Core Viewpoint - Liu Xinzheng has resigned from multiple funds managed by Zheshang Fund Management Co., Ltd, indicating a significant change in the management structure of these investment products [1][2][3][4] Fund Performance Summary - **Zheshang Fengli Enhanced Bond Fund**: Established on August 28, 2018, with a year-to-date return of 7.01% and a cumulative return of 75.92%, net asset value at 1.7592 yuan [1] - **Zheshang Hu-Gang-Shen Mixed Fund A/C**: Established on June 27, 2019, with year-to-date returns of 24.92% and 24.43%, cumulative returns of 34.56% and 30.18%, net asset value at 1.3682 yuan and 1.3269 yuan [1] - **Zheshang Zhiduo Jin Steady One-Year Holding Period A/C**: Established on June 24, 2021, with year-to-date returns of 5.40% and 5.09%, cumulative returns of 10.93% and 9.07%, net asset value at 1.1086 yuan and 1.0901 yuan [1] - **Zheshang Zhiduo Ying Bond A/C**: Established on December 7, 2021, with year-to-date returns of 2.42% and 2.12%, cumulative returns of 8.08% and 6.44%, net asset value at 1.0808 yuan and 1.0644 yuan [2] - **Zheshang Zhi Xuan Value Mixed A/C**: Established on April 16, 2021, with year-to-date returns of 12.57% and 12.18%, cumulative returns of 6.33% and 4.02%, net asset value at 1.0646 yuan and 1.0416 yuan [2] - **Zheshang Zhiduo Bao Steady One-Year Holding Period A/C**: Established on July 23, 2020, with year-to-date returns of 2.76% and 2.39%, cumulative returns of 9.84% and 7.04%, net asset value at 1.0976 yuan and 1.0699 yuan [2] - **Zheshang Zhi Xuan Ling Hang Three-Year Holding Period A/C**: Established on January 13, 2021, with year-to-date returns of 13.59% and 13.43%, cumulative returns of -1.77% and -2.68%, net asset value at 0.9823 yuan and 0.9732 yuan [2] Management Changes - Liu Xinzheng has been dismissed as the fund manager for several funds, including Zheshang Hu-Gang-Shen Mixed Fund, Zheshang Zhiduo Jin Steady One-Year Holding Period Fund, Zheshang Zhiduo Ying Bond Fund, Zheshang Zhi Xuan Value Mixed Fund, Zheshang Zhiduo Bao Steady One-Year Holding Period Fund, and Zheshang Zhi Xuan Ling Hang Three-Year Holding Period Fund [3][4] - Other fund managers will continue to manage these funds alongside the remaining team members [3][4]

Core Viewpoint - Zhejiang Merchants Fund has announced the appointment of Rao Zuhua as a new fund manager for several of its investment products, indicating a strategic move to enhance management capabilities and potentially improve fund performance [1][2]. Fund Performance Summary - **Zhejiang Merchants CSI 300 Index Enhanced (LOF)**: - Established on May 7, 2012 - Year-to-date return: 13.80% (A), 13.43% (C) - Since inception return: 136.09% (A), 0.38% (C) - Cumulative net value: 2.2058 (A), 2.0171 (C) [1] - **Zhejiang Merchants CSI 500 Enhanced**: - Established on May 11, 2016 - Year-to-date return: 20.58% (A), 20.30% (C) - Since inception return: 80.32% (A), 80.26% (C) - Cumulative net value: 1.8032 (A), 1.7658 (C) [1] - **Zhejiang Merchants Fengli Enhanced Bond**: - Established on August 28, 2018 - Year-to-date return: 8.84% - Since inception return: 78.92% - Cumulative net value: 1.7892 [2] - **Zhejiang Merchants Zhiduoying Bond**: - Established on December 7, 2021 - Year-to-date return: 2.21% (A), 1.95% (C) - Since inception return: 7.86% (A), 6.26% (C) - Cumulative net value: 1.0786 (A), 1.0626 (C) [2] - **Zhejiang Merchants CSI 1000 Index Enhanced**: - Established on September 26, 2023 - Year-to-date return: 28.39% (A), 28.05% (C) - Since inception return: 29.83% (A), 28.83% (C) - Cumulative net value: 1.2983 (A), 1.2883 (C) [2] Management Changes - Rao Zuhua has been appointed as a new fund manager for multiple funds, including: - Zhejiang Merchants CSI 300 Index Enhanced (LOF) [3] - Zhejiang Merchants CSI 500 Enhanced [3] - Zhejiang Merchants Fengli Enhanced Bond [4] - Zhejiang Merchants Zhiduoying Bond [4] - Zhejiang Merchants CSI 1000 Index Enhanced [4] - Rao Zuhua has a background in quantitative research and has held positions at various financial institutions, enhancing the fund's management expertise [1].

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]