登录新浪财经APP 搜索【信披】查看更多考评等级 文章来源：用益研究 第一，这一变革集中体现为三大转向。一是业务逻辑转向，从依赖非标业务的粗放模式，进一步强化转 向主动管理与净值化运作，契合资管新规统一标准与信托业务分类厘清的政策导向；二是监管导向转 向，从单纯的规模管控，调整为合规经营与投资能力并重的精细化监管，覆盖信托产品设立、运营、终 止全流程；三是竞争逻辑转向，从低门槛的同质化竞争，转向构建差异化、生态化的核心竞争力，立足 私募资管定位发挥信托制度优势。 第二，进一步划定业务边界。《办法》为资产管理信托划定了清晰的业务范围与监管要求，一是业务边 界清晰化，明确禁止通道业务和资金池业务，合理限制非标债权投资范围与结构化产品杠杆水平，确立 其基于信托法律关系的私募资产管理产品定位，面向合格投资者非公开发行，人数不超过200人，从根 源上规范规模扩张行为；二是投资者保护实质化，通过强化销售适当性管理、推行净值化运作、细化信 息披露要求，落实"卖者尽责、买者自负；卖者失责、依法赔偿"原则，引导投资者理性看待资产管理产 品风险收益特征，同时要求以醒目方式提示风险，厘清销售机构责任；三是风控合规穿透化，强调对底 ...

Core Viewpoint - Liu Gesong, a prominent fund manager at GF Fund, has stepped down from managing the GF Multi-Dimensional Emerging Stock Fund, which achieved a return of 140.03% during his tenure, marking it as the best-performing fund under his management [1][4][7]. Fund Management Changes - The change in management is officially termed as "dismissal of the fund manager," with Zhou Zhishuo taking over sole management responsibilities [5]. - The announcement emphasizes that Liu Gesong will remain with GF Fund, indicating that this is a "normal work adjustment" [1][7]. Performance Context - Despite the strong performance of the GF Multi-Dimensional Emerging Stock Fund, questions arise regarding the rationale behind the dismissal of the best-performing fund, especially in light of industry pressures and fee reforms [4][8]. - Liu Gesong continues to manage five other funds with a total scale of 29.463 billion yuan, maintaining a focus on key stocks such as Siasun, Shengbang, Yiwei Lithium Energy, and Sunshine Power [7]. Market Speculation - The management change has led to speculation about whether the scale of 29.463 billion yuan has become overwhelming for Liu, as larger fund sizes complicate asset allocation and rebalancing [8]. - The industry is witnessing a trend of star fund managers stepping down or leaving, with several notable managers transitioning to private equity [9]. Industry Trends - The public fund industry is experiencing a shift from "license dividends" to "capability competition," with a notable decline in the personal brand value of star managers, while platform value is becoming more prominent [9]. - The ongoing management pressures in the industry suggest that while "reducing burden" may alleviate short-term stress, optimizing portfolio strategies and enhancing the performance of remaining products are crucial for maintaining investor trust [9].

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].