Core Viewpoint - Minsheng Jia Yin Fund has undergone significant personnel changes, with Zhu Yongming promoted to Deputy General Manager and Ding Hui taking over as Secretary of the Board, both having backgrounds in the major shareholder Minsheng Bank, indicating a continuation of the "Minsheng system" in management [2][5]. Management Changes - Zhu Yongming has effectively taken charge of the investment decision-making committees for equity, fixed income, and asset allocation, becoming the head of investment research despite lacking substantial frontline investment experience [2][4]. - The promotion of Zhu Yongming is seen as a confirmation of his leadership role in investment research, as he had already held key positions in investment decision-making committees prior to his promotion [4][6]. Talent Drain - The fund has experienced a continuous outflow of core investment research talent, starting with the departure of former General Manager Li Caogang, followed by other key personnel, which has negatively impacted fund performance [6][7]. - As of June 9, 2025, several actively managed equity products under Minsheng Jia Yin Fund reported negative returns, highlighting the challenges faced by the investment team [6][7]. Governance Structure Issues - The shareholder structure of Minsheng Jia Yin Fund includes major players like Minsheng Bank and the Royal Bank of Canada, yet this has not translated into sustained growth or stable performance [7][9]. - The fund's management scale has remained below 160 billion since 2022, with significant reductions in the scale of equity and mixed funds, indicating potential governance and operational challenges [7][9]. Market Position and Challenges - Despite a strong background and talent pool, the fund struggles with converting its resources into effective market performance, with a notable concentration of management talent from a single shareholder, which may lead to decision-making biases [9].

Management Changes - Zhu Yongming has been appointed as the new Deputy General Manager of Minsheng Jianyin Fund, while Ding Hui has taken over as the Secretary of the Board, effective May 26, 2025 [1][2] - Zhu Yongming's background is primarily in corporate banking and strategic management, raising concerns about his fit for the role of head of investment research [1][5] - Ding Hui has a background in accounting and risk management, having previously worked at KPMG and China Minsheng Bank [2] Company Overview - Minsheng Jianyin Fund was established on November 3, 2008, with a registered capital of 300 million yuan, and is co-owned by China Minsheng Bank (63.33%), Royal Bank of Canada (30%), and Shaanxi International Trust Co., Ltd. (6.67%) [3][5] - The fund has struggled with marketization, leading to stagnation in its asset management scale, which has remained below 160 billion yuan since 2022 [9][15] Fund Performance - As of the first quarter of this year, the management scale of equity and mixed funds was 4.937 billion yuan and 11.034 billion yuan, respectively, reflecting declines of 18.23% and 23.19% compared to the end of 2022 [9] - Despite the growth of bond funds, which have surpassed 100 billion yuan, this growth is largely supported by the major shareholder, China Minsheng Bank, with institutional investors holding over 95% of the top 15 funds [15][19] Investment Structure - The top-performing funds are predominantly fixed-income products, with significant ownership by institutional investors, indicating a lack of retail investor engagement [15][19] - Reports indicate that major shareholders, including China Minsheng Bank, hold over 40% of the fund shares in several products, further emphasizing the reliance on institutional investment [19][20]