Core Viewpoint - The recent appointment of Yu Liyong as a senior executive at China Merchants Fund marks a significant restructuring of the company's management team, following the recent changes in leadership and the promotion of several key executives [1][5][7]. Management Changes - Yu Liyong is the fourth senior executive promoted this year, following the appointments of Wang Jing, Zhu Hongyu, and Chen Fangyuan on May 30 [1][5]. - The restructuring comes after the departure of former General Manager Xu Yong, who oversaw an increase in the company's management scale from approximately 792.5 billion to 915.2 billion yuan during his tenure [5][7]. - The new General Manager, Zhong Wenyue, has a background of over 30 years in the financial industry and is seen as a stabilizing force for the company [5][7]. Executive Background - Yu Liyong has 21 years of experience in the financial sector, previously working at China Life Asset Management for 18 years before joining China Merchants Fund in March 2022 [1][4]. - His recent promotion is seen as a strategic move to leverage his expertise in asset allocation and pension management, areas where the company has significant operations [4][6]. Strategic Focus - The new management team is expected to focus on three key areas: strengthening research capabilities, diversifying business operations, and enhancing customer experience [7]. - The appointments of the new executives align with these strategic priorities, with a particular emphasis on improving active management capabilities and deepening relationships with institutional clients [7]. Industry Context - The restructuring occurs against the backdrop of a broader industry shift from a focus on scale to a focus on returns, as outlined in the recent "Action Plan for Promoting High-Quality Development of Public Funds" [7].