Group 1 - Liu Gesong, a prominent fund manager at GF Fund, has resigned from managing the flagship product, GF Small Cap Growth Mixed Fund (LOF), after over eight years due to "work arrangements" [2][22] - This marks his second significant resignation in three months, having previously stepped down from managing GF Multi-Dimensional Emerging Stock Fund on September 10 [3][4] - Following these resignations, the number of products under Liu's management has decreased to four, with total assets under management dropping from 33.4 billion to approximately 27.5 billion [4][24] Group 2 - Liu's funds have shown a turnaround this year, with annual returns exceeding 30% for most of his managed funds, ranking in the top 40%-50% of their peers [6][24] - The GF Small Cap Growth Mixed Fund achieved a return of 41.53%, while the GF Multi-Dimensional Emerging Stock Fund recorded a return of 33.22% as of December 24 [25][24] - Liu was once a market superstar during the structural bull market from 2019 to 2020, with assets under management peaking over 80 billion [8][26] Group 3 - Liu's heavy investments in sectors like photovoltaic and battery technologies led to significant losses for his funds during the downturn from 2022 to 2024, resulting in hundreds of billions in losses for investors [9][10][28] - Despite the recent resignations, industry insiders indicate that Liu does not plan to leave the company, as he remains the Deputy General Manager and Co-Chief Investment Officer at GF Fund [11][29] - The company is transitioning from a "star-driven" model to a "platform-enabled" approach, aiming to pass on some products to younger fund managers [14][32] Group 4 - Liu faces potential salary reductions due to new regulatory guidelines that could impose a minimum 30% cut in performance pay for fund managers whose funds underperform their benchmarks by over 10 percentage points over three years [15][18] - The performance of Liu's remaining funds has been poor, with three funds showing negative returns compared to their benchmarks, placing him at risk of salary cuts [33][34] - Although Liu is not currently considering leaving, the threat of salary reduction looms over him as a significant concern [35]

Core Insights - The public fund industry is experiencing a significant personnel shift, driven by multiple factors including regulatory reforms, compensation adjustments, and the need for high-quality transformation [2][10] - Notable fund managers, such as Liu Gesong and Lei Zhiyong, have recently stepped down from their positions, raising market concerns about their future roles, although they have no plans to leave their companies [2][3] - The turnover rate of fund managers has reached a historical high, with 453 managers leaving their positions this year, a more than 30% increase compared to the previous year [3][6] Group 1: Personnel Changes - Liu Gesong announced his resignation from managing the Guangfa Small Cap Growth fund after over eight years, reducing his managed products from 5 to 4, with assets under management decreasing from 33.4 billion to approximately 27.5 billion [3] - The trend of fund managers stepping down is not isolated; it reflects a broader industry movement towards "mentoring the new generation" and focusing on investment management rather than administrative roles [4][5] - The industry has seen a notable increase in fund manager turnover, with over 5,015 funds experiencing changes in management this year, marking a more than 20% increase from the previous year [6][8] Group 2: Industry Dynamics - The industry is witnessing a shift towards a "return to investment research" trend, with several high-profile fund managers resigning from management roles to concentrate on investment [5][9] - The regulatory environment has intensified, with new performance assessment and compensation management frameworks being introduced, compelling fund managers to focus on improving investment quality and enhancing investor experience [8][9] - The understanding of management scale within the industry has become more rational, with practices like "top-tier managers reducing their load" and "performance-based product limits" becoming common [9][10]

Core Viewpoint - Guangfa Fund announced the resignation of fund manager Liu Gesong from the Guangfa Small Cap Growth Mixed Fund, with current management continuing under Wu Yuanyi and Chen Yunzong [1] Group 1: Fund Management Changes - Liu Gesong has been managing the Guangfa Small Cap Growth Mixed Fund since June 2017, making it his longest-managed product [1] - Liu also resigned from the Guangfa Multi-Dimensional Emerging Stock Fund in September of this year [1] - After stepping down from the Guangfa Small Cap Growth Mixed Fund, Liu will continue to manage four other products: Guangfa Innovation Upgrade Mixed, Guangfa Dual Engine Upgrade Mixed, Guangfa Technology Pioneer Mixed, and Guangfa Industry Select Three-Year Holding Period Mixed [1] Group 2: Industry Trends - Industry insiders note that in the context of ongoing market volatility, the trend of fund managers managing multiple products is becoming less sustainable, leading to co-management and workload reduction [1] - The practice of "old guiding new" has been established, and as new fund managers mature in their roles, the resignation of senior fund managers is seen as a natural progression [1]

Group 1 - The core point of the news is that Shenglan Technology Co., Ltd. experienced a stock price decline of 5.06%, with a current share price of 44.83 yuan and a total market capitalization of 7.339 billion yuan [1] - Shenglan's main business involves the research, production, and sales of electronic connectors and precision components, with revenue composition as follows: 62.69% from consumer electronic connectors, 22.92% from new energy vehicle connectors, 6.66% from data communication connectors, 5.35% from optical lenses, and 2.38% from other sources [1] - The trading volume for Shenglan's shares reached 287 million yuan, with a turnover rate of 3.98% [1] Group 2 - Among the top ten circulating shareholders of Shenglan, one fund from GF Fund Management, the GF Multi-Strategy Emerging Stock Fund (003745), entered the list in the third quarter, holding 718,800 shares, which is 0.46% of the circulating shares [2] - The GF Multi-Strategy Emerging Stock Fund has a total scale of 2.29 billion yuan and has achieved a year-to-date return of 29.12%, ranking 1599 out of 4208 in its category [2] - The fund manager, Zhou Zhishuo, has been in position for 5 years and 65 days, with the fund's best return during his tenure being 47.06% and the worst being -24.96% [3]

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].