Core Viewpoint - The public fund industry in China is transitioning from a "star era" dominated by individual fund managers to a "platform era" that emphasizes team collaboration, professional division of labor, and technological empowerment to ensure stable performance and sustainable growth [4][6][15]. Group 1: Industry Overview - As of May 2025, the total scale of public funds in China reached 33.74 trillion yuan, marking a historical high [1]. - The China Securities Regulatory Commission issued an "Action Plan for Promoting High-Quality Development of Public Funds," which emphasizes the need for fund companies to strengthen resources and build a platform-based, integrated, and multi-strategy investment research system [2][15]. Group 2: Challenges in the Current System - The current active equity investment landscape faces significant challenges, including reliance on individual fund managers, lack of systematic management, and insufficient digital talent cultivation [4][5][6]. - Fund companies are urged to reduce dependence on individual capabilities to ensure stability and sustainability in operations [6][7]. Group 3: Transition to Platform-Based Models - Fund companies are responding to the need for a platform-based investment research system by leveraging artificial intelligence and big data to enhance efficiency [7][10]. - Examples include the implementation of specialized, standardized, and intelligent processes to improve investment research capabilities, as seen in the practices of firms like China Europe Fund and Tianhong Fund [7][8][11]. Group 4: Technological Empowerment - Financial technology, including AI and big data, serves as the foundation for building new investment research platforms, driving the public fund industry towards an industrial era [10]. - Companies like Fuguo Fund are developing integrated smart investment research systems that enhance data processing and decision-making efficiency [11]. Group 5: Future Directions - The industry is expected to evolve towards a fully integrated ecosystem that combines investment research, sales, and advisory services, enhancing overall operational efficiency [14][16]. - The "platformization" of fund companies aims to create a unified resource hub that eliminates information silos and fosters cross-departmental collaboration [15].