Core Viewpoint - Zhejiang Merchants Fund has changed its office address from a high-rent area in West Lake District to a more cost-effective location in Xiaoshan Economic and Technological Development Zone, reflecting a trend among fund companies to reduce operational costs [1][2][4]. Group 1: Company Address Change - Zhejiang Merchants Fund's new office address is located at 2828 Benceng Avenue, Building 3, Room 406, Xiaoshan Economic and Technological Development Zone, moving from 18 Jiao Gong Road, West Lake District [1][2]. - The distance between the two locations is less than 30 kilometers, but commercial rents in West Lake District are generally higher than in Xiaoshan [2]. Group 2: Financial Performance - In 2024, Zhejiang Merchants Fund reported a revenue of 187 million yuan, a decrease of 36.5% year-on-year, and a net profit of 20.48 million yuan, down 42.06% year-on-year [2]. - The company ranked 70th among 87 companies in terms of net profit size [2]. Group 3: Fund Asset Composition - As of the first quarter, the total net asset value of all funds managed by Zhejiang Merchants Fund reached 37.844 billion yuan, with non-monetary funds accounting for 27.443 billion yuan [3]. - Bond funds made up 57.76% of the total net asset value, amounting to 21.861 billion yuan, while the proportion of equity funds is relatively small [3]. Group 4: Industry Trends - Several fund companies, including Vanguard Fund and Mingya Fund, have also changed their office addresses this year, indicating a broader trend in the industry [4]. - Reasons for these relocations include cost reduction, business expansion, and potential tax incentives offered by certain regions to attract companies [4].

Core Viewpoint - Zhu Jingyu has resigned from multiple funds managed by Zhejiang Merchants Fund Management Co., Ltd. due to personal reasons, leading to the appointment of new fund managers for several bond funds [1][4][5][6] Fund Manager Changes - Zhu Jingyu has been replaced as the fund manager for the following funds: Zhejiang Merchants Short-term Bond, Zhejiang Merchants Huili Pure Bond, Zhejiang Merchants Zhiduo Ying Bond, Zhejiang Merchants Xingying 6-Month Open Bond, Zhejiang Merchants Huilong 39-Month Open Bond, Zhejiang Merchants Juying Pure Bond, and Zhejiang Merchants Xingyong 3-Month Open Bond [1][4][5][6] - He Kang has been appointed as the new fund manager for Zhejiang Merchants Huili Pure Bond [1][5] - Ouyang Jian has been appointed as the new fund manager for Zhejiang Merchants Zhiduo Ying Bond [1][5] Fund Performance - Zhejiang Merchants Short-term Bond A and C have a year-to-date return of 1.01% and 0.91%, respectively, with a cumulative net value of 1.1624 yuan and 1.1474 yuan [1] - Zhejiang Merchants Huili Pure Bond A and C have a year-to-date return of 0.22% and 0.14%, respectively, with a cumulative net value of 1.3184 yuan and 1.0663 yuan [2] - Zhejiang Merchants Zhiduo Ying Bond A and C have a year-to-date return of 0.61% and 0.45%, respectively, with a cumulative net value of 1.0617 yuan and 1.0470 yuan [2] - Zhejiang Merchants Xingying 6-Month Open Bond A and C have a year-to-date return of 0.65% and 0.56%, respectively, with a cumulative net value of 1.0592 yuan and 1.0553 yuan [2] - Zhejiang Merchants Huilong 39-Month Open Bond has a year-to-date return of 0.83% and a cumulative net value of 1.1478 yuan [2] - Zhejiang Merchants Juying Pure Bond A and C have a year-to-date return of 0.81% and 0.73%, respectively, with a cumulative net value of 1.5471 yuan and 1.5090 yuan [3] - Zhejiang Merchants Xingyong 3-Month Open Bond has a year-to-date return of 0.60% and a cumulative net value of 1.2223 yuan [3]