Group 1 - The core point of the news is the appointment of a new fund manager, Yan Meiying, for two funds managed by Huafu Fund Management Co., Ltd. [1] - Yan Meiying has been with Huafu Fund since July 2019, serving in various roles including assistant industry researcher and fund manager assistant [1] - The two funds affected by this change are Huafu Excellent Growth One-Year Holding Mixed Fund and Huafu Value Growth Mixed Fund [1] Group 2 - Huafu Excellent Growth One-Year Holding Mixed Fund (A/C) was established on January 13, 2022, with a year-to-date return of 13.58% and 13.56%, and a cumulative net value of 1.1018 yuan and 1.0952 yuan [1] - Huafu Value Growth Mixed Fund (A/C) was established on July 15, 2009, with a year-to-date return of 11.12% and 11.10%, and a cumulative net value of 3.7986 yuan and 2.9755 yuan [1] - The cumulative return since inception for Huafu Value Growth Mixed Fund is 419.40% and 34.92% [1]

Core Viewpoint - Huazhong Securities plans to increase its stake in Huafu Fund from 49% to 51% by investing 26.46 million yuan, marking a significant shift from a major shareholder to a controlling shareholder, which aligns with its wealth management strategy transformation [2][4]. Group 1: Investment Details - The investment will allow Huazhong Securities to gain a rare public fund license, completing its "securities + public fund + asset management" business chain [2]. - The board meeting to approve the capital increase is scheduled for January 12, 2026, with the new registered capital being 10.2041 million yuan [2]. - After the capital increase, the shareholding structure will adjust, with Anhui Credit Guarantee Group's stake decreasing from 27% to 25.94%, and Hefei Xingtai Financial Holding Group's stake decreasing from 24% to 23.06% [3]. Group 2: Financial Performance and Valuation - As of July 31, 2025, Huafu Fund's total equity value is assessed at 648.309 million yuan, with a net asset of 705 million yuan as of September 30, 2025 [4]. - The fund reported a revenue of 254 million yuan and a net profit of 19.2187 million yuan for the first nine months of 2025, reflecting a value increase of 8.5428 million yuan, with a growth rate of 1.34% [4]. Group 3: Strategic Implications - The acquisition of the public fund license is seen as a critical move for enhancing control over Huafu Fund, optimizing wealth management layout, and improving asset allocation service capabilities [4]. - The competition for public fund licenses is driven by the need for wealth management transformation, regulatory compliance, and the trend of residents moving their savings [4]. - Huafu Fund has surpassed 100 billion yuan in asset management scale, managing 180 funds and ranking 31st among 106 comparable fund management companies [7].