading to significant dissatisfaction among investors [1][3] - Dongfang Fund, a long-established public fund institution, has faced challenges with a high number of "mini funds" and several equity products at risk of liquidation [1][4] Group 1: Fund Performance - Wang Ran currently manages three products with a total asset management scale of 205 million yuan, and the best return during her tenure is -10.19%, marking the worst performance of her public fund career [3] - The Dongfang Emerging Growth Mixed Fund has seen a slight increase of 0.06% this year, ranking 2133 out of nearly 2300 similar products, while the Dongfang Quality Consumption One-Year Holding Mixed A ranks 4154 out of over 4500 similar products [3] - Over the past three years, the Dongfang Emerging Growth Mixed Fund has a return rate of approximately -40%, underperforming its benchmark by about 43 percentage points [3] Group 2: Company Challenges - Dongfang Fund, established in 2004, had a public fund asset management scale of 123.405 billion yuan as of mid-year, ranking 53rd among nearly 200 public fund institutions [4] - The company faces liquidation pressure, with 11 non-initiated funds having scales below 50 million yuan, including the Dongfang Minfeng Return Ying'an Mixed Fund with less than 3 million yuan [4] - Wang Ran previously had successful tenures from 2020 to 2021, with returns ranging from 4% to 68%, but her focus on pharmaceutical stocks since mid-2021 has led to significant declines in performance and a reduction in management scale [4]