Core Insights - The public fund industry in China is experiencing significant growth, with total net asset value surpassing 36.74 trillion yuan by the end of September 2023, marking an increase of 3.92 trillion yuan or nearly 12% from the end of 2022 [3][4] - In contrast, Anxin Fund's management scale has declined, with a reduction of 139.04 billion yuan, representing a 14% decrease, bringing its total to 853.71 billion yuan by the end of September 2023 [3][4] Industry Growth - The public fund industry has shown robust growth, with stock funds increasing by 1.5 trillion yuan, a growth rate of 33.73%, while bond funds only saw a modest increase of 0.36 trillion yuan or 5.27% [4] - The total net asset value of public funds reached 36.74 trillion yuan by September 2023, up from 33 trillion yuan at the end of 2022 [3][4] Anxin Fund's Performance - Anxin Fund's product structure is a contributing factor to its declining management scale, with approximately 40% of its assets in equity funds, while stock funds account for less than 10% of its total management scale [4] - As of the end of September 2023, Anxin Fund's stock fund size was 70.73 billion yuan, while its bond fund size was 322.7 billion yuan, both showing significant declines [4] Impact of Key Personnel Changes - The departure of prominent fund manager Zhang Yifei has also impacted Anxin Fund, with his resignation affecting the management of nine funds, which collectively saw a decrease in size from 298.57 billion yuan to 211.77 billion yuan [5][6] - Zhang Yifei was a key figure in Anxin Fund's investment team, having held various significant positions since joining in 2012 [6] Regulatory Environment - The regulatory focus on increasing the proportion of equity investments in public funds presents a challenge for Anxin Fund, which has a strong emphasis on fixed-income products [7]

Core Viewpoint - The "fixed income +" strategy remains a vital choice for institutional and individual investors seeking stable returns, despite the challenges posed by a declining risk-free rate and a changing market environment [1][2]. Group 1: Market Environment - As of Q4 2025, the bond market has transitioned from a strong performance to a low yield environment, with money market product yields dropping below 1% [2]. - The A-share market has shown strong performance, with the Shanghai Composite Index and Shenzhen Component Index increasing by over 15% and 25% respectively year-to-date as of October 20 [2]. - Over 95% of "fixed income +" funds have achieved positive returns, with some convertible bond funds yielding over 38% [2]. Group 2: Investment Strategy - The "fixed income +" strategy is evolving towards multi-asset and multi-strategy approaches to balance risk and return in a low absolute return environment [2]. - The upcoming event on October 22 aims to explore the practical logic and innovative directions of the "fixed income +" strategy through discussions among experienced fund managers [1][3]. Group 3: Fund Manager Insights - Fund managers participating in the event include seasoned professionals with extensive experience in asset allocation and market timing, emphasizing the importance of equity asset allocation in performance [3][4]. - Discussions will cover topics such as achieving better returns in low volatility environments and the significance of credit strategies and yield enhancement [4][5]. Group 4: Future Outlook - The "Fund Manager 100" series aims to provide diverse strategy references for investors navigating complex markets, with future discussions planned around different asset classes [5].

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has resigned from his position managing nine funds, marking the end of his 13-year career in the public fund industry, with a total managed asset of 32.192 billion yuan [1][2] Group 1: Zhang Yifei's Career and Achievements - Zhang Yifei's representative fund, Anxin Steady Growth, has achieved positive returns for nine consecutive years, highlighting his successful investment strategy [2][4] - Under Zhang's management, the Anxin Steady Growth Mixed A fund has delivered a cumulative return of 82.81% since he took over in May 2015, with an annualized return of 6.12% and a maximum drawdown of only 7.2% [4] - Zhang emphasized the social value of asset management, stating that successful investments based on corporate value not only benefit investors but also create societal benefits [3] Group 2: Transition of Fund Management - Following Zhang's departure, fund management responsibilities will be taken over by core team members Li Jun and Huang Wanshu, both of whom have extensive experience and have worked closely with Zhang [5][6] - Li Jun, with 20 years of experience, has been managing funds alongside Zhang for nearly eight years and currently oversees a fund portfolio worth 27.075 billion yuan [5] - Huang Wanshu, who joined Anxin Fund in 2016, has managed various fixed-income products with a total management scale of 15.983 billion yuan [6] Group 3: Industry Context - Zhang Yifei's resignation is part of a broader trend in the public fund industry, where there has been a significant turnover of fund managers, with 182 managers leaving their positions in the first half of 2025 alone [6] - The industry is shifting from a "star-driven" model to a "team-based" approach, emphasizing the importance of understanding investment strategies and systematic capabilities in navigating market volatility [6]

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has resigned from his position managing nine funds, marking the end of his 13-year career in the public fund industry, with a total managed asset of 32.192 billion yuan [2][3] Group 1: Resignation Details - Zhang Yifei's resignation is termed a "liquidation-style" departure, as he will not take on any other roles within the company and has completed the necessary deregistration procedures [3] - His departure has raised significant market attention due to his management of over one-third of Anxin Fund's non-money market fund scale and his notable performance with the Anxin Steady Growth fund, which has achieved positive returns for nine consecutive years [3][4] - Zhang Yifei's previous role adjustments include stepping down as Vice President in March 2024 to focus on investment as Chief Investment Officer [3][4] Group 2: Investment Philosophy and Performance - Zhang Yifei emphasized the social value of asset management, advocating for investments based on corporate value that yield returns for investors while benefiting society [4] - His investment philosophy prioritizes "absolute return first, strict control of drawdown," making his managed products a safe haven during market volatility [5] - The Anxin Steady Growth Mixed A fund, managed by Zhang since May 2015, has achieved a cumulative return of 82.81% and an annualized return of 6.12%, with a maximum drawdown of only 7.2% [5][6] Group 3: Successors and Market Impact - Following Zhang Yifei's departure, fund managers Li Jun and Huang Wanshu will take over the management of the funds, both of whom are core members of the mixed asset investment team at Anxin Fund [7] - Li Jun has 20 years of experience in the securities industry and has been managing funds alongside Zhang for nearly eight years, while Huang Wanshu specializes in bond strategies [7] - The resignation of Zhang Yifei is part of a broader trend in the public fund industry, with 182 fund managers having left their positions in the first half of 2025, indicating a shift from "star-driven" to "team-based" management strategies [8]

Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund has raised concerns among investors, as he managed over 300 billion yuan in assets, accounting for more than one-third of the company's total fund size, and was known for his emphasis on long-term stable returns and strict risk control [2][5]. Group 1: Zhang Yifei's Background and Performance - Zhang Yifei joined Anxin Fund in September 2012 and became a public fund manager in March 2014, later promoted to Deputy General Manager in May 2023, but resigned from this position within a year [2]. - His public equity products achieved a total return of 75.9% and an annualized return of 5.72%, significantly outperforming the CSI 300 index's annualized return of 2.35% during the same period [3]. - Zhang managed 18 funds, all of which maintained positive returns, with Anxin Stable Growth being the longest-held fund, achieving ten consecutive years of positive returns [3][5]. Group 2: Impact of Departure on Investors - Investors are uncertain about whether to hold or redeem their investments following Zhang's departure, with some expressing a desire to increase their investments while others are hesitant [6][7]. - The change in fund management has led to discussions among investors, with some indicating they would leave if the new management does not perform well [8][7]. Group 3: Industry Trends - The fund industry is shifting towards a platform-based investment research model, reducing reliance on individual star managers, as highlighted by recent regulatory guidance [10]. - Numerous funds have announced the addition of multiple fund managers to their teams, indicating a trend towards collaborative management structures [10].

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has confirmed his departure from the public fund industry after 13 years, indicating a desire for new challenges in his career, potentially moving to the private equity sector [1][2]. Fund Manager Departure - Zhang Yifei officially resigned from managing nine products, including Anxin Stable Value and Anxin Target Return, effective July 15, with a total management scale exceeding 32 billion yuan, accounting for over one-third of Anxin Fund's total assets of 94.531 billion yuan [2]. - His departure has raised concerns about the stability of Anxin's fixed income team, although core team members he previously managed will remain at Anxin Fund to continue managing the products [2]. Performance and Investment Style - As of July 15, all nine products managed by Zhang Yifei reported positive returns, with six products achieving annualized returns exceeding 5%. The longest-managed product, Anxin Stable Value A, has a return of 82.81% since May 25, 2015, with an annualized return of 6.12% [3]. - Zhang Yifei is known for his absolute return investment style, demonstrating strong defensive capabilities in volatile market conditions [3]. Successors and Management Changes - Following Zhang Yifei's departure, two core team members, Li Jun and Huang Wanshu, will take over the management of the products. Li Jun will manage Anxin Stable Value and Anxin Stable Growth, while Huang Wanshu will manage Anxin Target Return and other products [5][6]. - Li Jun has 20 years of experience and has previously co-managed multiple products with Zhang Yifei, while Huang Wanshu is recognized for her expertise in bond yield curve analysis and has a track record of managing products alongside Zhang Yifei [6][7].

Group 1 - The Chinese technology industry has made significant breakthroughs at the beginning of the year, with DeepSeek emerging as a notable player, enhancing global investors' perception of China's technological capabilities and prompting a revaluation of Chinese assets [6][13] - In the first quarter, the performance of technology stocks has been strong, with many fund managers focusing on technology and artificial intelligence (AI) achieving both performance and scale growth [7][8] - Fund managers express optimism about investment opportunities in AI and robotics, but caution that the industry needs to find new iteration points for technological development to avoid stagnation [8][20] Group 2 - The A-share market is experiencing a structural trend, with technology growth sectors like automotive, TMT, and machinery performing well, while traditional sectors like coal and real estate lag behind [9] - Fund managers maintain high equity positions, with over 90% in some cases, and express confidence in the performance of Hong Kong and A-share markets, particularly in technology and consumer sectors [10][12] - The economic outlook for 2025 is cautiously optimistic, with expectations of gradual recovery driven by fiscal policy and improved corporate performance metrics [10][11] Group 3 - Fund managers are increasing investments in the AI industry, particularly in humanoid robots and autonomous driving, anticipating significant breakthroughs in the coming years [14][15] - The emergence of DeepSeek is seen as a catalyst for the revaluation of internet companies in Hong Kong and the overall technology sector, with expectations of a new wave of competitive Chinese companies in critical areas like semiconductors [16][18] - The AI sector is expected to drive substantial changes in manufacturing efficiency and cost reduction, although it is still in the early stages of development [19][20]