上个月中旬，招商基金蔡振的一条朋友圈引起了公募行业的震动。在朋友圈中，他表达了三层意思：一是不想再频繁参加线下路演；二是认为自己管理的产 品数量已经超出了精力上限，"个人需求与公司错配"；三是希望在退休前减少产品数量，专注于少数真正认同的产品，不想"不停地发新产品"。 在舆论发酵后，蔡振很快删除了相关朋友圈，但并没有在产品层面立刻"减负"，名下反而多出了两只新基金：其一是招商上证科创板综合价格指数增强，蔡 振于2025年12月2日起担任该基金的基金经理，与王宁远联合管理，这只基金于11月中旬起发行，12月初成立；其二是招商安琪债券，其发行期为2025年12 月5日至12月22日，拟任基金经理为蔡振和尹晓红。 从立项和备案节奏来看，这两只新基金大概率在朋友圈之前就已经完成设计与报批，蔡振也早在11月下旬就被披露为"拟任基金经理"。一边是基金经理在朋 友圈喊"想减负"，一边是公开信息里他又扛起两只新产品，这种强烈反差也说明了个体诉求与结构发行节奏之间的张力：短期内，个体很难改变公司已经安 排好的发行计划。 量化老将为何觉得"累" 从公开数据来看，蔡振"喊累"确实是有原因的。 可就在公开"吐槽"半个月后，《财中社》 ...

Core Viewpoint - The recent call by fund manager Cai Zhen for reducing the number of managed products reflects the challenges and transformations within the public fund industry, particularly in light of new regulations that will significantly reshape performance benchmarks and link them to manager compensation [1][4][15]. Group 1: Industry Challenges - Cai Zhen's statement highlights the pressure fund managers face due to managing multiple products, with his current management load reaching nearly 20 funds and a total management scale of 13.599 billion [4][9]. - The phenomenon of "one manager handling multiple funds" is prevalent, with approximately 290 fund managers managing over 10 main code funds each, indicating a systemic issue in the industry [9][10]. - The focus on scale over quality has led to a situation where fund managers are stretched thin, potentially harming long-term returns for investors [9][11]. Group 2: Regulatory Changes - New regulations set to take effect will bind fund performance directly to manager compensation, aiming to shift the industry focus from scale to investor interests [15][16]. - The new rules will penalize fund managers whose long-term performance significantly lags behind benchmarks, promoting a more sustainable investment approach [16][17]. - The shift from a scale-driven model to one that prioritizes returns is expected to challenge both fund managers and companies, necessitating a reevaluation of resource allocation and investment strategies [16][17].

Group 1 - The core management team of China Merchants Fund has been established with the appointment of Wang Ying as the new chairman, following a brief transition period where Zhong Wenyue acted as both general manager and chairman [2][7] - Wang Ying has extensive experience within the China Merchants Bank system, having worked there for 28 years, and is expected to lead the fund through a challenging period marked by declining profits despite growing fund size [2][5] - The fund's assets under management reached approximately 949.73 billion yuan by the end of Q3 2023, reflecting a 6.93% increase compared to the end of 2022, but net profits have been declining [20][21] Group 2 - The fund's growth has been primarily driven by money market funds, which accounted for 40.71% of total assets, showing a year-on-year growth of 20.49% [21][23] - In contrast, mixed funds have seen a significant decline, with their size dropping by 13.98% year-on-year, and a staggering 62.47% decrease from their peak in 2021 [23][24] - The overall profitability of the fund has been pressured by market conditions and regulatory changes, leading to a need for strategic shifts in product offerings to enhance revenue [24]