Core Insights - The announcement from China Merchants Fund indicates a significant managerial change in 11 index funds, effective from November 13, with new appointments and departures of fund managers [1] Fund Manager Changes - Liao Yuzhou has been appointed to manage 5 funds, including the China Securities Vaccine and Biotechnology ETF and the China Securities New Energy Vehicle Index [1] - Dou Fucheng has taken over 6 funds, including the China Securities Internet of Things Theme ETF and the China Securities A100 ETF [1] - Hou Hao has stepped down from 5 funds, while also sharing management responsibilities on 2 funds with new appointees [1] - Xu Rongman and Liu Zhongjie have also resigned from managing 2 and 1 funds respectively, with some funds now co-managed with new hires [1] Background of New Managers - Liao Yuzhou and Dou Fucheng joined China Merchants Fund in April 2025 and currently serve as fund managers in the index product management division [2] - Liao Yuzhou has previous experience in risk control and quantitative research roles at various financial institutions [2] - Dou Fucheng has a background in quantitative research and investment management at Manulife Fund [2]

Core Viewpoint - The announcement from China Merchants Fund regarding the appointment of Dou Fucheng as a new fund manager for several ETFs and LOFs indicates a strategic move to enhance management expertise in key investment areas, particularly in consumer, commodity, and technology sectors. Fund Performance Summary - **China Merchants CSI Hong Kong-Shanghai Consumer Leaders ETF**: Established on January 20, 2022, with a year-to-date return of 10.10% and a cumulative return of -19.20%, net asset value at 0.8080 yuan as of November 12, 2025 [1]. - **China Merchants Commodity LOF**: Established on June 28, 2012, with a year-to-date return of 39.53% and a cumulative return of 139.50%, net asset value at 2.1961 yuan as of November 12, 2025 [1]. - **China Merchants CSI Coal Equal-weight Index LOF**: Established on May 20, 2015, with year-to-date returns of 17.08%, 16.98%, and 16.78% for different share classes, cumulative returns of 69.18%, 12.67%, and 18.96%, net asset values at 1.5705 yuan, 2.2277 yuan, and 2.2156 yuan respectively as of November 12, 2025 [2]. - **China Merchants IoT Theme ETF**: Established on December 15, 2021, with a year-to-date return of 34.36% and a cumulative return of 8.24%, net asset value at 1.0824 yuan as of November 12, 2025 [2]. - **China Merchants A100 ETF**: Established on August 18, 2022, with a year-to-date return of 24.09% and a cumulative return of 24.56%, net asset value at 1.2456 yuan as of November 12, 2025 [2]. - **China Merchants All-Index Dividend Quality ETF**: Established on March 12, 2025, with a cumulative return of 18.59% and net asset value at 1.1850 yuan as of November 12, 2025 [2]. Management Changes Summary - Dou Fucheng has been appointed as a new fund manager for multiple funds, including the China Merchants CSI Hong Kong-Shanghai Consumer Leaders ETF, China Merchants Commodity LOF, China Merchants CSI Coal Equal-weight Index LOF, China Merchants IoT Theme ETF, China Merchants A100 ETF, and China Merchants All-Index Dividend Quality ETF [3][4]. - The previous fund manager for the China Merchants Commodity LOF and China Merchants CSI Coal Equal-weight Index LOF, Hou Hao, has been replaced by Dou Fucheng [4]. - Dou Fucheng's previous experience includes roles at Manulife Investment Management from July 2017 to April 2025, where he served as a quantitative researcher and investment manager [1].