Core Viewpoint - The resignation of Jiang Jialiang, the Chief Equity Investment Officer of Puyin Ansheng Fund, highlights the challenges faced by the firm, particularly in terms of underperforming products and the need for a strong successor to restore investor confidence [4][15]. Group 1: Performance Overview - Jiang Jialiang managed eight funds during his tenure, with approximately 20% of the company's equity fund scale under his management [3]. - His flagship fund, Puyin Ansheng New Economic Structure A, achieved a return of 169.87% since its inception in 2018, but subsequent funds underperformed, with many ranking below industry averages [3][5]. - The largest fund he managed, Puyin Ansheng Quality Preferred Mixed Fund, reported a return of -45.34%, nearly halving its net value, leading to significant investor dissatisfaction [3][6]. Group 2: Fund Management Challenges - The departure of Jiang Jialiang presents dual challenges for Puyin Ansheng: reversing the declining performance of its products and filling the critical role of Chief Equity Investment Officer [4][15]. - The Puyin Ansheng Quality Preferred Mixed Fund has seen a drastic reduction in scale, shrinking over 70% from its initial size of 26.25 billion to just 7.01 billion by September 2025 [14]. - High turnover rates in the funds managed by Jiang Jialiang, such as a turnover rate of 619.66% in Q2 2023, indicate a strategy focused on short-term trading, which has contributed to high costs and poor performance [9][10]. Group 3: Management Fees and Investor Sentiment - Despite the poor performance of the funds, management fees remained high, with the Puyin Ansheng Quality Preferred Mixed Fund collecting over 50 million in fees during 2022 and 2023, contrasting sharply with the losses experienced by investors [11][12]. - Investor patience has waned due to long-term underperformance, leading to increased complaints and concerns regarding the management of the funds [11][14]. Group 4: Future Outlook - Puyin Ansheng has appointed new managers for its underperforming products, including the Quality Preferred Mixed Fund, which will now be managed by Li Haoxuan, who has a strong track record [15]. - The firm faces the urgent task of stabilizing its equity investment team and restoring market trust, particularly in light of the significant losses left by the previous management [18].

Core Points - The resignation of Jiang Jialiang, the Assistant General Manager and Chief Equity Investment Officer of Puyin Ansheng Fund Management Co., Ltd., has been announced, effective November 7, 2025, due to personal reasons [1] - Jiang has a rich background in finance, having worked in various roles at major financial institutions before joining Puyin Ansheng Fund in June 2018 [1] - Under Jiang's management, the Puyin Ansheng New Economy Structure fund achieved a return of 169.87% since November 1, 2018, with an annualized return of 15.19%, ranking in the top 20 among peers [2] - However, other funds managed by Jiang, such as the Puyin Ansheng Quality Selection, experienced significant losses, with a return of -45.34% since December 2021, ranking near the bottom among similar funds [2] - Puyin Ansheng Fund has a total management scale of 344.51 billion yuan, primarily supported by fixed-income products, while equity funds remain small in scale [3] - Following Jiang's departure, the focus will be on how the company, under the leadership of Zhang Chi, will implement its three major business strategies: "Global Sci-Tech," "Index Family," and "Fixed Income Family" [3]