Group 1 - The core point of the news is the announcement of the resignation of fund manager Li Yanzheng from the Fuyong Fuxin Mixed Fund, with Mao Yunhong taking over management responsibilities [1][2] - Mao Yunhong joined Fuyong Fund Management Co., Ltd. in 2021 and has experience in TMT, automotive, and lithium battery industry research [1] - The Fuyong Fuxin Mixed Fund was established on March 16, 2018, and as of November 20, 2025, it has recorded a year-to-date return of -1.50% and -1.58% for its A and C shares respectively, with cumulative returns since inception of 109.82% and 106.20% [1]

Core Insights - Li Yanzheng has resigned from the Fuyong Fuxin Mixed Fund due to personal reasons, with a return of 46.29% during his tenure, surpassing the benchmark by 17.94% [1][2] - The fund has experienced a significant decline in total assets over the past three years, dropping from 3.72 billion yuan in 2021 to 0.17 billion yuan in 2024, although there was a slight recovery to 0.26 billion yuan by the end of the third quarter [2] Fund Performance - Since its establishment on March 16, 2018, the Fuyong Fuxin Mixed Fund has achieved a total return of 115.68% and an annualized return of 10.52% [2] - The fund has had five different managers since inception, with an average tenure of 1.87 years [1] Current Management - The current manager, Mao Yunhong, has been with Fuyong Fund since July 2021 and is responsible for managing only the Fuyong Fuxin Mixed Fund [2] - As of the end of the third quarter, Fuyong Fund manages a total of 20.968 billion yuan across 12 fund managers, with equity products making up about 10% of the total [2]