Core Viewpoint - The departure of Zou Xi, a veteran executive at Rongtong Fund, marks a significant transition in the public fund industry, reflecting broader trends of talent mobility and a shift towards a platform-based investment strategy [4][10]. Company Summary - Zou Xi, the Vice President of Rongtong Fund, officially left the company on October 11, 2025, after 24 years of service [1][4]. - Prior to his departure, Zou had already resigned from managing four funds, signaling his exit from the company [4]. - Zou Xi joined Rongtong Fund in February 2001 and has held various positions, including industry analyst and director of equity investment [4]. - During his tenure, Zou managed a peak fund size of 15 billion yuan, but this had shrunk to 3.925 billion yuan at the time of his departure, a decline of over 70% [4]. Industry Summary - The public fund industry has seen a total of 292 fund manager departures in 2025, indicating a significant trend of personnel changes [6]. - The industry is transitioning from a model dominated by star fund managers to a more collective and systematic approach to investment management [10]. - Rongtong Fund is actively restructuring its investment research system following its integration into China Chengtong Group in 2022, emphasizing a platform-based and team-oriented strategy [10].

Core Viewpoint - The departure of Zou Xi, a veteran executive at Rongtong Fund, marks a significant transition in the public fund industry, reflecting broader trends of talent mobility and the shift towards a platform-based investment model [4][11]. Company Summary - Zou Xi, the Deputy General Manager of Rongtong Fund, officially left the company on October 11, 2025, after 24 years of service [1][4]. - Prior to his departure, Zou had already resigned from managing four funds, signaling his exit from the company [4]. - Zou Xi joined Rongtong Fund in February 2001 and has held various positions, including industry analyst and director of equity investment [4]. - During his tenure, Zou managed the Rongtong Industry Prosperity A fund, which achieved a cumulative return of 161.32% and an annualized return of 7.56% from July 3, 2012, to September 6, 2025 [4]. Industry Summary - The public fund industry has seen a total of 292 fund managers leave their positions in 2025, indicating a significant trend of personnel changes within the sector [7]. - The industry is transitioning from a model dominated by star fund managers to a more collective and systematic approach to investment management [11]. - Rongtong Fund is actively restructuring its investment research system following its integration into China Chengtong Group in 2022, emphasizing a platform-based and team-oriented strategy [11].

Core Viewpoint - The resignation of Zou Xi, the Deputy General Manager and Equity Investment Director of Rongtong Fund, is attributed to "internal adjustments" and personal reasons, marking a significant change in the management of the firm’s funds [2][3]. Fund Management Changes - Zou Xi has resigned from managing four funds, including Rongtong Industry Prosperity Mixed and Rongtong Leading Growth Mixed, after nearly 18 years in public fund management [3]. - His tenure saw a peak management scale of 15 billion yuan, which has since plummeted to 3.925 billion yuan, a decline of over 70% due to poor performance and significant investor redemptions [4]. Performance Metrics - Zou Xi's management of Rongtong Industry Prosperity A yielded a cumulative return of 161.32% from July 2012 to September 2025, with an annualized return of 7.56% [3]. - However, recent performance has been disappointing, with Rongtong Industry Trend Selected A showing a return of -30.49% from March 2021 to October 2024 [4]. Successor Team - Rongtong Fund has appointed a new management team, with Li Jin taking over Rongtong Industry Prosperity Mixed and Rongtong Industry Trend Stocks, while He Long and a duo of Wan Minyuan and Cheng Yuekai will manage other funds [5]. - The new managers have demonstrated strong performance, with Li Jin's fund achieving a return of 39.60% over the past year, significantly outperforming its benchmark [5]. Industry Trends - The public fund industry is shifting from a focus on individual star fund managers to a more collaborative team-based approach, reflecting a broader trend in the sector [8]. - Rongtong Fund has been enhancing its integrated research and investment system since its merger with China Chengtong Group in 2022, aiming to strengthen its investment capabilities [8]. Company Overview - As of June 30, 2025, Rongtong Fund's total assets under management reached 339.8 billion yuan, with public fund assets at 154.25 billion yuan and private fund assets at 185.59 billion yuan [7]. - The firm has been working to improve its investment performance, with recent data showing its equity excess return ranking has improved over the past three years [7].