Group 1: Approval of New Financial Products - The second batch of 14 technology innovation bond ETFs has been approved, including products from various fund companies such as ICBC Credit Suisse, Taikang, and Huaan [1] - The first batch of 10 technology innovation bond ETFs was launched on July 17, with an initial total scale of nearly 29 billion yuan, which has exceeded 120 billion yuan as of September 5 [1] Group 2: Growth of Public Fund of Funds (FOF) - The total scale of public FOFs in China has reached approximately 169.75 billion yuan, marking a 12.6 times increase from the initial issuance scale of 12.5 billion yuan [2] - There are currently 512 FOF products in the market, with 12 fund management companies managing over 2 billion yuan in ordinary FOFs [2] Group 3: Fund Market Activity - The public fund issuance market has been active in September, with 12 funds having closed their fundraising early, some within a single day [3][4] - As of September 9, 40 funds have been established in September, with a total issuance scale of approximately 29.92 billion yuan, of which active equity funds account for 42.3% [4] Group 4: Fund Manager Changes - Liu Gesong has resigned as the manager of the Guangfa Multi-Asset Emerging Stock Fund, with a return of 140.03% since he started managing it in November 2018 [5][6] - Ke Haidong has also stepped down from managing two funds due to personal reasons, with his management returns being 4.52% and 5.40% for the respective funds [7] Group 5: AI Investment Opportunities - Liu Yuanhai, a well-known fund manager, emphasizes the significant growth potential and investment opportunities in the AI sector, particularly in applications like smart driving and AI hardware [8][9] - The market is expected to see a gradual rollout of AI applications, with a focus on companies actively embracing AI technology [9]

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from managing a long-standing product has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [1][4]. Group 1: Fund Manager Changes - Liu Gesong has made two adjustments to his managed products within six months, with the latest being the resignation from managing the "Guangfa Multi-Asset Emerging Stock" fund, which he had managed for nearly seven years [2][4]. - Following his resignation, Liu's managed product count has decreased to five, with the latest managed scale dropping from 31.295 billion to 29.463 billion yuan, a reduction of 6% from its peak of 84.343 billion yuan [4]. Group 2: Industry Trends - The trend of "reducing burden" among well-known fund managers is becoming more common, with many gradually transferring management responsibilities to newer managers through a process of joint management [5][7]. - The public fund industry is experiencing a significant increase in the turnover of fund managers, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [5][6]. Group 3: Investor Reactions - Investors are often sensitive to changes in fund management, leading to uncertainty about whether to observe patiently or redeem their investments [1][9]. - Historical data shows that after changes in fund managers, many products experience a decline in scale, indicating that investor confidence may wane following such transitions [8][10].

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from managing the "Guangfa Multi-Asset Emerging Stock" fund has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [2][5]. Group 1: Fund Manager Changes - Liu Gesong has made two adjustments to his managed products within six months, first adding two co-managers to "Guangfa Small Cap Growth" in March and then resigning from "Guangfa Multi-Asset Emerging Stock" in September [3][5]. - Following his resignation, Liu's managed product count decreased to five, with the latest managed scale dropping from 31.295 billion to 29.463 billion yuan, a reduction of 6% from its peak of 84.343 billion yuan [5]. Group 2: Industry Trends - The trend of "senior managers reducing their load" is becoming more common, with many well-known fund managers gradually transferring management responsibilities to newer managers as part of a talent development strategy [2][6]. - The public fund industry has seen a significant increase in manager turnover, with 293 managers leaving their positions this year, a 23% increase compared to the same period last year [6]. Group 3: Investor Reactions - Investors are often sensitive to changes in fund management, leading to questions about whether to observe patiently or redeem their investments [2][10]. - Historical data shows that fund sizes often decline after a manager's departure, as seen with former manager Bao Wuke, whose products shrank by nearly 30% following his exit [9]. Group 4: Recommendations for Investors - Industry experts suggest that investors should not rush to make decisions after a fund manager change, but rather observe the new manager's investment style and capabilities over time before deciding whether to continue holding the fund [11].

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from the management of a long-standing fund has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [3][7]. Group 1: Fund Manager Changes - Liu Gesong has announced his resignation from the management of the "Guangfa Multi-Asset Emerging Stock" fund, which he managed for nearly seven years, with the new manager being Zhou Zhishuo [4][5]. - Following this resignation, Liu's managed products have decreased from six to five, with the total managed assets dropping from 31.295 billion to 29.463 billion yuan, a reduction of approximately 6% from his peak of 84.343 billion yuan [6][7]. Group 2: Industry Trends - The trend of "reducing the burden" among star fund managers is becoming more common, with many experienced managers gradually transferring product management to newer managers through a process of co-management [7][10]. - The public fund industry is witnessing a significant increase in the turnover of fund managers, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [7][9]. Group 3: Investor Reactions - Investors are often uncertain about how to react to changes in fund management, with some expressing concerns about the capabilities of new managers and the potential impact on fund performance [11]. - Historical data shows that fund sizes often decline following the departure of well-known managers, indicating a potential risk for investors [11].

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from managing the "Guangfa Multi-Asset Emerging Stock" fund has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [1][4]. Group 1: Fund Manager Changes - Liu Gesong has made two adjustments to his managed products within six months, with the latest being the resignation from the Guangfa Multi-Asset Emerging Stock fund, which he managed for nearly seven years [2][4]. - Following his resignation, Liu's managed product count has decreased to five, with the latest managed scale dropping from 31.295 billion to 29.463 billion yuan, a reduction of 60% from his peak of 84.343 billion yuan [4]. Group 2: Industry Trends - The trend of "reducing burdens" among top fund managers is becoming more common, with many gradually transferring management responsibilities to new managers through a process of hiring, co-management, and eventual resignation [5][7]. - The public fund industry is experiencing a significant increase in fund manager turnover, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [5]. Group 3: Investor Reactions - Investors are often anxious about changes in fund management, leading to questions about whether to observe patiently or redeem their investments [1][9]. - Historical data shows that fund sizes often decline following the departure of well-known fund managers, indicating a potential lack of confidence from investors in new management [8][10].

Core Viewpoint - Liu Gesong, a well-known fund manager at GF Fund, has resigned from managing the GF Multi-Dimensional Emerging Stock Fund, which he has managed since November 5, 2018, achieving a return of 140.03% as of September 10, 2023. This resignation is considered a normal adjustment, and he will continue to manage other funds within the company [1][5]. Fund Management Changes - The fund manager change involves Liu Gesong being replaced by Zhou Zhishuo for the GF Multi-Dimensional Emerging Stock Fund due to work arrangements [2][4]. - Liu Gesong still manages five other funds, with a total asset size of 29.463 billion yuan [6]. Performance Metrics - Liu Gesong's management has seen significant success, with multiple funds achieving returns close to or exceeding 100%. The GF Multi-Dimensional Emerging Stock Fund has the highest return among his managed funds at 140.03% [5][6]. - Despite recent challenges in traditional sectors, Liu's funds have maintained strong performance, with only two out of the six funds showing negative returns over three years [5]. Industry Context - The resignation of Liu Gesong is part of a broader trend in the public fund industry, where many star fund managers are reducing their workloads or leaving the industry due to increasing management pressures [7][8]. - The public fund industry is transitioning from a "license dividend" phase to a "capability competition" phase, leading to a reallocation of value between public and private fund sectors [8].

Core Viewpoint - Guangfa Fund announced the appointment of Zhou Zhishuo as a new fund manager for the Guangfa Multi-Dimensional Emerging Stock Fund, indicating a strategic move to enhance the fund's management team and potentially improve performance [1][2]. Group 1: Fund Information - Fund Name: Guangfa Multi-Dimensional Emerging Stock Fund [2] - Fund Abbreviation: Guangfa Multi-Dimensional Emerging Stock [2] - Fund Main Code: 003745 [2] - Fund Management Company: Guangfa Fund Management Co., Ltd. [2] - Fund Manager Change Type: Appointment of a new fund manager [2] - New Fund Manager: Zhou Zhishuo [2] - Other Co-Managing Fund Manager: Liu Gesong [2] - Departing Fund Manager: Tang Xiaobin [2] Group 2: Fund Performance - Fund Established: April 25, 2017 [1] - Year-to-Date Return as of August 21, 2025: 34.40% [1] - Cumulative Return Since Inception: 98.86% [1] - Cumulative Net Value: 1.9886 yuan [1]