Core Viewpoint - The contradiction between the "publicity demand" and "speech restriction" faced by fund managers constitutes a real dilemma in their professional behavior [2][28]. Group 1: Recent Events - Recent comments by Wan Minyuan, a fund manager at Rongtong Fund, regarding the risks in the innovative drug sector sparked significant discussion within the market and the fund company [3][4]. - Wan Minyuan expressed concerns that much of the data in the innovative drug sector is speculative and that many companies may have already reached their peak valuations [4][5]. Group 2: Compliance Challenges - Fund companies are increasingly emphasizing compliance management due to the challenging public opinion environment, with market performance under pressure and frequent fund liquidations [8][9][10]. - The reputation of fund companies is under unprecedented scrutiny, especially concerning "star" fund managers whose actions can easily trigger media and investor discussions [11]. Group 3: Regulatory Framework - In response to the growing importance of reputation risk management, the Asset Management Association of China issued guidelines in 2022 requiring fund management companies to incorporate reputation risk management into their overall risk management systems [12]. - The guidelines specify that violations can lead to various disciplinary actions, highlighting the seriousness of compliance in the industry [12]. Group 4: Communication Restrictions - Fund companies have different approaches to managing employee communications on social media, with some having explicit rules while others rely on verbal agreements [13][15]. - Many public funds adopt a combination of "pre-emptive reminders and post-event monitoring" to manage reputation risks effectively [17]. Group 5: Dilemma of Fund Managers - The incident involving Wan Minyuan illustrates the tension between the need for fund managers to communicate risks and the pressure to avoid non-compliant communication [19][20]. - Fund managers face a dilemma where their professional duty to alert the market about potential risks may conflict with compliance requirements, leading to a culture of silence during critical moments [20][27]. Group 6: Conclusion - The collision between the principle of "freedom of speech" and the reality of potential public opinion crises creates a paradox for fund companies [30]. - Balancing effective reputation risk management while allowing fund managers to express their professional opinions remains a significant challenge for the industry [30].