Core Viewpoint The fund industry is undergoing a significant reshuffle, with many fund managers facing criticism for poor performance while still receiving high salaries and bonuses. Recent regulations aim to change this dynamic by aligning fund manager compensation with fund performance. Group 1: Industry Overview - The fund industry is experiencing a major reshuffle, with a record number of fund managers leaving their positions, reaching 453 in 2025, a 33% increase from the previous year [1][23]. - The performance of fund managers has been mixed, with some achieving high returns, such as a public fund that gained 233% in a year, while others, particularly those holding traditional stocks, have seen significant losses [1][14]. - The number of fund managers has been increasing, with 83% of them having never experienced a bull market, leading to heightened competition and pressure within the industry [1][33]. Group 2: Fund Manager Performance - Notable fund managers, such as Liu Yanchun, reported losses between 5.8% and 7.5% in the fourth quarter, with some funds losing nearly half of their value over five years [5][6]. - Zhang Wei, a rising star in the pharmaceutical sector, initially achieved an 85.64% return but lost a significant portion of that profit in the latter half of the year [3][9]. - Many fund managers are criticized for holding onto underperforming stocks while privately investing in high-performing technology stocks, leading to dissatisfaction among investors [13][15]. Group 3: Regulatory Changes - New regulations introduced in December 2025 aim to align fund manager compensation with fund performance, requiring a significant portion of their salaries to be invested in their own funds [25][26]. - Performance assessments will now heavily weigh long-term results, with at least 80% of the evaluation based on three-year performance metrics [25][29]. - Fund managers who underperform will face salary reductions, with a minimum 30% cut for those whose funds lag behind benchmarks by more than 10% over three years [29][30]. Group 4: Emerging Trends - Despite the challenges faced by many traditional fund managers, a new wave of successful fund managers has emerged, with the number of managers overseeing over 10 billion yuan in assets increasing significantly [31][32]. - The market is seeing a shift towards younger fund managers, with many achieving rapid growth in assets under management, indicating a potential change in the competitive landscape [31][33].

Group 1 - The core point of the article is the unusual resignation of Liao Xiaodong, the Deputy General Manager of the Fund Department at Guodu Securities, who stepped down citing "approaching retirement age," a rare reason in the public fund industry [1][19][15] - Liao managed two funds, Guodu Innovation-Driven Flexible Allocation and Guodu Ju Cheng Mixed, both of which have very small scales of 0.11 billion and 0.12 billion respectively [1][15] - Liao's management performance has been poor, with a total return of -46.72% over his tenure, and a three-year loss of 13.77%, significantly underperforming the benchmark [19][21] Group 2 - Liao's management scale decreased dramatically from over 3 billion in 2021 to only 0.23 billion before his resignation, indicating a reduction of more than 90% [21] - The funds managed by Liao, particularly Guodu Innovation-Driven, reported a loss of 63.78% during his tenure, while Guodu Ju Cheng experienced a loss of 44% [21][19] - The frequent changes in portfolio positions and poor timing in investment decisions have contributed to the funds' underperformance, with significant losses in high-profile stocks [22][23] Group 3 - Guodu Securities, despite obtaining a public fund license in 2014, has struggled with a maximum fund scale of only 8.55 billion in 2017, and currently, the scale is down to 0.22 billion [23] - The company faces challenges in gaining investor confidence due to its small scale and weak management capabilities, leading to continuous shrinkage in fund size [23] - Currently, there are three fund managers at Guodu Securities, with Zhang Xiaolei and Gong Yongjin taking over the management of Guodu Ju Cheng, and Zhang Xiaolei and Wang Yi managing Guodu Innovation-Driven [25]