Core Viewpoint - The recent departure of prominent equity fund manager Yang Siliang from Baoying Fund to E Fund highlights the ongoing talent drain and challenges faced by the long-established public fund company, which is grappling with a significant reduction in equity management scale and declining industry rankings [2][4]. Talent Drain - Yang Siliang's move marks a continuation of the trend of talent outflow from Baoying Fund, which has seen several key equity managers leave in recent years, reflecting a persistent issue of retaining talent despite the company's historical success in nurturing fund managers [9][10]. - Baoying Fund has been referred to as the "public fund Huangpu Military Academy" due to its successful talent cultivation, yet it struggles with the paradox of producing talent that it cannot retain [9][10]. - The average tenure of Baoying Fund's fund managers is 3.33 years, below the industry average of 4.92 years, indicating a structural issue within the team [11]. Scale and Ranking Challenges - Baoying Fund's total asset management scale has decreased from 826.81 billion yuan in mid-2015 to 732.93 billion yuan by mid-2025, reflecting a loss of nearly 100 billion yuan [13]. - The fund's non-monetary fund scale has also dropped significantly, from 647.04 billion yuan in mid-2015 to 448.38 billion yuan by mid-2025, with its ranking falling from 27th to 79th among 162 public fund institutions [16]. - The equity fund scale has halved from 421.02 billion yuan at the end of 2020 to 197.39 billion yuan by mid-2025, indicating a severe contraction in this core area [17]. Shareholder Uncertainty - The second-largest shareholder, Foreign Trade Trust, is looking to sell its 25% stake in Baoying Fund, which could introduce further instability to the company's future [19]. - Baoying Fund's net profit has been declining, from 1.43 billion yuan in 2021 to 0.81 billion yuan in 2023, raising concerns about its financial health and ability to attract and retain talent [19][20].