Group 1 - The core viewpoint of the article highlights that the growth style represented by the technology sector led the market in 2025, while the value style was relatively suppressed. However, a rotation in market styles is a consistent cyclical pattern, and a rebound in the value style is expected in 2026 [1][8] - The China Securities 800 value/growth ratio indicates that since October 2025, the value style has begun to strengthen relative to the growth style. Historical experience suggests that the end of the year and the beginning of the new year are critical windows for market style rebalancing, with a preference for stable earnings and reasonably valued stocks [1][8] - In this context, China Europe Fund plans to officially launch the China Europe Value Select Mixed Fund on January 5, aiming to select high-quality, reasonably valued listed companies to provide a stable investment choice for the 2026 equity market [1][8] Group 2 - The fund's proposed manager, Ji Xiang, has 10 years of financial experience and over 5 years in investment management, having worked at various institutions covering industries such as food and beverage, home appliances, and agriculture. His investment framework focuses on long-term value from a bottom-up perspective [2][9] - Ji Xiang adheres to the principle of "buying good companies at cheap prices" and emphasizes deep research to select high-quality, reasonably valued companies, with a long holding period and a willingness to concentrate investments in assets likely to withstand economic cycles [2][9] - Historical performance of Ji Xiang's managed products, such as the Baoying Leading Selection A fund, shows that it outperformed the Wind ordinary stock fund index for six consecutive quarters, with five quarters achieving positive returns. In 2024, this fund ranked in the top three among similar products [3][10] Group 3 - The upcoming China Europe Value Select Mixed Fund will continue to utilize Ji Xiang's proven investment methodology. The long-term performance of a fund relies not only on the manager's research capabilities but also on strong platform support [4][11] - China Europe Fund has a deep accumulation in active equity investment, with a stable research and investment team consisting of 29 active equity fund managers with an average experience of nearly 14 years, and 49 research and support personnel with over 5 years of financial experience [4][11] - This strong support is increasingly important in a market that has moved away from significant undervaluation and is gradually becoming differentiated [4][11]

Core Viewpoint - Yang Siliang, a prominent fund manager at Baoying Fund, has resigned from several key funds due to internal adjustments, leading to a significant drop in his managed assets from 70 billion to 7 billion [1][3]. Group 1: Fund Manager Resignation - Yang Siliang's resignation includes management of Baoying Quality Selection (26.6 billion), Baoying Enhanced Income Bond (18.65 billion), Baoying New Value (10.54 billion), and Baoying Advantage Industry (7.59 billion) [1][3]. - The company cites internal work adjustments as the reason for Yang's departure, but speculation suggests poor performance in the current year may have contributed [3][5]. - Yang's performance has been under scrutiny, with a reported return of -2.55% this year, significantly underperforming the benchmark [3][12]. Group 2: Market Reactions and Implications - The market is speculating that Yang's resignation may indicate a potential departure from Baoying Fund, especially given his historically strong performance over the past three years [5][6]. - Baoying Fund has faced criticism for its compensation practices, which may contribute to talent retention issues [5][6]. - The recent trend of fund manager resignations at Baoying Fund raises concerns about the company's ability to retain key talent [7][8]. Group 3: Performance Metrics - Despite the recent downturn, Yang's funds had previously shown resilience, with a three-year return exceeding 10% as of early this year [1][3]. - The significant drop in managed assets in Q2, amounting to a decrease of nearly 40 billion, reflects the impact of recent performance issues [1][3]. - Yang's funds have been heavily invested in the liquor sector, which has faced challenges this year, contributing to the negative performance [12][13].