Core Viewpoint - The recent departure of Jiang Jialiang, the Assistant General Manager and Chief Equity Investment Officer of Puyin Ansheng Fund, marks a significant leadership change in the company, coinciding with a decline in its asset management performance and market ranking [1][19]. Group 1: Leadership Changes - Jiang Jialiang resigned for personal reasons, effective November 7, 2025, following the appointment of Zhang Jian as the new chairman in December 2024 [1][2]. - Jiang's departure is part of a planned transition, as evidenced by the pre-arranged succession of his managed funds to other team members [4][6]. Group 2: Performance Metrics - As of the end of Q3 2025, Puyin Ansheng's public fund assets totaled approximately 341.9 billion yuan, a decline of over 10% from the end of 2024, resulting in a drop in industry ranking from 26th to 30th [1][8]. - The company's ETF assets decreased significantly to 782 million yuan, less than one-third of the amount at the end of 2024, marking it as the weakest performing segment [1][12]. Group 3: Product and Market Dynamics - The company has seen a decline in non-monetary fund assets from 178.17 billion yuan at the end of 2024 to 149.49 billion yuan by Q3 2025, with a drop in industry ranking from 28th to 33rd [8][10]. - The bond fund assets also shrank from 162.97 billion yuan to 135.12 billion yuan, indicating significant outflows [10][11]. - Equity products, while showing slight growth, remain at the lower end of the market, with stock and mixed fund sizes at 2.443 billion yuan and 8.633 billion yuan respectively, ranking 10th among bank-affiliated funds [11][12]. Group 4: Strategic Initiatives - In August 2025, Jiang highlighted the company's push towards an "index family" strategy, focusing on passive index investments divided into ETF and quantitative segments, although recent data shows a lack of expected progress in these areas [7][19]. - The overall trend for Puyin Ansheng in 2025 has been a decline across total assets, non-monetary funds, and ETF segments, contrasting with the growth seen in many peer firms during the same period [18][19].

【 导读】近一月指数反弹超6%，中证A500ETF业绩回升 中国基金报记者 张燕北 近期，A股市场风险偏好显著提升，中证A500指数近一月涨逾6%。指数上涨带动下，大多数 中证A500相关ETF净值回到1元以上。 不少投资者犹豫回本后是否该选择"落袋为安"。业内人士建议，可综合短期资金需求、长期 资产增值、市场发展趋势等多方面因素进行决策。长远来看，作为新宽基代表的中证A500指 数兼具行业代表性与成长弹性，相关产品是投资者布局后续行情的理想工具。 大多数中证A500ETF 净值回到"1"以上 A股市场整体回暖，中证A500相关ETF净值悄然回升。 自2024年"9·24"行情以来，跟踪A500指数的ETF(含增强策略ETF)密集发行。然而，受指数 表现拖累，这些基金成立以来业绩表现并不理想。数据显示，截至今年6月20日，2024年9月 成立的首批10只中证A500ETF，成立以来全部亏损；去年四季度成立的14只基金，仅两只复 权单位净值为正；今年以来成立的产品，多数净值在1元以下。 6月底以来，A股表现较为强势，在大金融、房地产、新能源、创新药、钢铁等板块轮番上涨 的带动下，三大指数周线均实现"四连阳"。 ...