Core Viewpoint - Ping An Fund announced the departure of Qian Jing from multiple ETFs, indicating a significant change in fund management that may impact investor confidence and fund performance [1][2][3] Group 1: Fund Performance - Ping An Guozhen 2000 ETF, established on August 25, 2023, has a year-to-date return of 7.69% and a cumulative net value of 1.0327 yuan as of June 25, 2025, with a total return since inception of 3.27% [1] - Ping An Zhongzheng 2000 Enhanced Strategy ETF, launched on December 27, 2023, has a year-to-date return of 11.04% and a cumulative net value of 1.0258 yuan as of June 25, 2025, with a total return since inception of 2.58% [1] - Ping An Zhongzheng Hong Kong Pharmaceutical ETF Link A/C, initiated on October 31, 2023, has year-to-date returns of 44.89% and 44.69%, with cumulative net values of 1.1109 yuan and 1.1054 yuan, respectively, as of June 25, 2025, and total returns since inception of 11.09% and 10.54% [1] Group 2: Management Changes - Qian Jing has been dismissed as the fund manager for Ping An Guozhen 2000 ETF, with Li Yan remaining as a co-manager [2] - Qian Jing has also been removed from the management of Ping An Zhongzheng 2000 Enhanced Strategy ETF, with Yu Yao and Li Yan as co-managers [2] - For Ping An Zhongzheng Hong Kong Pharmaceutical ETF Link, Qian Jing's departure is noted, with Weng Xin continuing as a co-manager [3]

Core Viewpoint - The recent trend of public funds expanding share classes reflects a shift in the industry from "heavy on initial offerings" to "strong on ongoing marketing," catering to diverse asset allocation needs and enhancing product competitiveness [1][2]. Group 1: Fund Share Expansion - Multiple public funds have announced the addition of new share classes since June, including the Ping An CSI Hong Kong Pharmaceutical ETF and the Ping An CSI Consumer Electronics Theme ETF [1][2]. - The newly established E class shares do not charge subscription fees but instead deduct sales service fees from the fund's net asset value, with different redemption fee rates based on holding periods [2][3]. Group 2: Differentiation in Fund Types - Various share types (A, C, D, E, I, Y) provide investors with diverse options, each with unique product designs, positioning, fee structures, and subscription methods to meet different investment needs [2][3]. - A class shares use a traditional front-end fee model suitable for long-term holders, while C class shares are designed for short-term investors with no subscription fees but daily service fees [2][3]. Group 3: Cost Reduction and Market Adaptation - The addition of new share classes allows fund companies to reduce operational costs significantly compared to launching new funds, which require lengthy approval processes and high marketing expenses [3]. - The fee structures of different share classes are closely tied to sales channels, with D class shares often sold through banks and E class shares promoted via online channels with a "0 subscription fee" strategy [3][4]. Group 4: Future Directions in Fund Innovation - The innovation logic in public funds is shifting from "scale-driven" to "quality-driven," focusing on differentiated design, technological empowerment, and policy collaboration to create products that better meet investor needs [5]. - Five key directions for future fund share innovation include deep reform of fee mechanisms, scenario-based product design, technological enhancements in service models, policy guidance for long-term capital allocation, and the rise of passive investment trends leading to lower fees for index funds [5].