10月11日，融通基金发布高级管理人员变更公告，副总经理邹曦离任，离任日期2025年10月11日。此前9月已卸任景气A、成长A、融通产业趋势、A四只产 品基金经理，这位在融通基金工作了24年的元老级人物，最终挥手作别。 | 1:4047400 基金管理人名称 | 融通其金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基金经营机构董事、监事、高 级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 离任基金管理人副总经理 | | 2.离任高级管理人员的相关信息 | | | 离任高级管理人员职务 | 副总经理 | | 离任高级管理人员姓名 | 气的变 | | 料任原内 | 个人原因 | | 图任目期 | 2025年 10月 11日 | | 转任本公司其他工作岗位的说明 | | 24年老将邹曦正式离任 此前已卸任全部基金产品 邹曦的离任早在市场预料之中。就在一个月前的9月6日，他已卸任全部在管的4只基金产品，包括混合、混合、融通产业趋势和融通中国风1号灵活配置混 合。当时的一次性卸任所有基金，已被业内视为他将离开融通基金的明确信号。 邹曦是公 ...

Core Viewpoint - The public fund industry in China is undergoing a transformation period characterized by anxiety and pressure, with a total scale reaching a historical high of 34 trillion yuan. The industry faces challenges in balancing performance and scale retention, particularly in the competitive ETF market and the underwhelming growth of personal pension products [3][4][19]. ETF Market Dynamics - The competition in the ETF market has intensified, with the scale of ETFs becoming a critical factor in determining a company's industry position. Over the past two years, numerous ETFs have been launched, with significant participation from over 30 fund companies in the China A500 ETF alone [6][7]. - The operational costs of managing an ETF are substantial, with fixed annual expenses exceeding 2 million yuan, necessitating a stable scale of at least 5 billion yuan for breakeven [11][12]. - The ETF market is experiencing a stratification of competition, with top-tier companies engaging in full-scale competition, while mid-tier firms are shifting towards strategic competition [12][13]. Active Equity Funds Challenges - Despite the overall growth of public funds, active equity funds are facing a dual challenge of shrinking shares and performance divergence. As of June 30, the total share of active equity funds decreased by approximately 4% compared to the end of the previous year [15][16]. - The performance of active equity funds has shown significant disparity, with an average return exceeding 6% in the first half of the year, but with some funds experiencing losses over 15% [15][16]. Pathways for Active Management - To overcome the challenges of shrinking scale and performance divergence, active equity funds need to focus on restructuring their investment research systems and rebuilding investor trust. This includes establishing a platform-based research framework and enhancing risk management [17][18]. - The regulatory environment is pushing for high-quality development, encouraging a shift from star-driven management to a more team-oriented approach [19]. Industry Recruitment Trends - The public fund industry is witnessing a slowdown in talent mobility and a decrease in recruitment demand, with a notable number of high-performing fund managers leaving for private equity due to differences in compensation structures [21][22]. - The industry is undergoing a structural adjustment in talent needs, driven by the rise of passive investment and financial technology [21][22]. Pension Fund Developments - The scale of pension target funds has been declining, with a total of 604.42 billion yuan as of the second quarter of 2025, reflecting a decrease of 5.18% year-on-year [24][25]. - The investment scope of pension funds is gradually expanding, with public REITs being included, indicating potential growth areas in the future [27]. Industry Transformation and Future Outlook - The fund industry is transitioning from a scale-driven model to one focused on high-quality development, necessitating a collective effort from all stakeholders to explore sustainable growth paths [34].