Core Viewpoint - The announcement from Anxin Fund regarding the resignation of fund manager Zhang Yifei and the subsequent transition to managers Huang Wanshu and Li Jun highlights a significant change in the management of nine funds, emphasizing the importance of continuity and team support in fund management [1][3]. Summary by Sections Fund Manager Transition - Zhang Yifei will officially resign from managing all nine funds on July 15, 2025, with Huang Wanshu and Li Jun taking over the management responsibilities [1]. - Huang Wanshu has 10 years of experience in the securities industry and 4 years in public fund management, having previously worked as a bond trader at Fortune Fund before joining Anxin Fund [2]. - Li Jun will manage the remaining five funds, while Huang Wanshu will oversee four specific funds, including the Anxin Target Yield Bond Fund [1]. Performance and Strategy - Since the adjustment of investment strategy in 2021, the Anxin Target Yield Bond Fund has consistently outperformed its peers in annual returns, with lower volatility and drawdown levels compared to similar funds [1]. - Huang Wanshu's background as a bond trader provides her with a deep understanding of market liquidity and yield curve fluctuations, which is crucial for managing the fund effectively [3]. Challenges and Support - Huang Wanshu faces the challenge of maintaining the performance benchmark set by Zhang Yifei while navigating a low-interest-rate environment [3]. - The established investment research team at Anxin Fund offers a robust support system, which is expected to aid Huang Wanshu in her new role [3]. - The transition is not starting from scratch, as Huang Wanshu has prior experience working alongside Zhang Yifei, which should facilitate a smoother strategy continuation [7].

Group 1 - An announcement from Anxin Fund on July 17 revealed changes in fund managers, with notable manager Zhang Yifei stepping down from 9 funds due to personal reasons [2][3] - Zhang Yifei managed a total asset net value of 32.192 billion yuan across the 9 funds as of the end of the first quarter, with the largest being Anxin Stable Growth Mixed Fund at approximately 11.434 billion yuan [3] - The Anxin Stable Growth Mixed Fund, managed by Zhang Yifei since 2015, has seen a unit net value growth of 82.46% since its inception, with a 1-year growth of 5.69% as of July 16, 2025 [3] Group 2 - Fund manager Huang Wanshu took over the Anxin Enjoy Pure Bond Fund from Li Jun, which had an asset net value of approximately 1.949 billion yuan at the end of the first quarter, with 99.96% of the fund held by a single institution [4] - The Anxin Enjoy Pure Bond Fund has recorded a unit net value growth of 34.57% since its inception in September 2016, with a 1-year growth of 2.68% as of July 16, 2025 [5] Group 3 - Li Jun also stepped down from the Anxin Stable Gain 6-Month Holding Mixed Fund, which is now co-managed by Liang Bingzhe and Ma Xiaodong; this fund has seen a unit net value growth of 4.65% since its inception in July 2023, underperforming its benchmark by 0.5 percentage points [6]