Core Viewpoint - The public fund industry is undergoing a silent reshuffle, where performance is becoming the key metric for fund managers, replacing the previous focus on fame and scale [3][12]. Group 1: Changes in Fund Manager Landscape - The "100 billion club" of public fund managers is experiencing significant changes, with the industry ceiling for management scale dropping below 500 billion [4][6]. - As of the end of 2025, there are over 1,690 active equity fund managers, with only 102 managing over 100 billion, a decrease from the previous year [6][9]. - Top fund managers like Zhang Kun from E Fund have seen their management scale decrease significantly, with a drop of nearly 82 billion in a single quarter due to poor performance [6][9]. Group 2: Performance-Driven Growth - Newer fund managers are rapidly increasing their management scales, with some achieving over 100 billion in just one year due to strong performance [9][10]. - In 2025, 59 fund managers saw their scales grow, with 16 increasing by over 100 billion, indicating a strong correlation between performance and scale growth [10]. - The issuance of new funds has also contributed to the rapid scale increases for several managers, reflecting a recovery in the fund issuance market [10][12]. Group 3: Industry Transformation - The industry is shifting from a "star-making" model to a more platform-oriented and performance-focused approach, emphasizing sustainable returns over celebrity status [12][14]. - The previous model led to issues such as scale-performance paradoxes and channel dependencies, prompting firms to actively manage fund manager scales [12][14]. - Future success in the industry will depend on research capabilities and product performance, with a focus on creating real returns for investors [13][14].