作者：柳白 近期，沪指涨势如虹，成功突破近10年的高点，市场总成交额更是达到2.8万亿元。然而，随着A股行情持续高涨，部分公募基金却开启限购模式。 Wind数据显示，以暂停申购起始日计算，截至8月13日，月内已有303只（份额分开计算）基金暂停申购或暂停大额申购，包括债券型基金、混合型基金、 股票型基金和国际（QDII）基金等多种类型，有的基金单日限购额甚至低至100元。 绩优基金纷纷限购 8月9日，为进一步保证基金稳定运作，保护基金份额持有人利益，中欧科创主题和中欧医疗创新分别公告称，单日单账户限购100万和10万元，自8月11日起 生效。在此之前，中欧数字经济已于8月6日起暂停100万元以上的大额申购。 工银全球精选发布公告称，自8月11日起，对本基金单日单个基金账户单笔或多笔累计高于100元的申购、定期定额投资业务进行限制，原因是为保护基金份 额持有人利益。 摩根纳斯达克100指数美元A也发布公告称，为保证基金的稳定运作，保护基金份额持有人利益，公司决定自8月1日起对本基金申购、定期定额投资及转换 转入业务进行限制。 数据统计显示，年初至今中欧基金旗下共有16只基金接连宣布限购以提示风险，涉及科技、医疗 ...

中国证券报记者调研了解到，在公募"去明星化"浪潮下，行业机构正通过平台化投研体系搭建、团队化 管理、产品结构向指数化方向调整等多维路径重塑竞争力；在投资端，作为公募基金产品的"职业买 手"，FOF管理人也在顺应行业发展趋势，构建淡化个人IP的基金筛选方法。 这场变革既有改革力量的作用，也是市场自然演化的必然，不仅关乎公募基金行业的格局重塑，更将对 数亿基民的投资体验带来深远影响。 探索"去明星化"软着陆 今年以来，据不完全统计，目前已有翟相栋、鲍无可、张翼飞、周海栋、马龙、蒋华安、曹名长、周克 平、张宇帆、谢家乐、王鹏等知名基金经理相继离任，引发市场广泛关注。 数据显示，截至8月15日，今年公募基金经理离任人数达247人，而前5年（2020年-2024年）同期，基金 经理离任人数分别为216人、190人、187人、199人、168人。 不可否认的是，明星基金经理离任往往伴随相关产品出现巨额赎回。毕竟，流量冲着某人而来，也注定 将随着某人而去。 回顾2024年7月，某个人系公募掌舵百亿元规模基金的基金经理因个人原因卸任。据统计，其原本管理 的5只基金产品合计规模已从2024年6月末的140多亿元，降至今年6月末 ...

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]

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]