Group 1 - The core point of the article is the recent trend of fund managers transitioning to research roles within their firms, exemplified by the case of Weng Yuping from Great Wall Fund, who has been replaced by Lin Hao due to poor fund performance [2][3][8] - Weng Yuping managed the Great Wall Jiuyuan Flexible Allocation Mixed Fund for over four years, with a return of -53.25% for the C share and -49.65% for the A share, significantly underperforming the benchmark by 36.63 and 56.63 percentage points respectively [2][5][9] - Lin Hao, who took over the management, previously had a strong performance at Zhongke Wotu Fund but has shown mediocre results since joining Great Wall Fund, with a return of -1.57% for the only product he managed there [2][7] Group 2 - The number of fund manager changes has accelerated, with 445 changes recorded since 2025, marking the first time in recent years that this figure has exceeded 400 [10] - The recent changes in the fund industry are influenced by new salary regulations, which may increase performance pressure on fund managers, leading to a trend of "survival of the fittest" within the industry [8][10] - The transition of Weng Yuping coincides with the timing of the new salary reform discussions, suggesting that performance-related pressures are becoming more pronounced in the industry [8][9]

Core Viewpoint - The recent announcement by Great Wall Fund Management regarding the resignation of fund manager Weng Yuping due to "business adjustment" has sparked discussions about the phenomenon of fund managers being "retrained," reflecting significant changes in performance assessment mechanisms amid industry salary reforms [2][8]. Group 1: Manager Transition - Weng Yuping has stepped down as the sole manager of the Great Wall Jiuyuan Flexible Allocation Mixed Fund, transitioning to a role as an industry researcher, with Lin Hao taking over management [2][4]. - The resignation is effective from December 18, 2025, and Weng has completed the necessary deregistration procedures with the China Securities Investment Fund Industry Association [4]. Group 2: Fund Performance - Under Weng's management, the Jiuyuan Fund reported a return of -49.65% for Class A and -53.25% for Class C, significantly underperforming its benchmarks by 36.63 and 56.63 percentage points, respectively [5]. - The fund's size has shrunk over 80%, from 248 million yuan to 43 million yuan, categorizing it as a "mini fund" [5]. - The fund's heavy investments in military electronics and semiconductors have resulted in consecutive losses of 31.67% and 24.64% in 2022 and 2023, ranking in the bottom 10% of its peers [5]. Group 3: Industry Trends - The trend of fund managers being "retrained" is not isolated, with several instances in the industry, including the resignation of Lu Xianhai from Baoying Fund and Ding Ge from Dongwu Fund, both transitioning to research roles after poor performance [6][7]. - The timing of Weng's transition coincides with a period of salary reform discussions in the public fund sector, which may influence performance-based compensation adjustments [8]. Group 4: Company Overview - Great Wall Fund Management, established in December 2001, has a public asset management scale exceeding 350 billion yuan as of September 30, 2025, with a net profit growth rate of 40.07% over the past three years [9]. - Despite stable overall performance, some active equity fund managers within the company have underperformed relative to their peers, with the Great Wall Core Advantage A fund showing a return of -34.96% over five years [9].