Core Viewpoint - The announcement from China Merchants Securities regarding the appointment of Chen Yafang as a fund manager for two bond funds indicates a strategic move to enhance management expertise in their asset management division [1] Group 1: Fund Performance - The "China Merchants Asset Management Ruifeng Three-Month Holding Period Bond" fund, established on February 2, 2021, has reported a year-to-date return of 3.27%, 3.00%, and 3.26% for its A, C, and D classes respectively, with cumulative returns since inception of 16.51%, 14.85%, and 12.44% [1] - The cumulative net values for the Ruifeng fund classes A, C, and D are 1.1651 yuan, 1.1485 yuan, and 1.3804 yuan respectively [1] - The "China Merchants Asset Management Zhiyuan增利 Bond" fund, established on November 18, 2021, has reported a year-to-date return of 5.41%, 5.02%, and 5.43% for its A, C, and D classes respectively, with cumulative returns since inception of 17.42%, 10.86%, and 13.10% [1] - The cumulative net values for the Zhiyuan fund classes A, C, and D are 1.1742 yuan, 1.1086 yuan, and 1.6660 yuan respectively [1] Group 2: Management Changes - Chen Yafang, previously a fund manager at Zhejiang Merchants Fund, has been appointed as a fund manager at China Merchants Securities Asset Management [1]