Core Viewpoint - The departure of Jiang Qiu, a key equity manager at Hu'an Fund, marks the second significant loss for the company within a year, raising concerns about the stability of its investment research team and the performance of its equity funds [1][22][30]. Group 1: Departure of Key Managers - Jiang Qiu has left Hu'an Fund after clearing all nine products he managed, with speculation that he may move to private equity [1][22]. - This follows the earlier departure of Li Xin in May 2025, who also left all his managed products for personal reasons [1][30]. - The loss of these two experienced managers has created a gap in the mid-level talent pool, particularly affecting the stability of performance in the equity investment team [1][30]. Group 2: Performance of Managed Products - Jiang Qiu's managed products had a total scale of 55.78 billion yuan, with six out of nine products showing positive returns [2][23]. - The best-performing product under Jiang was the "Hu'an Manufacturing Pioneer," which achieved a return of 309.36% since its management began in December 2018 [4][24]. - However, some products managed by Jiang, including "Hu'an Innovation," reported negative returns, with a return of -3.65% [5][26]. Group 3: Impact on Hu'an Fund's Equity Team - The current equity team at Hu'an Fund is facing challenges, with many managers showing underperformance in their respective products [30][33]. - The fund's active equity management scale has significantly decreased, dropping from 1,896.99 billion yuan at the end of 2021 to 880.34 billion yuan by the end of 2025 [15][37]. - Only Hu Yi Bin remains as a prominent manager with over 100 billion yuan under management, while others have struggled to maintain performance [15][39]. Group 4: Future Outlook and Strategy - Analysts suggest that Hu'an Fund needs to strengthen its internal research capabilities and enhance the training of younger fund managers to rebuild its competitive edge in equity investment [21][42]. - The company has a strong historical performance record, but the recent talent losses may impact investor confidence and lead to potential fund outflows [30][42].