Core Viewpoint - The public fund fee reform has significantly reshaped the industry ecosystem, prioritizing investor interests and leading to a reduction in costs for investors, with expected annual savings exceeding 45 billion yuan [2][4][5]. Group 1: Fee Reduction Impact - The average management fee for actively managed equity funds that have been established for over three years has decreased by approximately 20% over the past three years [5]. - In 2024, the total fees, including management, custody, sales service, and trading commissions, are projected to be 188.42 billion yuan, a reduction of 7.07% compared to the same period in 2023 [2][4]. - The rapid development of passive products, particularly ETFs, has contributed to the overall reduction in industry fees, with some large ETFs lowering management and custody fees from 0.5% and 0.1% to 0.15% and 0.05% respectively [5][6]. Group 2: Industry Transformation - The fee reform has prompted a shift from a "scale expansion" model to a "performance-driven" approach within fund companies, leading to the emergence of floating fee rate funds [2][5][10]. - The industry is witnessing a new landscape characterized by "passive rise and active focus," as firms adjust their product offerings to align with investor interests [6][8]. - The focus on research and investment has intensified, with institutions moving from a scale-oriented strategy to one that emphasizes investor returns, thereby enhancing trust in the industry [7][8]. Group 3: Product Innovation and Strategy - The introduction of floating fee rate funds and the expansion of passive investment products have diversified market offerings, with low-fee products gaining a larger market share [5][10]. - Fund companies are increasingly adopting a dual-driven service model that combines performance and service, enhancing the overall investor experience [12]. - The industry is expected to see a rise in customized products and floating fee structures that are closely tied to investor interests, with ongoing reforms in the sales fee structure anticipated [18][19][24]. Group 4: Future Directions - The third phase of the fee reform, focusing on sales fees, is expected to be implemented soon, aiming to balance investor interests with the sustainable development of the industry [24][25]. - Future reforms may include optimizing sales service fee structures and introducing tiered pricing based on investor holding periods to encourage long-term investment [25][28]. - The industry is encouraged to learn from overseas experiences, particularly in transitioning to a buyer's advisory model, which could enhance the value provided to investors [26][28].

Core Viewpoint - The public fund industry is experiencing a significant wave of fund manager changes, driven by various factors including market conditions, industry competition, incentive mechanisms, the trend of "de-starring," and personal career planning [2][12]. Group 1: Fund Manager Changes - As of June 24, nearly 200 public fund products have announced fund manager changes this month, indicating a trend of frequent adjustments within the industry [2][5]. - The changes in fund managers can be categorized into three main types: new appointments, simultaneous appointments and dismissals, and departures [6][10]. - The increase in fund manager dismissals is attributed to work needs and performance evaluations, with companies adjusting their fund manager assignments based on product style and performance benchmarks [9][11]. Group 2: Industry Changes - The public fund industry is gradually moving away from reliance on "star fund managers" and is transitioning towards a team-based and institutionalized approach [14]. - Talent mobility within the industry is accelerating, with competition shifting from mere salary comparisons to diverse dimensions such as equity incentives and differentiated assessments [14]. - The industry is evolving from extensive growth to high-quality development, emphasizing long-term performance, risk management, and effective communication with investors [14]. Group 3: Team Management Model - The implementation of a team management model for fund managers is expected to increase, as highlighted in the new regulations aimed at enhancing core investment research capabilities [15]. - The team management model allows for resource integration and improved investment quality, while also posing challenges such as decision-making conflicts and coordination costs [16][17]. - This model reduces dependency on individual fund managers and enhances the stability of performance, but it requires careful management to avoid potential pitfalls [17].