Core Viewpoint - The public fund investment research system is undergoing significant changes, with veteran fund managers stepping back to focus on management and strategic planning, while new talent is emerging to take on more responsibilities in fund management [1][4]. Group 1: Veteran Fund Managers Transitioning - Veteran fund managers like Feng Bo and Liu Ming are stepping down from their fund management roles to concentrate on company management and investment strategy [2][3]. - Feng Bo, previously a highly sought-after manager, has resigned from managing multiple funds, while still holding senior management positions at E Fund [2]. - Liu Ming, who has a long history in fund management, has also transitioned to a management role at Dongfang Alpha Fund after resigning from his fund management duties [2]. Group 2: Emergence of New Talent - New fund managers are stepping up to fill the roles left by veterans, with individuals like Ouyang Liangqi and Wu Qiusheng taking over management of significant funds [4]. - The number of new fund managers has increased significantly this year, with over a hundred new hires and several researchers promoted to fund manager positions [4][5]. - The trend indicates a growing emphasis on nurturing new talent within the industry, supported by policy guidance [5][6]. Group 3: Restructuring of Investment Research Models - The transition of veteran managers to management roles and the rise of new talent reflects a restructuring of the public fund investment research model [6]. - The China Securities Regulatory Commission has introduced initiatives to enhance the investment research capabilities of fund companies, promoting a more integrated and team-based approach [6]. - Companies are focusing on building a sustainable investment research system that emphasizes collaboration, specialization, and the use of technology to improve efficiency [6].