洗牌如潮！招商基金

Group 1 - The core point of the news revolves around the speculation regarding the departure of star fund manager Zhai Xiangdong following the announcement of the appointment of a co-manager, Lu Wenkai, for the fund "Zhaoshang Advantage Enterprise Mixed" [2][5] - Zhai Xiangdong's management performance has been notable, achieving a return of 115.81% since taking over the fund in April 2022, with the fund's scale growing from less than 40 million to over 10 billion by Q4 2024 [3] - However, the fund's scale decreased by nearly 20% from 10 billion to 8 billion in Q2 2025 due to underperformance in certain sectors, which Zhai attributed to not participating in high-performing segments [3] Group 2 - The personnel changes at Zhaoshang Fund have been significant, with a new general manager and three vice presidents appointed in 2023, alongside a notable turnover of 10 fund managers, ranking fourth in the industry [4] - The industry is shifting towards a "de-starization" approach, emphasizing team-based operations over individual influence, as evidenced by the increasing number of fund managers transitioning from public to private funds [4][5] - The market's speculation about Zhai Xiangdong's potential departure is influenced by an unwritten "rule" in the industry where co-management precedes resignation, raising concerns about talent retention at Zhaoshang Fund [5]