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]