Group 1 - The core point of the news is the appointment of Wang Yue as a new fund manager for Minsheng Jianyin's "Juyou Selected Mixed Fund" [1] - Wang Yue has a background as a researcher at Huachuang Securities from June 2019 to November 2021 and at Hezhong Asset Management from November 2021 to September 2022 [1] - The fund "Minsheng Jianyin Juyou Selected Mixed A" was established on October 14, 2021, and has a year-to-date return of 12.87% and a cumulative return of -23.90% since inception, with a net value of 0.7610 yuan [1] - The fund "Minsheng Jianyin Juyou Selected Mixed C" was established on August 25, 2025, and has a cumulative return of -2.86% since inception [1] Group 2 - The fund is managed by Minsheng Jianyin Fund Management Co., Ltd. [2] - The announcement is based on regulations such as the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - Wang Yue will be co-managing the fund alongside another fund manager, Zhu Chenzhe [2]

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].

Group 1 - Zhuhai Guanyu (688772.SH) released its 2024 annual report on March 31, 2025, with 241 institutional investors holding a total of 645 million shares, accounting for 57.18% of the total share capital [1] - The top ten institutional investors collectively hold 47.63% of the shares, with a decrease of 0.40 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, with an increase rate of 0.14%, while six funds decreased their holdings, with a decrease rate of 0.81% [2] - A total of 198 new public funds were disclosed this period, while 26 funds were no longer disclosed compared to the previous quarter [2] - The only social security fund that increased its holdings was the National Social Security Fund 406 portfolio, with an increase rate of 0.24% [2]