Group 1 - Yang Siliang has resigned from multiple funds managed by Baoying Fund, including Baoying Quality Selection Mixed, Baoying New Value Mixed, and Baoying Advantage Industry Mixed [1][2][3] - The new fund managers appointed to replace Yang Siliang are Lü Gongji for Baoying Quality Selection Mixed, Zhang Ge for Baoying New Value Mixed, and Yao Yi for Baoying Advantage Industry Mixed [3] - Baoying Quality Selection Mixed A/C has a year-to-date return of -2.73% and -3.15%, and since inception returns of 32.28% and 28.52%, with cumulative net values of 1.3228 and 1.2852 respectively [1] - Baoying New Value Mixed A has a year-to-date return of -2.40% and since inception return of 365.56%, with a cumulative net value of 3.7820, while the C share has a year-to-date return of -2.84% and since inception return of 96.33%, with a cumulative net value of 2.9410 [1] - Baoying Advantage Industry Mixed A has a year-to-date return of -2.56% and since inception return of 273.82%, with a cumulative net value of 3.4305, while the C share has a year-to-date return of -2.79% and since inception return of 11.78%, with a cumulative net value of 3.2279 [2]

Core Viewpoint - Baoying Fund is facing a significant decline in its asset management scale, with its non-monetary management scale dropping to 44.8 billion yuan, ranking 79th in the industry, marking a new low for the company [2][21][24]. Group 1: Company Performance - Baoying Fund's non-monetary management scale has decreased by 7% compared to the end of the first quarter of 2025 [21]. - The company has been struggling with talent shortages in investment research since 2021, leading to stagnation in scale growth [2][24]. - The fund's ranking has dropped from 52nd at the end of 2020 to 79th in the first half of 2025, a decline of 27 places [24]. Group 2: Management Changes - Recent adjustments in the investment research team include the appointment of younger executives, with Wang Lang taking over as vice president [2][15][16]. - The company has made frequent changes to its fund managers, with seven fund manager changes announced on August 2, 2025 [4][11]. - Senior fund manager Yang Silang has stepped down from managing four funds, reducing his managed products from seven to three [4][11]. Group 3: Talent and Strategy - Baoying Fund currently has only 18 fund managers, with a limited number capable of managing equity funds effectively [24]. - The company has seen the departure of several notable equity fund managers in recent years, impacting its talent pool [24][25]. - The new management team, including Wang Lang and other younger managers, aims to address the company's growth challenges and improve its market position [25].