Core Viewpoint - New沃基金 has appointed Li Xi as the new general manager, marking a significant leadership change after a six-month vacancy following the departure of the previous manager, Li Jun [2][3]. Group 1: Management Changes - New沃基金 has experienced frequent changes in its top management since its establishment in August 2015, with Li Xi being the sixth general manager in ten years [3]. - The company has seen a pattern of short tenures for its general managers, with many serving only 1 to 3 years, indicating instability in leadership [3]. - Li Xi brings extensive experience in asset management, having held key positions in several well-known securities firms prior to joining New沃基金 [3][4]. Group 2: Company Structure and Performance - New沃基金 is primarily owned by four major shareholders, with New沃控股集团 holding a 63.01% stake, indicating a high level of control by related parties [6]. - As of September 2025, the company's public fund management scale is 12.764 billion yuan, ranking it lower among over 160 public fund institutions in the industry [6]. - The company predominantly focuses on bond funds, which account for nearly 90% of its total fund size, while equity funds have struggled, with significant declines in net value over the past three years [6][8]. Group 3: Growth and Challenges - After reaching a peak of 5.405 billion yuan in fund management size at the end of 2021, New沃基金 faced a stagnation period until a significant increase in 2024, where the size grew from 5.263 billion yuan to 12.366 billion yuan by the end of the year [7]. - Despite strong performance in certain equity funds, the overall scale of these products remains low, highlighting a challenge in converting good performance into substantial management size [8]. - The case of New沃基金 reflects the survival challenges faced by small public fund institutions amid increasing industry concentration, including product homogeneity and limited research resources [8][9].