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 prominent fund manager at GF Fund, has stepped down from managing the GF Multi-Dimensional Emerging Stock Fund, which achieved a return of 140.03% during his tenure, marking it as the best-performing fund under his management [1][4][7]. Fund Management Changes - The change in management is officially termed as "dismissal of the fund manager," with Zhou Zhishuo taking over sole management responsibilities [5]. - The announcement emphasizes that Liu Gesong will remain with GF Fund, indicating that this is a "normal work adjustment" [1][7]. Performance Context - Despite the strong performance of the GF Multi-Dimensional Emerging Stock Fund, questions arise regarding the rationale behind the dismissal of the best-performing fund, especially in light of industry pressures and fee reforms [4][8]. - Liu Gesong continues to manage five other funds with a total scale of 29.463 billion yuan, maintaining a focus on key stocks such as Siasun, Shengbang, Yiwei Lithium Energy, and Sunshine Power [7]. Market Speculation - The management change has led to speculation about whether the scale of 29.463 billion yuan has become overwhelming for Liu, as larger fund sizes complicate asset allocation and rebalancing [8]. - The industry is witnessing a trend of star fund managers stepping down or leaving, with several notable managers transitioning to private equity [9]. Industry Trends - The public fund industry is experiencing a shift from "license dividends" to "capability competition," with a notable decline in the personal brand value of star managers, while platform value is becoming more prominent [9]. - The ongoing management pressures in the industry suggest that while "reducing burden" may alleviate short-term stress, optimizing portfolio strategies and enhancing the performance of remaining products are crucial for maintaining investor trust [9].

Core Viewpoint - The differences in fund contracts between new and old products have led to a significant performance divergence in public funds, particularly influenced by the inclusion of Hong Kong stocks in investment strategies [1][2][4]. Group 1: Performance Impact of Fund Contracts - A-shares funds that have incorporated Hong Kong stock investments into their contracts have significantly outperformed the market, with all top 20 A-share funds achieving over 70% returns year-to-date as of August 10 [3]. - The top-performing funds, established mostly after 2018, allow for up to 50% of their stock positions to be allocated to Hong Kong stocks, which has been a key factor in their success [3]. - Conversely, funds that do not permit Hong Kong stock investments have generally underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [3]. Group 2: Manager Performance and Contract Limitations - Star fund managers have shown a stark performance split between their new and old funds, with new funds performing well while older funds lag behind due to restrictive contracts [5][6]. - Many of these older funds, established between 2004 and 2014, do not include Hong Kong stocks in their investment scope, limiting their ability to adapt to market opportunities [6]. - For instance, fund managers like Wu Yuanyi have seen their newer products, which include Hong Kong stocks, perform significantly better than older products that do not [6]. Group 3: Contract Modification Considerations - Modifying fund contracts to include Hong Kong stocks could address performance disparities, but this approach is contentious and not universally beneficial for all fund managers [7][8]. - Some fund managers express reluctance to modify contracts, citing unfamiliarity with the Hong Kong market and potential risks associated with expanding investment scopes [8]. - The decision to modify contracts often depends on the individual fund manager's expertise and investment strategy, leading some firms to prefer launching new Hong Kong-themed funds instead of altering existing contracts [7][8].

Group 1 - The performance differentiation of public funds is linked to the differences in fund contracts, particularly regarding the inclusion of Hong Kong stock investments [1][3][4] - As of August 10, 2025, the top 20 A-share funds have annual returns exceeding 70%, with over 90% of these funds established after 2018, allowing up to 50% allocation to Hong Kong stocks [2][3] - Funds that do not permit Hong Kong stock investments have significantly underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [2][5] Group 2 - The contribution of Hong Kong stocks to fund performance is also evident in QDII funds, which have shown positive returns, contrasting with the stark performance divide in A-share funds [3][4] - Star fund managers managing both new and old funds exhibit a clear performance gap, with new funds outperforming due to broader investment mandates [4][6] - Modifying fund contracts to include Hong Kong stock investments is seen as a potential solution to performance discrepancies, but there are concerns about whether this approach suits all fund managers [6][7] Group 3 - Some fund managers express reluctance to modify contracts for Hong Kong investments, citing unfamiliarity with the market and potential risks [7] - The variability of Hong Kong market conditions raises questions about the sustainability of high returns achieved by A-share funds with Hong Kong stock allocations [7]