百亿基金经理，已超百位（附名单）

Core Viewpoint - The landscape of billion-yuan active equity fund managers has changed significantly by the end of 2025, with the number of such managers increasing to 109 from 71 at the end of 2024, indicating a shift in the distribution of new capital and a diversification of the industry [2][10]. Group 1: Changes in Fund Manager Scale - The top manager, Zhang Kun, maintained the largest scale at approximately 48.38 billion yuan by the end of 2025, but this represented a decrease of over 10.56 billion yuan from the previous year [3][4]. - Among the 63 managers who maintained a billion-yuan scale from 2024 to 2025, only about one-third saw their scale increase, while over 40% experienced a decline [9][10]. - Notable declines included Liu Yan Chun from 42.73 billion yuan to 31.47 billion yuan, and Ge Lan from 40.45 billion yuan to 35.39 billion yuan, reflecting a broader trend of scale contraction among established managers [9][10]. Group 2: Emergence of New Managers - A significant number of new billion-yuan managers emerged, with 46 of the 109 managers at the end of 2025 having not reached this scale a year prior, indicating a rapid ascent in the industry [10][12]. - Noteworthy new entrants included Zhang Lu, whose scale surged from 1.84 billion yuan to 29.23 billion yuan, and Zhao Lei, who grew from zero to 26.95 billion yuan [11][12]. - The increase in new managers has diversified the market, providing investors with a wider range of options and reducing the absolute dominance of star managers [13][14]. Group 3: Company-Level Dynamics - The top companies in terms of billion-yuan managers include E Fund with 9, followed by China Europe Fund with 8, and both GF Fund and Huatai with 7 each, showcasing a competitive landscape [14][15]. - The trend indicates a shift from focusing on individual star managers to a more balanced team structure within firms, allowing for better risk management and marketing strategies [17][18]. - The internal dynamics of companies are changing, with some managers dropping out of the billion-yuan club, reflecting a more competitive and fluid environment [17][18].