明星基金经理光环弱化，基金公司探索主动投资第二曲线

Core Viewpoint - The investment landscape is shifting away from reliance on star fund managers towards a more team-based and platform-oriented investment approach, driven by recent market challenges and regulatory changes [1][4][6]. Group 1: Investor Sentiment and Market Trends - Investors are increasingly skeptical of star fund managers, with many unable to name top-performing managers, indicating a significant shift from previous bull markets [2][3]. - During the last bull market from 2019 to early 2021, many star fund managers gained popularity due to exceptional performance in sectors like consumption and new energy, but subsequent market downturns have led to substantial losses for many of these funds [2][3]. - Data shows that out of 13 billion-yuan active equity funds established in 2021, 7 experienced a net asset value decline of over 50%, with 11 still not recovering [2][3]. Group 2: Departure of Star Fund Managers - A notable trend in the public fund industry is the mass departure of star fund managers, with 307 leaving in 2023 alone, marking a five-year high [4][6]. - The departure of these managers often triggers investor redemptions, creating liquidity pressures for successors and potentially leading to further declines in fund values [5][6]. Group 3: Regulatory Changes and Industry Response - Regulatory bodies have emphasized the need for the industry to move away from the "star fund manager phenomenon" and adopt a more integrated, team-based investment research framework [6][7]. - The China Securities Regulatory Commission has issued guidelines promoting a platform-based, integrated, and multi-strategy investment research system, which is seen as a way to diminish the reliance on individual star managers [6][7]. Group 4: Evolution of Investment Strategies - Fund companies are increasingly recognizing that a platform-based, integrated, and multi-strategy research system is essential for sustainable growth in active investment [8][9]. - Companies like China Europe Fund and Tianhong Fund are implementing reforms to enhance their investment research systems, focusing on professional, standardized, and digitalized approaches to improve efficiency and product quality [8][9]. - The shift from individual star managers to a collaborative platform model is expected to create a more resilient and trustworthy industry ecosystem, ultimately benefiting investors [9].