Core Viewpoint - The recent announcement from CITIC Construction Investment Fund indicates a change in fund management personnel, with Yu Zhixiang stepping down and new managers appointed for several bond funds [1][3][4]. Fund Performance Summary - CITIC Construction Investment Jingyi Bond A/C, established on April 20, 2023, has a year-to-date return of -0.04% and a cumulative net value of 1.1016 yuan as of August 22, 2025 [1]. - CITIC Construction Investment Jingrong Bond A/C, established on December 23, 2022, has a year-to-date return of 0.31% and a cumulative net value of 1.1212 yuan [1]. - CITIC Construction Investment 3-5 Year Policy Financial Bond A/C, established on June 10, 2021, has a year-to-date return of -0.60% and a cumulative net value of 1.1623 yuan [1]. - CITIC Construction Investment Zhongdai 0-3 Year Policy Financial Bond Index A/C, established on June 26, 2024, has a year-to-date return of -0.14% and a cumulative net value of 1.0284 yuan [2]. - CITIC Construction Investment Juli A, established on November 11, 2015, has a year-to-date return of -0.40% and a cumulative net value of 1.1821 yuan, while CITIC Construction Investment Juli C, established on January 4, 2019, has a year-to-date return of -0.41% and a cumulative net value of 1.2554 yuan [2]. Management Changes Summary - Yu Zhixiang has resigned as the fund manager for multiple funds, including CITIC Construction Investment Jingrong Bond and CITIC Construction Investment 3-5 Year Policy Financial Bond, with Pan Hongyu and Shao Yanqi appointed as new managers respectively [3]. - Yu Zhixiang also stepped down from managing CITIC Construction Investment Zhongdai 0-3 Year Policy Financial Bond Index, with Shao Yanqi taking over [3]. - Zhang Jian has been appointed as the new manager for CITIC Construction Investment Juli, replacing Yu Zhixiang [4].