Group 1 - The Chinese bond market has shown a certain degree of volatility since 2025, with the 10-year government bond yield fluctuating between approximately 1.6% and 1.89% as of August 15 [1] - Under the low interest rate environment, the support of coupon income on bond fund net values has weakened, and the credit spread has further narrowed, posing challenges for bond fund investments [1] - He Ping, a notable fund manager, has recently resigned from all nine bond funds he managed at Bosera Fund, raising industry concerns due to the rapid nature of his departure [2][4] Group 2 - He Ping has a solid background, having worked at Agricultural Bank of China and CITIC Bank before joining Bosera Fund in August 2022, where he managed several bond funds focused on high liquidity fixed-income assets [3] - During his tenure, the funds managed by He Ping achieved positive returns, with the Bosera Fuyuan Pure Bond Fund showing a cumulative return of approximately 9.6% since he took over in February 2023, despite a slight negative return this year [3] - Bosera Fund, known as the "King of Bond Funds," holds a leading position in the fixed-income sector, with an asset management scale of approximately 1.10 trillion yuan as of the second quarter of 2025, including 419.05 billion yuan in bond products [5][7]