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]

Group 1 - Liu Gesong has resigned from the position of fund manager for the Guangfa Small Cap Growth Mixed Fund (LOF) [1][2] - Guangfa Small Cap Growth Mixed Fund (LOF) was established on February 2, 2005, and March 18, 2020, with a year-to-date return of 40.37% and 39.83% respectively [1] - The fund has an overall return since inception of 1066.07% and 13.89%, with cumulative net values of 5.2292 yuan and 2.8388 yuan [1] Group 2 - The fund is managed by Guangfa Fund Management Co., Ltd., and the announcement is based on the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - Other fund managers jointly managing the fund include Wu Yuanyi and Chen Fuzhong [2] - The change in fund manager is classified as a dismissal [2]

Group 1 - The core point of the article is the announcement of the resignation of fund manager Liu Gesong from the Guangfa Small Cap Growth Mixed Fund (LOF) (162703), effective December 24, 2025 [1] Group 2 - The announcement indicates a change in management for the fund, which may impact its investment strategy and performance [1] - The reason for Liu Gesong's departure is attributed to work arrangements, suggesting a planned transition rather than an abrupt change [1]

Group 1 - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 measures aimed at optimizing the fee structure for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] - Multiple free cash flow ETFs, including the Jiashi National Index Free Cash Flow ETF and the Fangzheng Fubon CSI All Index Free Cash Flow ETF, are set to be listed for trading on May 13 [1] - A significant redemption occurred in the Fuan Da CSI A500 Index Enhanced Fund, marking the first instance of large-scale redemptions for funds related to the CSI A500 Index [1] Group 2 - The market experienced a low open but closed higher, with the Shanghai Composite Index rising by 0.28%, the Shenzhen Component Index by 0.93%, and the ChiNext Index by 1.65%. The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 174.9 billion yuan from the previous trading day [2] - Key sectors that saw gains included aerospace, communication equipment, and transportation equipment, while only a few sectors like precious metals and fertilizers experienced declines [2] - Specific stocks such as Galaxy Electronics, Hainengda, and Sichuang Electronics reached their daily limit up, with communication equipment ETFs and 5G ETFs showing strong performance, with a peak increase of 4.36% [2] Group 3 - Several gold-related ETFs experienced collective declines, with the highest drop recorded at 1.94% [4] - The performance of various gold ETFs included a drop of 1.94% for the Gold Stock ETF 1 and a decrease of 1.79% for the Gold Stock ETF [4] Group 4 - The digital economy and new infrastructure policies are expected to bolster the upgrade of computing networks, with the communication and new infrastructure sectors likely to see upward adjustments in expectations [5] - The recovery of the ICT foundational optical network industry chain is anticipated to stimulate further demand for optical modules and energy-saving temperature control [5]