Group 1 - The core point of the news is the announcement of the resignation of fund manager Deng Haiqing from the China Aviation Mixed Reform Selected Fund, with Fang Cen taking over the management role [1][2] - Fang Cen has a background in finance, having worked at various institutions including Jiuzhou Securities and Green Fund Management, and has been with China Aviation Fund Management since February 2022 [1] - The China Aviation Mixed Reform Selected Fund was established on December 14, 2017, and as of May 9, 2025, it has reported a year-to-date return of -6.28% and a cumulative return of -21.48% [1] Group 2 - The fund's cumulative net value is reported at 0.7852 yuan for Class A and 0.7674 yuan for Class C as of the latest update [1] - The fund manager change is classified as a dismissal of the previous manager, Deng Haiqing, with Fang Cen now jointly managing the fund [2]

Core Viewpoint - The resignation of Deng Haiqing as the fund manager of the China Aviation Mixed Reform Selected Fund is attributed to "internal work adjustments," with market speculation linking it to performance-related salary reforms in the public fund industry [2][3]. Group 1: Fund Performance and Management Changes - Deng Haiqing's tenure saw the fund's C share return rate at -12.9%, significantly underperforming its benchmark by 21.92%, ranking at the bottom among peers [3]. - The fund's heavy investment in real estate stocks, which constituted 86.55% of its top ten holdings, has been a point of contention, especially as it diverged from the "mixed reform" theme [3]. - The fund's three-year cumulative decline reached 35.20%, with a loss of 13.45% during Deng's management, raising concerns about the impact of new public fund regulations linking manager salaries to performance [3][6]. Group 2: Market and Industry Context - The fund's performance issues are reflective of broader challenges faced by thematic funds, particularly in the real estate sector, which has been subject to significant market fluctuations [4][5]. - The fund's high turnover rate of 1571.45% in 2024 has been criticized, with some attributing losses to frequent trading rather than the underlying investment strategy [3][4]. - The cyclical nature of the real estate market and its correlation with macroeconomic policies have heavily influenced the fund's performance, highlighting the limitations of thematic funds in volatile markets [5][7]. Group 3: Company Background and Strategy - China Aviation Fund, established in 2016, has a business structure characterized by a significant imbalance, with 72.5% of its 431.33 billion yuan assets in bond funds, while equity funds account for less than 8% [6]. - The company attempted to revitalize its performance through high-level management changes, but the continued focus on real estate stocks led to further declines [6][7]. - The new fund manager, Fang Cen, born in 1990 and with a background in finance, has taken over the management of the fund, aiming to adhere to the original investment strategy while navigating the challenges posed by market conditions [7].

Core Viewpoint - The resignation of Deng Haiqing as the fund manager of the China Aviation Mixed Reform Selected Fund has raised concerns, but he clarified that it is unrelated to the recent public fund reform policies regarding manager compensation [1][5]. Group 1: Fund Manager Resignation - Deng Haiqing resigned from his position as the fund manager on May 6, 2025, due to internal work adjustments within the company [4]. - Following his resignation, Fang Cen has taken over the management of the fund, while Deng continues to serve as the company's Deputy General Manager and Chief Investment Officer [1][4]. Group 2: Fund Performance and Strategy - During Deng's tenure from December 4, 2023, to May 6, 2025, the fund experienced a total loss of 13.45%, significantly underperforming its benchmark by 21.64%, ranking 3643 out of 4028 in its category [5]. - The fund's strategy has been closely tied to the real estate sector, with major holdings in companies like Vanke A and continuous investments in several other real estate firms over multiple quarters [6]. Group 3: Regulatory Context - On May 7, the China Securities Regulatory Commission released a new action plan aimed at promoting high-quality development in public funds, which includes performance-based compensation adjustments for fund managers [5].

Core Viewpoint - Recent personnel changes at AVIC Fund have sparked discussions in the financial sector, particularly the resignation of economist Deng Haiqing as the manager of the AVIC Mixed Reform Selected Fund (004936), which will now be managed solely by Fang Cen [1][4]. Group 1: Personnel Changes - Deng Haiqing served as the fund manager for 1.5 years, having taken the position on December 4, 2023 [2]. - Deng will continue to hold the positions of Deputy General Manager and Chief Investment Officer at AVIC Fund, but he will no longer manage any funds [1][4]. - The change was attributed to internal adjustments within the company [4]. Group 2: Fund Performance - Under Deng's management, the AVIC Mixed Reform Selected Fund experienced a decline of 5.71% year-to-date as of May 6, with a nearly 21.94% drop over the past six months [4]. - The fund recorded a total loss of 12.90% during Deng's 1.5-year tenure [4]. - The fund's heavy investment in the real estate sector led to criticism, with investors referring to it as a "real estate industry fund," failing to reflect the intended "mixed reform" theme [5][8]. Group 3: Market Context and Reforms - Speculation arose regarding the timing of Deng's departure in relation to a new policy from the China Securities Regulatory Commission (CSRC) that ties fund manager compensation to long-term performance, announced just one day after his resignation [6][7]. - Deng commented on the CSRC's action plan, suggesting it aims to reform the public fund industry by addressing profit models and restructuring income sources, which he believes will have a profound impact on the financial ecosystem [7].

Group 1 - The core point of the news is the personnel change at AVIC Fund, where Deng Haiqing has stepped down as the fund manager of the AVIC Mixed Reform Selected Fund, effective May 6, 2025, and will be succeeded by Fang Cen, while Deng continues as the company's Deputy General Manager and Chief Investment Officer [1][2][3] Group 2 - Deng Haiqing's departure is attributed to internal work adjustments within the company [3] - Deng has a rich background in finance, holding a PhD in Finance from Fudan University and has worked at notable institutions such as Guotai Junan Securities and CITIC Securities [4] - During Deng's tenure from December 4, 2023, to May 6, 2025, the AVIC Mixed Reform Selected Fund experienced a total loss of 13.45%, underperforming its benchmark by 21.64%, ranking 3643 out of 4028 in its category [4] - The fund has been heavily invested in the real estate sector, with its top holdings including Vanke A and other major real estate companies [4] Group 3 - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development in the public fund industry, which includes measures to adjust performance compensation for fund managers based on their long-term performance [7][8] - Deng Haiqing commented on the new regulations, describing them as a milestone event for the industry and emphasizing the need for a shift towards long-term value investment [8] Group 4 - AVIC Fund was established in 2016 and is a broker-based public fund, with a management scale of 43.133 billion yuan, ranking 87th among 162 licensed public funds in the market [9]

Group 1 - The core point of the article is the personnel change at China Aviation Fund, where Deng Haiqing is no longer the fund manager of the China Aviation Mixed Reform Selected Fund (Fund Code: 004936), effective May 6, 2025, and Fang Cen will take over the management of the fund [1][2][3] - The change in fund management coincides with the release of the CSRC's "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund manager compensation to long-term performance [6] - Deng Haiqing's departure is attributed to internal company adjustments, and he will continue to serve as the company's deputy general manager and chief investment officer [3] Group 2 - The fund has faced criticism for its heavy investment in the real estate sector, failing to reflect the diversity of the "mixed reform" theme and not aligning with recent policy support for high-end manufacturing and technology [7][8] - Performance metrics indicate that the China Aviation Mixed Reform Selected Fund has significantly underperformed both its peers and market benchmarks, with a year-to-date decline of 4.33% and a six-month drop of 22.16% [8] - Over the past two and three years, the fund has seen cumulative declines exceeding 31%, underperforming its performance benchmarks by 30% and 36%, respectively, which could lead to substantial salary reductions for the fund manager under the new regulations [8]