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 Insights - Bond funds have shown increasing average returns over the past 3, 5, and 7 years, with a widening gap between the best and worst performers [2][4][5] - The recent recovery in the A-share market has heightened investor interest in equity investments, but bond funds remain essential for stabilizing asset allocation [2][4] - The report titled "China Fund Industry Marathon Master Gathering 2025" analyzes extensive data to assess the long-term performance of bond funds [2] Performance Analysis - The average returns for the entire bond fund market over the past 3, 5, and 7 years are 8.37%, 17.32%, and 32.36% respectively, with a notable increase in the proportion of funds yielding positive returns [4][5] - Specific categories of bond funds, such as pure bond funds and mixed bond funds, have also demonstrated improved performance over time, with average returns of 9.49%, 17.64%, and 28.12% for pure bond funds over the past 3, 5, and 7 years [5][6] - The number of bond funds with positive returns has increased significantly, with 99.42% of funds achieving positive returns over the past 7 years [4] Risk and Performance Discrepancies - "Rights-containing" bond funds have shown mixed results, with some experiencing significant declines during market adjustments [6][7] - A total of 203 bond funds reported negative returns over the past 3 years, with a concentration in "rights-containing" funds [6][7] - Notably, some "rights-containing" funds have also achieved outstanding performance, with several funds exceeding 30% returns over the past 7 years [8][9] Top Performing Funds - The top-performing bond funds over the past 3 years include 富国久利稳健配置 A (41.20%), 华夏大中华信用精选 A 人民币 (34.97%), and 华商恒益稳健 (32.51%) [10] - Over the past 5 years, 华商丰利增强定开 A (131.24%) and 华商恒益稳健 (95.43%) lead the performance rankings [10] - For the past 7 years, 华商丰利增强定开 A (170.07%) and 汇丰晋信 2026 (127.30%) are among the top performers [10]