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 今年以来，据不完全统计，目前已有翟相栋、鲍无可、张翼飞、周海栋、马龙、蒋华安、曹名长、周克 平、张宇帆、谢家乐、王鹏等知名基金经理相继离任，引发市场广泛关注。 数据显示，截至8月15日，今年公募基金经理离任人数达247人，而前5年（2020年-2024年）同期，基金 经理离任人数分别为216人、190人、187人、199人、168人。 不可否认的是，明星基金经理离任往往伴随相关产品出现巨额赎回。毕竟，流量冲着某人而来，也注定 将随着某人而去。 回顾2024年7月，某个人系公募掌舵百亿元规模基金的基金经理因个人原因卸任。据统计，其原本管理 的5只基金产品合计规模已从2024年6月末的140多亿元，降至今年6月末 ...

Core Viewpoint - Notable fund manager Ge Lan's products have once again implemented purchase restrictions after four years, indicating concerns over fund operation difficulties and potential market corrections [1][4][7] Fund Management Actions - China Europe Fund announced that its China Europe Medical Innovation Stock and China Europe Science and Technology Innovation Mixed Funds will suspend large purchases, conversions, and regular investment starting from August 11, with limits set at 100,000 yuan [1][4][3] - Over the past month, more than 60 active equity funds have restricted large purchases, including several high-performing funds [5][7] Fund Performance - As of August 10, the year-to-date returns for China Europe Medical Innovation Stock A/C were 62.28% and 61.48%, ranking in the top 4 among peers; over the past year, returns reached 80.12% and 78.54% [4][7] - China Europe Science and Technology Innovation Mixed A/C had year-to-date returns of 29.78% and 29.3%, with one-year returns of 84.33% and 83.07% [4][7] Market Context - The Shanghai Composite Index has surpassed 3600 points, leading to an increase in the number of active equity funds implementing purchase restrictions [5][7] - Fund managers are concerned about rapid fund growth due to strong performance and potential market corrections, prompting the decision to limit purchases [7][8] Economic Outlook - Fund managers express caution regarding the domestic economy's growth pressures in the second half of the year, influenced by high tariffs and uncertain policies affecting exports [8] - There are structural opportunities in the consumer healthcare sector, particularly in medical aesthetics and home medical devices, driven by rising health awareness and an aging population [8]

Core Viewpoint - The announcement from China Europe Fund indicates a move to limit large subscriptions and investments in the China Europe Medical Innovation Equity Fund to ensure stable fund operations and protect the interests of fund shareholders [5][6]. Fund Details - The China Europe Medical Innovation Equity Fund, managed by fund manager Ge Lan, will suspend large subscriptions, conversions, and regular investment starting from August 11, 2025, with a daily purchase limit of 100,000 yuan per account [5][6]. - This is the first time since the fund's establishment in 2019 that a full-channel large subscription limit has been implemented, following previous restrictions in direct sales channels [5][6]. Fund Performance - As of the end of Q2 this year, the China Europe Medical Innovation Fund had a scale of 8.114 billion yuan, with an annual return of 62.28%, ranking 29th among 983 similar funds [6]. - The China Europe Medical Health Fund, another fund managed by Ge Lan, had a scale of 30.801 billion yuan and an annual return of 21.81%, ranking 1078th out of 4525 funds [6]. Market Trends - Several high-performing funds have recently joined the trend of limiting subscriptions, with 22 out of 153 funds that have achieved over 50% annual returns implementing subscription limits, accounting for 14.38% [7]. - Among actively managed equity funds with over 40% annual returns, 28 out of 216 funds have also suspended subscriptions, representing 12.96% [7]. Industry Insights - Industry experts suggest that subscription limits are not indicative of a bearish market but rather a proactive measure to maintain the effectiveness of investment strategies and manage the inflow of funds [8].

Core Viewpoint - The departure of several star fund managers has prompted the industry to reflect on its reliance on individual reputations, signaling a shift from a "star era" to a "platform era" in public funds [1][7][14]. Group 1: Impact of Departures - The exit of key fund managers like Qiu Dongrong has led to significant scale fluctuations and performance challenges for their respective firms, highlighting the risks of depending on individual managers [1][3]. - After Qiu Dongrong's departure, the total assets under management at Zhonggeng Fund dropped from 189.72 billion to 116.07 billion, a year-on-year decrease of 38.82% [4]. - Other firms, such as Yuanxin Yongfeng Fund, also experienced a decline in total scale after the departure of manager Fan Yan, with a reduction from 356 billion to 323.81 billion [5]. Group 2: Industry Reflection and Changes - The industry is recognizing the need to rebuild trust in research teams and platforms rather than relying solely on star managers, as evidenced by the shift in investor sentiment [1][7]. - A trend towards team-based management is emerging, with firms increasingly hiring multiple managers for funds to ensure continuity and stability [9][10]. - The number of funds announcing the hiring of additional managers has surged, with 267 announcements made this year alone [10]. Group 3: Regulatory and Strategic Shifts - Regulatory bodies have long been concerned about the "star phenomenon" in public funds, advocating for a transition to a more team-oriented and platform-based investment approach [13][14]. - The industry is moving towards a "platform era," where the focus is on collective team performance rather than individual star managers, as seen in the strategies of firms like Zhonggeng and Zhongou [16]. - The emphasis on team capabilities and a comprehensive investment research framework is becoming a priority for firms, aligning with regulatory expectations [12][16].

Core Viewpoint - The trend of transitioning from single fund manager models to multi-manager collaborative models is becoming increasingly prominent in the public fund industry, as evidenced by recent appointments at various funds [1][5][7]. Group 1: Fund Manager Appointments - Zhao Lei has been appointed as a co-manager for the China Europe Medical Health Mixed Fund alongside Ge Lan [1][2]. - Jin Xuwei has been appointed as a co-manager for the China Europe Value Growth Mixed Fund with Wang Jian [3]. - Song Ting has been appointed as a co-manager for the China Europe National Index 2000 Enhanced Fund with Qian Yating [4]. - Su Wenjie has been appointed as a co-manager for the GF Growth Power Three-Year Holding Mixed Fund with Zheng Chengran [5][6]. Group 2: Industry Trends - In the past year, a total of 29 products under China Europe Fund have adopted the "co-management" approach, indicating a clear shift towards team-based management [5]. - The transition from individual to team-based management is recognized as a significant transformation direction in the public fund industry [7]. - Regulatory bodies have emphasized the importance of team-based management structures in the public fund industry, as highlighted in the guidelines issued in 2022 and 2023 [7].

Core Viewpoint - The announcement by China Europe Medical Health Mixed Fund regarding the appointment of Zhao Lei as a co-manager alongside Ge Lan highlights a trend in the fund management industry towards shared management structures, reflecting a strategic move to enhance fund performance and investor confidence [1] Group 1: Fund Management Changes - Zhao Lei has been appointed as a co-manager for the China Europe Medical Health Mixed Fund, effective from July 4, 2025 [1] - In the first half of this year, a total of 1,927 funds experienced changes in fund manager appointments, with 666 of these being "co-management appointments" from 122 different fund companies [1] - Notable fund managers involved in these changes include Liu Gesong, Li Xiaoxing, Zhao Bei, and Feng Bo, all of whom manage funds with over 10 billion [1] Group 2: Trends in Fund Management - Over the past year, China Europe Fund has implemented "co-management appointments" for 29 of its products, indicating a growing trend in the industry towards collaborative management [1]

Core Viewpoint - The appointment of Zhao Lei as a co-manager for the China Europe Medical Health Fund signifies a trend towards multi-manager collaboration in the pharmaceutical fund sector, enhancing management capabilities and investment strategies [2][4][6]. Group 1: Fund Management Changes - Zhao Lei has been appointed as a co-manager alongside Ge Lan for the China Europe Medical Health Mixed Fund, while Ge Lan will continue to manage other products independently [2][4]. - Zhao Lei has over 8 years of experience in the pharmaceutical and biotechnology sector and has held various research roles before joining China Europe Fund in 2021 [4]. - As of the end of Q1 this year, Ge Lan managed three funds with a total scale of 404.47 billion yuan, with the China Europe Medical Health Fund achieving a net value growth rate of 8.30% in the first half of the year, outperforming the CSI Pharmaceutical Index by 6.03% [4]. Group 2: Performance Metrics - The China Europe Medical Innovation Fund, also managed by Ge Lan, reported a 32.25% growth in the last six months, with an excess return of 26.8% compared to its benchmark, ranking in the top 4% of its category [5]. - Over the past year, the same fund achieved a growth of 51.63%, with a 37.17% excess return relative to its benchmark, maintaining a top 4% ranking [5]. - The China Europe Index products, including the China Europe CSI Hong Kong Stock Connect Innovative Drug Index, have also shown strong performance, with a 50.94% increase in the last six months, ranking in the top 1% of its category [5]. Group 3: Industry Trends - The trend of multi-manager collaboration is becoming a significant transformation direction in the public fund industry, with 666 products undergoing co-management appointments in the first half of the year [7]. - This collaborative model allows for better utilization of each manager's strengths, enhancing the risk-return profile of the investment portfolio [7]. - Regulatory bodies are promoting a shift towards team-based management structures, emphasizing the importance of building robust research capabilities and moving away from reliance on star fund managers [8]. Group 4: Company Strategy - China Europe Fund is focused on strengthening its research team and investment capabilities, with an average financial industry experience of 14 years among its active equity fund managers [8]. - The company aims to create a stable, expert research team that covers 39 niche areas through in-depth research, supporting its investment strategies [8].

Core Viewpoint - The recent rumor about a female fund manager spending 170 million yuan on a luxury apartment in Shanghai has drawn attention to the female fund manager community, particularly highlighting the investment prowess and industry influence of Guo Lan, who quickly refuted the rumor [1][2] Group 1: Guo Lan's Background and Achievements - Guo Lan, born in 1985, has an impressive academic background, graduating from Tsinghua University and earning a Ph.D. in biomedical engineering from Northwestern University in the U.S. [1] - She has a successful career trajectory, having worked as a researcher at Guotai Junan Securities and Minsheng Zhixin Fund, where her team achieved first place in the New Fortune rankings [1] - Since joining China Europe Fund in October 2014 and becoming a fund manager in January 2015, she has managed to grow her fund size to 34.3 billion yuan, with an annualized return of 30.93% over five years [1] Group 2: Current Fund Management and Performance - As of the end of Q1, Guo Lan manages a total fund size of approximately 40.4 billion yuan, with three products having net asset values of 31.179 billion yuan, 8.199 billion yuan, and 1.069 billion yuan respectively [2] - In Q1, her funds performed well, with the China Europe Medical Innovation Stock fund seeing a net value increase of over 20%, outperforming its benchmark by more than 16 percentage points [2] - Guo Lan's investment focus remains on innovative pharmaceuticals and their supply chains, with recent adjustments in holdings including increased positions in Kelun Pharmaceutical and Baili Tianheng, while reducing stakes in leading pharmaceutical companies [2] Group 3: Future Outlook - Guo Lan anticipates continued growth in the innovative pharmaceutical sector, a recovery in consumer healthcare, and domestic substitution in key industry segments, supported by a policy environment favoring innovation and compliance [2]

Core Insights - Despite a volatile overall market in the first quarter of 2025, public funds demonstrated strong resilience, with a notable recovery in the performance of actively managed equity funds [3][4] - The report indicates that 74.97% of the 8097 funds achieved positive returns, with 166 funds exceeding a 20% return and 989 funds surpassing a 10% return [3] - Growth style funds outperformed in the first quarter, with median returns of 14.49% for mid-cap growth and 13.31% for small-cap growth, while large-cap value funds lagged with a median return of approximately 1.50% [3] Fund Performance - The first quarter saw a strong correlation between fund performance and changes in fund size, with better-performing funds attracting more investment [4] - As of the end of the first quarter, the total market fund management scale reached 31.61 trillion yuan, a 9.60% increase year-on-year, while the scale of actively managed equity funds decreased by 5.16% to 3.49 trillion yuan [4] Billion Club Changes - The number of actively managed equity funds with assets exceeding 100 billion yuan decreased from 27 to 26 in the first quarter, with new entrants replacing some previous members [5] - Notable new members include the Yongying Advanced Manufacturing Select and Penghua Carbon Neutrality Theme funds, which have shown strong performance [5][8] Top Performing Funds - The Penghua Carbon Neutrality Theme fund achieved a remarkable return of 60.26%, leading the performance rankings, while the Yongying Advanced Manufacturing Select fund recorded a return of 52.32% [8][10] - The net subscription amounts for these funds were estimated to exceed 7 billion yuan, with significant increases in their total assets [10] Fund Manager Rankings - The top ten fund managers in the actively managed equity fund sector maintained relative stability, with slight internal ranking changes [14] - As of the end of the first quarter, the largest actively managed equity fund was the E Fund Blue Chip Select, managed by Zhang Kun, with a total asset value of 389.08 billion yuan [10][14] Scale Growth - Several fund managers, including those from Fortune Fund and China Europe Fund, reported significant net increases in fund management scale, indicating a positive trend in the sector [15][16] - The scale of the China Europe Medical Health fund, managed by Ge Lan, reached 311.79 billion yuan, making it one of the largest actively managed equity funds [16]

Group 1 - The core viewpoint of the news is that the manager of the China Europe Medical Fund, Ge Lan, has reported strong performance in her managed funds, particularly highlighting the significant growth in the China Europe Medical Innovation Stock Fund, which outperformed its benchmark by over 16 percentage points [1][3] - As of the end of the first quarter, the total net asset value of the three funds managed by Ge Lan reached 404.47 billion yuan, with the China Europe Medical Health Mixed Fund at 311.79 billion yuan, the China Europe Medical Innovation Stock Fund at 81.99 billion yuan, and the China Europe Mingrui New Starting Point Mixed Fund at 10.69 billion yuan [1] - Ge Lan's funds continue to focus on innovative pharmaceuticals and medical devices, with a stable composition in the top ten holdings, indicating a strategic approach to investment in these sectors [3] Group 2 - The policy environment is characterized by a continued emphasis on "supporting innovation" and "strengthening compliance," which is seen as a positive signal for the industry, particularly with the exploration of a Class B drug catalog by the National Medical Insurance Administration [3] - Ge Lan is optimistic about the recovery of consumer healthcare and the domestic substitution in key segments of the industry, while also noting the acceleration of research and development in frontier technologies and international collaborations in the innovative drug sector [3][4] - The A-share market is expected to maintain a structural market in the second quarter, with a shift from thematic expectations to a focus on fundamental verification and policy catalysis, particularly in the technology growth sector [3][4]