“牛基”启示录：工具化时代，要更新投基认知

Core Insights - The public fund industry is experiencing a significant transformation, with a notable increase in fund performance, as evidenced by one fund achieving over 200% growth and 89 funds doubling their performance in 2025 [1] - Investors are encouraged to adapt their understanding of fund selection as the industry shifts towards a more integrated and platform-based investment research model [1] Group 1: Market Trends - The public fund market is entering a tool-oriented era, necessitating changes in traditional investment strategies to adapt to market conditions [2] - There is a simultaneous expansion of active equity funds and passive products like ETFs, leading to a complex selection environment for investors [2] - The role of public funds is evolving from being a vehicle for fund managers' investment philosophies to a functional tool for investors, requiring a shift in selection logic from focusing on individual high-performing funds to precise matching of investment needs [2] Group 2: Fund Management Strategy - Fund companies are shifting focus from cultivating all-round fund managers to developing specialized professionals in niche areas, categorized by investment styles such as value, growth, and various sub-strategies [3] - This strategic change aims to enhance research efficiency and provide investors with more accurate allocation tools, making the traditional model of relying solely on fund managers obsolete [3] - Professional financial advisors are now advocating for a balanced approach to investment, emphasizing core positioning with satellite opportunities to mitigate concentration risks and market volatility [3] Group 3: Investor Guidance - Investors are urged to abandon outdated practices of chasing high-performing funds and idolizing star fund managers, instead adopting a tool-based and balanced investment philosophy [4] - Utilizing professional tools and services is essential for achieving long-term stable financial management through public fund products [4]