平台化时代，优秀的主动权益团队何以锤炼？

Core Viewpoint - The era of individual heroism in the star-driven model is fading, and the platform-based approach emphasizes the importance of cohesive teams to succeed in the market [1][4]. Group 1: Market Changes and Trends - The recent market changes since September 2022 have diminished the allure of star fund managers, leading to a shift in investor confidence towards team-based management [2]. - The public fund industry has witnessed cycles of "star movements," where individual fund managers attract significant attention and capital due to impressive performance [2]. - The need for institutional mechanisms to mitigate the irrational aspects of human nature in investment decisions has become increasingly apparent [2]. Group 2: Fund Company Transformation - The true strength of a fund company in this transformation is measured by its mechanisms, culture, and people, which are challenging to implement effectively in the asset management industry [3]. - Leading fund companies are advocating for a "platformization" approach, but the transition from individualistic to team-oriented thinking poses significant challenges [3][4]. Group 3: Mechanisms Supporting Research and Investment - The public fund industry is undergoing a profound restructuring, necessitating a shift from a star-driven model to a team-based approach to address market complexities [4]. - The establishment of a "1+7" operational model at the company aims to break down departmental barriers and promote integrated research and investment [6]. - This model includes an "Asset Allocation and Industry Comparison Group" and seven industry chain groups, enhancing both the breadth and depth of research [6]. Group 4: Tools and Cultural Empowerment - The company emphasizes the importance of tools in supporting investment strategies, including the establishment of a multi-strategy investment innovation department [7]. - The integration of big data and AI technologies is enhancing research efficiency and expanding cognitive boundaries [7]. - A culture of "integrity, focus, and openness" is being cultivated to drive the platform's development, emphasizing humility and collaboration over individual brilliance [8]. Group 5: Overcoming Internal Challenges - The biggest challenge in platformization is not technical but rather the human element, including entrenched interests and internal competition [9]. - The company is redefining talent selection criteria to prioritize passion for investment, alignment of interests with clients, and open-mindedness [10]. - Significant progress has been made in integrating research and investment, fostering a collaborative environment across departments [10]. Group 6: Long-term Value Creation - The company is embedding a culture of long-termism into its operations, ensuring that decisions align with core values even in challenging situations [12][13]. - The focus is on building a sustainable and replicable capability that can provide clients with stable returns and manage risks effectively [14][15]. - The future of the public fund industry will rely on teams that can deliver consistent performance through deep integration of research and investment processes [15].