Group 1 - Rongtong Fund Management Co., Ltd. announced the departure of Deputy General Manager Zou Xi due to personal reasons, marking a significant change in the company's leadership [1][4] - Zou Xi has been a core figure in the equity investment sector and has witnessed the evolution of China's public fund industry over 24 years, making his departure noteworthy [1][5] - The company has undergone a strategic transformation following changes in its shareholding structure, which has influenced its management team [1][8] Group 2 - Zou Xi's exit was preceded by a gradual withdrawal from managing funds, having stepped down from all four funds he managed by September 6, 2025, leading to speculation about his departure from the public fund industry [4][5] - His career at Rongtong Fund began in 2001, and he has held various positions, culminating in his role as Deputy General Manager in 2020, where he was recognized for his expertise in cyclical stock investments [5][6] - Zou Xi's management experience includes overseeing funds that reached a peak size of approximately 15 billion yuan in 2020, but this has since decreased by over 70% due to market pressures [6][7] Group 3 - The departure of Zou Xi is part of a broader trend in the public fund industry, with 292 fund managers leaving their positions in the first three quarters of 2025, indicating a shift away from reliance on "star fund managers" towards a more team-oriented approach [9] - The restructuring of Rongtong Fund's management team began after a change in its controlling shareholder in 2022, leading to a series of high-level adjustments [8][9] - As of mid-2025, Rongtong Fund managed assets totaling 339.8 billion yuan, with public fund assets amounting to 154.2 billion yuan [8]

Group 1 - The core viewpoint of the article highlights the positive impact of multiple favorable policies on the capital market, particularly focusing on the financial policies aimed at stabilizing the market and expectations [1] - The China Securities Regulatory Commission (CSRC) emphasizes the need to align the interests of fund managers with investors, proposing reforms in fund operation models and fee structures [1][2] - Fund companies will be required to shift their focus from scale to returns, with performance metrics directly affecting the assessment of fund managers [1][2] Group 2 - The recent departure of prominent fund manager Fan Kun from Rongtong Fund raises concerns about team stability and performance, as he had managed over 10 billion yuan in assets [3][4] - Fan Kun's resignation, attributed to "maternity leave," has led to significant market speculation and investor anxiety regarding the future performance of the funds he managed [5][10] - The fund's performance has seen a decline, with a return of -8.56% in the past year, despite a long-term total return of 99.77% since Fan took over [7][9] Group 3 - Rongtong Fund, established in 2001, has undergone ownership changes and aims to develop a unique "red gene" characteristic as a state-owned enterprise [11][13] - The company has faced challenges in maintaining its management scale, with a recent total of 1485.82 billion yuan in assets under management, down from a peak of 1687.52 billion yuan in 2020 [13][16] - The investment performance of Rongtong Fund's equity products has been under pressure, with 20 out of 38 comparable active equity funds showing negative returns in the past year [16]