图片来源：万得 公告内容明确，上述两只产品均增聘新人，这也意味着江峰不再单独管理任何产品。至此，这位曾被贴 上"小微盘猎手"标签的基金经理，正式步入"无独管"状态。其名下仅有的三只基金，中信保诚多策略、 中信保诚安鑫回报债券和中信保诚景气优选，全部完成"1+N"共管架构。 此次调整并非简单的增聘基金经理，或将预示中信保诚基金旗下优秀基金经理江峰即将离职。为验证猜 测，9月19日，《华夏时报》记者向中信保诚基金去电咨询，但截至发稿尚未收到公司回复。 一名接近中信保诚基金的业内人士对《华夏时报》记者透露："江峰离职的可能性极大。但江峰旗下产 品偏向小微盘风格，此次增聘的新任基金经理擅长量化，就算江峰后续离职，对产品的影响不会太大， 产品投资策略也将延续。" 江峰"零独管"落地 9月17日，中信保诚基金连发两则基金经理变更公告，旗下中信保诚安鑫回报债券和中信保诚景气优选 基金双双增聘基金经理。 其中，中信保诚安鑫回报债券新增基金经理王颖，与陈岚和江峰共同管理该基金。中信保诚景气优选则 增聘王颖与江峰共同管理。 至此，江峰再无独自管理的基金产品。目前，江峰共管理三只产品，截至上半年合计规模达57.82亿 元，较今年第 ...

Group 1: Market Overview - The Shanghai Composite Index has recently surged, breaking a nearly 10-year high, with total market turnover reaching 2.8 trillion yuan [2] - As the A-share market continues to rise, some public funds have initiated purchase restrictions [2] Group 2: Fund Purchase Restrictions - As of August 13, 303 funds have suspended purchases or large-scale subscriptions, including various types such as bond, mixed, stock, and international funds [2] - Notable funds like China Europe Innovation and China Europe Medical Innovation have announced daily purchase limits of 1 million and 100,000 yuan respectively, effective from August 11 [3] - China Europe Digital Economy had already suspended large subscriptions over 1 million yuan starting August 6 [3] Group 3: Performance of Restricted Funds - Many of the funds implementing purchase restrictions are high-performing products, with China Europe Digital Economy achieving a 149.64% return over the past year, ranking first in its category [4] - Other notable funds include China Europe Medical Innovation with an 84.49% return, and China Europe Value Discovery with a 36.95% return [4] Group 4: Industry Trends and Changes - The asset management industry is undergoing "industrialization," with 457 funds experiencing manager changes since July [6] - The trend includes both dismissals and new hires, with companies increasingly adopting a team management approach to enhance performance [7] - The China Securities Regulatory Commission has encouraged the development of a "platform-based, integrated, multi-strategy" research and investment system [8] Group 5: China Europe Fund's Industrialization Strategy - China Europe Fund is implementing an "industrialized" research and investment system to improve efficiency and product stability [9] - The goal is to create a unified investment philosophy and standardized processes to enhance communication and decision-making within teams [10] - This approach aims to build a sustainable competitive advantage in the increasingly competitive public fund market [10]

Core Viewpoint - The public fund industry in China is transitioning into a "post-star era" as several prominent fund managers have left their positions, leading to a re-evaluation of the traditional belief that "buying a fund means buying the fund manager" [1][2] Group 1: Departure of Star Fund Managers - A total of 247 fund managers have left their positions in 2023, compared to 216, 190, 187, 199, and 168 in the previous five years [2] - The departure of star fund managers often results in significant redemptions from their associated funds, as investor interest is closely tied to individual managers [2] - For instance, a fund manager who left in July 2024 saw the total assets of their five managed funds drop from over 14 billion to around 8 billion, a decrease of over 40% [2] Group 2: Industry Transformation Strategies - The public fund industry is exploring multiple strategies to adapt to the "post-star era," including industrialization and platformization of research, multi-manager systems, and a shift towards index-based products [4][5] - The China Securities Regulatory Commission has encouraged fund companies to strengthen their resources and develop a platform-based, integrated research system [4] Group 3: Multi-Manager Approach - The trend of replacing single fund managers with multi-manager teams is gaining traction, as it allows for diversified strategies and reduces reliance on individual performance [7][10] - Successful examples of this approach include the collaboration of multiple fund managers in managing products, which has shown superior performance compared to traditional single-manager funds [8][9] Group 4: Shift in Investment Philosophy - The traditional investment philosophy of "choosing funds means choosing people" is being challenged, with a focus now on the overall strength of the investment team and the research capabilities of the fund company [11][12] - Investors are encouraged to consider the collective expertise of the team and the company's support systems rather than solely relying on the reputation of individual fund managers [12]

Core Viewpoint - The public fund industry in China is transitioning into a "post-star era" as several prominent fund managers have left their positions, leading to a re-evaluation of the traditional belief that "buying a fund means buying the fund manager" [1][2] Group 1: Departure of Star Fund Managers - A significant number of well-known fund managers, including Zhai Xiangdong and Bao Wuke, have left their positions this year, with a total of 247 departures reported by mid-August, surpassing the numbers from previous years [1] - The departure of star fund managers often results in substantial redemptions from their associated funds, with one fund's total assets dropping from over 14 billion to around 8 billion, a decline of over 40% [2] - Fund companies are striving for a "soft landing" during these transitions by promoting their internally trained teams to manage funds, which has led to some funds achieving impressive returns despite the manager's departure [2][3] Group 2: Industry Transformation - The public fund industry is exploring three main transformation paths: industrialization and platformization of research, establishing multi-manager systems, and adjusting product structures towards indexation [3][4] - The China Securities Regulatory Commission has emphasized the need for fund companies to strengthen their research capabilities and support team management models to enhance competitiveness [3] - The shift from "star manager" reliance to a platform-based research approach is seen as essential for maintaining market competitiveness [4][5] Group 3: Multi-Manager Collaboration - The trend of replacing single-manager models with multi-manager collaboration is gaining traction, with several funds adopting this strategy to diversify management and reduce reliance on individual managers [6][7] - Successful examples of multi-manager collaboration have been observed in both domestic and international markets, indicating a potential for improved performance through shared decision-making [6][7] - The multi-manager model requires a robust system for collaboration and decision-making, which includes restructuring trading, valuation, and risk management systems [7] Group 4: Changing Investment Philosophy - The traditional investment philosophy of "choosing funds means choosing people" is being challenged, with a focus shifting towards the overall strength of the investment team and the research framework of the fund company [8][10] - Fund managers are increasingly valuing specialized expertise in specific sectors rather than seeking "all-rounder" managers, emphasizing the importance of systematic asset allocation [8][10] - The importance of finding capable leaders who can effectively manage teams and strategies is becoming more pronounced as the industry evolves [9][10]

公募基金失去"明星"的同时，基金经理也不再拥有平台光环。 今年以来，公募基金行业再次掀起"奔私"浪潮。 据不完全统计，鲍无可、张翼飞、周海栋、张宇帆、王士聪、王鹏等多位绩优基金经理"清仓式"卸任， 曹名长、于洋、周克平等知名公募基金经理的离任也引发了市场的广泛关注。第一财经据Wind统计， 截至7月29日，年内离任的公募基金经理数量已达212人，较2024年和2023年同期，分别增长7%和 23%。 "投奔私募或成为公募基金经理的重要去向之一。"据私募排排网统计，截至2025年6月底，拥有公募从 业背景的私募基金经理有863位，他们管理且有业绩显示的私募产品为320只，上半年收益均值为 11.17%。 沪上一位公募行业人士对记者分析称，随着公募行业薪酬与费率改革的推进，公募基金经理的流动加 速，行业正在重新洗牌。不过，管理规模较大的明星基金经理离任影响不容忽视，这也倒逼公募基金行 业加速"去明星化"，行业生态正在发生深刻变化。 相继"清仓式"卸任 近日，安信基金连发12份基金经理变更公告，宣布首席投资官张翼飞卸任其管理的全部9只基金并离 职。 张翼飞在安信基金任职13年，管理规模超300亿元。从目前市场层面的 ...

Group 1 - The public fund industry is experiencing a trend of "de-starring," with notable fund managers like Bao Wuke leaving their positions, indicating a shift from the previous "talent promotion" culture [2][6] - As of May 19, 141 fund managers have left their positions this year, surpassing the number from the same period last year, with a total of 361 departures in 2024, marking a 15% increase from 2023 [7] - Regulatory changes encouraging team-based management among fund managers are contributing to this trend, promoting transparency and strategy sharing within teams [6][8] Group 2 - Bao Wuke, a prominent fund manager with 17 years of experience, has officially left Invesco Great Wall Fund, managing assets totaling 16.207 billion yuan, and is recognized for his strong performance [3][5] - The departure of Bao Wuke has raised questions about the future performance of the funds he managed, with his successors now overseeing a total of 10 funds, reflecting a talent shortage in the industry [5][6] - Recent regulatory reforms have increased performance assessment pressures on fund managers, with a focus on long-term performance metrics, leading to a sense of uncertainty among active equity fund managers [7][8]