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 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]