Core Viewpoint - Yongying Fund has experienced significant personnel changes, with multiple fund managers resigning, raising questions about the stability and future performance of the firm amidst its rapid growth in fund size and performance [1][7][10]. Group 1: Personnel Changes - Yang Fanying, the deputy director of fixed income investment at Yongying Fund, has resigned from managing eight funds due to personal reasons, resulting in a total management scale of nearly 12.3 billion yuan [1][2]. - Since 2025, six fund managers have "cleared out" from Yongying Fund, with four previously managing over 10 billion yuan, and many of their funds showing significant losses during their tenure [1][5]. - The new fund managers appointed are relatively inexperienced, with most having less than one year of experience in managing public funds [5][6]. Group 2: Fund Performance - Despite the departures, Yongying Fund's mixed funds have seen a dramatic increase in size, rising from 30th to 10th in industry rankings, with a 2.9-fold increase in assets under management [7][10]. - The fund "Yongying Technology Smart A" has achieved a remarkable annual return of 186.3%, making it the top-performing public fund, attributed to its focus on AI computing stocks [8][9]. - The firm has adopted a strategy of highly focused, theme-based investment products, which has attracted significant capital inflow [9][10]. Group 3: Market Position and Strategy - Yongying Fund aims to establish itself as a platform-based asset management company with a balanced investment research capability across various asset classes [7]. - The firm has shifted towards a more "tool-like" approach to active management, concentrating investments in specific sectors, which has led to rapid growth but also raised concerns about high investment concentration risks [9][10]. - The long-term competitiveness of Yongying Fund will depend on the resilience of its investment research system and the stability of its talent pool, especially with the recent turnover of experienced fund managers [10].