充满个人英雄主义的明星制时代或许已经一去不复返，平台化时代，能够真正凝聚人心的团队才有可能杀 出重围。 去年9·24开启的这轮行情，让主动权益基金带来了不少暖意，投资者的信心也慢慢回来了。这一轮市场最大的 变化就是，明星基金经理的光环被弱化了。 回顾公募基金行业过去的二十年，我们目睹了一轮又一轮"明星运动"的兴起与沉寂。每当某位明星基金经理以 惊人业绩闯入公众视野，总能迅速吸引大量资金与关注。 然而市场从无常势，说到底，基金经理选择一家公司，本质是投人；而普通投资者选择一只基金，穿透来看， 其实也是在投人。投资的终极命题之一，就是理解人性。但我们越深入洞察，就越意识到人性的复杂与难以验 证。正因如此，才更需要依靠制度对人性中非理性的部分加以约束，用机制弥补个体认知与投资纪律性。 塔勒布在《非对称风险》中一针见血地指出："当决策者无需承担决策的全部后果时，整个系统就会变得脆 弱。"这一点在资管行业被无限放大——基金经理拿他人的资金博弈，假如成功了名利双收，失败了则由投资 者承担损失。 这种权责错配的困局，推动整个行业走向深刻的自省与变革。自2022年以来，监管部门连续发文，《推动公募 基金高质量发展行动方案》中 ...

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]