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].

Core Viewpoint - Qingsong Co., Ltd. (300132.SZ) reported its Q3 2025 financial results, highlighting an increase in institutional investor holdings and the presence of various public funds [1] Institutional Holdings - As of October 28, 2025, four institutional investors disclosed holdings in Qingsong Co., Ltd., totaling 87.2655 million shares, which represents 16.89% of the company's total share capital [1] - The institutional holding percentage increased by 0.67 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 19 public funds were disclosed, which were not reported in the previous quarter [1] - Notable public funds include Xinhua Preferred Consumer Mixed Fund, Ping An Industry Pioneer Mixed Fund, and others [1]

Core Insights - The public fund industry in China has surpassed 33 trillion yuan, but浦银安盛基金 is facing a "performance dilemma" in equity investments, with all three core products managed by CIO 蒋佳良 showing negative returns exceeding 15% [1][2] - The flagship product, 浦银安盛品质优选混合A, has declined by 46.9% since its inception at the end of 2021, ranking near the bottom among similar funds [1][2] - Despite the poor performance of existing products, the company continues to launch new funds, with 10 new funds issued in 2025, including 4 active equity products, three of which have already reported losses [1][7] Performance Analysis - 蒋佳良 manages 8 products with a total scale of approximately 1.17 billion yuan, representing about one-fifth of the company's equity fund assets [2] - The three actively managed equity products have returns of -46.90%, -18.76%, and -6.78% as of October 17, 2025, all negative [2] - The flagship fund has seen its net value drop to 0.531 yuan, with an annualized return of -15.32%, significantly underperforming the benchmark [2][5] Investment Strategy Issues - The investment strategy has shown clear misalignment, with a focus on new energy and vehicle manufacturing in 2022 leading to losses, and a missed opportunity in the AI sector in 2023 [5] - The fund's turnover rate has remained high, exceeding 480% in 2024, indicating a lack of stability in investment style [5] - High management fees have drawn criticism, as the flagship fund has incurred over 690 million yuan in management fees while reporting significant losses [5][6] New Fund Launches - In 2025, the company launched 10 new funds, including 4 active equity funds, but three of these have already reported losses shortly after their inception [7] - The newly launched active equity products have underperformed significantly compared to the market, with losses of -7.21% and -11.74% for two of the funds [7] Company Growth and Challenges - Despite a high frequency of fund launches, the overall growth in fund size has been limited, with the company managing approximately 361.7 billion yuan in public fund assets as of mid-2025 [8] - The reliance on frequent product launches without a strong flagship fund has weakened investor confidence [8] - Regulatory changes are pushing for higher quality in fund management, emphasizing the need for clear performance benchmarks and investment positioning [8]

Core Viewpoint - The performance of the funds managed by Jiang Jialiang, Chief Equity Investment Officer of浦银安盛基金管理有限公司, has been disappointing, with significant losses reported across multiple funds despite the overall growth of the public fund industry in China [1][5]. Fund Performance - The浦银安盛品质优选混合A fund has lost over 46% since its inception in December 2021, with a three-year return of -34.21% [1][5]. - Out of the eight funds managed by Jiang, seven have negative returns, with two funds losing nearly 50% [1][5]. - The浦银安盛价值成长混合A fund, which Jiang will no longer manage starting September 30, 2025, has resulted in an estimated loss of approximately 53.95 million yuan for investors during his tenure [3][5]. Management Fees - Despite the poor performance, Jiang's management fees have been substantial, amounting to 12.17 million yuan from the浦银安盛价值成长混合A fund alone [3][5]. - The浦银安盛品质优选混合 fund collected over 50 million yuan in management fees during 2022 and 2023, contrasting sharply with the losses experienced by investors [7][11]. Investment Strategy Issues - Jiang's investment decisions have been criticized for being inconsistent, with significant losses attributed to poor sector choices, such as holding onto the electric vehicle sector during downturns and missing out on the AI market [7][11]. - The high turnover rates of the funds managed by Jiang, such as 619.66% for浦银安盛品质优选混合A, indicate frequent trading attempts to capitalize on short-term market fluctuations, which have not yielded positive results [8][9]. Regulatory Context - The case of浦银安盛基金 highlights broader industry issues, as the China Securities Regulatory Commission is implementing reforms aimed at improving fund performance and accountability, including setting clear performance benchmarks for each fund [11][12].

Core Insights - The performance of Jiang Jialiang, the Chief Equity Investment Officer at Puyin Ansheng Fund, has been disappointing, with five out of six managed products showing negative returns, some with declines exceeding 50% [1][2] Group 1: Performance Metrics - Jiang Jialiang's managed fund, Puyin Ansheng Quality Selected Mixed A, has a three-year return of -52.87%, the worst among the company's equity fund managers, while the average return for similar funds is -18.07% [2] - Other funds managed by Jiang also underperformed, with Puyin Ansheng Yingyao Selected One-Year Holding Mixed A showing a return of -37.17% compared to -8.56% for peers, and Puyin Ansheng Balanced Selected Six-Month Holding Mixed A at -25.37% against -14.96% for similar funds [2] - The only fund with a positive return under Jiang's management is Puyin Ansheng New Economic Structure Mixed A, which has a six-year return of 103.27%, although its C share has a three-year return of -50.74% [2] Group 2: Management Fees and Fund Size - Despite poor performance, the funds continue to charge significant management fees, with Puyin Ansheng Quality Selected Mixed A/C collecting a total of 10.16 million yuan in management fees for 2024, while fees for 2022 and 2023 were approximately 35 million yuan and 20 million yuan, respectively [3] - As of the first quarter of 2025, Puyin Ansheng Fund's public asset management scale reached 356.21 billion yuan, ranking 28th among around 200 institutions, but several products face liquidation pressure due to low asset sizes [3]