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to research roles within their firms, exemplified by the case of Weng Yuping from Great Wall Fund, who has been replaced by Lin Hao due to poor fund performance [2][3][8] - Weng Yuping managed the Great Wall Jiuyuan Flexible Allocation Mixed Fund for over four years, with a return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]