Core Viewpoint - The recent resignation of fund manager Ma Xiang from the Huatai-PineBridge North Exchange Innovation Selected Two-Year Open Fund has raised concerns among investors, despite the fund's strong performance during his tenure. The resignation is part of a broader trend in the industry towards team-based management and the gradual transition of responsibilities to newer managers [2][4][8]. Fund Performance - Ma Xiang's tenure at the Huatai-PineBridge North Exchange Innovation Selected Fund saw an impressive return of 97.51%, significantly outperforming the benchmark by 80.94 percentage points [2][4]. - However, the fund's performance in the last three months before his resignation showed a decline of 12% [5]. - The fund's management scale increased from 4.21 billion to 7.67 billion, indicating a substantial inflow of capital [5]. Manager Transition - Ma Xiang has resigned as fund manager for the fourth time in 2025, with Ma Lei taking over the management of the fund [2][6]. - Ma Lei, with only 2.38 years of experience, is considered a newcomer in the industry but currently manages six funds with a total scale exceeding 10.7 billion [7]. Industry Trends - The resignation of high-profile fund managers like Ma Xiang is often linked to the performance of the funds they manage, but in this case, it appears to be more about internal company adjustments [4][8]. - The industry is moving towards a team-based management model, as highlighted by regulatory changes aimed at promoting high-quality development in public funds [8][9]. Investor Sentiment - Investor reactions to the fund's recent open period have been mixed, with some opting to cash out while others are looking to increase their holdings [10]. - There is a general expectation among investors for Ma Lei's management to yield positive returns, reflecting a hopeful outlook despite the recent changes [10].

Core Viewpoint - The resignation of fund manager Ma Xiang from the Huatai Fund's North Exchange Innovation Selected Two-Year Open Fund marks a significant change, as he has resigned four times this year, with mixed performance results from the funds he managed [1][4][19]. Group 1: Fund Performance - The Huatai North Exchange Innovation Selected Two-Year Open Fund achieved a return of 97.51% during Ma Xiang's tenure, significantly outperforming its benchmark by 80.94 percentage points [1][4]. - However, the fund's performance in the last three months showed a decline of 12% [5]. - Other funds managed by Ma Xiang, such as the Huatai Science and Technology Innovation Fund and Huatai Growth Selected Fund, reported negative returns [2][18]. Group 2: Fund Management Transition - Ma Xiang's resignation is part of a broader trend in the industry where high-profile fund managers are transitioning responsibilities to newer managers, a strategy encouraged by regulatory bodies to promote high-quality development in public funds [8][9]. - Ma Lei, who has only 2.38 years of experience, will take over the management of the fund after co-managing it with Ma Xiang for over a year [6][7]. Group 3: Market Context and Investor Sentiment - The North Exchange 50 Index has risen by 39.65% this year, outperforming other major indices, which may influence investor sentiment towards the fund [5]. - Investor reactions to the fund's recent open period have been mixed, with some choosing to cash out while others remain optimistic about future returns under Ma Lei's management [10]. Group 4: Company Background and Historical Performance - Huatai Fund has been in operation for over 20 years, with a public fund management scale of 1.1 trillion yuan as of the third quarter of 2025, ranking ninth in the industry [19]. - The company has faced significant challenges in recent years, with total stock investment losses amounting to 95.85 billion yuan from 2020 to mid-2025 [19].