近日，华安基金发布公告，基金经理蒋璆因个人原因卸任其管理的全部9只产品，不再转任公司其他岗位。 这位曾在华安基金任职超过14年半、担任公募基金经理超过10年半的"双十"基金经理（即任职超十年、年化收益超10%）的离开，已经是这家老牌基金公司 近一年内流失的第二位权益大将。 职业轨迹 蒋璆的公募基金职业生涯始于2015年6月，正值上一轮牛市的顶峰，尽管在市场高点开始管理基金，但他仍取得了不俗的业绩。其职业生涯始于实业领域， 曾在韩国浦项钢铁总部负责进出口贸易业务，这段经历培养了他对产业周期的敏感度。2007年，蒋璆转战金融业，先后在国泰君安证券研究所和华宝兴业基 金担任研究员，研究范围覆盖钢铁、有色、机械和新能源等行业。 2011年6月，他加入华安基金，担任投资研究部行业分析师、基金经理助理。四年后，他从研究员岗位升任基金经理，开始管理华安升级主题、华安安信消 费服务和华安动态灵活配置三只基金，正式开启了基金经理生涯。 蒋璆的投资风格具有明显的周期背景和行业轮动特征，一开始，他采用的是自下而上的选股方法，但效果并不理想。 2018年下半年，他转变投资方法，引入"自上而下"的视角，先选择政策和景气共振的赛道，然后 ...

Core Viewpoint - The departure of Jiang Qiu, a key equity manager at Hu'an Fund, marks the second significant loss for the company within a year, raising concerns about the stability of its investment research team and the performance of its equity funds [1][22][30]. Group 1: Departure of Key Managers - Jiang Qiu has left Hu'an Fund after clearing all nine products he managed, with speculation that he may move to private equity [1][22]. - This follows the earlier departure of Li Xin in May 2025, who also left all his managed products for personal reasons [1][30]. - The loss of these two experienced managers has created a gap in the mid-level talent pool, particularly affecting the stability of performance in the equity investment team [1][30]. Group 2: Performance of Managed Products - Jiang Qiu's managed products had a total scale of 55.78 billion yuan, with six out of nine products showing positive returns [2][23]. - The best-performing product under Jiang was the "Hu'an Manufacturing Pioneer," which achieved a return of 309.36% since its management began in December 2018 [4][24]. - However, some products managed by Jiang, including "Hu'an Innovation," reported negative returns, with a return of -3.65% [5][26]. Group 3: Impact on Hu'an Fund's Equity Team - The current equity team at Hu'an Fund is facing challenges, with many managers showing underperformance in their respective products [30][33]. - The fund's active equity management scale has significantly decreased, dropping from 1,896.99 billion yuan at the end of 2021 to 880.34 billion yuan by the end of 2025 [15][37]. - Only Hu Yi Bin remains as a prominent manager with over 100 billion yuan under management, while others have struggled to maintain performance [15][39]. Group 4: Future Outlook and Strategy - Analysts suggest that Hu'an Fund needs to strengthen its internal research capabilities and enhance the training of younger fund managers to rebuild its competitive edge in equity investment [21][42]. - The company has a strong historical performance record, but the recent talent losses may impact investor confidence and lead to potential fund outflows [30][42].