Core Viewpoint - Guangfa Fund announced the appointment of Su Wenjie as a new fund manager for the Guangfa Growth Power Three-Year Holding Period Mixed Fund, which has shown negative returns since its inception [1][2]. Group 1: Fund Performance - As of July 1, 2025, the year-to-date return for Guangfa Growth Power Three-Year Holding Period Mixed Fund A/C is -7.42% and -7.65% respectively [1]. - Since its establishment on July 26, 2022, the cumulative return has been -54.08% and -54.75%, with a cumulative net value of 0.4592 yuan and 0.4525 yuan [1]. - As of March 31, 2025, the fund's scale is 1.739 billion yuan [1]. Group 2: Management Changes - Su Wenjie has a background in investment research, having worked at Tianxiang Investment Consulting, Bank of China International Securities, and Harvest Fund Management before joining Guangfa Fund on April 18, 2024 [1]. - The fund will continue to be co-managed by another fund manager, Na Guoran [2].

Group 1 - The public fund industry is undergoing a significant management model transformation, shifting from reliance on a single fund manager to a collaborative "multi-manager" approach [1][4] - As of July 8, over 700 funds have appointed additional fund managers this year, with the number of funds managed by three or four managers on the rise [1][3] - Notable fund managers, such as Ge Lan and Zheng Chengran, have recently announced the appointment of additional managers to their funds, indicating a trend towards shared management [3][4] Group 2 - The rise of the "co-management" model is driven by industry transformation and regulatory advocacy, bringing positive changes to the sector [4] - The multi-manager approach enhances asset coverage and expands the skill set of fund managers while improving strategy diversification [4] - This model effectively mitigates risks associated with single decision-maker errors and aggressive operations, and addresses challenges related to fund performance continuity in the event of a manager's departure [4]

Core Viewpoint - The trend of transitioning from single fund manager models to multi-manager collaborative models is becoming increasingly prominent in the public fund industry, as evidenced by recent appointments at various funds [1][5][7]. Group 1: Fund Manager Appointments - Zhao Lei has been appointed as a co-manager for the China Europe Medical Health Mixed Fund alongside Ge Lan [1][2]. - Jin Xuwei has been appointed as a co-manager for the China Europe Value Growth Mixed Fund with Wang Jian [3]. - Song Ting has been appointed as a co-manager for the China Europe National Index 2000 Enhanced Fund with Qian Yating [4]. - Su Wenjie has been appointed as a co-manager for the GF Growth Power Three-Year Holding Mixed Fund with Zheng Chengran [5][6]. Group 2: Industry Trends - In the past year, a total of 29 products under China Europe Fund have adopted the "co-management" approach, indicating a clear shift towards team-based management [5]. - The transition from individual to team-based management is recognized as a significant transformation direction in the public fund industry [7]. - Regulatory bodies have emphasized the importance of team-based management structures in the public fund industry, as highlighted in the guidelines issued in 2022 and 2023 [7].