Core Viewpoint - The resignation of Jiang Jialiang, the Assistant General Manager and Chief Equity Investment Officer of Puyin Ansheng Fund Management Co., marks the end of an investment era for the company, as he has been a key figure in equity investment since joining in 2018 [1][4]. Group 1: Management Changes - Jiang Jialiang will officially leave his position on November 7, 2025, due to personal reasons, after serving for approximately two years and eight months [1][3]. - His departure has been a gradual process, with him stepping down from multiple fund manager roles between September and October 2025 [4][6]. Group 2: Performance Overview - Under Jiang's management, the Puyin Ansheng New Economy Structure A fund achieved a return of 169.87% with an annualized return of 15.19%, ranking in the top 20% among similar funds [4][6]. - In contrast, the Puyin Ansheng Quality Preferred A fund, managed by Jiang since December 2021, suffered a loss of 45.34%, with an annualized return of -14.63%, ranking near the bottom among its peers [4][6]. Group 3: Fund Management Transition - Following Jiang's resignation, new fund managers have been appointed for the products he managed, including Ling Yaliang for Puyin Ansheng New Economy Structure A and Puyin Ansheng Balanced Preferred 6-Month Hold, and Li Haoxuan for Puyin Ansheng Quality Preferred A [7][9]. - The company is in need of rebuilding its equity investment team and has not yet announced a successor for the Chief Equity Investment Officer position [10]. Group 4: Industry Context - The movement of core talent within the fund industry has become a norm, especially in the current market environment, where performance and compensation are increasingly linked [9][10]. - The company is undergoing a strategic transformation under the new leadership of Zhang Chi, focusing on three main business strategies: "Global Sci-Tech Innovator," "Index Specialist," and "Fixed Income Expert" [9].

Core Viewpoint - The public fund industry is undergoing a performance benchmark reform, with significant attention on the poor performance of several equity products managed by Puyin Ansheng Fund, particularly under the leadership of Chief Equity Investment Officer Jiang Jialiang [2][3]. Performance Analysis - As of Q1 2025, Jiang Jialiang's managed fund, Puyin Ansheng Quality Selection A, has seen a net value decline of 46.75% over the past three years, while its benchmark has only increased by 0.46%, resulting in a deviation of 47.21 percentage points [3]. - Data from Tian Tian Fund shows that as of May 21, 2025, Puyin Ansheng Quality Selection A ranks at the bottom among similar products for both three-year and two-year performance, with a cumulative loss of 52.53% since inception [3]. Fund Management Issues - The fund has faced repeated investment decision errors, such as sticking to the electric vehicle sector during a valuation drop in 2022 and missing out on the AI market in 2023, indicating systemic flaws in the investment research framework [5]. - Out of the 12 products managed by Jiang Jialiang, 11 have negative returns, with Puyin Ansheng Quality Selection Mixed A showing a return of -36.43% and Puyin Ansheng Value Growth Mixed A at -19.19% [6]. Fee Structure Concerns - Despite the poor performance, high management fees continue to be charged. For instance, Puyin Ansheng Quality Selection Mixed A collected management fees of 10.16 million yuan in 2024, despite a decline in value [6]. Governance and Internal Challenges - The fund is also facing governance challenges, including a leadership change with the departure of Chairman Xie Wei and Vice President Li Hongyu, alongside a past incident involving a former fund manager being penalized for misconduct [8]. - As of Q1 2025, Puyin Ansheng's public fund scale is 356.2 billion yuan, ranking 28th in the industry, but 19 products are below the 50 million yuan liquidation threshold, with five below 16 million yuan [8]. Industry Context - The recent emphasis by the China Securities Regulatory Commission on stricter performance deviation regulations may compel fund companies to optimize their assessment mechanisms, prioritizing investor interests [9]. - The challenges faced by Puyin Ansheng highlight broader issues within bank-affiliated public funds, including a reliance on traditional fixed-income products and internal constraints on talent retention and brand perception [9].