Core Viewpoint - Zhuque Fund, a "private to public" fund company, is facing significant turmoil following the resignation of General Manager Liang Yuejun from all independently managed public funds, amid a backdrop of poor performance and a shrinking asset base [1][2][4]. Group 1: Management Changes - Liang Yuejun has resigned from managing all core products, with recent announcements indicating that he no longer independently manages any public funds [2]. - Liang has a rich industry background, having worked in various financial institutions before co-founding Zhuque Investment and later joining Zhuque Fund [2]. - The management changes have raised concerns, especially after a controversial board chairman transition last November that was not publicly announced [4]. Group 2: Performance Issues - Zhuque Fund has experienced a significant decline in performance, with its managed products losing over 14% in the past four years and its total assets shrinking from 29.4 billion to 10 billion [1][4]. - For instance, the Zhuque Hengxin One-Year Holding Fund has seen a return of -14.48% since Liang took over in March 2021, with its size dropping from 9 billion to 3.2 billion [3]. Group 3: Trust Crisis and Market Reaction - The fund's credibility has been further undermined by a "self-redeeming" incident in early 2024, where the company announced a self-purchase of 20 million while simultaneously redeeming over 24 million, leading to investor skepticism [4]. - The company has stated that the recent management changes are part of a strategic optimization to enhance research and investment capabilities [6]. Group 4: Industry Context - Zhuque Fund's struggles reflect broader challenges faced by small "private to public" fund companies, which are increasingly squeezed by larger firms that dominate the market [5][6]. - The transition from private to public requires significant restructuring of investment research systems and governance, which many firms have struggled to achieve [6].

Core Viewpoint - Xiangyuan Cultural Tourism has experienced a significant decline in stock price, with a cumulative drop of 16.00% over five consecutive trading days, indicating potential concerns regarding its market performance [1]. Company Overview - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. (600576.SH) focuses on tourism destination investment and operation, integrating cultural tourism technology innovation [1]. - The company is listed on the Shanghai Stock Exchange [1]. Shareholder Activity - Zhuque Fund has entered the top ten shareholders of Xiangyuan Cultural Tourism with two funds: Zhuque Hengxin One-Year Holding Mixed Fund and Zhuque Industry Selection Mixed A Fund, both newly added in the first quarter of this year [1]. - The performance of these funds this year is as follows: Zhuque Hengxin One-Year Holding Mixed Fund has a return of 5.22%, ranking 1968 out of 4426 in its category, while Zhuque Industry Selection Mixed A Fund has a return of 5.16%, ranking 1981 out of 4431 [1]. Fund Performance Comparison - The performance of Zhuque Hengxin One-Year Holding Mixed Fund and Zhuque Industry Selection Mixed A Fund is compared to their peers and the CSI 300 index, showing a year-to-date return of 5.16% and 5.22% respectively, which is lower than the average return of 6.32% for similar funds [3].