牛市，终于又来了！公募基金“画风”却变了

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a growing emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][3][21]. Group 1: Performance Over Scale - In the current bull market, many high-performing funds are implementing purchase limits to manage inflows and protect existing investors' interests, contrasting with the previous bull market where scale was prioritized [5][6][7]. - As of August 15, 2023, approximately 31 out of 190 actively managed equity funds with over 50% net asset growth have suspended or limited large purchases, indicating a strategic shift towards sustainable performance [6][7]. - Fund companies are recognizing the need to balance short-term returns with long-term strategy sustainability, leading to a more cautious approach to fund inflows [6][7][8]. Group 2: Fund Company Self-Purchases - A notable trend in 2023 is the increase in self-purchases by public fund companies, with 137 firms participating and a total self-purchase amount exceeding 5 billion yuan, nearing 80% of last year's total [10][11]. - Self-purchases are primarily focused on equity funds, with over half of the net purchases in this category, reflecting a commitment to aligning the interests of fund companies with those of investors [10][11]. - The timing of self-purchases this year, occurring during market uptrends rather than downturns, signals a strong confidence in market valuations and overall economic conditions [12][13]. Group 3: Diminishing Star Manager Influence - The reliance on star fund managers is decreasing, with a shift towards a more collaborative and systematic investment research approach within fund companies [15][16][21]. - Fund companies are increasingly focusing on building robust, team-based investment research platforms rather than depending on individual managers, which enhances the sustainability of investment performance [17][18]. - This transition is driven by regulatory guidance and market changes, emphasizing long-term performance and team collaboration over individual accolades [18][19]. Group 4: Changing Investor Decision Logic - The combination of purchase limits, self-purchases, and the move away from star managers is reshaping investor decision-making, leading to a focus on the overall strength and sustainability of fund companies rather than individual fund managers [21][23]. - Investors are becoming more discerning, recognizing that sustainable returns are more likely to come from a company's comprehensive investment capabilities rather than from individual star performances [24][28]. - This evolution in investor behavior reflects a maturation of the industry and a shift towards long-term value investing principles [28].