2025年5月，中国证监会重磅推出《推动公募基金高质量发展行动方案》，这份纲领性文件犹如破晓曙光，为基金行业的发展绘出了新 蓝图。 方案以系统性改革举措为抓手，推动行业发展理念从"规模至上"向"投资者回报导向"深刻转变，将"投资者最佳利益"确立为行业发展的 核心价值锚，通过制度优化与服务升级双向发力，持续增强投资者的获得感与信任感。 该政策的出台，不仅是行业发展的重要里程碑，更预示着公募基金即将迈入规范引领、质量优先、稳健致远的全新发展阶段！ 来源：财富大侦探007 曾几何时，"爆款基金一日售罄，三个月后净值腰斩"、"明星基金经理离职，产品业绩急转直下"……这样的例子屡见不鲜。 过去十年，中国基金行业规模极速扩张，从5万亿增长到30万亿，但投资者的体验却并不算好，似乎说起基金处处都是火爆的传言，但 赚钱的人总不是自己。 作为普通投资者，我们该如何理高质量发展？这场变革又将如何影响到我们？ 长期主义 成就投资价值 这次政策的出台，表明在基金行业向高质量发展转型的进程中，长期主义不再是抽象的理念口号，而是贯穿投资全流程、守护投资者利 益的核心实践准则。 过去基金经理频繁更迭与产品风格肆意漂移，是致使投资者难以长期 ...

Group 1 - A wave of leadership changes is occurring in the fund management industry, with significant shifts in key positions at companies like Xingyin, ICBC Credit Suisse, and Nord Fund [1][2] - As of the end of August, 116 fund institutions have experienced leadership changes this year, accounting for over 60% of the industry, with at least 20 institutions adjusting key roles each month in the last six months [1][5] - The current changes reflect deeper transformations in the fund industry, characterized by the retirement of senior executives and the rise of the "post-80s" generation, indicating a generational shift in leadership [1][6] Group 2 - The recent leadership changes include the appointment of Huang Deliang as chairman of Xingyin Fund, replacing the retired Wu Ruoman, and the departure of Gao Chong as general manager of ICBC Credit Suisse Fund, with Zhao Guicai stepping in as acting general manager [2][3] - The leadership transition at Nord Fund saw the retirement of Chairman Pan Fuxiang, who led the company for nearly a decade, with Zheng Chengwu taking over as the new chairman [4] - The trend of leadership changes is not isolated, as many other funds have also reported similar adjustments, indicating a broader industry shift [4][5] Group 3 - The fund industry is experiencing a "retirement wave" among senior executives, with many reaching the legal retirement age, leading to a significant turnover in management [5][6] - The rise of the "post-80s" executive group is becoming a notable trend, with younger leaders taking on important roles within the industry [6][7] - The involvement of controlling shareholders in fund management is increasing, with many executives holding dual roles, which enhances collaboration between the fund companies and their parent organizations [7][8] Group 4 - The competitive landscape of the fund industry is intensifying, prompting companies to seek more suitable executive teams to optimize internal structures and adjust strategic directions [7][8] - The influx of executives with diverse financial backgrounds from insurance, banking, and securities sectors is becoming a highlight, as this cross-industry experience helps improve overall management and investment strategies [8]

"大佬"退休，"少帅"上位！基金圈正无声"换血" 一场围绕基金公司管理层的"换血"正在加速上演。 8月30日，兴银、工银瑞信、诺德等三家基金公司先后发布核心高管变更公告。兴银基金"换帅"黄德 良；工银瑞信总经理高翀离任，由董事长赵桂才代职；诺德基金董事长潘福祥退休，由股东方代表郑成 武接棒。 这并非孤立事件。Wind数据显示，截至8月末，年初至今已有116家基金机构出现高管变化，占比超六 成。其中，最近6个月，行业每月至少有20家机构出现总经理、董事长等关键岗位调整。而过去十年 间，行业高管流动年均超300人次，堪称"铁打的营盘流水的将"。 这场变动的背后，是基金行业深层次变革的折射。与往昔不同的是，此轮变动呈现鲜明特征：资深高管 因退休集中离场，"80后"新生代加速上位。同时，控股股东背景高管"交叉任职"渐多，股东方对战略的 主导权愈发凸显；更有跨界银行、券商等领域的"多面手"人才入局，试图迸发新"火花"。 当行业迈入高质量发展新阶段，费率改革、透明化竞争与投资者需求升级的多重压力下，高管团队的稳 定性与专业性也成为机构突围的关键因素。这场从"老将谢幕"到"新帅登场"的人事洗牌逐渐扩散，未来 将如何影响公募 ...

一、 ETF规模或是决定 转型期的公募基金行业 走出焦虑以长期业绩赢得投资者信赖 中国基金报记者若晖王建蔷 总规模创34万亿元历史新高的公募基金，压力与焦虑也伴随而来。 行业转型期，焦虑来自方方面面。拉动权益产品规模增长的ETF赛道厮杀激烈，规模大战从中证 A500ETF打到基准做市信用债ETF、科创债ETF，在主流宽基ETF费率降至0.15%，做市商费用高企的背 景下，除了部分头部公司仍在不计成本投入之外，部分基金公司已经"战略转移"，将精力投入有针对性 的营销。 主动权益基金则在业绩回暖与规模留存间艰难寻求平衡，业绩分化加剧，投资者信任重建之路道阻且 长。 行业人才流动亦出现放缓，可供从业人员跳槽的职位较牛市顶峰时期明显减少。曾被寄予厚望的个人养 老金业务，总体依旧步履蹒跚，规模增速远低于市场预期。 在业内人士看来，这种焦虑状态并非无解方程。ETF业务需要在竞争中找到特色定位，主动权益基金需 要重建信任锚点，以长期业绩和风格稳定性赢得持有人青睐，公募基金才可能穿越周期迷雾，走向高质 量发展的新阶段。 公司行业地位的"胜负手" "很难用一个准确的数值来描述当前ETF竞争的激烈程度。"一位基金公司人士谈及目前 ...

Core Viewpoint - The total scale of public funds in China has surpassed 33 trillion yuan, reflecting a significant growth driven by policy benefits, product innovation, and increasing demand for wealth management among residents [2][4][10]. Group 1: Growth of Public Fund Scale - As of April 2024, the total scale of public funds reached 33.12 trillion yuan, marking a historic high and the seventh increase since the beginning of 2024 [2][4]. - The growth in public fund scale is attributed to multiple factors, including the deepening of capital market reforms and the high-quality development of the industry, which has enhanced investor confidence [4][5]. - The increase in public fund scale indicates a shift in investor behavior towards diversified asset allocation, with public funds becoming a key tool for wealth management [4][8]. Group 2: Factors Driving Growth - The public fund scale has increased by 5 trillion yuan in 2024, showcasing its advantages over other asset management forms like bank wealth management and insurance [8][9]. - Key drivers of this growth include the release of policy dividends, product innovation, and changes in investor behavior, suggesting a sustainable growth trend [8][9]. - The demand for asset preservation and appreciation has intensified, with public funds offering a transparent and professionally managed investment option [4][6]. Group 3: Types of Funds and Investor Behavior - The growth of public funds is characterized by a rare simultaneous increase in money market funds, bond funds, and equity funds, indicating a diversification in investor asset allocation [14][16]. - In April, money market funds grew by 664.8 billion yuan, bond funds by 140.2 billion yuan, and equity funds by 112 billion yuan, with equity funds reaching a record high of 4.58 trillion yuan [14][17]. - The simultaneous growth of these fund types reflects enhanced market confidence and a shift in investor preferences towards balanced risk and return [14][19]. Group 4: Future Development and Market Trends - The public fund market in China has significant growth potential, driven by increasing resident wealth, the entry of long-term funds like pensions, and ongoing product innovation [11][12]. - The industry is expected to transition from a focus on scale expansion to quality-driven growth, with an emphasis on structural growth and globalization [12][20]. - Future trends indicate a diversification in fund types, with a focus on low-volatility products and asset allocation strategies supported by regulatory initiatives [27][29].

Core Insights - The number of public fund managers has surpassed 4000, nearly doubling since 2018, reflecting rapid industry growth and intensified talent competition [1][2][4] - The recent regulatory framework emphasizes a shift from scale to quality, making talent strategy crucial for high-quality development in the fund industry [1][5] Group 1: Industry Growth and Talent Competition - As of May 10, 2025, the number of public fund managers reached 4017, compared to 2025 at the end of 2018, indicating significant growth [2] - The influx of new generation fund managers introduces fresh perspectives and diversifies investment strategies, while also intensifying performance pressure on existing managers [2][3] - The industry faces a growing demand for diversified fund products, prompting managers to seek differentiated competitive paths [2][3] Group 2: Regulatory Changes and Impact on Fund Managers - The new regulatory framework aims to limit the number and scale of products managed by individual fund managers, leading to a potential reduction in the number of managers overseeing over 10 billion [4][5] - The number of active equity fund managers managing over 10 billion has decreased by over 48% compared to the first quarter of 2023, indicating a structural change in the industry [4][5] - The focus is shifting towards sustainable investment returns rather than blind expansion, with an emphasis on long-term performance and compliance [5][6] Group 3: Shift Towards Integrated Research Platforms - The trend of "de-starring" fund managers is emerging, with a focus on building integrated, multi-strategy research platforms rather than relying on individual star managers [6][7] - Fund companies are increasingly prioritizing systematic decision-making and quality control through collaborative research teams [6][7] - The introduction of quantitative analysis models and AI tools is expected to enhance research efficiency and investment decision accuracy [3][6] Group 4: Talent Dynamics and Future Outlook - High turnover rates among fund managers have raised concerns, but the industry remains attractive for new talent, indicating a dynamic talent landscape [7] - The emphasis on competitive compensation and career development opportunities is crucial for attracting top talent in the fund management sector [7] - The entry of new generation fund managers is expected to inject innovation and drive the industry towards diversification and specialization [7]