Core Insights - BlackRock Fund announced the departure of Shen Yufei from the BlackRock China New Horizons Mixed Fund and the BlackRock Industry Preferred Mixed Fund [1] Group 1: Fund Performance - BlackRock China New Horizons Mixed Fund A/C, established on September 7, 2021, has a year-to-date return of 12.86% and 12.46%, with a cumulative return since inception of -32.59% and -33.93%, and a cumulative net value of 0.6741 CNY and 0.6607 CNY [1] - BlackRock Industry Preferred Mixed Fund A/C, established on March 28, 2023, has a year-to-date return of 17.60% and 17.18%, with a cumulative return since inception of -1.99% and -3.20%, and a cumulative net value of 0.9801 CNY and 0.9680 CNY [1] Group 2: Management Changes - Shen Yufei served as the Chief Equity Investment Officer at BlackRock Fund Management Co., Ltd. and has held various roles including macro strategy researcher, industry researcher, assistant fund manager, and fund manager at Galaxy Fund Management Co., Ltd. [1] - The new fund manager for BlackRock China New Horizons Mixed Fund is Wang Xiaojing, with Dan Xiuli as a co-manager [2] - Shen Yufei's departure is categorized as both an appointment and dismissal of fund managers for the respective funds [2]

Core Viewpoint - The departure of Shen Yufei, the Chief Equity Investment Officer of BlackRock Fund, is significant for the company, especially as it comes amid ongoing challenges in its operations in China [2][5]. Group 1: Fund Manager Changes - Shen Yufei has left BlackRock Fund, with the announcement made on September 20, 2023, citing "personal reasons" for his departure [2][3]. - The management of the funds previously overseen by Shen will now be handled by Dan Xiuli and Wang Xiaojing [2]. Group 2: Fund Performance - Under Shen's management, the BlackRock China New Horizons A fund achieved a return of 22.18% over one and a half years, while the BlackRock Industry Preferred A fund had a return of -1.34% over two and a half years [3][4]. - Shen Yufei's previous performance at Galaxy Fund was notably better, with four out of five funds he managed achieving annualized returns exceeding 10% [4]. Group 3: Company Background and Challenges - BlackRock Fund, fully owned by BlackRock Financial Management, has struggled since its establishment in 2020, currently managing a total of 6.861 billion yuan across various fund types [5][6]. - The company has faced frequent personnel changes, including the recent departures of its chairman and general manager, highlighting the need for stability in a competitive public fund market [6].

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]