Core Viewpoint - The public fund industry is undergoing a transformation from "star-making" to "team-building," with a significant increase in the hiring of fund managers, indicating a shift towards a collaborative management model rather than a signal of risk [1][6]. Group 1: Increase in Fund Manager Hiring - As of July 7, over 710 public fund products have hired additional fund managers in 2023, with nearly 900 related announcements made [4][5]. - Notable fund managers, such as Ge Lan and Feng Bo, are involved in these newly managed products, indicating a trend towards team management [4][5]. - The hiring of additional managers is often misinterpreted as a sign of the original manager's impending departure, but it is primarily a strategy for dynamic optimization of team capabilities [5][6]. Group 2: Shift to Co-Management Models - The co-management model is becoming the norm in the public fund industry, with 25.61% of funds currently managed by two or more managers [7]. - This shift is supported by regulatory guidance aimed at reducing reliance on individual star managers and promoting a more collaborative investment approach [8]. - The number of fund managers has surpassed 4,000, with over one-third being new managers with less than three years of experience [8]. Group 3: Emergence of New Generation Fund Managers - New generation fund managers, who often have less than three years of experience, are increasingly demonstrating strong performance, with half of the top 10 active equity funds managed by such individuals [2][9]. - These younger managers are perceived to be more aggressive and adaptable, potentially leading to better returns despite their limited experience [9][10]. - However, concerns remain regarding their high industry concentration and the sustainability of their performance over different market cycles [10].