Group 1 - The core point of the news is the leadership change at China Merchants Fund, with Xu Yong resigning as General Manager and being succeeded by Zhong Wenyue, effective May 20 [1] - China Merchants Fund was established in 2002 and is the first Sino-foreign joint venture fund management company in China, with shareholders including China Merchants Bank (55% stake) and China Merchants Securities (45% stake) [1] - Xu Yong's tenure lasted three years, during which he implemented a "heavy on fixed income, light on equity" strategy, resulting in a total public fund management scale of 915.1 billion yuan by the end of Q1 2025, an increase of 132.7 billion yuan from 782.4 billion yuan in June 2022 [1] Group 2 - The new General Manager, Zhong Wenyue, has over 30 years of experience in the financial industry and has held various positions within China Merchants Fund since joining in June 2015 [1] - Recent years have seen frequent changes in the investment research personnel at China Merchants Fund, with notable departures including star fund manager Jia Chengdong and fixed income manager Ma Long [2] - In 2024, China Merchants Fund reported revenue of 5.308 billion yuan, a year-on-year increase of 0.26%, while net profit was 1.650 billion yuan, a decline of 5.90%, marking two consecutive years of profit decline [2]

Core Viewpoint - The resignation of Ma Long as the fund manager of the "招商安心收益债券" is part of a strategic adjustment by 招商基金 to optimize resources and product management, while he continues to serve as the Chief Fixed Income Investment Officer [2][3]. Group 1: Resignation Details - Ma Long announced his resignation from the "招商安心收益债券" fund manager position, with no products currently under his management [2]. - His resignation is attributed to "another assignment," and he has been managing the "招商安心收益债券" for over 11 years, achieving a cumulative return of 90.83% and an annualized return of approximately 6.1%, outperforming the 中债综合全价指数 by over 50 percentage points [2][3]. Group 2: Successor Information - Wang Zilin, who has been with 招商基金 since July 2018, will take over as the fund manager of "招商安心收益债券" [4]. - Wang Zilin has managed a total of 7 products with an asset size of 402.52 billion, employing strategies focused on active coupon collection, neutral duration, and credit spread analysis [4][5]. Group 3: Investment Strategy and Performance - Wang Zilin's investment style emphasizes stability, credit bond exploration, and liquidity management, with a strong ability to respond to high volatility markets [4]. - His representative product, "招商招祥纯债A类份额," achieved annual performances of 5.43% and 5.33% for 2023 and 2024, respectively, outperforming benchmark returns [5]. Group 4: Company Strategy and Team Structure - 招商基金 has emphasized the importance of minimizing the impact of fund manager changes through a well-structured "大固收" management model, which promotes teamwork and unified investment strategies [6]. - The fixed income investment team consists of nearly 40 professionals, including 22 fund managers with an average experience of over 11 years, ensuring a robust research and investment framework [7].