Group 1 - The core point of the article is the leadership change at Huazhong Fund, with Zhu Xuehua stepping down as Party Secretary and Chairman, and Xu Yong, former General Manager of China Merchants Fund, expected to take over the chairman position in the future [2][3][4] - Zhu Xuehua's tenure lasted nearly 11 years, during which Huazhong Fund's management scale increased over tenfold, reaching 748.88 billion yuan by June 2025, compared to 63.96 billion yuan when he took office in 2014 [3][4] - Under Zhu's leadership, Huazhong Fund launched several innovative products, including the largest gold ETF in Asia and the first public REITs products in China, establishing industry benchmarks [3][4] Group 2 - Xu Yong's appointment is noteworthy as he has a diverse background in government, insurance, and public funds, and during his three years at China Merchants Fund, he achieved a nearly 20% growth in management scale, increasing from 782.49 billion yuan to 932.34 billion yuan [4][5] - The leadership change occurs at a critical time for Huazhong Fund, following the merger of Guotai Junan Securities and Haitong Securities, which has led to a restructuring of the fund's ownership, with Guotai Haitong holding 51% [5][6] - Huazhong Fund's financial performance has faced challenges, with total revenue decreasing by 9.56% year-on-year to 3.11 billion yuan and net profit down by 2.66% to 910 million yuan as of December 2024 [6]