Core Insights - The performance of Qianhai Kaiyuan Cycle Selected Mixed Fund A/C and C in October was notably poor, with returns of -15.61% and -15.65%, placing them at the bottom of the monthly mixed fund performance rankings [1][2] - Despite a strong A-share market in 2023, the cumulative return of Qianhai Kaiyuan Cycle Selected Mixed Fund was only 5% as of November 3 [2] - The Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C also underperformed, with a cumulative return of -8.91% since its inception [2][3] Fund Performance - Qianhai Kaiyuan Cycle Selected Mixed Fund A/C has been managed by Wu Guoqing since its establishment on January 21, 2023, who has 10 years of management experience [1][2] - The fund's top holdings included gold and mining stocks in the first half of the year, but shifted entirely to the semiconductor sector in the third quarter, which still resulted in only a 23% quarterly increase [2] - The top holdings of Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C included companies like Goertek and Rockchip, but it still recorded a negative return since inception [2][3] Fund Rankings - In the October mixed fund performance rankings, Qianhai Kaiyuan Cycle Selected Mixed Fund A/C and C ranked among the top six funds with the largest declines [4][5] - The specific rankings were as follows: Qianhai Kaiyuan Cycle Selected Mixed Fund C at -15.65%, Qianhai Kaiyuan Cycle Selected Mixed Fund A at -15.61%, and Qianhai Kaiyuan Artificial Intelligence Theme Mixed Fund C at -12.70% [5]

Group 1 - Multiple public funds announced changes in fund managers, with some managers resigning in a "clearance" manner [1][2] - Wu Huijuan from Green Fund resigned from managing three funds on June 16, 2023, after less than six months in the role, with the highest return of 1.35% for one fund [2] - Qi Jieping from Chunhou Fund also resigned from managing four funds on June 14, 2023, due to personal reasons [2][3] Group 2 - Liu Taiyang from Penghua Fund resigned from three funds in June, leaving only one fund under management [3] - The resignation of fund managers has increased the burden on remaining managers, with some now managing multiple funds [3] - Notably, larger fund companies and star fund managers are also experiencing significant changes in their managed products, including resignations from underperforming funds [4] Group 3 - As of June 17, 2023, there have been 2,314 fund manager changes since 2025, with 1,254 managers resigning [5] - The high turnover of fund managers is closely linked to market cycles, with a shift towards team-based operations and a trend of managers seeking better career opportunities [6]

Group 1: Company Changes - ICBC Credit Suisse Fund has completed a shareholding change, with UBS AG becoming a shareholder holding over 5% of the company, representing 20% of its registered capital [1] - The registered capital of ICBC Credit Suisse Fund remains unchanged, with ICBC still holding 80% of the shares [1] - The English abbreviation of the company has changed from "ICBCCS" to "ICBCUBS" effective June 13, 2025 [1] Group 2: Market Trends - The total scale of credit bond ETFs has reached 1669.87 billion yuan as of June 11, 2025, more than doubling since the end of last year [2] - Eight newly established benchmark credit bond ETFs have seen their total scale increase from 217.10 billion yuan to 817.91 billion yuan, a growth of over 2.7 times [2] - Several credit bond ETFs have joined the "100 billion club," indicating strong market interest and investment [2] Group 3: Fund Management Changes - Multiple fund managers have resigned from underperforming products, including Qu Yang from Qianhai Kaiyuan Fund, whose fund has seen a return of only 14.19% over more than 9 years [4] - Liu Ming, the general manager of Dongfang Alpha Fund, also resigned from a fund that has lost over 50% during his 4-year tenure [4] - Other notable resignations include senior managers from Penghua Fund and well-known economist Deng Haiqing from poorly performing products [4] Group 4: New Fund Issuance - As of June 12, 2025, there are eight funds related to the CSI A500 index currently in issuance [5][6] - New funds include the CSI A500 Index Enhanced Fund by CITIC Construction Investment Fund and the CSI A500 Enhanced Strategy ETF by Guolian An Fund, both launched in June 2025 [5][6] Group 5: Market Performance - On June 13, 2025, the market experienced a downturn, with the Shanghai Composite Index falling by 0.75% and the Shenzhen Component Index by 1.10% [8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.47 trillion yuan, an increase of 195.5 billion yuan from the previous trading day [8] - The oil and gas sector showed strong performance, with several stocks hitting the daily limit, while automotive-related ETFs in the Hong Kong market faced declines [8]