Core Viewpoint - Recent changes in fund management at Zhuque Fund have attracted market attention, particularly the resignation of fund manager Liang Yuejun and the appointment of Chen Fei and Wang Yihai as new fund managers [2][3] Group 1: Fund Manager Changes - Liang Yuejun has resigned from the Zhuque Enterprise Preferred Fund, effective September 11, 2025, due to work arrangements, and will take on other roles within the company [3] - Chen Fei has been appointed as the new fund manager for the Zhuque Enterprise Preferred Fund, while Wang Yihai has been added as a co-manager for the Zhuque Hengxin One-Year Holding Fund [2][3] Group 2: Liang Yuejun's Background and Current Role - Liang Yuejun is the general manager of Zhuque Fund and has managed several funds, with a peak management scale exceeding 100 billion [3] - Liang has a background in investment banking, having worked at various securities firms before co-founding Zhuque Investment in 2007 and joining Zhuque Fund in January 2019 [4] Group 3: Company Leadership Changes - The current chairman of Zhuque Fund is Shi Yaru, who has recently returned to the position after a series of leadership changes, including a switch with former chairman Wu Jinming [5] - Zhuque Fund has experienced frequent changes in its chairmanship, with notable transitions occurring in 2020 and 2021 [5] Group 4: Fund Performance and Holdings - The Zhuque Hengxin One-Year Holding Fund has reported a return of -14.39% as of September 15, with a net asset value of approximately 3.17 billion [6] - The fund's portfolio is heavily weighted in equities, with a 75.19% allocation to stocks and no bonds held, featuring top holdings in companies like SMIC, Li Auto, and Tencent [6] Group 5: Regulatory Issues - The fund's holding, Xiangyuan Cultural Tourism, faced regulatory penalties for failing to fulfill disclosure obligations, resulting in fines totaling 2 million for the company and additional fines for its executives [6][7] - Despite these issues, Zhuque Fund believes that the violations will not have a significant impact on normal operations or investment decisions [7]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking its first rate cut since December 2024 [2] Group 2 - International gold prices have remained above $3,600 per ounce, leading to a resurgence in gold-related financial products, with 8 new gold-themed financial products launched since July [3] Group 3 - As of the end of Q2, 15 fund managers have surpassed 10 billion yuan in management scale, with notable entries from China Europe Fund, Huatai-PineBridge Fund, and Yongying Fund [4] Group 4 - The public fund issuance market has shown a recovery trend, with 39 new funds established last week, totaling an issuance scale of 21.794 billion yuan, including 13.752 billion yuan from equity funds, marking four consecutive weeks of over 10 billion yuan in issuance [5] Group 5 - Zhuque Fund announced the appointment of Wang Yihao as a co-manager for the Zhuque Hengxin One-Year Holding Fund, with Wang having a track record of managing funds that have yielded returns of 25.79% and 25.09% this year [6]

Core Viewpoint - Zhuque Fund's General Manager Liang Yuejun no longer independently manages any public funds, but remains in a frontline investment position [1][2][3] Fund Management Changes - Liang Yuejun has appointed Wang Yihao as a co-manager for the Zhuque Hengxin One-Year Holding Fund, while he has stepped down from managing the Zhuque Enterprise Preferred Fund, which is now co-managed by Chen Fei and Guo Tao [1][3] - Currently, all funds under Liang's name are co-managed, with a total scale of approximately 5.995 billion [3] Fund Performance - As of the second quarter of 2025, Zhuque Fund's public fund management scale is 10.084 billion, with no new products launched since July 2023 [5] - Active equity funds (stock and mixed types) dominate the portfolio, totaling 9.863 billion, with Liang's managed products accounting for about 60% of this scale [6] - Five active equity funds have positive returns since inception, with the Zhuque Industry Zhenxuan Fund achieving a return of 67.87% since its establishment [7] - Three active equity funds have incurred losses, with the Zhuque Hengxin One-Year Holding Fund showing a decline of 14.28% since inception [8] Managerial Expertise - Zhuque Fund emphasizes the differentiation of products through the expertise of newly appointed co-managers, each specializing in specific industries [9] - Chen Fei, with 9 years of experience, has taken over several funds, including the Zhuque Enterprise Preferred Fund, which he manages independently [10] - Wang Yihao, previously in private equity, has been managing the Zhuque Industry Zhinxuan Fund since February 2021, focusing on sectors like technology, pharmaceuticals, and consumption [12]