Core Viewpoint - The recent appointment of Liu Xianzheng as the fund manager for four passive index funds at Zhongyin Securities raises questions about the company's management decisions and the future of the previous manager, Ji Wei, whose performance has been under scrutiny [2][7]. Fund Manager Changes - Zhongyin Securities announced the appointment of Liu Xianzheng as the fund manager for four products, transitioning from a dual-manager to a three-manager model, which is interpreted as a signal of Ji Wei's potential departure [2][6]. - Ji Wei has a history of poor performance, with all funds he managed under Zhongyin Securities recording losses, including a -38.73% return for the Zhongyin Securities Ruiyi Mixed Fund [4][6]. Performance Analysis - Ji Wei's management history includes multiple funds with negative returns, such as the Zhongyin Securities Xiangrui Mixed Fund, which recorded a -14.9% return during his tenure [4][6]. - Liu Xianzheng's previous experience does not include managing passive index funds, raising concerns about his capability in this new role [7][9]. Fund Management Context - The shift to a three-manager model for Ji Wei's funds is unusual in the industry, potentially complicating decision-making and diluting accountability [6][9]. - Liu Xianzheng's past performance in other fund types has also been disappointing, with significant losses recorded in funds he managed prior to this appointment [8][9].

Group 1 - The core point of the news is the appointment of Luo Yu as a new fund manager for the Zhongyin Securities Yingrui Mixed Fund by Zhongyin International Securities Co., Ltd. [1] - Luo Yu has a background in investment research, having previously worked at Monita (Shanghai) Investment Development Co., Ltd. and Guotai Junan Securities Co., Ltd. [1] - The Zhongyin Securities Yingrui Mixed Fund was established on May 6, 2021, and as of August 18, 2025, it has reported a year-to-date return of 0.06% for Class A and -0.15% for Class C, with cumulative returns since inception of -12.39% and -13.55%, respectively [1] Group 2 - The fund is managed by Zhongyin International Securities Co., Ltd., and the announcement is made in accordance with the "Measures for the Administration of Information Disclosure of Publicly Raised Securities Investment Funds" [2] - The fund manager change is classified as an additional appointment, with Luo Nan being the new fund manager alongside existing managers Wang Wenhua and Ji Wei [2]

Core Points - The announcement from China International Capital Corporation (CICC) regarding the appointment of Luo Yu as a new fund manager for the Zhongyin Securities Yingrui Mixed Fund [1][2] - Luo Yu has a background in investment research, having previously worked at Monita (Shanghai) Investment Development Co., Ltd. and Guotai Junan Securities Co., Ltd. [1] - The Zhongyin Securities Yingrui Mixed Fund was established on May 6, 2021, and has reported a year-to-date return of 0.06% and -0.15% for its A and C shares respectively, with cumulative returns since inception at -12.39% and -13.55% [1] Fund Information - Fund Name: Zhongyin Securities Yingrui Mixed Fund [2] - Fund Abbreviation: Zhongyin Securities Yingrui [2] - Fund Manager: China International Capital Corporation [2] - Change Type: Appointment of a new fund manager [2] - New Fund Manager: Luo Nan [2] - Co-managers: Wang Wenhua and Ji Wei [2]