Core Viewpoint - Recent changes in fund managers at GF Fund highlight a shift towards a collaborative management model, reflecting ongoing trends in the industry to optimize fund performance and adapt to market volatility [2][6][7]. Group 1: Fund Manager Changes - GF Fund announced the departure of fund manager Jiang Ke from GF Rui Jie Select, with Chen Yanzhong taking over; other funds transitioned from single management to co-management [2][3]. - A total of 64 new fund managers have been hired in the past year, with 13 fund managers leaving, representing nearly 20% of the total funds managed by GF Fund [2][6]. - The trend of increasing co-management is evident, with several funds now managed by teams rather than individual managers [3][6]. Group 2: Fund Performance - Three of the four funds involved in the recent changes have recorded losses exceeding 30% compared to their performance benchmarks over the past three years [2][4]. - Specifically, GF Cheng Xiang Mixed and GF Xing Cheng Mixed have seen cumulative returns of approximately -36% and -37%, respectively, underperforming their benchmarks by about 63 and 65 percentage points [4][5]. - The newly appointed managers have significant experience, with annualized returns varying among them, indicating a potential for improved performance moving forward [3][5]. Group 3: Industry Trends - The shift towards a platform-based research and investment strategy is becoming a common practice in the industry, moving away from the reliance on star fund managers [6][7]. - The recent changes at GF Fund are part of a broader trend in the industry, where firms are adapting to new regulatory environments and market conditions by enhancing collaborative investment strategies [7][8].

Group 1 - The core point of the news is the announcement by GF Fund regarding the appointment of two new fund managers, Zeng Zhibin and Ye Shuai, for the GF Ruijin One-Year Open Mixed Fund [1][2] - Zeng Zhibin joined GF Fund on July 1, 2016, and has held various positions including researcher and investment manager in the quantitative investment department [1] - Ye Shuai joined GF Fund in December 2016 and has experience as a researcher and investment manager in the index investment department [1] Group 2 - The GF Ruijin One-Year Open Mixed Fund was established on September 15, 2021, and has a year-to-date return of 24.05% as of September 30, 2025 [1] - Since its inception, the fund has recorded a return of -23.76%, with a cumulative net value of 0.7624 yuan [1]

Core Viewpoint - Yizhiming (300415.SZ) reported its semi-annual results for 2025, highlighting significant institutional investment and changes in public fund holdings [1] Institutional Investment - As of August 26, 2025, 20 institutional investors disclosed holdings in Yizhiming A-shares, totaling 180 million shares, which represents 38.36% of the company's total equity [1] - The top ten institutional investors collectively hold 38.26% of the shares, with a 1.80 percentage point increase compared to the previous quarter [1] Public Fund Holdings - One public fund, Dongfanghong Vision Value Mixed Fund, increased its holdings, accounting for a 0.43% rise compared to the previous period [1] - One new public fund, Zhonggeng Small Cap Value Stock, was disclosed this period, while 22 public funds were not disclosed compared to the previous quarter [1]