□本报记者 王雪青 翟相栋、鲍无可、张翼飞、周海栋、周克平……今年以来，多位明星公募基金经理相继离任，推动公募 基金行业加速步入"后明星时代"。与此同时，"买基金就是买基金经理"的行业名言也遭遇冲击。 中国证券报记者调研了解到，在公募"去明星化"浪潮下，行业机构正通过平台化投研体系搭建、团队化 管理、产品结构向指数化方向调整等多维路径重塑竞争力；在投资端，作为公募基金产品的"职业买 手"，FOF管理人也在顺应行业发展趋势，构建淡化个人IP的基金筛选方法。 这场变革既有改革力量的作用，也是市场自然演化的必然，不仅关乎公募基金行业的格局重塑，更将对 数亿基民的投资体验带来深远影响。 探索"去明星化"软着陆 今年5月，证监会印发的《推动公募基金高质量发展行动方案》特别提出，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"投研体系建设，支持基金经理团队制管理模式， 做大做强投研团队。 "想要保持市场竞争力，公募基金应从'基金经理明星化'转向'投研平台化'，通过体系化、平台化的投研 方式构建公司品牌；建立'老带新'机制或者'集体决策'的投研体系等，都有利于减少明星基金经理的影 响。"天相投顾基 ...

Core Viewpoint - The public fund fee reform has significantly reshaped the industry ecosystem, prioritizing investor interests and leading to a reduction in costs for investors, with expected annual savings exceeding 45 billion yuan [2][4][5]. Group 1: Fee Reduction Impact - The average management fee for actively managed equity funds that have been established for over three years has decreased by approximately 20% over the past three years [5]. - In 2024, the total fees, including management, custody, sales service, and trading commissions, are projected to be 188.42 billion yuan, a reduction of 7.07% compared to the same period in 2023 [2][4]. - The rapid development of passive products, particularly ETFs, has contributed to the overall reduction in industry fees, with some large ETFs lowering management and custody fees from 0.5% and 0.1% to 0.15% and 0.05% respectively [5][6]. Group 2: Industry Transformation - The fee reform has prompted a shift from a "scale expansion" model to a "performance-driven" approach within fund companies, leading to the emergence of floating fee rate funds [2][5][10]. - The industry is witnessing a new landscape characterized by "passive rise and active focus," as firms adjust their product offerings to align with investor interests [6][8]. - The focus on research and investment has intensified, with institutions moving from a scale-oriented strategy to one that emphasizes investor returns, thereby enhancing trust in the industry [7][8]. Group 3: Product Innovation and Strategy - The introduction of floating fee rate funds and the expansion of passive investment products have diversified market offerings, with low-fee products gaining a larger market share [5][10]. - Fund companies are increasingly adopting a dual-driven service model that combines performance and service, enhancing the overall investor experience [12]. - The industry is expected to see a rise in customized products and floating fee structures that are closely tied to investor interests, with ongoing reforms in the sales fee structure anticipated [18][19][24]. Group 4: Future Directions - The third phase of the fee reform, focusing on sales fees, is expected to be implemented soon, aiming to balance investor interests with the sustainable development of the industry [24][25]. - Future reforms may include optimizing sales service fee structures and introducing tiered pricing based on investor holding periods to encourage long-term investment [25][28]. - The industry is encouraged to learn from overseas experiences, particularly in transitioning to a buyer's advisory model, which could enhance the value provided to investors [26][28].