Group 1 - BlackRock announced the appointment of Chen Zhiyuan as a new fund manager for the BlackRock Advanced Manufacturing One-Year Holding Mixed Fund [1][2] - Chen Zhiyuan has a background as an investment manager at BlackRock Jianxin Asset Management and has previously worked as a quantitative researcher and trader at Millennium Fund and Citibank [1] - The BlackRock Advanced Manufacturing One-Year Holding Mixed Fund was established on August 31, 2022, and has reported a year-to-date return of 65.01% and a cumulative return since inception of 46.91% as of October 21, 2025 [1] Group 2 - The fund is managed by BlackRock Fund Management Co., Ltd., and the announcement is in accordance with relevant legal regulations [2] - The fund manager change is classified as an additional appointment, with Chen Zhiyuan joining existing manager Dan Xiuli [2]

Core Viewpoint - The sudden resignation of fund manager Zou Jiangyu from BlackRock's Advanced Manufacturing One-Year Holding Mixed Fund raises questions about the motivations behind the change, especially given the fund's recent strong performance and the appointment of a manager with a less favorable track record [2][3][6]. Performance Summary - Zou Jiangyu achieved an investment return of approximately 48.96% during his tenure, significantly outperforming the average return of similar products (14.57%) and the CSI 300 index (19.88%) [3]. - The fund experienced a remarkable increase of 70.39% over the past six months and a year-to-date return of 63.29% [4]. - Zou successfully raised the fund's net value from 0.93 yuan to around 1.5 yuan in June [4]. Manager Transition - The new manager, Dan Xiuli, has a history of managing underperforming funds, including the BlackRock China New Horizons fund, which has seen losses of approximately 33% [2][7]. - Dan Xiuli's recent management of multiple products has raised concerns among investors, particularly regarding her ability to manage high-performing funds [6][8]. Talent Flow and Company Dynamics - The frequent personnel changes at BlackRock, including the departure of key figures such as the chairman and several fund managers, suggest potential instability within the company's management structure [8][9]. - The industry is experiencing a trend of talent mobility, which may impact investor confidence and necessitate a reevaluation of the company's reliance on individual fund managers [5].

Core Insights - BlackRock announced the appointment of Dan Xiuli as a new fund manager for three of its mutual funds, indicating a strategic move to enhance management expertise [1][2] Fund Performance Summary - **BlackRock Industry Preferred Mixed Fund**: - Established on March 28, 2023 - Year-to-date return: 15.95% (A), 15.56% (C) - Since inception return: -3.37% (A), -4.54% (C) - Cumulative net value: 0.9663 (A), 0.9546 (C) [1] - **BlackRock Advanced Manufacturing One-Year Holding Mixed Fund**: - Established on August 31, 2022 - Year-to-date return: 54.36% (A), 53.84% (C) - Since inception return: 37.43% (A), 35.38% (C) - Cumulative net value: 1.3743 (A), 1.3538 (C) [1] - **BlackRock Excellent Voyage Mixed Fund**: - Established on May 21, 2024 - Year-to-date return: 22.42% (A), 21.97% (C) - Since inception return: 32.39% (A), 32.22% (C) - Cumulative net value: 1.3239 (A), 1.3222 (C) [1]

Group 1 - Foreign public funds have increased their holdings in technology and pharmaceutical sectors, maintaining a balanced strategy of "offensive + defensive" by adding high-dividend assets [1][2] - In the technology sector, several foreign public funds have significantly raised their allocation, with notable increases in AI-related stocks such as NewEase and SMIC, which account for 8.49% and 5.83% of holdings respectively [2] - The pharmaceutical sector has seen a shift in focus towards innovative drugs, with Morgan Fund increasing its stake in 3SBio, reaching a total market value of 158 million yuan [2][3] Group 2 - Many foreign public funds have strengthened their defensive strategies by increasing holdings in stable dividend-paying banks like China Construction Bank and Agricultural Bank of China [3] - The investment strategy of foreign public funds reflects a dual approach of "growth + defense," indicating long-term confidence in China's economic transformation and the ability to price risks in a complex market environment [3] - Looking ahead, foreign public funds anticipate new investment opportunities in high-end manufacturing, new energy, and consumption sectors, driven by China's economic growth and structural optimization [4]