出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 图片来源 | AI制图 AI对于金融行业的渗透比预期的更快。 以往牛市中，基金业绩主要靠基金经理个人能力。本轮牛市中则有些许不同，横扫千行百业的人工 智能，也"卷"了进来。 从目前公募基金的业绩来看，对人类的好消息是，人类依然是大幅度超额收益的主要创造者；对AI 的好消息则是，它正帮着机构抬升投研能力的基线。 主动权益的"后来者"天弘，便是个例子。他们研发了一套名为TIRD的AI系统，以此强力辅助研究员 和基金经理做决策。 海通证券数据显示，截至2023年底的近三年权益业绩50强基金公司中，天弘基金并未进入前50强。 而到了2025年上半年，天弘基金在同类榜单中已经进入前50强，在截至2025年6月30日的近三年权 益业绩50强中，居于36位，实现了权益产品业绩的提升。 这颇有点"光脚的不怕穿鞋的"味道。 与基金行业的多数公司不同，早年天弘基金通过加码自己的IT技术能力，凭借余额宝的创新，快速 在规模上跃升至行业前列。此后，蚂蚁集团成为其控股股东，这让天弘成为业内少有的具有互联网 背景的公募基金公司。这样的背景和成长经历，也使之成为行业里最具互联网原生 ...

Core Viewpoint - The public fund industry in China is transitioning into a "post-star era" as several prominent fund managers have left their positions, leading to a re-evaluation of the traditional belief that "buying a fund means buying the fund manager" [1][2] Group 1: Departure of Star Fund Managers - A significant number of well-known fund managers, including Zhai Xiangdong and Bao Wuke, have left their positions this year, with a total of 247 departures reported by mid-August, surpassing the numbers from previous years [1] - The departure of star fund managers often results in substantial redemptions from their associated funds, with one fund's total assets dropping from over 14 billion to around 8 billion, a decline of over 40% [2] - Fund companies are striving for a "soft landing" during these transitions by promoting their internally trained teams to manage funds, which has led to some funds achieving impressive returns despite the manager's departure [2][3] Group 2: Industry Transformation - The public fund industry is exploring three main transformation paths: industrialization and platformization of research, establishing multi-manager systems, and adjusting product structures towards indexation [3][4] - The China Securities Regulatory Commission has emphasized the need for fund companies to strengthen their research capabilities and support team management models to enhance competitiveness [3] - The shift from "star manager" reliance to a platform-based research approach is seen as essential for maintaining market competitiveness [4][5] Group 3: Multi-Manager Collaboration - The trend of replacing single-manager models with multi-manager collaboration is gaining traction, with several funds adopting this strategy to diversify management and reduce reliance on individual managers [6][7] - Successful examples of multi-manager collaboration have been observed in both domestic and international markets, indicating a potential for improved performance through shared decision-making [6][7] - The multi-manager model requires a robust system for collaboration and decision-making, which includes restructuring trading, valuation, and risk management systems [7] Group 4: Changing Investment Philosophy - The traditional investment philosophy of "choosing funds means choosing people" is being challenged, with a focus shifting towards the overall strength of the investment team and the research framework of the fund company [8][10] - Fund managers are increasingly valuing specialized expertise in specific sectors rather than seeking "all-rounder" managers, emphasizing the importance of systematic asset allocation [8][10] - The importance of finding capable leaders who can effectively manage teams and strategies is becoming more pronounced as the industry evolves [9][10]

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].