Core Points - The announcement from Xingyin Fund indicates the appointment of Luo Yida as an additional fund manager for the Xingyin Stable Benefit 180-Day Holding Mixed Fund [1] - Luo Yida has a background as an investment manager at Freshwater Spring (Beijing) Investment Management Co., Ltd. and as the head of the equity research department at GF Securities Asset Management (Guangdong) Co., Ltd. [1] - The fund was established on April 26, 2023, and as of November 3, 2025, it has achieved a year-to-date return of 6.43% and 6.34%, with a cumulative return since inception of 15.27% and 14.97% [1] Fund Information - Fund Name: Xingyin Stable Benefit 180-Day Holding Mixed Securities Investment Fund [2] - Fund Abbreviation: Xingyin Stable Benefit 180-Day Holding Mixed [2] - Fund Management Company: Xingyin Fund Management Co., Ltd. [2] - Announcement Basis: Based on the "Public Fund Information Disclosure Management Measures" and "Guidance on the Management of Investment Management Personnel by Fund Management Companies" [2] - Type of Fund Manager Change: Appointment of an additional fund manager [2] - New Fund Manager: Luo Yida [2] - Co-managing Fund Manager: Wang Shen [2]

Core Viewpoint - The departure of Yuan Zuodong from Xingyin Fund Management marks a significant personnel change amid ongoing leadership instability and strategic challenges within the company, particularly in its equity investment sector [2][3][5]. Group 1: Personnel Changes - Yuan Zuodong has left his position managing multiple funds, including the Xingyin Fengyun Stable Return Mixed Fund, due to personal reasons, effective October 28, 2025 [4][5]. - His departure follows a trend of frequent executive changes at Xingyin Fund, with the company experiencing a series of leadership transitions since March 2021 [10]. - The new fund manager, Luo Yida, who joined in January 2024, will take over most of Yuan's responsibilities, raising questions about his ability to independently lead equity investments given his relatively short tenure [4][10]. Group 2: Business Structure Imbalance - Xingyin Fund's equity products account for only 41.79 billion yuan, less than 5% of the company's total assets, indicating a significant reliance on fixed-income products [7]. - Despite some recent performance improvements in equity funds, many have struggled with long-term returns, leading to concerns about their competitiveness and investor confidence [7][8]. - The company has a high number of small funds, with 7 out of 16 active equity funds below the 50 million yuan threshold for liquidation, highlighting operational pressures and limited market presence [7][8]. Group 3: Strategic Adjustments - In response to these challenges, Xingyin Fund plans to adjust its product structure, focusing on enhancing its equity and index quantitative business while maintaining its strength in fixed income [11]. - The company aims to innovate its product offerings and improve service quality to better meet diverse investor needs and support national economic development [11][12]. - The success of these strategic initiatives will depend on the company's ability to stabilize its management, address its equity investment shortcomings, and reduce reliance on institutional funding [12].

Core Viewpoint - Yuan Zuodong has resigned from multiple funds managed by Xingyin Fund, including the Xingyin Fengyun Stable Return Mixed Fund and others, after serving as the General Manager of the Equity Investment Department since June 2019 [1][4][5]. Fund Performance Summary - **Xingyin Fengyun Stable Return Mixed Fund A/C**: Established on May 21, 2020, with a year-to-date return of 18.77% and a cumulative return of 63.78%, net asset value at 1.6378 yuan [1]. - **Xingyin Value Balanced Mixed Fund A/C**: Established on March 20, 2024, with a year-to-date return of 24.72% and a cumulative return of 36.41%, net asset value at 1.3641 yuan [1]. - **Xingyin Stable Benefit 180-Day Holding Mixed Fund A/C**: Established on April 26, 2023, with a year-to-date return of 6.16% and a cumulative return of 14.98%, net asset value at 1.1498 yuan [2]. - **Xingyin Xinghui One-Year Holding Mixed Fund A/C**: Established on October 26, 2021, with a year-to-date return of 13.10% and a cumulative return of 19.23%, net asset value at 1.1923 yuan [2]. - **Xingyin Smart Consumption Mixed Fund A/C**: Established on November 2, 2023, with a year-to-date return of 27.37% and a cumulative return of 29.97%, net asset value at 1.2997 yuan [2]. - **Xingyin Yield Enhancement A/C**: Established on November 28, 2016, with a year-to-date return of 17.21% and a cumulative return of 62.23%, net asset value at 1.5592 yuan [2]. - **Xingyin Carbon Neutral Theme Mixed Fund A/C**: Established on February 23, 2022, with a year-to-date return of 39.25% and a cumulative return of 23.04%, net asset value at 1.2304 yuan [3]. - **Xingyin Competitive Advantage Mixed Fund A/C**: Established on September 2, 2022, with a year-to-date return of 24.57% and a cumulative return of 17.56%, net asset value at 1.1756 yuan [3]. Managerial Changes - Yuan Zuodong has been dismissed as the fund manager for several funds, including the Xingyin Fengyun Stable Return Mixed Fund, Xingyin Value Balanced Mixed Fund, and others, with other managers continuing to oversee these funds [4][5].

Group 1 - The core point of the article is the announcement by Xingyin Fund regarding the appointment of Wang Shen as an additional fund manager for the Xingyin Stable Benefit 180-Day Holding Mixed Fund [1][2] - Wang Shen has a background in securities and has been with Xingyin Fund since April 2015, holding various positions including credit researcher and assistant fund manager [1] - The Xingyin Stable Benefit 180-Day Holding Mixed Fund was established on April 26, 2023, and has reported a year-to-date return of 5.22% and 5.15%, with a cumulative return since inception of 13.96% and 13.69% as of August 8, 2025 [1] Group 2 - The fund is managed by Xingyin Fund Management Co., Ltd., and the announcement is in accordance with relevant regulations for public offering securities investment funds [2] - The fund's main code is 018212, and it is co-managed by other fund managers, Yuan Zuodong and Li Wencheng [2]