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 Insights - The article highlights the significant growth and strategic transformation of Rongtong Fund since its merger with China Chengtong Group, with total assets reaching 339.8 billion yuan as of June 30, 2023, an increase of 107.9 billion yuan compared to before the merger [1] Group 1: Business Strategy and Development - Rongtong Fund has established a "dual-driven" development strategy focusing on state-owned capital operations and resident wealth management, creating a business model that integrates domestic and international operations [1] - The fund has actively participated in the capital operation framework of China Chengtong Group, supporting the development of various indices and thematic funds, including the China Chengtong Central Enterprise Dividend Index and the China Chengtong Central Enterprise ESG Index [1] - The company has successfully launched multiple thematic ETFs and funds, enhancing its product matrix to include diverse offerings such as thematic ETFs, bond funds, and actively managed equity funds [1] Group 2: Performance Metrics - As of June 30, 2023, Rongtong Fund's equity excess return ranked 48 out of 156 in the industry, placing it in the top 30% [2] - The fund's fixed income excess return ranked 35 out of 151, positioning it in the top 20% [2] - Notable performance includes the Rongtong Industry Trend Selection fund, which achieved a return of 39.60% over the past year, ranking in the top 10% among 344 standard equity funds [2] Group 3: Research and Investment Team - Since merging with China Chengtong Group, Rongtong Fund has focused on enhancing its research and investment capabilities by establishing a cross-asset allocation investment committee [4] - The investment team comprises experienced fund managers with over 20 years in the industry and mid-career managers with around 10 years of experience, fostering a stable and innovative team structure [4] - The company aims to strengthen its integrated and multi-strategy research system to better serve state-owned capital operations and resident wealth management [4]

Group 1 - The core investment strategy focuses on industries with upward trends, aiming to identify 3 to 5 main directions annually that have strong fundamentals and significant growth potential [2][3] - The investment approach includes selecting leading companies within chosen industries, emphasizing sectors such as technology, new energy, consumption, and pharmaceuticals [3][4] Group 2 - The portfolio management strategy involves adjusting the weight of value and growth assets based on market conditions and industry trends, while maintaining a balanced risk profile [4] - The current A-share market is viewed as undervalued, with growth assets expected to perform well due to supportive policies, ample liquidity, and steady economic recovery [5] - In the technology sector, there is a strong demand for optical modules and PCBs, with leading companies showing low valuations and high growth rates [5] - The new consumption sector is considered an important investment direction, particularly in areas with strong emotional attributes and significant overseas potential [5][6]