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 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]