Core Viewpoint - Tong Guolin has resigned from multiple ETFs managed by Western Li De Fund, indicating a significant change in the management structure of these funds [1][4][5]. Fund Performance Summary - The Western Li De Shen Zhen Dividend ETF, established on June 18, 2021, has a year-to-date return of 10.83% and a cumulative return of -13.13%, with a net asset value of 0.8685 yuan as of December 23, 2025 [1]. - The Western Li De Growth Enterprise Board ETF, launched on June 19, 2020, has a year-to-date return of 62.69% and a cumulative return of 38.60%, with a net asset value of 1.3861 yuan as of December 23, 2025 [1]. - The Western Li De Growth Enterprise Board ETF Connect A/C, established on December 1, 2021, has year-to-date returns of 56.27% and 55.82%, with cumulative returns of 3.25% and 2.00%, and net asset values of 1.0325 yuan and 1.0200 yuan respectively [2]. - The Western Li De Comprehensive ETF Connect A/C was established on November 3, 2025, while the Western Li De Hang Seng Technology Index (QDII) A/C was established on July 24, 2025, with cumulative returns of -5.43% and -5.53% respectively as of December 23, 2025 [3]. Management Changes - Tong Guolin has been dismissed as the fund manager for the Western Li De Shen Zhen Dividend ETF and the Western Li De Growth Enterprise Board ETF, among others, with other managers including Zhou Ping and Qi Wei continuing to manage these funds [4][5].

Core Viewpoint - Western Asset Management has re-launched its ETF product line after more than four years, introducing the Western Asset Growth Enterprise Comprehensive ETF, driven by market opportunities, strategic positioning, and capability alignment [1][7]. Group 1: ETF Product Launch - The company launched its first ETF product in 2020 and its second in 2021, now introducing the third ETF focused on the growth enterprise sector [1]. - The new ETF aims to capture high-growth companies' value dividends, providing greater return elasticity and long-term investment value [6]. Group 2: Strategic Focus - The company plans to focus on high-growth sectors, innovative product forms, and enhanced technological empowerment to build an asset allocation ecosystem [8]. - The ETF business is seen as a key driver for connecting with investors and expanding the asset allocation landscape [8]. Group 3: Market Environment and Opportunities - Despite short-term market volatility, the core logic driving the growth of the growth enterprise sector remains unchanged, supported by improved liquidity, industry breakthroughs, and enhanced funding aggregation effects [7]. - The comprehensive index of the growth enterprise sector covers 28 primary industries, allowing for risk diversification and potential growth during sector pullbacks [6]. Group 4: Team and Operational Structure - The ETF team consists of experienced professionals, including the ETF investment department manager and two fund managers, ensuring continuous business operation through a "day-and-night relay" collaboration mechanism [9]. - This operational model enhances the efficiency of ETF management while systematically controlling operational risks [9]. Group 5: Future Development Plans - The ETF team aims to accelerate product line expansion, focusing on thematic ETFs, cross-border ETFs, and strategy-based ETFs to create a diversified product matrix [10]. - The team will prioritize recruiting professionals with strong index research backgrounds to complement individual strengths and enhance capabilities [10].

Core Viewpoint - Western Asset Management has re-launched its ETF product line with the introduction of the Western Asset Management Comprehensive ETF, focusing on high-growth sectors and innovative product forms to become a trusted passive investment expert for investors [1][3]. Group 1: ETF Product Launch - The company has launched its third ETF product, the Western Asset Management Comprehensive ETF, after a four-year hiatus, alongside an off-market linked fund [1]. - The new ETF is based on the comprehensive index of the ChiNext market, which has shown stable long-term returns and is well-suited for capturing high-growth companies [2]. Group 2: Strategic Focus and Market Conditions - The strategic focus for the ETF business includes high-growth sectors, innovative product forms, and enhanced technological empowerment, aiming for a leap from scale chasing to value leadership [3][7]. - Current market conditions, including structural improvement in earnings and a recovering credit cycle, present investment opportunities in A-shares [2][3]. Group 3: Operational and Team Structure - The company has established a comprehensive ecosystem covering the entire business chain for ETF operations, including strategic support and diverse sales channels [4]. - The ETF team operates under a "day and night relay" mechanism to ensure continuous business operations, with responsibilities divided between real-time market monitoring and in-depth strategy research [6]. Group 4: Future Development Directions - The ETF team plans to expand its product line to include thematic ETFs, cross-border ETFs, and strategy-based ETFs, aiming to create a diversified product matrix [7]. - Talent acquisition will prioritize professionals with strong index research backgrounds to enhance capabilities and foster mutual empowerment [7].

Core Viewpoint - Western Asset Management has re-launched its ETF product line with the introduction of the Western Asset Comprehensive ETF, focusing on high-growth sectors and innovative product forms to become a trusted passive investment expert for investors [1][3]. Group 1: ETF Product Launch - The company has launched its third ETF product, the Western Asset Comprehensive ETF, after a four-year hiatus, building on the foundation of its previous ETF offerings [1]. - The new ETF aims to capture the long-term value of the ChiNext market, which has shown robust performance over a 15-year market cycle [2]. Group 2: Market Strategy and Positioning - The decision to re-enter the ETF market is based on a confluence of market opportunities, strategic positioning, and capability alignment [1][3]. - The company plans to focus on high-growth sectors, innovative product forms, and enhanced technological capabilities to build an asset allocation ecosystem [3]. Group 3: Investment Environment - The current market environment presents opportunities due to structural improvements in profitability and a recovering credit cycle, despite short-term volatility in the domestic equity market [2]. - The core logic driving the growth of the ChiNext remains unchanged, supported by improved liquidity, industry breakthroughs, regulatory reforms, and enhanced capital aggregation effects [2]. Group 4: Team and Operational Structure - The ETF team has been restructured to ensure continuous business operations, utilizing a "day-night relay" collaboration mechanism for effective management [4]. - The team is focused on expanding the product line to include thematic ETFs, cross-border ETFs, and strategy-based ETFs, while prioritizing the recruitment of professionals with strong index research backgrounds [5].

Core Points - The report from Western Lide Fund indicates the termination and liquidation of the Western Lide Selected Stock Fund, effective from August 15, 2025, following a resolution passed by the fund's shareholders [1] - The fund's total share amount at inception was 200,125,973.37 shares, with a subscription fund interest equivalent to 36,009.25 shares [1] - The A share of the fund reported a cumulative net value of 1.3525 yuan and a cumulative return of 33.95% as of the last disclosure on August 15, 2025, while the C share, established later, showed a cumulative return of -35.78% [1] Fund Management - The fund was co-managed by Zhou Ping and Chen Yuanhua, both of whom have extensive backgrounds in finance and fund management [4] - Zhou Ping has held positions at PwC and CITIC Capital, and joined Western Lide Fund in December 2020, becoming the fund manager in March 2022 [4] - Chen Yuanhua previously worked at CITIC Securities and joined Western Lide Fund in May 2020, becoming the fund manager in September 2021 [4] Fund Performance Comparison - The report includes performance data for various funds managed by Zhou Ping and Chen Yuanhua, showing their respective returns compared to industry averages [6][7] - For instance, the Western Lide Growth Selected Mixed Fund had a return of 15.01% over a year, while the industry average was 43.54% [6]

Core Points - Western Leading Fund announced the appointment of Zhou Ping as a new fund manager for both the Western Leading ChiNext ETF and the Western Leading Shenzhen Dividend ETF [1][2] - Zhou Ping has a background in auditing at PwC and has held various analytical and managerial roles in asset management and fund management [1] - The performance of the Western Leading ChiNext ETF since its inception shows a year-to-date return of 17.56% and a cumulative return of -22.33% [1] - The Western Leading Shenzhen Dividend ETF has a year-to-date return of 4.93% and a cumulative return of -17.76% since its inception [1] Fund Details - The Western Leading ChiNext ETF was established on December 1, 2021, with a cumulative net value of 0.7767 yuan as of August 14, 2025 [1] - The Western Leading Shenzhen Dividend ETF was established on June 18, 2021, with a cumulative net value of 0.8222 yuan as of August 14, 2025 [1][2] - Both funds are managed by Western Leading Fund Management Co., Ltd., and the changes in fund management comply with relevant legal regulations [2]

Core Viewpoint - Western Leading Fund has announced the appointment of Zhou Ping to its ETF management team, indicating a strategic move to enhance its investment capabilities and performance [1] Company Summary - Zhou Ping has a diverse background in finance, having worked at PwC, CITIC Capital, and Guolian An Fund Management, which adds significant expertise to Western Leading Fund [1] - Zhou Ping joined Western Leading Fund in December 2020 and has since contributed to the firm's growth and investment strategies [1] Fund Performance Summary - The Western Leading ChiNext Large Cap ETF Connect A/C, established on December 1, 2021, has a year-to-date return of 17.56% and a cumulative return since inception of -22.33%, with a net asset value of 0.7767 yuan as of August 14, 2025 [1] - The Western Leading Shenzhen Dividend ETF, launched on June 18, 2021, has a year-to-date return of 4.93% and a cumulative return since inception of -17.76%, with a net asset value of 0.8222 yuan as of August 14, 2025 [1]