2025年5月，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），引导 公募基金坚持以投资者为本的发展理念，强化核心投研能力建设，并明确提出要"大力提升公募基金权 益投资规模与占比，促进行业功能发挥"，为行业高质量发展绘制了清晰蓝图。 作为以主动权益能力著称的资产管理机构，汇添富基金始终注重对主动选股能力的长期锤炼，铸就了独 特的"选股专家"口碑。近年来，汇添富推行了一系列改革举措，与《行动方案》的指导方向高度契合， 这进一步坚定了公司的战略定力和发展信心；同时，今年正值汇添富成立20周年，《行动方案》的出台 更为公司优化改革措施、提升投研与服务水平，开启高质量发展新篇章，提供了明确指引。 得益于持续对投资理念的贯彻和对投研体系的升级，过去一年，汇添富在主动权益领域，有5只基金实 现业绩翻倍，最高涨幅超过200%，有20只基金涨幅超过70%，43只基金涨幅超过50%，进一步提升了在 主动选股领域的核心竞争优势。 精进投研 夯实发展根基 《行动方案》提出，强化核心投研能力建设，建立基金公司投研能力评价指标体系，引导基金公司持续 强化人力、系统等资源投入，加快"平台式、一体化、多策略"投研 ...

驶入权益投资的"深水区"，公募基金比拼的不再是单一的基金经理，而是整个投研平台的系统战斗力。 中国公募基金行业正在经历历史性跨越。在总规模突破35万亿元大关的同时，行业发展重心已从单纯的规模扩张，全面转向质量提升与可持续增长。 在这一转型过程中，提升权益投资能力成为行业共识的核心议题。《推动公募基金高质量发展行动方案》明确提出，大力提升公募基金权益投资规模与占 比，促进行业功能发挥。政策指引下，公募机构纷纷加码权益布局，尤其引人注目的是，今年以来，一批以固收见长的"银行系公募"，正以前所未有的力 度，加速布局充满挑战与机遇的权益投资领域。 建信基金正是这一趋势下的典型样本。截至2025年上半年，建信基金资产管理总规模已经突破1.43万亿元，服务近9300万客户。在成立二十周年之际，建 信基金正系统性地推进从投研架构、产品设计、风控体系到公司文化的深度变革，展现出坚定的战略转向。 当前行业共识逐渐清晰：过度依赖基金经理个人能力的时代正在退场，取而代之的是"平台化、一体化、多策略"的投研体系建设，这才是支撑长期稳健回 报的根本。建信基金的转型逻辑也围绕这一核心展开——用平台把基金经理的长板拉得更长，用机制降低基金 ...

Core Viewpoint - The article emphasizes that 2025 is likely to be a year when public funds regain investor trust, highlighted by significant performance improvements in various fund categories, particularly those managed by Huaxia Fund [1][3]. Performance Overview - As of June 30, 2025, the Wind偏股混合基金指数 rose by 7.86%, outperforming the沪深300 index, with the top ten active equity funds achieving over 60% gains in the first half of the year [1]. - Huaxia Fund led the industry with an incremental scale of 311.937 billion, achieving a growth rate of 14.86% among fund companies managing over 500 billion [1]. Huaxia Fund's Success Factors - Huaxia Fund's growth is attributed to several continuous strategies: 1. Ongoing upgrades to the investment research system to adapt to rapidly changing capital markets [3]. 2. Continuous asset definition and pricing to embrace the multi-asset era [3]. 3. Continuous enhancement of user experience to better match user needs with product features [3]. 4. Continuous promotion of industry transformation through product and tool innovation [3]. Investment Research System - Huaxia Fund has established multiple investment decision committees for various asset classes, each led by independent research directors and fund managers [8]. - The firm has a large research team that covers the entire industry and all asset classes, providing support to investment groups [9]. - A comprehensive talent development system is in place, nurturing talent from entry-level to fund manager positions [9][10]. Asset Definition and Pricing - Huaxia Fund has been proactive in creating new asset classes, such as the North Exchange Fund and the first domestic ETF product [12]. - The firm emphasizes the importance of asset management, focusing on discovering, defining, and managing assets [12][14]. - The fund categorizes its products into various types based on investment style, industry, and specific strategies, allowing for a more granular approach to asset management [13]. User Experience Enhancement - Huaxia Fund has invested significantly in improving user experience, exemplified by the "Red Rocket" index investment tool, which underwent extensive testing and development [16]. - This tool addresses multiple investor pain points, such as understanding indices, comparing different indices, and analyzing market volatility [16][17]. Industry Transformation - Huaxia Fund aims to expand the overall asset management industry, enabling more ordinary people to meet their investment needs through fund products [19]. - The firm has transitioned from a single asset expert to a multi-asset platform, influencing other fund companies to follow suit [20]. - Huaxia Fund has been a pioneer in index fund services, driving innovation in ETF products and integrating active product innovation into passive ETF lines [21][22].

Core Viewpoint - The departure of fund manager Fan Kun from Rongtong Fund has raised concerns about the stability of the company's investment research system, especially given her previous success in managing funds with significant returns [2][7]. Group 1: Fund Manager Transition - Fan Kun has taken maternity leave and will be succeeded by other fund managers, including Liu Ankun, Wang Chao, Li Wenhai, and Ren Tao, who are expected to ensure a smooth transition of investment strategies [2][4]. - The transition process has been gradual, with Fan Kun having begun to step back from core products since June 2024, indicating a systematic handover rather than an abrupt departure [4][5]. Group 2: Performance Metrics - Under Fan Kun's management, the Rongtong Domestic Demand Driven Fund achieved a return rate of 99.77% and an annualized return of 14.13% by April 30, 2025, significantly outperforming the CSI 300 index and peer funds [3][5]. - However, the fund faced challenges in the past year, with a loss of 6.07% in 2024 and a further decline of 3.76% in the first quarter of 2025, leading to a reduction in assets from 3.778 billion yuan at the end of 2023 to 846 million yuan by the end of the first quarter of 2025 [3][7]. Group 3: Company Overview - Rongtong Fund, established in May 2001, has seen its asset management scale exceed 320 billion yuan, reaching 324.3 billion yuan by the end of the first quarter of 2025, with public fund management at 148.3 billion yuan and separate account management at 176 billion yuan [6]. - The company has focused on serving state-owned capital operations and has developed several index products, including the Rongtong CSI Chengtong State-Owned Enterprise Dividend ETF [6]. Group 4: Market Implications - The departure of a star fund manager like Fan Kun often leads to redemption pressures, and maintaining investor confidence through collaborative research and investment team efforts will be crucial for Rongtong Fund moving forward [7]. - The public fund industry is shifting from reliance on star managers to a more team-based approach, with many leading firms adopting a multi-manager model to mitigate the impact of individual manager changes [7].