Core Viewpoint - Recently, Cinda Australia Fund announced the departure of Li Deqing from several funds, indicating a significant management change within the company [1][2][3][4] Fund Performance Summary - **Cinda Australia Enjoy Bond Fund**: - Established on December 23, 2021 - Year-to-date return: 0.34% (A), 0.31% (C) - Since inception return: 10.74% (A), 8.56% (C) - Cumulative net value: 1.1051 (A), 1.0841 (C) [1] - **Cinda Australia New Wealth Mixed Fund**: - Established on November 10, 2016 - Year-to-date return: 10.45% (A) - Since inception return: 81.35% (A) - Cumulative net value: 1.6894 (A) [1] - **Cinda Australia Hengsheng Mixed Fund**: - Established on September 24, 2021 - Year-to-date return: 7.42% (A), 7.03% (C) - Since inception return: 0.24% (A), -1.40% (C) - Cumulative net value: 1.0024 (A), 0.9860 (C) [2] - **Cinda Australia Xinyu 6-Month Holding Period Bond Fund**: - Established on March 21, 2024 - Year-to-date return: 4.04% (A), 3.68% (C) - Since inception return: 6.85% (A), 6.11% (C) - Cumulative net value: 1.0685 (A), 1.0611 (C) [2] - **Cinda Australia Stable Ning 30-Day Rolling Holding Bond Fund**: - Established on July 10, 2024 - Year-to-date return: 0.60% (A), 0.37% (C) - Since inception return: 2.10% (A), 1.76% (C) - Cumulative net value: 1.0210 (A), 1.0176 (C) [2] - **Cinda Australia Xinyu 6-Month Holding Period Bond Fund**: - Established on August 15, 2023 - Year-to-date return: 3.42% (A), 3.06% (C) - Since inception return: 11.67% (A), 10.66% (C) - Cumulative net value: 1.1167 (A), 1.1066 (C) [2] Management Changes - Li Deqing has been dismissed as the fund manager for multiple funds including Cinda Australia Enjoy Bond, Cinda Australia New Wealth Mixed, Cinda Australia Hengsheng Mixed, Cinda Australia Xinyu 6-Month Holding Period Bond, and Cinda Australia Stable Ning 30-Day Rolling Holding Bond [3][4] - New fund manager Li Kebao has been appointed for Cinda Australia Hengsheng Mixed and Cinda Australia Xinyu 6-Month Holding Period Bond [4]

Core Insights - Cinda Australia Fund announced the appointment of Li Kebao as an additional fund manager for the Xin'ao New Wealth Mixed Fund [1][2] Group 1: Fund Performance - Xin'ao New Wealth Mixed A Fund, established on November 10, 2016, has achieved a year-to-date return of 6.67% and a cumulative return of 75.15%, with a net asset value of 1.6464 yuan as of September 23, 2025 [1] - Xin'ao New Wealth Mixed C Fund, established on May 20, 2025, has a cumulative return of 6.39% since its inception [1] Group 2: Fund Management - The fund is managed by Cinda Australia Fund Management Co., Ltd., and the change in fund management personnel is in accordance with the relevant regulations [2] - Li Kebao joined Cinda Australia Fund in October 2015 and has held positions as a trader and fund manager [1]

Core Viewpoint - The resignation of Wang Jianhua, the Deputy General Manager of Xinda Australia Fund, highlights ongoing management instability and strategic adjustments within the company, marking the fifth departure of a deputy general manager in the past year [1][4][12] Management Changes - Wang Jianhua resigned for personal reasons, effective July 28, 2025, after serving as Deputy General Manager for 4 years and 121 days [1][3] - His departure is part of a broader trend of high-level management changes at Xinda Australia Fund, with six executives leaving in the past year, indicating a shift towards a "de-administrative" structure in the investment research team [4][6] Performance and Challenges - Wang's tenure saw poor performance in the funds he managed, with total returns of -20.31% and -33.26% for specific mixed-asset products, ranking in the bottom 10% of similar products [4] - The company has faced significant challenges, including a 25.05% reduction in asset size from 1,374.51 billion to 1,030.1 billion, primarily due to a high reliance on money market funds [7][9] Governance and Financial Performance - The governance structure is under scrutiny following the transfer of control to Central Huijin, which may lead to strategic changes [9] - The company's net profit dropped over 50% from 2.13 billion in 2022 to 1.01 billion in 2024, despite an increase in asset size, indicating a contradiction between growth and profitability [9][10] Industry Context - The trend of high executive turnover is not unique to Xinda Australia Fund, as other firms in the industry are also experiencing similar shifts towards a focus on investment research rather than administrative roles [11] - The company’s average tenure for fund managers is 4.5 years, below the industry average, reflecting ongoing adjustments in talent management [11]