Core Viewpoint - Yongying Fund has launched its employee stock ownership plan, marking the first implementation of such a plan in the public fund industry since the release of the high-quality development action plan for public funds this year [1][3]. Group 1: Employee Stock Ownership Plan - Yongying Fund has added three limited partnership enterprises as shareholders, collectively holding 3.51% of the equity, which was transferred from Singapore's OCBC Bank to support the employee stock ownership plan [1][2]. - Approximately 90 employees, nearly a quarter of the total workforce of 393, are participating in the stock ownership plan through shares in the newly established shareholder enterprises [2][3]. - Key participants in the employee stock ownership plan include senior executives and investment research personnel, with significant individual contributions in the million-yuan range [3]. Group 2: Shareholder Structure and Implications - After the equity change, Ningbo Bank remains the largest shareholder with a 71.49% stake, while OCBC Bank's stake adjusts to 25%, indicating a stable foreign investment structure [2]. - The integrated shareholder structure is expected to facilitate the implementation of the employee stock ownership plan, rather than indicating a withdrawal of foreign capital [2]. Group 3: Industry Context and Performance - Yongying Fund is the first fund company to implement an employee stock ownership plan following the regulatory support for such initiatives, aimed at enhancing team stability [3][4]. - As of the end of Q3 2025, Yongying Fund's total management scale reached 628.7 billion yuan, ranking 22nd in the industry, with a notable increase in non-monetary scale [4]. - The fund has seen significant growth in its equity investment products, with the Yongying Technology Select A fund achieving a remarkable 196% return this year, leading the market [4].

Group 1 - The core point of the article is the launch of the first employee stock ownership plan by Yongying Fund following the release of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2][5] - Yongying Fund has added three limited partnership enterprises as shareholders, collectively holding 3.51% of the equity, which was transferred from Oversea-Chinese Banking Corporation Limited [3][4] - The shareholding structure remains stable, with Ningbo Bank holding 71.49% and Oversea-Chinese Banking Corporation Limited holding 25%, facilitating the implementation of the employee stock ownership plan [4] Group 2 - Yongying Fund has experienced rapid growth, with total assets exceeding 620 billion yuan and non-monetary assets reaching 428.93 billion yuan, an increase of nearly 78 billion yuan since the beginning of the year [6] - The fund's product structure is balanced, with nearly 180 fund products, and both fixed income and equity products occupying significant portions of the portfolio [6] - The company emphasizes strategic restraint despite rapid growth, stating that scale is a result of capability rather than a goal, and has implemented measures to manage investor expectations and limit purchases of high-performing products [6]

Core Viewpoint - Yongying Fund is rapidly rising in the competitive domestic public fund industry, leveraging its strong foundation in fixed income and strategic positioning in index and active equity products, leading to significant growth in management scale, referred to as the "Yongying Phenomenon" [2][3] Group 1: Growth Strategy - Yongying Fund has achieved a market ranking of 18th in non-monetary scale by the end of Q3 2023, reflecting a clear strategy and precise execution in its growth path [3] - The fund's approach includes using fixed income as a "ballast" and equity products as "pioneers," allowing it to differentiate itself in a highly competitive market [3][4] - The fund's products have shown outstanding performance, with several equity funds achieving over 80% growth in the past year, including Yongying Technology Select Mixed Fund, which had a net value increase of 203.8% [3][4] Group 2: Product Characteristics - Yongying's funds are characterized by high industry concentration and clear tool attributes, aligning well with recent market trends [4] - The fund has strategically launched products during quieter market periods, such as the Yongying Technology Select Mixed Fund and others, which were established during less active times [5] - The fund's proactive approach is evident in its launch of a medical device ETF during a period of high interest in the medical sector, and a gold stock ETF that has grown to 13.3 billion yuan [5] Group 3: Risk Management - Yongying Fund has shown a high level of risk awareness during its rapid growth, contrasting with other firms that may pursue scale blindly [6] - The fund has implemented purchase limits on its products to guide rational investor decisions and control growth, ensuring stability in investment strategies [7] - Fund managers have emphasized the importance of rational investment and diversification, warning against over-reliance on past performance to predict future results [8][9] Group 4: Industry Trends - The success of Yongying Fund has led to a trend of other firms attempting to replicate its model, which may result in increased product homogeneity and potential risks [10][11] - Regulatory bodies are focusing on high-quality development in the fund industry, with new guidelines aimed at managing investment styles and ensuring diversified investment [10][11] - The industry is witnessing a shift towards high-quality development, with a call for differentiated strategies to avoid the pitfalls of following trends without clear strategic alignment [11]

Group 1 - Over 300 active equity funds have reached new year-to-date highs in net value since April 7, driven by structural investment opportunities and a focus on domestic consumption [1][2] - As of April 28, 38 funds achieved new year-to-date highs, with a total of 302 funds since April 7, reflecting a market rebound supported by favorable policies [1][2] - Funds heavily invested in the consumer sector, such as Guotai Consumer Select and Pengyang Consumer Industry Mixed Fund, have shown remarkable performance amid rising domestic demand [1] Group 2 - The Shunwan Lingxin LeRong One-Year Holding Mixed Fund has reported over 30% returns year-to-date, focusing on trendy toys, gold jewelry, and pet-related sectors [2] - The Longcheng Pharmaceutical Industry Selected Mixed Fund has achieved a year-to-date return of 49.78%, with several other pharmaceutical funds also exceeding 35% returns [2] - Fund managers are increasingly adapting their strategies to capture emerging consumption opportunities, moving away from traditional investment paths [3] Group 3 - Fund managers emphasize the importance of understanding consumer demands and adapting to the preferences of younger generations, which is driving a new consumption cycle [3] - Investment strategies are evolving to include a broader range of assets and sectors, focusing on growth stocks, policy-driven companies, and dividend-paying value companies [3]