Group 1 - Xiao Fang Pharmaceutical (603207.SH) released its semi-annual report for 2025 on August 26, 2025, indicating that as of August 25, 2025, 17 institutional investors held a total of 115 million shares, accounting for 71.90% of the total share capital [1] - The top ten institutional investors collectively held 71.38% of the shares, with a slight decrease of 0.77 percentage points compared to the previous quarter [1] - The top institutional investors include companies such as Yunjia Far East Co., Ltd., Jiaxing Youjia Enterprise Management Partnership, and Guoxin Capital Co., Ltd. [1] Group 2 - In the public fund sector, three new public funds were disclosed this period, including CITIC Securities Rotation Mixed A, CITIC Securities Selection Mixed A, and Hongta Hongtu Shengshang One-Year Regular Open Bond A [2] - Two public funds were not disclosed in this period compared to the previous quarter, including Taixin Industry Selection Mixed A and Ping An MSCI China A-Shares Low Volatility ETF [2]

Core Viewpoint - Ping An Fund announced the departure of fund manager Weng Xin from the Ping An MSCI China A-Shares Low Volatility ETF and the Ping An SSE Dividend Low Volatility Index [1] Group 1: Fund Manager Changes - Weng Xin previously worked as a researcher in the index investment department at Huatai-PineBridge Fund Management Co., Ltd. and joined Ping An Fund in May 2023 as a senior researcher in the ETF index investment center [1] - The Ping An MSCI China A-Shares Low Volatility ETF was established on June 7, 2018, and has a year-to-date return of 4.06% and a cumulative return of 48.42% since inception, with a net asset value of 1.4608 yuan [1] - The Ping An SSE Dividend Low Volatility Index A/C was established on April 23, 2024, with year-to-date returns of 8.40% and 8.18%, and cumulative returns of 15.50% and 14.94%, with net asset values of 1.1550 yuan and 1.1494 yuan respectively [1] Group 2: Fund Management Information - The Ping An MSCI China A-Shares Low Volatility ETF is managed by Ping An Fund Management Co., Ltd., with Weng Xin being replaced by other fund managers Qian Jing and Zi Gui Yao [2] - The Ping An SSE Dividend Low Volatility Index is also managed by Ping An Fund Management Co., Ltd., with the same replacement of Weng Xin by Qian Jing and Zi Gui Yao [2]

Group 1 - The core point of the news is the announcement of the departure of fund manager Qian Jing from Ping An MSCI China A-Shares Low Volatility ETF and Ping An Shanghai Stock Exchange Dividend Low Volatility Index, with Bai Guiyao taking over management responsibilities [1][2] - Bai Guiyao has a background as a trader at China Minmetals Corporation, investment manager at Postal Savings Bank of China Asset Management Department, and senior vice president at China Post Asset Management [1] - The Ping An MSCI China A-Shares ETF was established on June 7, 2018, and as of August 4, 2025, it has a year-to-date return of 4.07% and a cumulative return of 48.44%, with a net asset value of 1.4609 yuan [1] Group 2 - The Ping An Shanghai Stock Exchange Dividend Low Volatility Index A/C was established on April 23, 2024, and as of August 4, 2025, it has year-to-date returns of 5.95% and 5.70%, with cumulative returns of 12.89% and 12.31%, and net asset values of 1.1290 yuan and 1.1232 yuan respectively [1] - The Ping An Shanghai Stock Exchange Dividend Low Volatility Index E was established on June 24, 2025, and as of August 4, 2025, it has a cumulative return of -0.79% [1]

Core Viewpoint - Ping An Fund announced the appointment of Bai Guiyao as a new fund manager for multiple ETFs, indicating a strategic shift in management to enhance fund performance and investor confidence [1][2][3]. Fund Performance Summary - **Ping An Zhongdai-0-3 Year National Development Bank Bond ETF**: Established on September 1, 2022, with a year-to-date return of 0.25% and a cumulative return of 6.21%, net asset value at 1.0621 yuan, and a scale of 1.384 billion yuan as of March 31, 2025 [1]. - **Ping An FTSE China State-Owned Enterprises Open Win ETF**: Established on December 17, 2021, with a year-to-date return of -3.74% and a cumulative return of 54.67%, net asset value at 1.5482 yuan [1][2]. - **Ping An MSCI China A-Shares Low Volatility ETF**: Established on June 7, 2018, with a year-to-date return of 3.44% and a cumulative return of 47.53%, net asset value at 1.4540 yuan [2][7]. - **Ping An Medical and Medical Device Innovation ETF**: Established on June 9, 2021, with a year-to-date return of 4.62% and a cumulative return of -64.93%, net asset value at 0.3507 yuan [2][6]. - **Ping An 5-10 Year National Bond Active Bond ETF**: Established on December 21, 2018, with a year-to-date return of 0.19% and a cumulative return of 27.40%, net asset value at 1.2624 yuan, scale of 1.42 billion yuan as of March 31, 2025 [2][6]. - **Guangdong-Hong Kong-Macao Greater Bay Area ETF**: Established on September 23, 2019, with a year-to-date return of 2.81% and a cumulative return of 22.84%, net asset value at 1.2284 yuan [2][6]. - **Ping An FTSE China State-Owned Enterprises Open Win ETF Link**: Established on March 26, 2024, with year-to-date returns of -3.51% and -3.60%, cumulative returns of 2.28% and 2.03%, net asset values at 1.0228 yuan and 1.0203 yuan [2][5]. Management Changes - Bai Guiyao has been appointed as a new fund manager for several ETFs, including Ping An Zhongdai-0-3 Year National Development Bank Bond ETF, Ping An FTSE China State-Owned Enterprises Open Win ETF, and others, indicating a focus on enhancing fund management expertise [1][4][5][6][7].