Core Viewpoint - Recent changes in fund managers at GF Fund highlight a shift towards a collaborative management model, reflecting ongoing trends in the industry to optimize fund performance and adapt to market volatility [2][6][7]. Group 1: Fund Manager Changes - GF Fund announced the departure of fund manager Jiang Ke from GF Rui Jie Select, with Chen Yanzhong taking over; other funds transitioned from single management to co-management [2][3]. - A total of 64 new fund managers have been hired in the past year, with 13 fund managers leaving, representing nearly 20% of the total funds managed by GF Fund [2][6]. - The trend of increasing co-management is evident, with several funds now managed by teams rather than individual managers [3][6]. Group 2: Fund Performance - Three of the four funds involved in the recent changes have recorded losses exceeding 30% compared to their performance benchmarks over the past three years [2][4]. - Specifically, GF Cheng Xiang Mixed and GF Xing Cheng Mixed have seen cumulative returns of approximately -36% and -37%, respectively, underperforming their benchmarks by about 63 and 65 percentage points [4][5]. - The newly appointed managers have significant experience, with annualized returns varying among them, indicating a potential for improved performance moving forward [3][5]. Group 3: Industry Trends - The shift towards a platform-based research and investment strategy is becoming a common practice in the industry, moving away from the reliance on star fund managers [6][7]. - The recent changes at GF Fund are part of a broader trend in the industry, where firms are adapting to new regulatory environments and market conditions by enhancing collaborative investment strategies [7][8].

Core Viewpoint - Guangfa Fund has announced the appointment of Liu Bin as a new fund manager for Guangfa Xingcheng Mixed Fund, indicating a strategic move to enhance the management team and potentially improve fund performance [1][2]. Group 1: Fund Manager Background - Liu Bin has extensive experience in the investment industry, having worked as an analyst at CITIC Securities from July 2011 to March 2015, and later at Xinhua Fund Management from April 2015 to October 2022 in various roles including research analyst and fund manager [1]. - Liu Bin joined Guangfa Fund on November 3, 2022, and currently serves as the fund manager for the Growth Investment Department [1]. Group 2: Fund Performance - Guangfa Xingcheng Mixed Fund A/C was established on January 6, 2021, and as of September 30, 2025, it has recorded a year-to-date return of 19.89% and 19.54% for its respective classes [1]. - Since its inception, the fund has experienced a cumulative return of -47.26% and -48.25%, with a cumulative net value of 0.5274 yuan and 0.5175 yuan for its respective classes [1]. Group 3: Fund Information - The fund is officially named Guangfa Xingcheng Mixed Securities Investment Fund, with the main code 011121, managed by Guangfa Fund Management Co., Ltd [2]. - The change in fund management is classified as an appointment of a new fund manager, with Liu Bin joining Zheng Chengran in managing the fund [2].