Core Insights - On November 20, China Merchants Fund announced a significant adjustment to its index product line, with 11 products undergoing fund manager changes, including notable departures and appointments [1][11] - The well-known fund manager, "Baijiu King" Hou Hao, stepped down from managing five products, indicating a potential shift in focus towards fewer responsibilities [1][10] Fund Manager Changes - Liu Chongjie resigned from the China Merchants CSI New Energy Vehicle Index, succeeded by Liao Yuzhou; Xu Rongman stepped down from the China Merchants CSI A100 ETF and China Merchants Hong Kong-Shenzhen Pharmaceutical ETF, with Dou Fucheng and Liao Yuzhou taking over [1] - Hou Hao's departure from five products has led to a further simplification of his managed product portfolio, allowing him to concentrate more on core responsibilities [1][11] Performance Review of Departed Products - The five products managed by Hou Hao were all passive index funds, covering various themes such as commodities, coal, IoT, and vaccine biotechnology [2] - Notable performance metrics include: - China Merchants CCTV Finance 50A: 80.32% return over 8.19 years, annualized return of 7.46%, ranked 46 out of 379 [2] - China Merchants Coal A: 76.69% return over the same period, annualized return of 7.19%, ranked 62 out of 379 [2] - China Merchants Commodity Index: 66.34% return, annualized return of 6.41%, ranked 97 out of 379 [3] - China Merchants IoT Theme ETF: 8.24% total return over 3.92 years, annualized return of 2.04%, ranked 423 out of 1307 [3] - China Merchants Vaccine and Biotechnology ETF: 29.38% total return over 1.34 years, ranked 1850 out of 2395 [3][4] New Management Team - The new management team consists of mid-generation and new-generation fund managers, including Deng Tong and Dou Fucheng, who will co-manage China Merchants Coal A and China Merchants Commodity Index, while Dou Fucheng will manage the China Merchants IoT Theme ETF alone [6] - Liao Yuzhou will take over the management of China Merchants CCTV Finance 50A and China Merchants Vaccine and Biotechnology ETF [6] Industry Trends - The trend of "burden reduction" among fund managers is becoming common in the industry, as regulatory bodies have indicated that managing too many products can affect operational efficiency [11] - The adjustments made by Hou Hao are seen as a strategy by China Merchants Fund to optimize research and investment resource allocation, enhancing management professionalism and focusing on core competencies [11]

Core Viewpoint - A significant wave of fund distributions has occurred, with over 1,900 funds distributing more than 130 billion yuan in total this year, indicating a trend of sharing investment returns with investors during market fluctuations [1][3]. Fund Distribution Overview - As of June 22, 2023, 82 public funds announced distribution plans, with a total of 1,941 funds having made 2,761 distributions this year, amounting to 131.46 billion yuan [1]. - The number of funds distributing over 10 billion yuan has reached 17, with 41 funds distributing more than 5 billion yuan [2]. Notable Fund Performances - The top three funds by total distribution amount are: - Guangfa Small Cap Growth A: 3.096 billion yuan -招商中证白酒 A: 2.890 billion yuan -易方达价值精选: 2.793 billion yuan [2]. - Guangfa Small Cap Growth A's distribution this year has increased by over 190% compared to last year's total of 1.066 billion yuan [2]. Distribution Frequency - Some funds have shown a high frequency of distributions, with 25 funds distributing more than five times this year, and the highest being Baoying Core Advantage A and C classes, which distributed 10 times [1]. - 易方达价值精选 has distributed four times this year, maintaining a stable distribution pattern over the past two years [2][3]. Market Context and Strategy - Industry experts suggest that fund distributions aim to maximize investor benefits, especially in volatile markets, by sharing investment results and boosting investor confidence [3]. - Large funds may use substantial distributions to reduce management scale and mitigate holding risks, while also alleviating pressure from concentrated redemptions [3].