Core Viewpoint - The announcement from China Merchants Fund indicates a managerial change in two ETFs, with Dou Fucheng being appointed as the new fund manager, replacing Fang Junyi [1][2]. Group 1: Fund Manager Change - Dou Fucheng has been appointed as the new fund manager for both the China Merchants CSI Biotech Theme ETF and the China Merchants ChiNext Large Cap ETF [1][2]. - Fang Junyi has stepped down from managing both ETFs [1][2]. Group 2: Fund Performance - The China Merchants CSI Biotech Theme ETF, established on February 8, 2021, has a year-to-date return of 12.18% and a cumulative return of -48.43%, with a net asset value of 0.5157 yuan as of December 15, 2025 [1]. - The China Merchants ChiNext Large Cap ETF, established on March 20, 2020, has a year-to-date return of 59.91% and a cumulative return of 111.86%, with a net asset value of 2.1186 yuan as of December 15, 2025 [1].