Core Viewpoint - The recent management changes in the public fund industry, particularly the resignation of the chairman of Hongtu Innovation Fund, highlight deep-rooted issues within the industry, including a trust crisis, investment style drift, and a wave of fund liquidations [1][3]. Group 1: Management Changes - As of June 6, 2025, there have been 88 fund companies with executive changes, totaling 178 executives, including 21 companies that changed their chairpersons [1]. - The management change at Hongtu Innovation Fund, where the chairman resigned on June 5, 2025, is part of a broader trend of high executive turnover in the industry [1][3]. Group 2: Industry Challenges - The public fund industry is facing a trust crisis, where funds are perceived to profit while investors do not, alongside ongoing issues of investment style drift and a looming fund liquidation crisis [1][3]. - Smaller fund companies are particularly affected, with management changes often driven by shareholder pressure for improved performance and rapid capital appreciation [3][4]. Group 3: Market Competition - Intense competition from larger fund companies is squeezing smaller firms, forcing them to frequently adjust strategies, which can lead to management being scapegoated for poor performance [4][5]. - Internal governance issues, such as poor decision-making processes and conflicts within management, exacerbate the challenges faced by smaller fund companies [4][5]. Group 4: Opportunities Amidst Challenges - New management can bring fresh strategic insights and management practices, potentially enhancing innovation and market competitiveness [5]. - To navigate the challenges posed by management changes, smaller fund companies must improve governance structures, clarify responsibilities, and develop long-term strategies focused on differentiation [5]. Group 5: Performance Metrics - Hongtu Innovation Fund's management scale peaked at 25.068 billion yuan by the end of 2024 but fell below 20 billion yuan in the first quarter of 2025, currently standing at 18.266 billion yuan [9][7]. - The fund's product distribution is primarily in money market funds, bond funds, and REITs, with a relatively low proportion of equity funds [9][6].