那些失去知名基金经理的中小基金公司，如今过得还好么？ 从业绩端来看，刘晟在单独接手中庚价值领航后，截至6月27日，中庚价值领航今年以来和自2024 年7月21日（丘栋荣官宣离职日）以来的回报率分别为15.90%和18.83%，这两项数据均跑赢了沪深300 指数和万得偏股混合型基金指数的同期涨幅。其他产品中，中庚价值品质一年持有期今年以来的回报率 达到11.31%，跑赢了同期沪深300指数和万得偏股混合型基金指数，但把时间拉长至2024年7月21日， 截至2025年6月27日，该产品的回报率稍稍落后于沪深300指数同期涨幅。再看另一只产品中庚小盘价 值，该基金自2024年7月21日以来的回报率达16.53%，跑赢了同期沪深300指数，但今年以来的表现略 显疲软，回报率不足4%。 2024年4月，圆信永丰基金公告，圆信永丰基金副总经理兼首席投资官、基金经理范妍正式离职， 旗下基金将由胡春霞、陈臣、肖世源等基金经理接任。由肖世源接任管理的圆信永丰聚优A在今年6月 初创下净值新高，截至6月27日，该基金近一年回报率已超40%。从持仓方向上看，肖世源已将圆信永 丰聚优A从范妍时的全市场配置策略改造成一只医药主题基金。公 ...

Core Viewpoint - The departure of renowned fund managers from small and medium-sized fund companies has significant impacts, but it also presents opportunities for these firms to rethink their strategies and diversify their product lines [1][5][7]. Group 1: Impact of Fund Manager Departures - Since 2024, several well-known fund managers have left their positions, leading to noticeable declines in the managed equity scale of small and medium-sized fund companies [1][6]. - The exit of a "star" fund manager often results in substantial changes in fund performance and scale, indicating high market recognition of these managers [6][9]. Group 2: Performance of Successors - Successors to departed fund managers have shown varied performance; some have maintained previous investment strategies while others have adopted new approaches [2][4]. - For instance, Liu Sheng, who took over the management of Zhonggeng Value Navigation, achieved a return rate of 15.90% this year, outperforming the CSI 300 Index [3]. - The fund managed by Shao Shiyuan, after taking over from Fan Yan, saw a return rate exceeding 40% in the past year, indicating successful adaptation to a new investment focus [4]. Group 3: Industry Reflection and Strategy - The loss of key talent is prompting small and medium-sized fund companies to reflect on their governance and incentive mechanisms to retain core personnel [7]. - Companies are encouraged to shift from a reliance on individual star managers to a more platform-based approach, fostering a sustainable competitive advantage [7][9]. Group 4: Regulatory Changes and Opportunities - The China Securities Regulatory Commission has introduced a plan to promote high-quality development in the public fund industry, emphasizing a shift from scale to return [8]. - This plan supports small and medium-sized fund companies in developing differentiated products and encourages long-term value investment, potentially alleviating short-term performance pressures [8][9].

Core Viewpoint - The public fund market in China has seen significant growth in 2024, with institutional investors increasing their holdings in equity funds, particularly through ETFs, while individual investors continue to dominate in money market funds [1][4][6]. Group 1: Institutional Investor Trends - Institutional investors increased their total holdings in public funds by 3.5 trillion units compared to the end of 2023, with over 40% of their holdings in equity funds, marking a nearly 12 percentage point increase from the end of 2022 [2][5]. - The total size of equity funds rose from 1.88 trillion units at the end of 2022 to 3.03 trillion units by the end of 2024, representing a growth rate of 61% [4]. - The share of equity funds held by institutional investors grew from 5.67 trillion units at the end of 2022 to 12.8 trillion units by the end of 2024, a 126% increase [4][5]. Group 2: ETF Investment - Institutional investors have significantly increased their equity fund holdings primarily through ETFs, participating in market dips and rebounds [6][7]. - In 2024, major ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF saw net subscriptions exceeding 10 billion units, with institutional investors accounting for nearly 80% of the net inflows [8][10]. - The largest ETF, Huatai-PB CSI 300 ETF, had an institutional ownership increase from 66.04% at the end of 2023 to 83.58% by the end of 2024 [10][11]. Group 3: Shift from Active to Passive Funds - There has been a notable decline in institutional interest in actively managed equity funds, with 40 active funds experiencing net redemptions exceeding 1 billion units in 2024 [12]. - The shift towards passive investment strategies is evident, as passive funds surpassed active equity funds in A-share market capitalization for the first time in history [11]. - Only 11 actively managed funds received over 1 billion units in net subscriptions from institutional investors in 2024, indicating a preference for ETFs and a reduced reliance on actively managed funds [13].