Core Viewpoint - The announcement of the resignation of Liu Gesong as the fund manager of the GF Multi-Asset Emerging Stock Fund, with Zhou Zhishuo taking over as the sole manager, reflects a normal adjustment within the company [1][2]. Fund Management Changes - Liu Gesong has left the management of the GF Multi-Asset Emerging Stock Fund, which he co-managed with Tang Xiaobin earlier this year, and Zhou Zhishuo is now the sole manager [1][2]. - Liu Gesong remains with GF Fund Management as the Deputy General Manager and continues to manage five other funds, totaling approximately 29.463 billion yuan in assets under management [3][4]. Fund Performance - The GF Multi-Asset Emerging Stock Fund has achieved a year-to-date return of 34.14% and a cumulative net value return of 98.87%, with a current net value of 1.9887 yuan [3]. - As of the end of Q2 2025, the fund's scale is approximately 1.832 billion yuan [3]. Investment Strategy - The fund has focused on sectors such as defense, electronics, new energy, smart driving, banking, and artificial intelligence, with its top holding being Seres [3]. - Liu Gesong's investment strategy has shifted towards Hong Kong stocks, emphasizing new economy and internet companies, as reflected in the top holdings of his other managed fund, which includes companies like Xiaomi and Tencent [4][6]. Fund Holdings and Adjustments - The GF Multi-Asset Emerging Stock Fund has seen significant changes in its holdings, with new investments in companies like Xinyisheng and Guangdong Hongda [3]. - Liu Gesong's other managed funds have experienced a decline in employee holdings, indicating potential concerns among internal stakeholders [4][6].

Core Viewpoint - Liu Gesong has stepped down from managing the GF Multi-Dimensional Emerging Stock Fund, which will now be independently managed by Zhou Zhishuo, marking a rapid transition in management style at GF Fund [1][2][4]. Group 1: Management Changes - Liu Gesong and Tang Xiaobin initially co-managed the GF Multi-Dimensional Emerging Stock Fund, with Zhou Zhishuo being appointed as a co-manager in August. Following Tang's departure, Liu has also resigned, making this Zhou's first independently managed fund [2][4]. - The trend of experienced managers mentoring younger ones, referred to as "old leads new," has been prevalent at GF Fund, with Liu Gesong previously mentoring new managers like Wu Yuanyi and Chen Yunzong [4][5]. Group 2: Fund Performance and Strategy - The GF Multi-Dimensional Emerging Stock Fund had an approximate scale of 1.855 billion yuan as of the end of Q2 2025 [4]. - Liu Gesong continues to manage five other funds, with a total asset scale exceeding 30 billion yuan. His investment strategy has diversified, focusing more on new economy sectors, including internet and new consumption [7][8]. - Liu's recent portfolio adjustments include a significant increase in holdings of Hong Kong-listed stocks, which now account for 43% of the fund's total assets, reflecting a shift in investment strategy [8][10]. Group 3: Market Outlook - Liu Gesong has expressed optimism about the potential of Hong Kong stocks, particularly those with unique characteristics, due to improving domestic economic conditions and global market dynamics [10]. - The macroeconomic outlook suggests that the potential for interest rate cuts by the Federal Reserve may enhance the attractiveness of RMB assets, leading to increased risk appetite for both A-shares and Hong Kong stocks [10].