Core Viewpoint - The appointment of Ouyang Juan as a co-manager for the Jin Ying Responsible Investment Mixed Fund is seen as a significant self-rescue action for this struggling "mini-fund" [1][3]. Fund Management Changes - Jin Ying Fund announced the appointment of Ouyang Juan to co-manage the Jin Ying Responsible Investment Mixed Fund alongside the existing manager Li Heng [1][2]. - This change is part of a routine operation in the public fund industry, but it carries more weight due to the fund's poor performance [1][3]. Fund Performance - Since its inception on March 16, 2021, the fund has consistently underperformed, with a unit net value of 0.5482 as of July 31, 2023, ranking 2750 out of 3719 funds in the industry [3]. - The fund's turnover rate reached 1285.94% in Q4 2023, but this high trading frequency did not capture market opportunities and instead eroded the fund's net value due to high transaction costs [3][7]. - The fund's net asset value has significantly declined from approximately 305.93 million yuan at the end of 2023 to 22.76 million yuan by the end of 2024, and further down to 15.24 million yuan in 2025, falling below the 50 million yuan liquidation threshold [3][7]. Manager Performance - Li Heng, who took over management on June 20, 2023, has also faced challenges, with his other managed funds showing poor performance, raising questions about the effectiveness of his investment strategy [5][6]. - Ouyang Juan, despite her extensive research background, has similarly struggled with the funds she managed, with significant losses recorded in multiple products [7][8]. Market Reaction - Investor sentiment has turned negative, with complaints about the fund's performance and management, leading to a continuous decline in fund size [10]. - The collaboration between Ouyang Juan and Li Heng is viewed as a critical gamble for the fund's future, with uncertainty surrounding whether this partnership can reverse the fund's fortunes [12].

Core Viewpoint - The appointment of Ouyang Juan as a co-manager for the Jin Ying Responsible Investment Mixed Fund is seen as a significant self-rescue action for this struggling "mini-fund" [1][3]. Fund Overview - Fund Name: Jin Ying Responsible Investment Mixed Securities Investment Fund [2] - Fund Code: 011155 [2] - Fund Manager: Jin Ying Xing Jin Ying Pu Co., Ltd. [2] - Current Managers: Ouyang Juan and Li Heng [1][2]. Performance Issues - Since its inception on March 16, 2021, the fund has consistently underperformed, with a unit net value of 0.5482 as of July 31, 2023, ranking 2750 out of 3719 funds [3]. - The fund's turnover rate reached 1285.94% by the end of Q4 2023, leading to high transaction costs that further eroded its net value [3]. - The fund's net asset value has declined from approximately 305.93 million yuan at the end of 2023 to 22.76 million yuan by the end of 2024, and further down to 15.24 million yuan in 2025, well below the 50 million yuan liquidation threshold [3]. Management Changes - The addition of Ouyang Juan, who has a strong research background, is intended to bring new direction to the fund, which has faced significant performance pressure under Li Heng [7][12]. - Ouyang Juan's previous performance has also been under scrutiny, with her managed funds showing substantial losses, including a total return of -17.34% for the Jin Ying Industrial Upgrade Mixed Fund and -33.05% for the Jin Ying Era Pioneer Mixed Fund [8][9]. Market Reactions - Investor sentiment has been negative, with complaints about the fund's performance and management, leading to a significant reduction in fund size [10]. - The recent growth in the innovative drug sector has positively impacted the Jin Ying Medical Health Stock Fund managed by Ouyang Juan, but overall performance remains average compared to peers [12].