Core Viewpoint - The appointment of Ye Cai as the new chairman of Invesco Great Wall Fund reflects a broader trend of leadership changes in the public fund industry, with 107 fund companies experiencing management shifts involving 243 individuals as of August 5, 2025 [1][2]. Company Overview - Invesco Great Wall Fund, established on June 12, 2003, is the first Sino-American joint venture fund management company in China, with a management scale of 646 billion yuan as of mid-2025, ranking 20th among all public fund institutions [2]. - The company has a significant ownership structure, with Huaneng Capital holding 46.38% of shares, and all six previous chairpersons have come from the Huaneng Group [2]. Challenges Ahead - The new chairman faces three main challenges: 1. Pressure on equity product scale, with 46 equity products having a scale of less than 50 million yuan as of June 30, 2025 [3]. 2. Balancing shareholder demands and optimizing governance structures due to the joint venture nature of the company [3]. 3. Building a talent pipeline, highlighted by the recent departure of a key fund manager, which poses a challenge to the company's research and investment system [3]. Industry Context - The public fund industry is entering a new phase where governance capabilities are becoming crucial for competitive advantage, especially after a decade of rapid growth [4]. - The performance of equity products has been underwhelming, with significant losses reported from non-monetary funds, leading to a decline in revenue and net profit for the company [6][9]. Performance Metrics - In 2024, Invesco Great Wall Fund reported a revenue of 3.373 billion yuan, down 11.93% year-on-year, and a net profit of 951 million yuan, down 19.09% [6]. - The company's equity funds have underperformed relative to industry averages, with significant losses recorded in key products [6][9]. Fixed Income Strength - In contrast to its equity products, Invesco Great Wall Fund has excelled in fixed income investments, ranking first among large fund companies in absolute return ratings over the past decade [12]. - The company has seen substantial growth in its fixed income fund scale, reaching 231.72 billion yuan as of July 24, 2025, with a notable increase in the scale of structured fixed income products [13][14]. Fee Structure Innovation - The introduction of floating management fee rate funds marks a significant shift in the industry, aiming to align fund managers' interests with those of investors [15][16]. - This new fee structure is expected to enhance accountability and promote a focus on performance rather than scale, indicating a transformative period for the company [16].

Core Viewpoint - China Duty Free Group Co., Ltd. (formerly known as China National Travel Service Group Corporation) has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -1.56% [1] Company Overview - China Duty Free Group is a large joint-stock enterprise focused on tourism retail, controlled by China Tourism Group Co., Ltd. [1] - The company is listed and is one of the major players in the tourism retail sector in China [1] Financial Performance - In the first quarter of this year, the Invesco Great Wall New Emerging Growth Mixed A fund remains one of the top ten shareholders of China Duty Free, with a year-to-date return of -0.17%, ranking 3010 out of 4581 in its category [1][2] - The fund's performance over various time frames shows a near-term increase of 1.10% over the past week, but a decline of -0.23% over the past month and -8.83% over the past six months [2] Fund Management - The fund manager, Liu Yanchun, has a management experience of over 16 years and has held various positions in different financial institutions before joining Invesco Great Wall in January 2015 [3][4] - Liu Yanchun is currently managing multiple funds, including the Invesco Great Wall New Emerging Growth Mixed Fund and others, with a total fund size of 410.20 billion yuan and a cumulative return of 162.55% [4]

数据来源：天天基金 截止至20250423 截至一季度，景顺长城新兴成长A前十大重仓股为山西汾酒、贵州茅台、五粮液、海大集团、迈瑞医 疗、古井贡酒、泸州老窖、美的集团、中国中免、晨光股份。 专题：2025基金一季报：最新持仓曝光！ 2025年一季度收官，百亿规模以上的权益类基金业绩呈现显著分化，基金经理的调仓能力与行业配置策 略经受考验。 作为曾经的公募基金"千亿顶流"，刘彦春的调仓策略和业绩表现一直备受市场关注。目前，刘彦春管理 的基金资产总规模约为410.20亿元，距其2021年第二季度1163.01亿元的规模高点已经下跌一半以上。 | 序号 | 名称 | 管理规模 ▼ | 管理基金数 | 年初至今 基金公司 | | | --- | --- | --- | --- | --- | --- | | | 张坤偏股型指数 | 608.22亿 | 4 | 3.49% | 易方达基金 | | 2 | 刘彦春偏股型指数 | 410.20亿 | 6 | -0.19% | 景顺长城基金 | | 3 | 葛兰偏股型指数 | 404.47亿 | 3 | 3.24% | 中欧基金 | | 4 | 谢治宇偏股型指数 | 397. ...

Company Overview - China Tourism Group Duty Free Co., Ltd. (China Duty Free) was established in 2008 and is located in Beijing, primarily engaged in business services [1] - The registered capital of the company is approximately 20.69 billion RMB [1] Stock Performance - On April 17, China Duty Free's stock closed down by 2.05% [1] - The fund managed by Invesco Great Wall, Invesco Great Wall Emerging Growth Mixed A, reduced its holdings in China Duty Free in the fourth quarter of the previous year [1] - Year-to-date return for the fund is -0.29%, ranking 1882 out of 4559 in its category [1][2] Fund Management - The fund manager for Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has a Master's degree in Management [3] - Liu Yanchun has extensive experience in the investment field, having worked in various research and management roles since 2002 [3][4] - As of now, Liu Yanchun manages multiple funds, including Invesco Great Wall Emerging Growth Mixed Fund and Invesco Great Wall Domestic Demand Growth Mixed Fund [4] Fund Performance Metrics - The fund's performance over different time frames shows a near-term decline, with a -0.34% return over the past week and a -5.12% return over the past month [2] - The fund's year-to-date performance is -0.29%, which is slightly better than the average of its peers at -0.38% [2]

Group 1 - China Duty Free Group Co., Ltd. (中国中免) experienced a significant stock decline of 3.38% on April 15 [1] - The company was established in 2008 and is primarily engaged in business services, with a registered capital of approximately 20.69 billion RMB [1] - In the fourth quarter of the previous year, Invesco Great Wall Fund's Invesco Great Wall Emerging Growth Mixed A reduced its holdings in China Duty Free [1] Group 2 - The fund manager of Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has extensive experience in investment research and management [3][4] - Liu Yanchun has been with Invesco Great Wall Fund Management Co., Ltd. since January 2015 and currently serves as the assistant general manager and head of the research department [4] - The total assets under management for Invesco Great Wall Fund Management Co., Ltd. amount to approximately 42.73 billion RMB, with a return of 162.12% during his tenure [4]

Group 1 - China Duty Free Group Co., Ltd. (China Duty Free) experienced a significant stock decline of 3.22% on April 11 [1] - The company was established in 2008 and is primarily engaged in business services, with a registered capital of approximately 20.69 billion RMB [1] - In the fourth quarter of the previous year, Invesco Great Wall Fund's Invesco Great Wall Emerging Growth Mixed A reduced its holdings in China Duty Free [1] Group 2 - The fund manager of Invesco Great Wall Emerging Growth Mixed A is Liu Yanchun, who has a Master's degree in Management and extensive experience in the investment sector [2][3] - Liu Yanchun has been with Invesco Great Wall Fund Management Co., Ltd. since January 2015 and currently serves as the assistant general manager and head of the research department [2][3] - The fund has a year-to-date return of 1.09%, ranking 1158 out of 4559 in its category [1]

Group 1 - Midea Group (000333.SZ) released its 2024 annual report on March 29, 2025, with 1,673 institutional investors disclosing holdings of 4.481 billion shares, accounting for 58.53% of the total share capital [1] - The top ten institutional investors hold a combined 50.12% of Midea Group's shares, with a slight decrease of 0.44 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 103 funds increased their holdings, with a holding increase ratio of 0.13%, while 203 funds decreased their holdings, with a decrease ratio of 0.54% [2] - A total of 385 new public funds were disclosed this period, while 911 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction ratio of 0.21% [2]