Core Viewpoint - The departure of Zhang Yifei, a prominent fund manager at Anxin Fund, has raised concerns about the company's declining public fund management scale and the overall trend in the public fund industry [3][4][7]. Group 1: Departure of Zhang Yifei - Zhang Yifei has resigned from his position as the manager of nine funds at Anxin Fund due to personal reasons, marking a significant change in the company's management [3][4]. - As of July 15, 2025, all nine funds managed by Zhang Yifei have positive returns, with five funds showing returns exceeding 30%, including Anxin Stable Growth A, which has a return of 82.81% [5]. - Following his departure, Zhang Yifei remains a member of the investment decision committee and holds the position of Chief Investment Officer (CIO) at Anxin Fund [4][5]. Group 2: Declining Management Scale - Anxin Fund's public fund management scale has been on a continuous decline, with a reported scale of 94.034 billion yuan as of the end of Q2 2025, marking a decrease for four consecutive quarters [3][7]. - In contrast, the overall public fund industry has seen growth, with total management scale increasing from 31.08 trillion yuan in June 2024 to 33.74 trillion yuan in May 2025 [7]. - The decline in Anxin Fund's management scale is primarily attributed to reductions in fixed-income and mixed funds, with significant decreases in the scale of various fund types [7][8]. Group 3: Fund Performance and Management Changes - As of the end of Q2 2025, Anxin Fund has 54 funds with management scales that have decreased compared to Q2 2024, with ten funds experiencing declines of over 1 billion yuan [8]. - The departure of Zhang Yifei has left Anxin Fund with only two fund managers who have over ten years of experience in public fund management, raising questions about the future management of mixed asset investments [8].