Group 1 - The core point of the article is the announcement of the departure of Guo Kun, the Deputy General Manager of Changsheng Fund Management Co., Ltd., due to "work adjustment," and his future focus on investment management [1][2][3] Group 2 - Guo Kun's position was Deputy General Manager, and he left the company on January 13, 2026 [3] - Guo Kun joined Changsheng Fund in December 2019 and was promoted to Deputy General Manager in July 2021 [3] - He managed seven actively managed equity funds with a total management scale of 6.078 billion yuan, accounting for 40% of the company's actively managed equity fund scale [3] - The fund with the highest cumulative return managed by Guo Kun is Changsheng Tongsheng Growth Preferred (LOF), which achieved a return of 108.98% since he took over in May 2020 [3] Group 3 - Changsheng Fund was established on March 26, 1999, and is one of the earliest fund management companies in China [3] - The company is a state-owned enterprise, with its business scope including fund raising, fund sales, and asset management [3]

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) revised the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," effective January 1, 2026 [1] - Starting January 1, 2027, fund managers are prohibited from charging subscription fees and sales service fees for the funds they manage, and sales institutions cannot continue to charge sales service fees for non-money market funds held for over one year [1] Group 2: QDII Fund Premium Risks - As of January 14, 2023, 16 public fund institutions, including Bosera Fund and Great Wall Fund, have issued announcements regarding premium risks for 30 QDII funds [2] - For instance, Huaxia Fund reported that its Nasdaq ETF's market trading price significantly exceeded the fund's reference net asset value, indicating a substantial premium [2] Group 3: REITs Expansion - On January 15, 2023, the China Aviation Capital and Jingneng Photovoltaic REIT successfully launched its expansion of fund shares on the Shanghai Stock Exchange, marking the first asset-mixed REITs expansion project in China [3] - The number of fund shares issued in this expansion was 300.88 million, raising a total of 2.92215 billion yuan, nearly doubling the fund's scale [3] - The expanded fund size is expected to improve secondary market liquidity and may attract more investment by being included in relevant indices [3] Group 4: Management Changes - On January 15, 2023, Changsheng Fund announced that Guo Kun resigned from his position as Deputy General Manager to focus on investment management [4] - Guo Kun managed seven actively managed equity funds, with a total management scale of 6.078 billion yuan, accounting for 40% of the company's actively managed equity fund scale [4] - His highest cumulative return product, managed since May 2020, achieved a return of 109.45% [4] Group 5: Market Outlook - On January 15, 2023, Jin Zicai, Vice General Manager and Equity Investment Director of Caitong Fund, expressed optimism for the 2026 capital market, highlighting improved global liquidity and the acceleration of the AI industry [5] - Investment focus for 2026 includes leading companies in the AI computing power industry and high-quality growth companies with significant overseas business [5] - Jin emphasized the need for in-depth research to select companies with matching valuations and growth potential for sustainable long-term growth [5] Group 6: ETF Market Review - On January 16, 2023, the market opened high but closed lower, with the Shanghai Composite Index down 0.26% and the Shenzhen Component Index down 0.18% [6] - The total trading volume in the Shanghai and Shenzhen markets was 3.03 trillion yuan, an increase of 120.8 billion yuan from the previous trading day [6] - The semiconductor sector showed strong performance, with related ETFs rising by up to 8.74%, while media and energy sectors experienced declines of around 5% [6]

Core Viewpoint - Fund managers who have previously been promoted to executive positions are gradually stepping down to focus on investment management, indicating a shift in the industry towards prioritizing investment expertise over executive roles [1][4]. Group 1: Executive Changes - On January 15, Changsheng Fund announced that Vice President Guo Kun resigned due to work adjustments and will concentrate on investment management [1][3]. - Guo Kun had been with Changsheng Fund since December 2019 and was promoted to Vice President in July 2021, managing several active equity funds with a total management scale of 6.078 billion yuan, accounting for 40% of the company's active equity fund scale [3]. Group 2: Industry Trends - There is a growing trend of fund managers resigning from executive roles to focus on investment, as seen with several managers from various funds, including Yifangda Fund and Nuon Fund, who have stepped down from high-level positions to concentrate on their investment responsibilities [4][5]. - The industry is moving away from the "star fund manager" phenomenon, with regulatory bodies advocating for a more team-oriented and platform-based investment research structure [5][6]. Group 3: Talent Management - The promotion of high-performing fund managers to executive roles is a strategy to retain talent, while resignations may stem from internal adjustments or personal reasons [5]. - Industry experts emphasize the need for fund companies to establish a mature talent reserve and to avoid over-reliance on star fund managers, advocating for long-term assessment and development of a strong fund management team [5][6].