Core Viewpoint - The recent announcement by E Fund regarding the resignation of Zhang Qinghua from the position of Deputy General Manager to focus on investment management reflects a broader trend in the industry where prominent fund managers are returning to core investment roles, moving away from management positions [2][6]. Company Summary - E Fund announced on September 29 that Zhang Qinghua has stepped down from his role as Deputy General Manager due to work adjustments and will concentrate on investment management [2]. - Zhang Qinghua has a significant background in the industry, having joined E Fund in September 2010 and held various positions, including investment manager and fund manager, before becoming Deputy General Manager in July 2020 [3]. - Currently, Zhang manages 11 products with a total scale of 47.938 billion yuan, with notable performance in funds such as E Fund Anxin Return A and E Fund Yufeng Return A, which rank in the top 2% and top 10% of their respective categories [3][4]. Industry Summary - The trend of fund managers stepping down from management roles to focus on investment has been observed across multiple firms, indicating a shift from the traditional "performance leads to promotion" model [6][8]. - This shift is seen as a response to the increasing responsibilities and pressures associated with management roles, which can detract from the focus on investment decision-making [8]. - The industry is transitioning from a "scale expansion orientation" to a "professional value orientation," suggesting that a focus on core investment activities may lead to more stable long-term returns for investors and a more mature and professional public fund industry [8].

Core Viewpoint - The recent announcement from E Fund regarding the resignation of Zhang Qinghua from the position of Deputy General Manager to focus on investment management reflects a broader trend in the industry where prominent fund managers are stepping back from management roles to concentrate on investment activities [2][8]. Company Summary - Zhang Qinghua has a significant background in the investment sector, having joined E Fund in September 2010 and held various roles before becoming Deputy General Manager in July 2020 [3]. - He currently manages 11 products with a total scale of 47.938 billion yuan [3]. - Notable products managed by Zhang include E Fund Anxin Return A, which has a return of 268.22% since he took over in December 2013, and E Fund Yufeng Return A, with a return of 151.47% since January 2014 [4][3]. Industry Summary - The trend of fund managers resigning from high-level management positions to focus on investment is becoming more common, with several notable fund managers, including Zhang Kun and Chen Hao, having made similar decisions in recent months [6][7]. - This shift indicates a move away from the "performance leads to promotion" culture that has historically been prevalent in the public fund industry, suggesting a transition towards a model that prioritizes investment expertise over management roles [8][11]. - The industry is witnessing a transformation from a "scale expansion orientation" to a "professional value orientation," which may enhance long-term returns for investors and contribute to a more mature and professional public fund sector [11].

Core Viewpoint - E Fund announced the resignation of Zhang Qinghua from the position of Deputy General Manager, effective September 29, 2025, to focus on investment management [1][2][3] Company Summary - Zhang Qinghua has nearly 18 years of experience in the securities industry and over 11 years in investment management, having managed 31 funds with a total scale of 47.938 billion yuan [4][5] - His management performance includes an annualized return of 10.49% for equity products and 10.43% for fixed-income products, both significantly outperforming their respective benchmarks [4] - Key products managed by Zhang include E Fund Anxin Return A, which has a return of 268.22% since management began in December 2013, and E Fund Anying Return A, with a return of 163.30% [6][7] Industry Summary - The resignation of Zhang Qinghua is part of a broader trend in the industry, where several senior managers, including Zhang Kun and Xiao Nan, have also stepped down from similar positions to concentrate on investment management [8] - This shift reflects a changing career path for fund managers, moving from a focus on management roles to a return to core investment research [8] - The industry is witnessing a trend of investment professionals reducing their managerial responsibilities to enhance their focus on investment expertise, aligning with the industry's transition from "scale expansion" to "quality improvement" [8][9]

Core Viewpoint - The article discusses the resignation of Zhang Qinghua as the Deputy General Manager of E Fund Management Co., Ltd., emphasizing a trend among fund managers to focus more on investment management rather than administrative roles [2][3][12]. Company Summary - On September 29, E Fund announced that Zhang Qinghua would no longer serve as Deputy General Manager due to work adjustments and will concentrate on investment management [5][7]. - Zhang Qinghua has nearly 18 years of experience in the securities industry and over 11 years in investment, having held various positions within E Fund, including investment manager and general manager of multiple investment departments [8]. - As of the end of Q2 this year, Zhang managed 7 public fund products with a total management scale of 479.38 billion [8]. Industry Summary - The trend of fund managers resigning from leadership positions to focus on investment has been observed in recent years, with several notable managers from E Fund and other firms making similar choices [12][13]. - This shift is seen as beneficial for both individual professionals and the industry, allowing fund managers to leverage their investment expertise and improve management efficiency [12]. - The public fund industry is transitioning from a phase of "scale expansion" to "quality enhancement," highlighting the increasing importance of professional investment capabilities as a competitive barrier [12][13].

Core Points - Zhang Qinghua has stepped down from his position as a senior management personnel at E Fund Management due to work adjustments, focusing on investment management instead [2][3] - As of June 2025, Zhang manages 11 funds with a total scale of 47.94 billion yuan [2] - Zhang is well-known for his expertise in large asset allocation, having managed the E Fund Anxin Return A fund since December 2013, achieving a return of 266.8% over nearly 12 years, ranking first among 151 similar funds [3] Group 1 - Zhang Qinghua's departure is part of a trend where several senior executives at E Fund, including Chen Hao, Xiao Nan, and Zhang Kun, have chosen to focus more on investment research rather than management roles [4] - The trend reflects a shift in the industry where many investment research professionals are opting to "lighten their load" and concentrate on fund management [3][4] - The internal promotion of star fund managers to senior management positions at E Fund during the 2019-2021 bull market has led to a significant increase in managed assets, with six managers collectively overseeing 501.42 billion yuan, accounting for 42.16% of E Fund's non-monetary market fund scale by the end of 2021 [3] Group 2 - Feng Bo has also stepped down from managing two funds, with his managed scale dropping from nearly 60 billion yuan in mid-2021 to 2.66 billion yuan currently [5] - Despite stepping down from fund management roles, Feng Bo remains a vice president and a member of the equity investment decision-making committee at E Fund [5]