Group 1: Fund Manager Dynamics - In Q2 2023, many high-performing funds maintained high positions, focusing on increasing investments in technology and pharmaceutical sectors, with fund managers optimistic about the value of equity assets and structural opportunities [3] - The first batch of 10 Sci-Tech Bond ETFs, attracting nearly 30 billion yuan in investments, will be listed on July 17, providing investors with efficient tools for participating in the Sci-Tech bond market [3] - On July 17, A-share market saw a net inflow of 1.891 billion yuan into industry-themed ETFs, with securities, low-volatility dividends, and photovoltaic ETFs being the main beneficiaries [6] Group 2: Fund Performance and Changes - Two new funds in the innovative drug sector have seen their net asset values double, with year-to-date increases exceeding 100%, indicating a strong outlook for the innovative drug sector [10] - As of July 11, over 1,970 funds have experienced changes in fund manager positions this year, with more than 700 funds adopting a "co-management" model to enhance management efficiency and reduce reliance on star fund managers [8] - On July 19, a significant change in leadership occurred at Fidelity Fund, with a new chairman appointed, reflecting ongoing shifts in fund management [9] Group 3: REITs and Fundraising - On July 16, two public REITs raised over 470 billion yuan in a single day, with both funds achieving full subscription on the first day of their offering [14] - The announcement of the new chairman at Huatai Fund on July 14 indicates a strategic shift within the company, as the previous chairman continues to serve in other capacities [15] Group 4: Industry Movements - A notable trend of high-profile professionals transitioning from public to private fund management is emerging, with a prominent quantitative analyst announcing the establishment of a private fund management company [17][18] - The private equity sector mourned the loss of a well-known research director, highlighting the human aspect of the industry [19]

Group 1 - The core viewpoint of the articles indicates a positive outlook on equity assets, with fund managers favoring technology and pharmaceutical sectors for investment opportunities in the second quarter of the year [2] - The first batch of 10 Sci-Tech Bond ETFs, attracting nearly 30 billion yuan in investment, is set to launch, providing investors with efficient tools for participating in the Sci-Tech bond market [3] - The Shanghai Stock Exchange Fund Index rose by 0.09% to 6970.69 points, while the Shenzhen ETF increased by 0.56% to 1566.62 points, reflecting a generally positive market trend [5] Group 2 - On July 17, significant net inflows of 1.891 billion yuan were observed in industry-themed ETFs, particularly in sectors like securities, low-volatility dividends, and photovoltaics [6] - Over 700 funds have undergone manager changes this year, with a trend towards "co-management" to enhance efficiency and reduce reliance on star fund managers [7] - The announcement of high-level executive changes in various funds, including the appointment of new chairpersons at Fidelity Fund and Zhongjia Fund, indicates ongoing shifts in leadership within the industry [9][13][16] Group 3 - Two new funds in the innovative drug sector have seen their net asset values double, highlighting the sector's strong performance and potential for future growth [10] - The public REITs launched recently have attracted over 470 billion yuan in investments within a single day, showcasing strong market interest in this asset class [14][15]

Core Viewpoint - The public fund industry in China is increasingly adopting a "co-management" model, with over 700 funds hiring additional fund managers this year, reflecting a trend towards enhanced decision-making efficiency and risk management [1][4][6] Group 1: Co-management Model - As of July 11, over 1,970 fund products have seen managerial changes, with more than 700 adopting the "co-management" approach from nearly 130 fund companies, including products managed by renowned fund managers [2][4] - The rise of the "co-management" model is attributed to the need for improved management efficiency in response to rapid fund growth and to reduce reliance on individual star managers, fostering a more systematic investment research capability [2][3] - The combination of "senior managers + new generation" is becoming increasingly common, with experienced managers mentoring junior staff to ensure continuity in investment strategies and compliance with regulatory requirements [2][3] Group 2: Market Trends and Future Outlook - Over 3,300 fund products, accounting for more than 25% of the total market, are currently managed by two or more fund managers, indicating a significant shift towards the co-management model [4][5] - The co-management approach is seen as a response to increasing market volatility and the growing performance pressure on individual fund managers, particularly in multi-asset strategies [3][6] - The trend towards co-management is expected to strengthen in the coming years, evolving from a short-term response to a long-term strategy for team building and management optimization within fund companies [5][6]

Group 1 - The public fund industry is undergoing a significant management model transformation, shifting from reliance on a single fund manager to a collaborative "multi-manager" approach [1][4] - As of July 8, over 700 funds have appointed additional fund managers this year, with the number of funds managed by three or four managers on the rise [1][3] - Notable fund managers, such as Ge Lan and Zheng Chengran, have recently announced the appointment of additional managers to their funds, indicating a trend towards shared management [3][4] Group 2 - The rise of the "co-management" model is driven by industry transformation and regulatory advocacy, bringing positive changes to the sector [4] - The multi-manager approach enhances asset coverage and expands the skill set of fund managers while improving strategy diversification [4] - This model effectively mitigates risks associated with single decision-maker errors and aggressive operations, and addresses challenges related to fund performance continuity in the event of a manager's departure [4]

Group 1 - The core viewpoint of the article highlights the trend of appointing co-managers in the mutual fund industry, exemplified by the appointment of Zhao Lei as a co-manager alongside Ge Lan at China Europe Medical Health [1] - As of the end of June, there have been 666 products from 122 fund companies that have transitioned to a "co-management" model this year, indicating a significant shift in the industry [1] - China Europe Fund has implemented the "co-management" model for 29 of its products in the past year, reflecting a broader industry trend towards team-based management [1] Group 2 - Regulatory bodies have issued multiple policies to guide the mutual fund industry in promoting team-based management models, emphasizing the importance of this transition [1]

Core Viewpoint - The appointment of Zhao Lei as a co-manager for the China Europe Medical Health fund alongside Ge Lan reflects a growing trend in the fund management industry towards team-based management to enhance research efficiency and operational stability [1][2][3]. Group 1: Fund Management Changes - On July 4, China Europe Medical Health announced the appointment of Zhao Lei as a co-manager, who will work alongside Ge Lan, while other products like China Europe Medical Innovation will continue to be managed solely by Ge Lan [1][3]. - Zhao Lei has over 8 years of experience in the pharmaceutical and biotechnology sector and has previously led a team that won the "Golden Bull Award" for best industry analysis team in 2020 [3]. - As of the end of Q1, the China Europe Medical Health fund had a total size of 31.179 billion yuan [3]. Group 2: Industry Trends - There has been a significant increase in the adoption of "co-management" among funds, with over 600 funds implementing this model in 2023 alone [2][7]. - The shift towards team-based management is supported by regulatory guidance aimed at enhancing the research and investment capabilities of fund managers [8][9]. - The China Securities Regulatory Commission has emphasized the need for fund managers to build integrated, team-based research systems to improve investment decision-making and risk management [8][9]. Group 3: Future Investment Outlook - Ge Lan remains optimistic about the future of the healthcare sector, particularly in areas such as innovative drugs, recovery in consumer healthcare, and domestic substitution in key industry segments [5]. - The demand for innovative drugs is expected to continue growing, supported by global collaborations and key clinical data disclosures [5]. - The consumer healthcare sector, including aesthetics and ophthalmology, is anticipated to benefit from increased health management awareness among residents, with demand expected to rise as the economy recovers [5].