数据来源：华龙证券研究所 图虫创意/供图 证券时报记者 安仲文 一场静水流深的"体重管理"变革，正在资产管理规模超30万亿元的公募基金行业悄然上演——作别 昔日"大而全"的规模扩张路径，迈向"精而美"的内涵式发展新阶段；产品货架也逐步从琳琅满目的"百 货商场"，向优中选优的"精品超市"进化。 证券时报记者注意到，越来越多的基金公司开始理性看待规模暴增，主动为产品"瘦身"——既不在 业绩高光时刻乘机营销猛吸金，也不执念于准清盘基金的"保壳"挣扎。这种对市场规律的敬畏与对资源 集约的追求，也标志着公募基金行业已从"增肉"转向"增肌"，重塑增长逻辑。 绩优基金主动管理"体重" 基于对可持续业绩回报与规模增长的深刻理解，不少基金公司已不再单纯追求规模的"虚胖"。 过去，规模几乎是衡量基金公司强弱的唯一标尺，行业也深陷"重首发、轻回报"的怪圈。然而，在 近期市场回暖、赚钱效应凸显的背景下，与以往"敞开大门全力吸筹"的景象截然不同，一批绩优基金选 择了"闭门谢客"。这些基金密集发布的限购公告，成为市场上的一道独特风景线。 实际上，限购并非顶流产品与头部公司的专属策略，这一风潮正逐步蔓延至中小型公募的拳头产 品。比如，基金 ...

Group 1 - The core viewpoint of the article is the implementation of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds," which links fund manager compensation to long-term performance, shifting the industry focus from "scale expansion" to "performance-oriented" [1] - The plan highlights the success of fund manager Bao Wuke from Invesco Great Wall, whose fund, Invesco Great Wall Energy Infrastructure A, has achieved significant excess returns, outperforming its benchmark by over 33% in the past three years [1][3] - Bao Wuke's investment strategy emphasizes long-term value extraction from "high-barrier enterprises," focusing on bottom-up stock selection to avoid short-term volatility [1] Group 2 - As of Q1 2025, Bao Wuke manages eight funds with a total scale of 16.207 billion yuan, with his flagship fund achieving a three-year return of 36.47% [1][3] - The fund's performance over various time frames is impressive, with returns of 79.32% over five years and 124.8% over ten years, consistently outperforming benchmarks [3] - The top holdings of Invesco Great Wall Energy Infrastructure A include resource and manufacturing sectors, indicating a focus on structural opportunities amid economic differentiation [5] Group 3 - Bao Wuke has expressed concerns about the AI industry's future, stating that the recent advancements may lead to a plateau in AI capabilities unless new iterative points are found [5] - The market is expected to be influenced by tariff policies, geopolitical conflicts, and the evolution of AI technology, but the long-term value of high-barrier enterprises is anticipated to remain intact [5] - The regulatory shift towards "performance-oriented" metrics is reshaping the public fund industry, making the ability to generate excess returns the primary measure of fund manager value [5]