Group 1 - The core point of the article is the significant personnel change at Huafu Fund, with the appointment of Deng Peng from Dongfanghong Asset Management as the new deputy general manager, aimed at addressing the company's shortcomings in equity products and optimizing channel layout [2][3]. - Huafu Fund, established in 2004, is one of the early public funds in the industry, with a typical brokerage-based shareholding structure, where Huazheng Securities holds 49% [3][4]. - Despite reaching a peak of 112.48 billion yuan at the end of 2023, Huafu Fund's net assets have fluctuated, standing at 103.05 billion yuan by the end of Q3 2025, significantly lagging behind competitors like Bank of China Fund and Huatai-PineBridge Fund, which have assets of 699.07 billion yuan and 779.66 billion yuan respectively [4][5]. Group 2 - Huafu Fund faces a serious imbalance in its product structure, with 82.4% of its total scale of 103.37 billion yuan concentrated in bond and money market funds, indicating a heavy reliance on fixed-income products [5][6]. - The fund's equity products, including stock and mixed funds, account for less than 18% of its total scale, highlighting a lack of active management capabilities [6][7]. - The performance of Huafu Fund's larger products has been underwhelming, with the top product yielding only 2.96% over the past year, contrasting sharply with smaller products that have shown strong performance, such as a fund with only 0.01 billion yuan in scale achieving a 70.18% return [7][8].