Core Viewpoint - The recent announcement from Taiping Fund indicates the departure of Chen Xiao from multiple funds, with Shi Yanggang appointed as the new fund manager for these funds [1][3][4]. Fund Performance Summary - **Taiping Anyuan Bond Fund A/C**: Established on May 5, 2022, with a year-to-date return of 4.07% and a cumulative return since inception of 8.24%, net asset value at 1.0824 yuan [1]. - **Taiping Ruiqing Mixed Fund A/C**: Established on December 21, 2021, with a year-to-date return of 3.25% and a cumulative return since inception of 9.21%, net asset value at 1.0921 yuan [1]. - **Taiping Fenghe One-Year Open Bond Fund**: Established on September 17, 2020, with a year-to-date return of 2.29% and a cumulative return since inception of 2.93%, net asset value at 1.0291 yuan [1]. - **Taiping Ruiying Mixed Fund A/C**: Established on March 25, 2019, with a year-to-date return of 7.47% and a cumulative return since inception of 40.92%, net asset value at 1.3819 yuan [2]. - **Taiping Ruixiang Mixed Fund A/C**: Established on September 17, 2021, with a year-to-date return of 4.20% and a cumulative return since inception of 12.37%, net asset value at 1.1237 yuan [2]. Fund Manager Changes - Chen Xiao has been relieved from his position as fund manager for multiple funds, including Taiping Anyuan Bond, Taiping Ruiqing Mixed, Taiping Fenghe One-Year Open Bond, Taiping Ruiying Mixed, and Taiping Ruixiang Mixed [3][4]. - Shi Yanggang has been appointed as the new fund manager for the aforementioned funds, with other co-managers also assigned [3][4].

Core Insights - Baoli Food (603170.SH) released its semi-annual report for 2025, indicating that as of August 27, 2025, institutional investors hold a total of 196 million shares, accounting for 48.94% of the company's total equity [1] - The proportion of shares held by institutional investors decreased by 0.10 percentage points compared to the previous quarter [1] Institutional Holdings - Eight institutional investors disclosed their holdings in Baoli Food, including notable entities such as Hangzhou Zhenpin Zhixin Investment Partnership, Shanghai Houxu Asset Management, and China Postal Savings Bank [1] - Three new public funds were disclosed this period, while two public funds were not reported in the current quarter [1] Social Security Fund - The National Social Security Fund's holdings increased slightly, with one fund, the National Social Security Fund 111 Combination, showing a small rise in shareholding [1]