Core Viewpoint - Dachen Fund has made significant changes in its management team, with two fund managers resigning from all their managed funds, raising concerns about the stability and continuity of the investment team [2][3]. Group 1: Management Changes - Dachen Fund announced the resignation of fund managers Wu Haoyang and Chen Ji due to personal reasons, affecting a total of eight funds, including four equity and four fixed-income products [3][5]. - The management responsibilities have been transferred to two new generation fund managers, He Panpan and Chen Ran, who will oversee all fixed-income and equity products, respectively [5][6]. - This rapid and extensive transfer of management responsibilities to new managers is uncommon in the industry, where a gradual transition is typically preferred to maintain investment strategy stability [5][6]. Group 2: Team Stability Challenges - The recent changes highlight potential gaps in Dachen Fund's investment research team, suggesting that the company may face challenges in maintaining a stable talent pipeline [6][7]. - The departure of key fund managers reflects a broader trend of talent turnover within the company, which has seen several early-stage managers leave since its establishment in 2019 [7][8]. - Industry experts emphasize the importance of building a sustainable research and investment framework to avoid disruptions in performance and investor confidence due to frequent management changes [7][8]. Group 3: Strategic Shift - Since its inception, Dachen Fund aimed to focus on active equity investments but has shifted its strategy towards fixed-income products, with a notable absence of new equity fund launches since mid-2021 [9][10]. - As of September 30, 2025, the total management scale of Dachen Fund's four active equity funds was only 165 million, contrasting sharply with the 921 million managed in five fixed-income products [9][10]. - This strategic pivot may indicate a response to competitive pressures and performance challenges, leading the company to prioritize more stable and scalable fixed-income offerings [9][10].

Core Viewpoint - Wu Haoyang has resigned from multiple funds managed by Dacheng Fund Management Co., Ltd, indicating a significant change in the management structure of these investment funds [1][2]. Fund Performance Summary - Dacheng Growth Pioneer Mixed Fund A/C, established on October 27, 2020, has a year-to-date return of 13.47% and 13.30%, with a cumulative net value of 0.9568 CNY and 0.9459 CNY, respectively. Since inception, the return is -4.32% and -5.41% [1]. - Dacheng Strategy Pioneer Mixed Fund A/C, established on December 25, 2020, has a year-to-date return of 16.79% and 16.57%, with a cumulative net value of 0.8188 CNY and 0.8106 CNY, respectively. Since inception, the return is -18.12% and -18.94% [1]. - Dacheng Value Pioneer Flexible Allocation A/C, established on May 19, 2021, has a year-to-date return of 26.50% and 25.93%, with a cumulative net value of 0.7887 CNY and 0.7708 CNY, respectively. Since inception, the return is -21.13% and -22.92% [2]. - Dacheng Yichuang Selected Mixed A/C, established on January 26, 2021, has a year-to-date return of 6.36% and 5.87%, with a cumulative net value of 0.6601 CNY and 0.6442 CNY, respectively. Since inception, the return is -33.99% and -35.58% [2]. Management Changes - Wu Haoyang has been dismissed as the fund manager for multiple funds, including Dacheng Growth Pioneer Mixed, Dacheng Strategy Pioneer Mixed, Dacheng Value Pioneer Flexible Allocation, and Dacheng Yichuang Selected Mixed [3]. - The other fund managers for these funds include Chen Jun and Chen Yi, who will continue to manage the respective funds [3].

Core Insights - On November 28, Dachen Fund announced the resignation of two fund managers, Chen Ji and Wu Haoyang, affecting eight funds, which is notable given the company's limited number of fund managers [1][2][5] - The company has experienced a slow growth in management scale since its establishment, with no new fund launches this year [1][10] Fund Manager Changes - Wu Haoyang resigned due to personal reasons, managing four equity funds with a total scale of less than 20 million yuan [4][6] - Chen Ji also resigned for personal reasons, managing four fixed-income funds with a total scale of 917 million yuan, primarily driven by one fund exceeding 700 million yuan [4][6] Historical Context - Dachen Fund has a history of fund managers leaving before completing three years, with many having short tenures of one to two years [5][6][7] - The company has not launched any new equity funds since 2022, indicating a stagnation in product offerings [10] Company Background - Dachen Fund was established on August 5, 2019, and has not significantly increased its public fund management scale, which is currently below 1.1 billion yuan [8][9]