Core Insights - The public fund industry is transitioning from scale-driven growth to value-driven high-quality development, influenced by global asset management adjustments and domestic capital market reforms [1] - The core competitiveness of public funds lies in their ability to balance long-term investor returns, optimize capital market resource allocation, and support national strategic implementation [1][2] - A systemic transformation is required, focusing on cognitive restructuring, capability upgrading, and ecological co-construction to address deep-seated development challenges [1][2] Cognitive Restructuring - Public funds serve as a professional bridge between capital and assets, with value creation rooted in a profound understanding of industry fundamentals [2] - Long-termism is essential for value creation, as public funds should focus on stabilizing market fluctuations and capturing long-term benefits from economic transitions [2] - The lack of investor satisfaction stems from some institutions deviating from long-termism, leading to a focus on short-term performance [2][3] Trust Rebuilding Mechanism - Establishing a symbiotic interest mechanism is crucial for rebuilding trust, emphasizing risk-sharing and profit-sharing [3] - A focus on management fees over returns erodes investor trust and hinders sustainable industry growth [3] - Professional value encompasses a comprehensive system of asset allocation, risk control, and investor education, essential for navigating market complexities [3] Capability Upgrading - Public funds must transition from scale advantages to value advantages through systematic innovations in service, mechanisms, and research [4] - Service upgrades should shift from product-centric to investor-centric approaches, focusing on empowering investors with long-term knowledge [4][5] - Mechanism reforms are necessary to align interests between managers and investors, promoting long-term assessments and market-driven fee structures [5] Long-term Development Pillars - Healthy ecosystems are vital for the high-quality development of public funds, with compliance as a baseline, culture as a core, and collaboration as a pathway [6] - Compliance ensures a balance between risk and value, necessitating transparent processes and innovative practices within regulatory frameworks [6] - A culture of long-termism and professional integrity should be cultivated to unify value consensus across the industry [6][7] Collaborative Development Path - The public fund ecosystem should foster a win-win community rather than a zero-sum competition, emphasizing value over price [7] - The future of the industry lies in enhancing value quality rather than merely expanding scale, focusing on protecting residents' wealth and stabilizing capital markets [7] - Public funds are encouraged to align with national strategies, ensuring that financial resources effectively support the core needs of the real economy [7]

Core Viewpoint - The article discusses the phenomenon of Zhang Xuefeng, who has gained popularity by providing emotional value to parents and students, acting as a "mouthpiece" for their frustrations and aspirations in the education sector [5][9]. Summary by Sections Zhang Xuefeng's Situation - Zhang Xuefeng's main account has been banned on various platforms, but his smaller accounts continue to operate, suggesting potential for a comeback [5]. - His rise to fame is attributed to his ability to articulate the sentiments of millions of parents and students, providing them with emotional comfort [5]. Emotional Value vs. Professional Value - Zhang's statements, such as the lack of future in journalism and the importance of hard work in high school, resonate emotionally but lack substantive professional insight [6][7]. - The appeal of his messages lies in their emotional resonance rather than their factual accuracy, as they reflect widespread frustrations with the education system [7][8]. Role as a "Mouthpiece" - Zhang Xuefeng serves as a voice for parents who feel disillusioned with the media and education, allowing them to express their grievances [8]. - His motivational speeches to high school students are more impactful than traditional advice from teachers, as he embodies a successful figure that students can relate to [8][9]. Market for Educational Consulting - Zhang's services create an illusion of a shortcut for parents seeking to navigate the complexities of college admissions and career choices for their children [9][10]. - He capitalizes on the desire of Chinese parents to control their children's futures, offering them a sense of agency through his consulting services [10]. Information Gap and Trends - Despite claims of possessing unique insights, Zhang's advice often lacks originality and is reactive to prevailing trends in education and job markets [10][11]. - The article suggests that his influence is based on providing emotional value rather than genuine expertise, as he adapts his messages to align with current societal sentiments [11]. Conclusion on KOL Dynamics - The article concludes that the role of Key Opinion Leaders (KOLs) like Zhang Xuefeng is increasingly about providing emotional support rather than delivering expert knowledge, reflecting a broader trend in social media [11].

Core Viewpoint - The article discusses the rise and potential fall of Zhang Xuefeng, a popular figure in the education consulting space, highlighting his role as a "voice" for parents and students, and the emotional value he provides rather than technical expertise [1][2][9] Group 1: Zhang Xuefeng's Influence - Zhang Xuefeng's accounts on various internet platforms have been banned, but his smaller accounts continue to operate, suggesting potential for a comeback [1] - He has gained popularity by voicing sentiments that resonate with parents and students, acting as a "mouthpiece" for their frustrations and aspirations [2][4] - His statements, such as the lack of future in journalism and the importance of hard work in high school, have been widely shared, despite lacking substantial professional content [2][3] Group 2: Emotional Value vs. Technical Expertise - The emotional value provided by Zhang Xuefeng has led to a significant following, as he articulates common frustrations with the education system [2][6] - His ability to connect with audiences through emotionally charged rhetoric has overshadowed the lack of unique insights or information [6][7] - The article suggests that the blending of "professional value" and "emotional value" is a common trend in the social media era, where consumers often seek emotional satisfaction rather than genuine expertise [9] Group 3: Market Dynamics and Parental Behavior - Zhang Xuefeng's services cater to the desires of Chinese parents who seek shortcuts for their children's educational paths, reflecting a broader cultural tendency [5] - The article critiques the lack of proactive engagement from parents in understanding educational choices, which Zhang Xuefeng exploits by offering seemingly easy solutions [5][6] - The changing job market and the devaluation of degrees have made parents more reliant on figures like Zhang Xuefeng for guidance, despite the questionable validity of his advice [3][4]

Group 1 - The article highlights the increasing trend of young people choosing to contribute to the western regions of China, emphasizing their growth and experiences in these areas [1] - The narrative includes personal stories from three individuals who have dedicated themselves to serving in remote regions, showcasing their commitment and the impact of their work on local communities [2][4][5] Group 2 - The first individual discusses the establishment of a comprehensive health service system in Aba Prefecture, Sichuan, which has evolved from a few annual health events to a network benefiting over 50,000 people across 13 counties [2][3] - The second individual describes the daily responsibilities of a border police officer in Xinjiang, highlighting the importance of community engagement and support in rural areas [4] - The third individual shares experiences from teaching in Qinghai, illustrating the aspirations of local students and the role of education in fostering hope and development in the western regions [5][6]