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There are more and more bizarre operations in the fund industry.

“The fund manager ran away first”

In the past few days, the fund has attracted a lot of attention.

Some Christians complained that they had been investing in their own medical funds for several years, and when they saw some hope of getting their money back, the fund manager ran away first. The anxiety and anger can be felt across the screen.

The fund he bought was ICBC Credit Suisse Frontier Medical Stock. The fund manager in charge of this fund is Zhao Bei, the "goddess of medicine" who was once held on a pedestal by Christians.

The source of the news is the 2025 fund annual report. In the column "Holds of the Fund by Employees of the Fund Manager at the End of the Period", Zhao Bei's personal holdings are shown as 0.

And when the mid-term report is released in 2025, the data in this column will still be 100,000 to 500,000. Based on the net worth at the time, this share was worth about 4.7 million. 4.7 million, just gone—oh no, it was redeemed by her.

What’s even more intriguing is that this redemption is likely to occur in the second half of 2025, which happens to hit the small high point of the pharmaceutical sector’s rebound. You know, around September 2025, the innovative drug index will rebound by about 30%, driven by warm policies and recovery in market sentiment. Before that, the pharmaceutical sector had just survived a three-year bear market.

What is this like? Just like your neighbor's stock trading, every time he goes in at a low point and comes out at a high point, no matter how you look at it, you feel that this person is really lucky. But when you find that the fund you bought suffered a huge loss and the fund manager accurately retreated at a high point, your mood is not just "envy".

And this isn't the first time she's done this.

Looking at the historical track of Zhao Bei's holding of this fund, she bought 500,000 to 1 million shares for the first time in 2019, and redeemed them until only 0 to 100,000 shares were left in 2020. In 2023, she felt that the valuation was low and bought back 100,000 to 500,000 shares, and finally cleared all her positions in the second half of 2025.

In other words, from 2019 to 2025, her operations on this fund were to increase positions at low points and reduce positions at high points almost every time.

She is worthy of being the "goddess of medicine" and her operation is quite precise.

According to regulatory regulations, fund managers must use at least 40% of their performance bonuses for the year to buy funds they manage. These shares must be locked for at least one year and cannot be sold. Zhao Bei's operation is indeed in compliance with the regulations, and there is nothing wrong with redeeming it after the lock-in period expires.

But compliance is one thing, being reasonable is another. There is an even more disturbing number. Data shows that the ICBC Credit Suisse Frontier Medical Fund has collected a total of 655 million yuan in net management fees alone for 10 years since its establishment.

All this money comes from the pockets of Christians. And most of the Christian people have not yet recouped their money.

Christian people pay management fees every year, and fund companies make a lot of money, but Christian people's accounts are still green. Who can bear the gap?

"Goddess of Medicine"

As a "medical goddess" of the generation, why did Zhao Bei end up like this?

Zhao Bei is indeed very capable in the fund circle. She joined ICBC Credit Suisse in 2010 and is currently the co-general manager of the research department. Together with Gulen of China Europe Fund, she is known as the two top players in the pharmaceutical field. She studied pharmacy as an undergraduate and later obtained a master's degree in finance. She is one of the few fund managers in the industry with dual backgrounds in both pharmacy and finance.

This kind of composite background is quite rare among pharmaceutical fund managers. When others look at pharmaceutical companies, they may only look at financial reports. She can see the company's valuation model from the drug's R&D pipeline and clinical trial data. The professional barriers are indeed high.

Her playing style is also very unique. The average fund manager selects stocks from the bottom up and digs out companies one by one. Zhao Bei's idea is to start from the top down, first determine which subdivisions of the entire pharmaceutical industry have great opportunities, and then select core companies there. She compared the pharmaceutical industry to a pond, saying that a macro perspective allows you to know where there are more fish, and then invest more heavily in it.

The great pharmaceutical bull market from 2019 to 2021 was the highlight of her style of play. At that time, she keenly captured the explosive opportunities in the CXO (pharmaceutical R&D outsourcing) track, and her position increased from less than 5% at the end of 2018 to about 40% in 2019.

The net worth of ICBC Frontier Medical soared from 1.12 yuan to 5.04 yuan, an increase of almost 350%. At its peak in 2021, the scale of this fund reached 21.1 billion, and Zhao Bei’s total personal management scale exceeded 30 billion, making her a veritable “goddess of medicine.”

But all track-type fund managers have an inescapable problem: when the track is good, you are a god, but when the track is not good, you are a trap.

Starting in the second half of 2021, the pharmaceutical sector will enter a three-year bear market. Centralized purchasing policies come one after another, the valuation bubble of innovative drugs bursts, and CXOs have overcapacity… Every piece of news is hitting pharmaceutical funds. ICBC Frontier Medical has retreated all the way from its high point, and now it still has a 36% decline from its 2021 high.

What's even more terrible is that most of the holders of this fund rushed in at the high price from 2020 to 2021. In other words, they missed the rise perfectly, experienced the fall completely, and are still lying in the pit.

Looking at the performance data, data from Tiantian Fund Network shows that as of now, ICBC Frontier Medical A’s return rate in the past year is 18.09%, ranking 514th among 671 similar funds.

None of the other funds she manages are ranked high, and some are even lagging behind.

A few years ago, who would have thought that the “Medical Goddess”’s fund ranking would drop to the bottom third?

As for her ICBC Growth Select Mix A, it is even more difficult to describe. Since this fund was established in 2021, it has experienced a cumulative retracement of 26.18%, with a return of -3.40% in the past three years.

So the current situation is very embarrassing. In the annual report, Zhao Bei continued to shout that he was optimistic about the overseas expansion of innovative drugs, CXOs, and devices, saying that he continued to "conform to the allocation ideas of the industry and the development direction of the times." But when Jimin looked at the losses in her account, and then saw that she had liquidated all her shares, she would inevitably think: You said you were optimistic, so why are you running?

Actions speak louder than words, and this is especially true in the investment community.

Who is making money and who is losing money?

After talking about Zhao Bei, let’s talk about ICBC Credit Suisse Fund.

It is the first banking fund company in China. Its major shareholder is Industrial and Commercial Bank of China. It was established in 2005. Relying on ICBC's nationwide branches and huge customer base, ICBC Credit Suisse has a natural advantage in fixed income products. Data shows that as of the end of 2025, it manages 272 public funds, 653 annuities, special accounts, and special portfolios, and the total asset management scale reaches 2.37 trillion yuan.

And its money-making ability is pretty amazing. According to the 2025 annual report of ICBC, ICBC Credit Suisse’s full-year net profit reached 3.007 billion yuan, a year-on-year increase of 42.5%. This number has set a record high since the company was founded, ranking among the highest among all fund companies that have disclosed data.

Seeing this, you may ask: Isn’t it great that the company is making so much money? Aren’t Christians supposed to make money?

The problem lies here.

ICBC Credit Suisse's net profit has surged in the past two years, which is mainly supported by two revenue sources. One is the management fee, and we rely on our huge scale advantage to collect money steadily. The other part is that the company used its own funds to buy a lot of equity funds when the market was low, and made a lot of money after the market picked up. But the money earned from self-operated investment has nothing to do with the Christian people.

More importantly, from the perspective of scale and structure, ICBC Credit Suisse has actually fallen into a rather embarrassing situation. As of the end of 2025, its public management scale is approximately more than 870 billion, but more than 70% of it are bond and currency funds, and equity funds account for less than a quarter.

Fixed-income funds are its basic market, but the growth of this basic market is actually slow. The management scale of monetary funds has only increased by less than 80 billion from 2021 to now. Against the background of the surge in the overall scale of the industry, this speed can be said to be standing still.

Looking at equity funds, it is even more difficult to describe. In 2021, the scale of ICBC Credit Suisse's hybrid funds will still be 120.5 billion, but by the end of 2024 it will only be 73.5 billion, a drop of nearly 40% in four years. Moreover, in 2022 and 2023, ICBC Credit Suisse’s funds suffered a total loss of 45 billion for two consecutive years.

On the one hand, the company's net profit hit a record high, and on the other hand, the basic people suffered large losses. The sense of dislocation in the middle makes me feel awkward just thinking about it.

Veteran leaves

If it is an old problem to charge too much management fees and cause miserable losses to the public, then the most worrying thing about ICBC Credit Suisse in recent years is actually the problem of personnel loss.

In the past few years, ICBC Credit Suisse has experienced a fierce wave of veteran departures. Just list a few names: Yuan Fang, Jiang Huaan, Zhang Yufan… Which of these people is not the leader of all lines of ICBC Credit Suisse?

Yuan Fang, known as ICBC Credit Suisse’s “Equity Sister”, managed ICBC’s cultural and sports industry stocks for ten years, and her performance was quite impressive. She suddenly resigned in 2022.

Jiang Hua'an, a leader in FOF investment in the industry, is known as the "First Brother of FOF". After his resignation in 2025, ICBC Credit Suisse's successor in the FOF business has been replaced by a newcomer with less than 30 days of management experience.

Zhang Yufan, one of the heads of equity investment research, directly canceled his qualifications and left the public offering industry completely.

Wind data shows that since 2022, 18 fund managers from ICBC Credit Suisse have resigned, covering equity, FOF, fixed income, QDII and other fields. This makes people have to wonder: Is this a normal flow of talents, or is there a systemic problem in the investment research system?

Some people point the finger at the company's incentive mechanism – banking fund companies are inherently more conservative than private fund companies in terms of equity incentives and business unit systems. In addition, in the past two years, they have made great efforts to reduce costs and increase efficiency, and the remuneration advantages of outstanding fund managers have been chipped away little by little.

There is also a deeper problem, which is ICBC Credit Suisse’s risk control system. Some reports mentioned that Zhao Bei’s team was unable to deploy some innovative targets in time due to risk control restrictions, and missed the opportunity of medical technology transformation.

You said that a fund manager who is known for his "keen capture of industry trends" is stuck and unable to move due to risk control. What does it feel like? It's like a racing driver driving a car with a limited speed. He can clearly see the curve and overtake, but he just can't press the accelerator.

When a fund company's investment research system continuously loses core talents, and the remaining fund managers are restricted by various restrictions, how can the performance improve?

end

Objectively speaking, ICBC Credit Suisse is not without its own advantages.

For example, in its pension business, the total investment management scale has exceeded 1.2 trillion. This business is not only a stabilizer of revenue, but also an important support for the brand. Another example is that it holds full license qualifications for public offerings, special accounts, social security, pensions, etc., and its business structure is more diversified than many fund companies.

But back to Zhao Bei’s liquidation of self-managed funds, no matter how he explains it, the psychological impact on Christians is real.

Some people say that fund managers are also ordinary people. They have the need to stop profits and have personal financial plans. It is reasonable and reasonable to redeem self-purchased shares after meeting the lock-in period. This is indeed true in terms of laws and regulations. But from an emotional perspective, when the net value of a fund is still 36% lower than its high point, and a large number of holders are deeply involved, but the fund manager himself redeems all the self-purchased shares at the high point, this feeling is really difficult to rationalize.

For ICBC Credit Suisse, Zhao Bei’s incident may just be a public opinion crisis. If you handle it well and issue a statement to explain it, everyone will forget about it after a while. But the deeper problem is that when the profit model of fund companies and fund managers is decoupled from the profit experience of basic citizens for a long time, this rift in trust cannot be repaired by a few nice words from officials.

The entire public fund industry is thinking about a question: How to truly tie the interests of fund managers and citizens? Relying on the mandatory self-purchase required by regulatory requirements and being able to sell after one year of lock-in is obviously not enough. Relying on the moral consciousness of fund managers seems too fragile in front of the market.

In the final analysis, the management fees of fund companies are taken out of the pockets of the Christians, who are the real bread and butter. When a fund company makes a net profit of 3 billion, if most citizens are still losing money, the halo of 3 billion will be a bit dazzling.

Zhao Bei's liquidation of self-managed funds is, on the surface, a personal operation of the fund manager, but when taken apart, it exposes the long-standing interest mismatch problem in the fund industry.

I hope this incident can sound a wake-up call to the industry, and that ICBC Credit Suisse can get out of the quagmire of brain drain and truly return to the main line of "making money for investors."

After all, no matter how big a sign is, if only the company itself is full and the citizens are still hungry, the sign will be smashed sooner or later.

The AI ​​fund Harvest ESG Sustainable Investment Hybrid A (017086) disclosed its 2025 annual report. The fund profit in 2025 was 122 million yuan, and the weighted average fund share profit for the current period was 0.4096 yuan. During the reporting period, the fund's net value grew by 53.95%. As of the end of 2025, the fund size was 184 million yuan.

This fund is a stock-biased hybrid fund. As of April 8, the net unit value was 1.497 yuan. The fund manager is Cai Chengfeng, and the four funds he currently manages have all had positive returns in the past year. Among them, as of April 8, Harvest Green Theme Stock Initiative A has the highest growth rate of net value of reinstated units in the past year, reaching 74.99%; Harvest Emerging Prosperity Hybrid Initiative A has the lowest growth rate, at 49.06%.

The fund manager stated in the annual report that looking forward to the first half of 2026, we judge that the relative prosperity of the new energy-related industry chains is expected to continue. Communications equipment, AI servers and power supplies, key materials and high-end manufacturing, aerospace equipment, wind power equipment, medical services and other directions have opportunities with Alpha conditions such as "order visibility + profitability resilience + valuation constraints"; and remain relatively cautious in directions with traditional cycles or greater demand fluctuations such as airports, chemical raw materials, film and television theaters, construction machinery, games, etc.

As of April 8, the net value growth rate of Harvest ESG Sustainable Investment Mix A in the past three months was 1.34%, ranking 254/621 among comparable funds in the same category; the growth rate of the net value of reinstated units in the past half year was 3.97%, ranking among comparable funds in the same category. Fund 257/621; the net value growth rate of reinstatement units in the past year is 68.47%, ranking 106/618 of similar comparable funds; the net value growth rate of reinstatement units in the past three years is 46.52%, ranking 79/559 of similar comparable funds.

Through the quantile chart of the net value growth rate of the fund in the selected interval, you can observe the performance comparison of the fund with similar funds. The picture shows the quantile of the net value growth rate among similar funds from the coordinate origin to a certain point in the interval.

As of March 31, the Sharpe ratio of the fund in the past three years was 0.9414, ranking 36/550 among similar comparable funds.

As of April 8, the fund's maximum drawdown in the past three years was 25.62%, ranking 93/550 among similar comparable funds. The largest retracement in a single quarter occurred in the third quarter of 2024, which was 14.26%.

According to statistics from regular reports, the average stock position since its establishment is 87.33%, and the average of similar companies is 85.83%. At the end of the third quarter of 2023, the fund reached its highest position of 93.31%, and at the end of 2025, it was the lowest at 80.42%.

As of the end of 2025, the fund size will be 184 million yuan.

As of December 31, 2025, there were a total of 1,243 fund holders, holding a total of 131 million shares. Among them, managers hold 149,600 shares, accounting for 0.11%, institutions hold 20.28%, and individual investors account for 79.72%.

As of December 31, 2025, the fund's turnover rate in the past year was approximately 365.57%, which has been lower than the average for the same category for 2 consecutive years.

As of the end of 2025, the ten largest holdings of the fund are Zijin Mining, Sinoma Technology, GigaDevice, Radio and Television Measurement, Lanxiao Technology, AIA, Zijin Gold International, Ruichuang Microna, Sanhuan Group, and Jack Technology.

Checker: Shen Nan

Tianyancha shows that Funing County Haiyue Agricultural Technology Co., Ltd. was recently established. The legal representative is Fang Shu, with a registered capital of 100 million yuan. It is wholly owned by Funing Lvkang Agricultural Development Co., Ltd.

No. Name of shareholder Shareholding ratio 1 Funing Lukang Agricultural Development Co., Ltd. 100%

The business scope includes agricultural scientific research and experimental development; intelligent agricultural management; production, sales, processing, transportation, storage and other related services of agricultural products; agricultural professional and auxiliary activities; crop cultivation services; agricultural production trusteeship services; grain and oil warehousing services; engineering and technology research and experimental development; intelligent water system development; software development; bio-organic fertilizer research and development; resources Research and development of source recycling technology; processing of wood and wood components for construction; protection of intangible cultural heritage; energy-saving management services; crop pest control services; crop harvesting services; agricultural and horticultural services; manufacturing of photovoltaic equipment and components; sales of photovoltaic equipment and components; sales of valves and cocks; purchase of primary agricultural products; purchase of aquatic products; wholesale of aquatic products; wholesale of hardware products; Sales of fertilizers; sales of livestock and fishery feeds; sales of forestry products; sales of artificial intelligence hardware; retail of hardware products; retail of aquatic products; tree planting and management; grain planting; legume planting; potato planting; sugar crop planting; vegetable, edible fungi and other horticultural crop planting; fruit planting; grass planting; bamboo planting; flower planting (except China's rare and unique precious and fine varieties); Tarsus Data services; services related to technology, information, facility construction and operation related to agricultural production and operation; information consulting services (excluding licensing information consulting services); land consolidation services; land use rights leasing; technical services, technology development, technical consultation, technology exchange, technology transfer, and technology promotion (except for projects that require approval according to law, business activities can be carried out independently with a business license in accordance with the law)

Company name Funing County Haiyue Agricultural Technology Co., Ltd. Legal representative Fang Shu Registered capital 100 million yuan National standard Industry Scientific research and technical services > Research and experimental development > Engineering and technology research and experimental development Address Building C7, New Energy Industrial Park, Funing Economic Development Zone Enterprise type Limited liability company (non-natural person investment or holding legal person sole proprietorship) Business period 2026-4-9 To the Funing County Government Service Management Office, the registration authority for no fixed period

Tianyancha shows that Fujian Qianpan Construction Investment Co., Ltd. was recently established. The legal representative is Tong Wensong, with a registered capital of 28 million yuan. Fujian Jinglong Construction Engineering Co., Ltd. and Xiamen Rongguangtong Construction Engineering Co., Ltd. hold shares.

Serial number Shareholder name Shareholding ratio 1 Tong Wensong 51% 2 Huang Faping 39% 3 Fujian Jinglong Construction Engineering Co., Ltd. 5% 4 Xiamen Rongguangtong Construction Engineering Co., Ltd. 5%

The business scope includes investment activities with self-owned funds; asset management services invested with self-owned funds; project management services; project cost consulting business; bidding agency services; foreign contracting projects; land consolidation services; landscaping project construction; municipal facilities management; sales of building materials; domestic trade agency; construction engineering machinery and equipment Equipment leasing; property management; corporate management consulting; information consulting services (excluding licensing information consulting services); mechanical and electrical equipment sales; electronic components and electromechanical component equipment sales; general mechanical equipment installation services; electronic and mechanical equipment maintenance (excluding special equipment); information system integration services; and intelligent instrument sales. (Except for projects that require approval according to law, business activities can be carried out independently with a business license in accordance with the law) Licensed projects: construction projects; construction labor subcontracting; construction project design; residential interior decoration; real estate development and operation; electrical installation services. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects shall be subject to the approval documents or licenses of relevant departments).

Company name Fujian Qianpan Construction Investment Co., Ltd. Legal representative Tong Wensong Registered capital 28 million yuan National standard Industry leasing and business services > Business services > Comprehensive management services Address Unit 2003-2, Strait Pearl Plaza, No. 99 Yilan Road, Siming District, Xiamen City Enterprise type Limited liability company (natural person investment or holding) Business period 2026-4-9 to no fixed period

Tianyancha shows that Yudun Trading (Nantong) Co., Ltd. was recently established. The legal representative is Qiu Bin, with a registered capital of 8 million yuan. Shanghai Yuyi Trading Co., Ltd. and Shanghai Lidun International Trading Co., Ltd. hold shares.

Serial number Shareholder name Shareholding ratio 1 Shanghai Yuyi Trading Co., Ltd. 62.5% 2 Shanghai Lidun International Trading Co., Ltd. 37.5%

The business scope includes the import and export of goods; the import and export of technology; import and export agency; Internet sales (except for the sale of goods that require licensing); domestic trade agency; international cargo transportation agency; sales of machinery and equipment; wholesale of hardware products; retail of hardware products; sales of electronic products; sales of instruments and meters; sales of building materials; sales of office supplies; sales of daily necessities; sales of chemical products (excluding licensed chemical products); sales of metal materials sales; sales of needle textiles; sales of food (only sales of prepackaged food); sales of first-class medical devices; general cargo warehousing services (excluding hazardous chemicals and other items requiring license approval); loading and unloading; supply chain management services; information consulting services (excluding licensing information consulting services); corporate management consulting; marketing planning (except for projects that require approval according to law, independently carry out business activities with a business license and in accordance with the law)

Company name Yudun Trading (Nantong) Co., Ltd. Legal representative Qiu Bin Registered capital 8 million yuan National standard industry Wholesale and retail industry > Wholesale industry > Other wholesale industry Address Room 408, Building 1, No. 516 Gongnong Road, Chengdong Street, Chongchuan District, Nantong City, Jiangsu Province Enterprise type Limited liability company Business period 2026-4-9 To the Nantong City Data Bureau, the registration authority with no fixed period

Tianyancha shows that Yunnan Goodon Supper Berry Fresh Fruit Co., Ltd. was recently established. The legal representative is Zhang Huan, with a registered capital of 35 million yuan. Suppo Berry (Shanghai) Trading Co., Ltd. and Yunnan Good Nong Agricultural Technology Development Co., Ltd. hold shares.

Serial number Shareholder name Shareholding ratio 1 Supperberry (Shanghai) Trading Co., Ltd. 51% 2 Yunnan Jiannong Agricultural Technology Development Co., Ltd. 49%

The business scope includes licensed items: food sales; patent agency. (Projects that require approval according to law can only be carried out with the approval of relevant departments. Specific business projects are subject to the approval documents or licenses of relevant departments) Wholesale of fresh fruits; retail of fresh fruits; fruit planting; agricultural scientific research and experimental development; business of crop seeds (limited to packaged seeds that are no longer repackaged); production of non-main crop seeds ;Technical services, technology development, technical consultation, technology exchange, technology transfer, technology promotion; supply chain management services; Internet sales of food (only sales of pre-packaged food); primary processing of edible agricultural products; primary processing of non-edible agricultural products; wholesale of edible agricultural products; retail of edible agricultural products; purchase of primary agricultural products; sales of food additives; sales of electronic products sales; sales of cloud computing equipment; wholesale of computer software, hardware and auxiliary equipment; sales of daily necessities; loading and unloading; transportation cargo packaging services; domestic cargo transportation agency; international cargo transportation agency; general cargo warehousing services (excluding dangerous chemicals and other items requiring license approval); machinery and equipment leasing; machinery and equipment sales; brand management; property management ; Marketing planning; corporate image planning; organizing cultural and artistic exchange activities; conference and exhibition services (exhibitions abroad must be approved by relevant departments); graphic design and production; advertising production; advertising release; advertising design and agency; import and export of goods; import and export of technology; import and export agency; food import and export; intellectual property services (except patent agency services). (Except for projects that require approval according to law, business activities can be carried out independently with a business license and in accordance with the law)

Company name Yunnan Good Farmer Shubo Berry Fresh Fruit Co., Ltd. Legal representative Zhang Huan Registered capital 35 million yuan National standard Industry Scientific research and technical services > Technology promotion and application services > Technology promotion services Address No. 903, Building 1, Guanguan Street Office, Guandu District, Kunming City, Yunnan Province Office No. 903, Building 1, Building 9 Enterprise Type Limited Liability Company Business Period 2026-4-9 To the Guandu District Market Supervision and Administration Bureau, no fixed period registration authority

Tianyancha shows that Lianyungang Ruixin Modern Service Industry Management Co., Ltd. was recently established. The legal representative is Liu Zeyu, with a registered capital of 2 million yuan. It is wholly owned by Jiangsu Ruichuang Modern Service Industry Management Group Co., Ltd.

Serial number Shareholder name Shareholding ratio 1 Jiangsu Ruichuang Modern Service Industry Management Group Co., Ltd. 100%

The business scope includes licensed items: professional intermediary activities; construction projects; construction labor subcontracting; urban domestic waste operational services; urban construction waste disposal (clearance and transportation) (projects that require approval according to law can only be carried out with the approval of relevant departments, and specific business projects are subject to approval The results shall prevail) Commercial complex management services; property management; unit logistics management services; information consulting services (excluding licensing information consulting services); technical services, technology development, technical consulting, technology exchange, technology transfer, technology promotion; hospital management; urban greening management; enterprises Management consulting; urban and rural city appearance management; urban park management; municipal facilities management; park management services; information technology consulting services; production line management services; housekeeping services; legal consulting (excluding businesses that require a law firm license according to law); corporate image planning; professional cleaning and cleaning , Disinfection services; loading and unloading; patient escort services; landscaping project construction; agricultural and horticultural services; take-out delivery services; human resources services (excluding employment agency activities and labor dispatch services) (except for projects that require approval according to law, business activities can be carried out independently with a business license in accordance with the law)

Company name Lianyungang Ruixin Modern Service Industry Management Co., Ltd. Legal representative Liu Zeyu Registered capital 2 million yuan National standard Industry leasing and business services > Business services > Comprehensive management services Address Building C, 201-B area, comprehensive dispatch command center, Lianyungang Xuwei New District, Lianyungang City, Jiangsu Province Enterprise type Limited liability company Business period 2026-4-9 To no fixed period Registration authority National East, Central and West Regional Cooperation Demonstration Zone (Lianyungang Xuwei New District) Market Supervision Administration

Fu Derui, senior vice president of maritime logistics for Greater China of global freight forwarding giant Kuehne Nagel, told China Business News that in the face of the recurring situation in the Middle East, passage in the Strait of Hormuz is still strictly controlled. Only approved ships can pass according to the approval process, and the overall shipping capacity has dropped significantly compared with before the conflict. Affected by this, many shipping companies have adjusted their operating strategies, including changing routes, shortening voyages, or completing cargo transshipment at regional alternative hubs, and suspending entry into the core area of ​​the Gulf.

"Yesterday (8th) it was confirmed that the lockers can be removed, but today they were told that it was blocked. I don't know if the shipping company can still leave."

On the morning of April 9, foreign trader Ding Yandong told China Business News that after the United States and Iran reached a two-week "two-way ceasefire" the day before, freight forwarders to the Middle East had begun to slowly recover. It was confirmed on the 8th that container ships for the recent shipments could depart. Unexpectedly, on the morning of the 9th, news came that the Strait of Hormuz was closed again, which made him fall into anxious waiting again.

For Ding Yandong, business in the Middle East accounts for about 40% of the company's foreign trade, making it an absolute export powerhouse. Since the situation in the Middle East escalated at the end of February, logistics has been blocked, orders have been suspended, raw material prices have increased significantly, and the RMB has continued to appreciate… there are many things that worry him. These are also the common worries of current foreign traders.

Waiting and watching or bypassing are still the mainstream

Ding Yandong's anxiety is not an isolated case. From freight forwarders to shipping giants, the entire chain is cautiously preparing for the worst.

In fact, even if the United States and Iran announced a temporary "ceasefire" on the 8th, the Strait of Hormuz has not yet reopened, and most shipping companies still choose to wait and see or bypass it.

"The current Middle East routes maintain limited operations and have not yet returned to normal levels." Federico Falcone, senior vice president of maritime logistics for the Greater China region of global freight forwarding giant Kuehne Nagel, told China Business News on April 9 that in the face of the recurring situation in the Middle East, passage in the Strait of Hormuz is still strictly controlled. Only approved ships can pass according to the approval process, and the overall transportation capacity has dropped significantly compared with before the conflict. Affected by this, many shipping companies have adjusted their operating strategies, including changing routes, shortening voyages, or completing cargo transshipment at regional alternative hubs, and suspending entry into the core area of ​​the Gulf.

In terms of cargo transportation, some categories can still be shipped to the Middle East normally under strict supervision, while for other cargo, measures such as rerouting transportation, delaying delivery, or re-planning logistics plans are adopted based on the policies of each shipping company, cargo characteristics, and risk assessment results. In order to ensure the continuous and orderly entry of goods into the region, the industry has established a number of alternative transportation channels and land bridge solutions, such as via Oman, Dubai, Turkey or Saudi Arabia, focusing on ensuring the stable supply of critical livelihood supplies such as food and medical care.

Fu Derui pointed out that from the perspective of industry operations, the two-week ceasefire window period is not enough to promote the full return of the shipping network to normal, and it is difficult to support the rescheduling of regular routes in and out of the Gulf region. A more realistic situation may be that some ships currently stranded in the Gulf area will be redeployed due to the expected improvement in safe passage, but the systematic recovery of the overall network will still take time.

According to Ding Yandong, goods shipped to Kuwait, Saudi Arabia and other places a week ago were still unable to be shipped normally due to the situation, but orders from Jordan could be shipped smoothly. On the 9th, they "basically stopped delivering goods to old customers."

Zhou Mu (pseudonym), the person in charge of a freight forwarding company in Zhejiang, told China Business News that currently they are mainly engaged in freight forwarding business to Dubai. The volume of goods in other areas is relatively scattered, so they will not accept orders.

Fu Derui believes that the situation in the Middle East has had a substantial impact on the global shipping and logistics system, and the scope of the impact has long gone beyond the Middle East itself. It has not only caused mismatches in transportation capacity, and some ships and equipment have been stranded or delayed in relevant areas, resulting in regional transportation capacity shortages; it has also extended the overall transportation timeliness, and many routes have been lengthened due to detours or reorganizations, and the overall turnover efficiency has decreased. In addition, fuel expenses, insurance premiums and risk premiums have increased, significantly pushing up comprehensive operating costs.

"If the current disturbance lasts longer than previously expected, the industry may face deeper structural adjustments." He gave examples, such as the long-term adoption of alternative routes or multimodal transport solutions, a shift from "prioritizing the efficiency of a single route" to strengthening contingency and alternative plan planning, and more prudent assessment of geopolitical risk exposure in network layout and procurement strategies. This further highlights the central role of resilience and flexibility in modern supply chain planning.

Foreign trade demand is lower than expected

Under the conflict, the uncertainty of transportation capacity is only superficial pressure, and the deeper pressure comes from the demand side.

For example, Zhou Mu said: “The overall feeling is still weak.”

Ding Yandong also said that the demand from Middle Eastern customers has dropped too obviously. "Normally, this season is the peak purchasing season, but now I don't even bother to ask."

Faced with the still tense geopolitical situation, freight rates on most ocean routes in China's export container shipping market continue to rise, driving the composite index to rise. On April 3, Shanghai's export container comprehensive freight index increased by 1.5% compared with the previous period. Among them, the Persian Gulf route increased by 6.7% from the previous issue, the European route fell slightly, the North American route increased slightly, and the Australia-New Zealand route and the South American route benefited from the recovery in demand, which increased by 14.2% and 5.4% respectively from the previous issue.

Fu Derui analyzed that the current freight price trend shows significant differentiation characteristics, among which rising fuel costs are an important driver of recent fluctuations. The combination of factors such as lengthened voyages and rising risk premiums has further increased cost pressures. These pressures are difficult to alleviate in the short term.

Observing from the freight demand side, he believes that "the current market performance is not as good as expected at the beginning of the year" and the volatility is also significantly higher than the same period last year. As far as the Middle East is concerned, import and export demand is mainly restricted by three factors. First, the cancellation or delay of bookings has increased. Second, cargo owners have become more cautious in inventory management and procurement decisions. Third, it has become more difficult to predict transportation cycles and landed costs.

Profit margins are squeezed by multiple factors

Pressure also exists on the double squeeze on the cost side.

Affected by the war, raw material prices continued to remain high. Ding Yandong has to negotiate price increases with customers while fighting for prices with suppliers. He is quite passive in the middle, and a decline in profit margins is inevitable.

Also impacting exporters' profits is the continued strengthening of the RMB exchange rate: On April 8, the onshore and offshore RMB exchange rates against the U.S. dollar once rose by more than 300 basis points, rising above the 6.83 mark, setting a new high in the past three years.

Wang Qing, chief macro analyst of Oriental Jincheng, said that driven by the easing of the situation in the Middle East, demand for safe havens has declined, and the U.S. dollar index has fallen sharply, driving a strong appreciation process for major non-U.S. currencies, including the renminbi. It is expected that the RMB will most likely continue its stable to strong trend amid the violent fluctuations in the U.S. dollar index.

Ding Yandong said that what they can do is to "bite the bullet and hold on" and wait until the exchange rate is better before settling foreign exchange; at the same time, they will continue to reduce costs and increase efficiency on the supply side.

The Spring Canton Fair, which originally had high hopes, has now become one of Ding Yandong's worries. "A dozen customers from the Middle East have already said they can't come to the Canton Fair in mid-April," he said frankly.

In addition to the domestic Canton Fair, Middle East exhibitions that have been suspended since March have not yet resumed. Zhang Yan, the head of an international exhibition company in Zhejiang, told China Business News that several of their exhibitions in Dubai and Saudi Arabia have decided to cancel this year. Although the current business volume in the Middle East is not large, Zhang Yan said that they will follow up on the progress of the situation in a timely manner and keep in close contact with the exhibition hall to see if there is an opportunity to reorganize the Middle East exhibition. Of course, it is still unknown whether the exhibition hall can squeeze out the schedule before the end of the year.

Not all foreign trade people can only bear it passively. Some foreign trade manufacturers are regaining their rhythm.

Che Yunwen, a foreign trade manufacturer whose inventory can only last until the end of March, told China Business News that starting last week, they have started to re-purchase. The reason is that customers generally accept the fact that raw material prices have increased and are willing to bear the rising costs. As business continues to pick up, overseas customers also have a strong willingness to replenish goods, and their orders on hand have continued to grow during the same period this year. In order to cope with exchange rate fluctuations, on the one hand, they will take some measures to lock the exchange rate, and on the other hand, they will also consciously reserve about 0.2 room for exchange rate appreciation when quoting.

Hello little oranges

Have you watched the Korean drama "The King of Power" which just aired not long ago?

Won the Korean ratings championship on the first day of broadcast

After that, it also ranked first in the TV series on GOODDATA's March topic list.

Just aired three episodes and the score on Douban is already 8.1

And there are quite a few acquaintances there,

Not only did Ha Ji-won return after three years,

"Choi Hye Jung" Cha Joo Young in "Dark Glory"

There is also the powerful Chungmuro ​​faction Ju Ji-hoon

When it comes to Ju Ji-hoon, many people say that he is the "miracle of Chungmulu"

Even after the house collapses, you can rely on your professional skills to return to the screen.

“Always forgiven”

It’s just…a pretty amazing review,

But looking back at his acting experience,

It can indeed be regarded as a journey from the peak to the trough, and then from the trough.

Born into a not-so-rich family

Debuted as a model at the age of 19

He will also appear in some small roles in some TV series.

He seems to be an ordinary newcomer in the entertainment industry, but his subsequent acting career can be said to be very lucky.

The first TV series he starred in made him an instant hit.

That is "Palace" with Yoon Eun Hye

In this drama, the Crown Prince Li Xin he plays looks arrogant and cold.

In fact, my heart is lonely and soft,

Forced to marry the heroine, he initially behaved very unkindly

But as we got along, I was gradually moved

Became a very gentle and loyal dog

It can be said that this is the ceiling of the early "marriage first, love later" approach~

This drama also quickly made him famous in Asia.

He also won the Best Newcomer Award at the MBC Drama Awards that year.

After that, he starred in several works one after another,

For example, the contrasting lawyer in "The Devil"

The cake shop owner of "Antique Western Confectionery Shop"

He also won the Baeksang Movie Popularity Award for this role.

It can be said that it is a very enviable career start.

However, what is unexpected is that three years after the explosion, his life ushered in a huge watershed.

In 2009, his D-related incident was exposed.

Although the lawyer's statement is that he took drugs while drunk,

Voluntarily surrender when conscience is disturbed

But the negative impact of this incident also caused his image to plummet to the bottom overnight.

After surrendering, he was sentenced to 6 months in prison (with one year of probation) by the Seoul Central Court Criminal Court.

Shortly thereafter, he enlisted in the Army and served for two years.

After retiring from the army, Zhu Zhixun spent several years starting over again.

I have appeared in some TV series, but none of them made any splash.

For example, he once again played the role of the crown prince in "I Am the King"

"Five Fingers" with Ji Chang Wook and more

Until 2015, he played Im Chongzai, the most traitorous official in North Korea, in "The Traitor".

Insidious appearance

In fact, my heart is full of struggle

The sadomasochistic cp with Lin Zhiyan is also very touching

This contrasting and charming role allowed him to completely get rid of the idol drama label he once had.

Subsequently, his career once again ushered in an explosive period.

In the series "Along with the Gods", he plays the role of the messenger from the underworld

Played an undercover police officer in "Asura"

And the North Korean officer in "Agent"

These extremely complex roles have allowed him to win awards one after another (Best Supporting Actor at Busil Film Festival, Best Supporting Actor by Korean Film Critics, Best Actor at Chunsi Film Festival…)

With his strength and the frequency of appearances that can be called a model worker, he officially opened the door to the "Chungmu Road" in the Korean film industry.

In 2019, Ju Ji-hoon returned to the small screen through "Kingdom"

As the first Korean drama invested and produced by Netflix,

With an ultra-high investment of up to 2 billion won (approximately 10 million yuan) per episode, it has created an annual hit drama that combines ancient costumes and zombie themes.

How many trenches are there? Please see

And this drama also opened up the Asian market for Netflix in one fell swoop.

Opened a new era of cooperation between Netflix and Korean dramas,

In this drama, Ju Ji-hoon also contributed a very eye-catching performance,

Let the public see his strength again

After being tempered on the big screen, the TV series roles he challenged became more and more diverse.

Yoon Hee-jae, a lawyer from an elite family in "Hyena"

The mysterious boss in "Lighting Store"

And last year, he played the genius doctor Baek Kang Hyuk in "Trauma Intensive Care Center"

He also won three awards in succession for this role.

Baeksang Best Actor

Qinglong Best Actor

Seoul TV Drama Awards

Became the first Korean double actor to win Baeksang and Blue Dragon at the same time

Nowadays, apart from acting, he is extremely low-key.

Occasionally I share my daily life,

travel

sports

Secretly I like motorcycles

I am often encountered riding bikes with friends.

Also often appears in boxing clubs

Attended the club's anniversary celebration

Occasionally, I help my friends take care of their babies.

From becoming famous overnight to falling to rock bottom,

Now he has won many awards for his acting skills.

Perhaps for an actor, making a comeback against the odds with his strength is the greatest recognition.

The last sentence is waiting for the new drama to be updated~

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Hello, little oranges

The 98th Academy Awards ceremony has just concluded. Did you watch it?

In addition to the awards ceremony, the most exciting thing about the Oscars every year is

There is nothing better than the Vanity Fair Oscar Party after the awards ceremony.

Like this year’s best actor Michael B. Jordan

Actress Jessie Buckley and others were present

As a top social event organized by Vanity Fair magazine,

It attracts a lot of attention every year.

CP in the same frame️:

For example, although I missed the Oscar winner for the third time,

But the relationship is still sweet between Tiancha & Jin Xiaomei

"Captain America" ​​Chris Evans and his wife Alba Baptista

Hudson Williams & Connor Storrie, the two male leads of the 25-year hit drama "The Showdown"

It’s just that the styling is a bit eye-catching…

Something eye-catching:

Kendall still performs stably and looks very comfortable.

Top supermodel Bella Hadid, high-end and neat

And DiCaprio’s current girlfriend Vittoria Ceretti,

The whole thing is very beautiful.

In addition to red carpet styling, there was also a lot of fun,

Amazon founder Jeff Bezos and current wife Lauren Sanchez wear various concave shapes,

Instead, Nicole Kidman behind him easily "stealed the spotlight"

It just… focuses on a sense of relaxation.

Orange also discovered that Wendi Deng also attended the dinner with her eldest daughter Grace Helen Murdoch.

Both mother and daughter are in good condition.

This seems to be Wendi Deng’s rare public appearance after last year’s “Succession Battle.”

The last time was at Murdoch’s 95th birthday party not long ago.

She attended the event dressed up with her two daughters Grace and Chloe

The sisters also took photos with Murdoch, his current wife Elena, and "successor" Lachlan.

The atmosphere seems pretty good.

A sense of family

I believe everyone is familiar with the name Wendi Deng.

When mentioning her, many labels will come to mind.

"Murdoch's ex-wife"

"Ivanka's Best Friend" and more

But no matter what, her experience is quite legendary.

In 1968, she was born in an ordinary family in Jinan, Shandong

My father is a factory manager.

Although it was a respectable job in those days,

But in fact, the whole family’s life is not considered rich.

cr."The Guardian"

She studied at the Department of Clinical Medicine, Guangzhou Medical College

But it was not out of her original intention, but to please her parents.

What she really wants is a highly social life

cr.《Vogue》

Before you fully realize what you really like,

Already have a firm goal in life

cr.《Vogue》

At the age of 19, she met Mr. and Mrs. Cherry from the United States in Guangzhou.

With their help, I successfully went to study in the United States.

But what is unexpected is the story of "Qianlima and Bole".

Eventually it evolved into a "farmer and snake" in a sense,

Two years later, Cherry divorced his wife and married Wendi Deng.

It was also through this marriage that she obtained a U.S. green card.

Just… quite bloody.

However, this marriage only lasted for more than two years.

After the divorce, she continued to improve herself,

Go to Yale University for further studies and obtain an MBA degree

After graduation, she met Bruce Churchill, director of Murdoch News Corporation.

Under his recommendation, I joined Hong Kong Star Media.

From intern to vice president

Later, he met Rupert Murdoch, the founder of the group, at the high-level annual banquet.

At that time, Murdoch had already established a huge media empire.

The well-known Fox, "The Times", "Wall Street Journal", "New York Post", etc. are all his properties

Wendi Deng held their wedding two years after they met him.

became his third wife

Even at this time, Murdoch and his ex-wife have not officially divorced.

Therefore, the ex-wife’s divorce conditions are quite harsh.

No one has the right to inherit the estate unless they have children, but Murdoch's health at that time was already infertile.

But what is unexpected is that,

After marriage, Wendi Deng used the latest test tube technology at the time to successfully conceive.

She gave birth to her eldest daughter Grace in 2001.

Two years later, she gave birth to her daughter Chloe again through in vitro fertilization.

It can be said that it caught everyone off guard.

Although this type of childbearing has a certain utilitarian nature,

But she truly loves her two daughters.

Privately, she is just like an ordinary mother,

I will tie my daughter’s hair

Take them on vacation

Let Grace wear her own high heels and take her dancing

Although Wendi Deng and Murdoch announced their divorce in 2013,

The relationship between the two sisters and their father has always been very good.

As the two youngest daughters of Murdoch, they have been the apple of his eye since childhood.

Later, she also served as the flower girl when he married his fourth wife.

My sister Grace also expresses her love for her dad in various ways on Instagram every day.

And in addition to companionship and love in life,

More importantly, Wendi Deng spared no effort to cultivate and support her two daughters.

Both sisters are top academics.

My elder sister, Grace, studied at Brearley Girls' School (the top elite girls' school in the United States).

Later, he entered Yale University, where his mother had attended, to study literature and history.

After graduation, he joined Goldman Sachs (the world's top investment bank) as an analyst.

Just turned 24 in November last year

Fashionable and ladylike style,

When he smiles, he really looks like his father

In addition to studying and working,

I also often participate in fashion events with my mother.

Met Gala has grown from childhood to adulthood

(Met Gala is the top fashion charity event held in New York every year, known as the "Oscars of the fashion circle")

Love has not fallen behind either,

My ex-boyfriend is my classmate Hugo Carne at Yale.

is the son of the White House spokesman during the Obama administration.

When you are in love, you also show affection in various ways

It can be seen that it used to be really sweet

My current boyfriend is a fellow student at Yale

She even attended her father Murdoch’s birthday party with her.

It kind of means "officially recognized"

My sister Chloe looks more like her mother

Very recognizable appearance

Full of high intelligence

But in terms of personality, he is more low-key,

Just graduated from Stanford last year

He is a classmate with Gu Ailing

Like my sister, they both had internships at Goldman Sachs

In daily life, it appears more in the dynamics of my mother and sister.

Attending dad's birthday party together, the two sisters have quite different styles.

But the relationship has always been good

And the most enviable thing is,

In the heated "succession battle" last year,

Successor Lachlan spent US$3.3 billion to "reconcile" with his three brothers and sisters.

It's like taking money and leaving, no shares, no voting rights

cr.《BBC news》

But Grace and Chloe were able to lie down flat.

Get the core trust ticket without participating in the group competition.

cr.《Reuters》

A rich father tries his best to support his mother,

And I am very proud of myself,

I have to say that it is a very enviable life~

last sentence

Are there any worries living like this?

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JUZI YULE

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