投资端改革推进 基金经理如何更好适应行业节奏？

Core Viewpoint - The active equity fund managers in China's public fund industry are facing challenges due to stricter assessments, intense competition, and pressures from passive investments, prompting a need for adaptation and new career paths [1] Group 1: Reform of Assessment System - As of November 2025, there are 165 domestic public fund management institutions managing a total net asset value of 37.02 trillion yuan [2] - The core challenge in the public fund industry is the disparity between fund profitability and investor returns, encapsulated in the phrase "funds make money, but investors do not" [2] - The China Securities Regulatory Commission issued an "Action Plan for Promoting the High-Quality Development of Public Funds" in May 2025, marking the beginning of systematic reforms in the industry [2] - The new guidelines specify that for active equity fund managers, performance indicators must account for at least 80% of the assessment, emphasizing long-term investment [2] Group 2: Long-term Cultivation Mechanism - The value of a fund company is fundamentally tied to its talent, with fund managers being the core asset [4] - A large fund company emphasizes long-term performance assessments across multiple time frames (1, 2, 3, 5, 8, and 10 years) to evaluate fund managers' true capabilities [4] - The company maintains strict evaluation standards for research personnel, with mechanisms for tracking performance and potential elimination for underperformers [4] Group 3: Talent Mobility Reshaping Industry Ecology - The industry is experiencing significant turnover, with over 460 fund managers resigning or leaving the industry by the end of 2025 [6] - Despite the challenges, many public funds continue to generate long-term returns for investors, with over 75% of active equity funds achieving positive returns over the past three years, averaging a net value growth rate of over 20% [6] - A notable example is the fund manager Feng Ludan, who achieved an excess return of over 170 percentage points since the inception of her fund, highlighting the importance of sustained investment in the right direction [6]