Group 1 - The article highlights that three public funds, namely ICBC Credit Suisse Fund, Yongying Fund, and E Fund, have reported paper losses from their locked shares in recent private placements, totaling approximately 6.6 million yuan [1][2] - Specifically, ICBC Credit Suisse Fund has a loss of about 296.07 thousand yuan, Yongying Fund has a loss of approximately 249.02 thousand yuan, and E Fund has a loss of around 114.76 thousand yuan [1][2] - The funds participated in one or more private placement projects, with the number of locked stocks being 1 for ICBC Credit Suisse and Yongying Funds, and 3 for E Fund [1][2] Group 2 - The data indicates that ICBC Credit Suisse Fund invested 24.477 million yuan in a private placement for Aibo Medical (688050.SH), with the lock-up period starting on May 12, 2025, and ending on November 13, 2025 [3] - Yongying Fund also participated in the same private placement for Aibo Medical, investing 20.587 million yuan, with identical lock-up dates [4] - E Fund engaged in two private placements, including Aibo Medical and Zhongtung High-tech (000657.SZ), investing 9.4871 million yuan in Aibo Medical, with the same lock-up period [5] Group 3 - The article notes that the primary source of the current public fund losses is linked to the private placement investments, which inherently carry risks due to the lock-up periods and market volatility [6] - It is mentioned that the attractiveness of private placements for companies is diminishing, as they may incur higher costs compared to other financing methods, such as debt financing, which does not dilute existing shareholders' equity [7] - Current market conditions, including low interest rates for bank loans and bond issuances, further reduce the incentive for companies to opt for private placements [7]

Core Viewpoint - The announcement of the change in fund manager for "Yongying Hong Kong Stock Connect Quality Life Selected Mixed Fund" from Yan Qing to Jiang Weihua highlights a significant shift in management, with implications for fund performance and investor confidence [1][4]. Group 1: Fund Manager Change - Yan Qing, an experienced investment manager with 19 years in the securities industry, has stepped down from managing the largest fund under Yongying, which had a size of 619 million yuan as of March 31, 2025 [1][3]. - Jiang Weihua, who has only 1.81 years of experience as a fund manager, will take over the management of the fund, increasing his total managed assets to approximately 1.306 billion yuan [13][15]. Group 2: Fund Performance - The "Yongying Hong Kong Stock Connect Quality Life Selected Mixed Fund" has shown a year-to-date return of 9.99%, outperforming its benchmark of 9.94% and significantly surpassing the CSI 300 index's return of -1.47% [4][8]. - Despite the recent strong performance, the fund has underperformed its benchmark by 31.54% since inception, with a total return of -26.80% compared to the benchmark's 4.74% [6][8]. Group 3: Historical Performance Analysis - Yan Qing's management of the fund has been inconsistent, with annual returns showing significant underperformance against benchmarks in previous years, particularly from 2021 to 2024 [4][6]. - The fund's performance has raised concerns regarding the sustainability of returns, especially given the recent regulatory focus on long-term performance metrics for fund managers [4][6]. Group 4: Comparison of Fund Products - Jiang Weihua's other managed funds, such as "Yongying New Consumption Smart Selection," have shown strong performance with a year-to-date return of 20.41%, indicating a potential for better management outcomes [18][21]. - The divergence in performance between Jiang Weihua's funds suggests that stock selection and market conditions play a crucial role in fund performance, with specific stocks like Pop Mart and TCL Electronics contributing significantly to returns [21].