Core Insights - The article emphasizes the stability and long-term performance of the fixed income team at ICBC Credit Suisse Asset Management, highlighting the rarity of fund managers who maintain consistent performance over a decade or more [1][5][13] Group 1: Investment Strategy - The fixed income investment approach is likened to a marathon, focusing on long-term rhythm and endurance rather than short-term speed [1] - The company has developed a mature system to continuously seek excess returns in a low-yield, high-volatility environment, emphasizing the importance of macroeconomic foresight and institutional behavior tracking [2][3] - Asset pricing dynamics are crucial for identifying investment opportunities, with the company considering various valuation indicators to inform its "fixed income+" product strategies [3] Group 2: Team and Talent - The fixed income team at ICBC Credit Suisse has grown to 46 members, with a structured growth path for team members to ensure the continuity of research capabilities [7] - The presence of experienced fund managers, such as Ouyang Kai and He Xiuhong, who have managed funds for over a decade, contributes to the company's stability and performance [6][5] Group 3: Product Offering - The company has established a comprehensive "fixed income super shelf" with a diverse range of products tailored to different investor needs, including short-term, medium-term, and various types of bond funds [8][10] - The "fixed income+" products are categorized into three tiers based on equity positions and risk-return characteristics, catering to different market cycles and investor risk appetites [9] Group 4: Historical Development - The development of ICBC Credit Suisse's fixed income business has been marked by significant milestones, including the launch of the first money market fund in 2006 and the establishment of a robust investment research framework [10][11] - The company has achieved substantial growth, with its fixed income business scale surpassing 670 billion yuan by 2024, reflecting a successful transition to high-quality development [12] Group 5: Future Outlook - The company aims to enhance its investment capabilities and continue innovating in product offerings, particularly in response to the evolving market environment and investor needs [13]

Core Viewpoint - The departure of several star fund managers has prompted the industry to reflect on its reliance on individual reputations, signaling a shift from a "star era" to a "platform era" in public funds [1][7][14]. Group 1: Impact of Departures - The exit of key fund managers like Qiu Dongrong has led to significant scale fluctuations and performance challenges for their respective firms, highlighting the risks of depending on individual managers [1][3]. - After Qiu Dongrong's departure, the total assets under management at Zhonggeng Fund dropped from 189.72 billion to 116.07 billion, a year-on-year decrease of 38.82% [4]. - Other firms, such as Yuanxin Yongfeng Fund, also experienced a decline in total scale after the departure of manager Fan Yan, with a reduction from 356 billion to 323.81 billion [5]. Group 2: Industry Reflection and Changes - The industry is recognizing the need to rebuild trust in research teams and platforms rather than relying solely on star managers, as evidenced by the shift in investor sentiment [1][7]. - A trend towards team-based management is emerging, with firms increasingly hiring multiple managers for funds to ensure continuity and stability [9][10]. - The number of funds announcing the hiring of additional managers has surged, with 267 announcements made this year alone [10]. Group 3: Regulatory and Strategic Shifts - Regulatory bodies have long been concerned about the "star phenomenon" in public funds, advocating for a transition to a more team-oriented and platform-based investment approach [13][14]. - The industry is moving towards a "platform era," where the focus is on collective team performance rather than individual star managers, as seen in the strategies of firms like Zhonggeng and Zhongou [16]. - The emphasis on team capabilities and a comprehensive investment research framework is becoming a priority for firms, aligning with regulatory expectations [12][16].