Core Viewpoint - The sudden resignation of Duan Weijing, a prominent fund manager at Ping An Fund, has raised concerns about the stability and talent retention within the firm, particularly in its fixed income sector, as she steps down from managing seven funds, including those with only four months of operation [1][2]. Group 1: Managerial Changes - Duan Weijing's departure is part of a broader trend, with eight fund managers leaving Ping An Fund in the past year, indicating a significant personnel shake-up within the company [1]. - The exit of Duan Weijing follows the earlier departure of another senior fixed income manager, Zhou Enyuan, to Dacheng Fund, highlighting a potential talent drain in Ping An Fund's fixed income division [1][2]. Group 2: Fund Performance - During her tenure, Duan Weijing managed the Ping An Jin Guanjia Money Market Fund, which achieved a total return of 24.89%, ranking in the top 8% of its peers, generating a profit of 2.424 billion yuan for investors from 2017 to the end of 2024 [2]. - The Ping An Hexi 1-Year Open-End Bond Fund, under her management, recorded an annualized return of 4.63%, exceeding its benchmark by 2.24 percentage points [2]. - As of the end of Q1 2025, Duan Weijing managed a total of 32.059 billion yuan in assets, solidifying her position as a key figure in Ping An Fund's fixed income sector [2]. Group 3: Transition and Challenges - Following Duan Weijing's resignation, the management of the Ping An Jin Guanjia Money Market Fund was handed over to Luo Wei, who has seen a significant drop in the fund's annualized yield to 1.52%, a 43.49% decrease from Duan's management period [6]. - The new manager, Li Xiaotian, has rapidly taken over 19 bond funds, increasing his managed assets to 35.006 billion yuan, but faces challenges as the Ping An Hui Rong Pure Bond Fund's management scale decreased by 41.66% in the first quarter after his takeover [6][7]. - A comparison of performance metrics shows that Duan Weijing's total return rate during her tenure was 28.28% with an annualized return of 3.45%, while her successor Luo Wei's performance was slightly lower at 27.72% and an annualized return of 2.76% [7].

Core Viewpoint - Ping An Fund Management Co., Ltd. announced the departure of Duan Weijing from several fixed-income funds, indicating a potential shift in management strategy and investment focus within the firm [1][2]. Fund Performance Summary - **Ping An Le Xiang One-Year Open-End Bond Fund**: - Established on September 4, 2019 - Year-to-date return: 0.07% (A), 0.06% (C) - Since inception return: 15.07% (A), 13.31% (C) - Cumulative net value: 1.1423 (A), 1.1265 (C) - Total fund size as of March 31, 2025: 8.003 billion [1][2] - **Ping An Le Shun 39-Month Open-End Bond Fund**: - Established on December 25, 2019 - Year-to-date return: 1.31% (A), 1.27% (C) - Since inception return: 16.93% (A), 16.00% (C) - Cumulative net value: 1.1586 (A), 1.1503 (C) - Total fund size as of March 31, 2025: 8.523 billion [1][2] - **Ping An He Xi One-Year Open-End Bond Fund**: - Established on October 13, 2022 - Year-to-date return: 0.33% - Since inception return: 12.55% - Cumulative net value: 1.1240 - Total fund size as of March 31, 2025: 2.065 billion [2] - **Ping An Hui Hong Pure Bond Fund**: - Established on January 31, 2019 - Year-to-date return: 0.54% - Since inception return: 23.77% - Cumulative net value: 1.2212 - Total fund size as of March 31, 2025: 1.008 billion [2] - **Ping An Jin Guan Jia Money Market Fund**: - Established on December 7, 2016 (A), July 29, 2019 (C), and September 25, 2024 (D) - Since inception return: 25.21% (A), 12.18% (C), 1.06% (D) - Total fund size as of March 31, 2025: 11.892 billion [2] - **Ping An He Xing One-Year Open-End Bond Fund**: - Established on June 24, 2020 - Year-to-date return: 0.54% - Since inception return: 18.52% - Cumulative net value: 1.1771 [2] - **Ping An Hui Rong Pure Bond Fund**: - Established on November 1, 2016 - Year-to-date return: 0.31% - Since inception return: 33.07% - Cumulative net value: 1.3109 [2] Management Changes - Duan Weijing has been dismissed as the fund manager for multiple funds, including Ping An Le Xiang, Ping An Le Shun, Ping An He Xi, Ping An Hui Hong, Ping An Jin Guan Jia, Ping An He Xing, and Ping An Hui Rong [3][4][5][6]. - The remaining management team for these funds includes other managers such as Li Xiaotian and Zhang Lu [3][4][5][6].

Core Viewpoint - Ping An Fund announced the appointment of Li Xiaotian as a new fund manager for several bond funds, indicating a strategic move to enhance management expertise in fixed income investments [1][2][3][4] Fund Performance Summary - **Ping An Hejin 1-Year Open-End Bond Fund**: Established on June 23, 2021, with a year-to-date return of 0.31% and a cumulative return of 17.21%, resulting in a cumulative net value of 1.1636 yuan as of April 29, 2025 [1] - **Ping An Convertible Bond Fund A/C**: Launched on August 7, 2019, with year-to-date returns of 1.20% and 1.05%, and cumulative returns of 10.92% and 8.42%, leading to a cumulative net value of 1.1092 yuan and 1.0842 yuan [1] - **Ping An LeXiang 1-Year Open-End Bond Fund A/C**: Initiated on September 4, 2019, showing year-to-date returns of 0.01% and 0.02%, with cumulative returns of 15.00% and 13.27%, and a cumulative net value of 1.1417 yuan and 1.1261 yuan, with a scale of 8.003 billion yuan as of March 31, 2025 [1] - **Ping An LeShun 39-Month Open-End Bond Fund A/C**: Established on December 25, 2019, with year-to-date returns of 1.14% and 1.10%, cumulative returns of 16.73% and 15.81%, and a cumulative net value of 1.1569 yuan and 1.1486 yuan, with a scale of 8.523 billion yuan as of March 31, 2025 [2]