1月14日，嘉实基金发布一系列基金经理变更公告，标志着公司指数投资领域的一位资深舵手——何 如，正式因年龄原因离任。此次变动涉及嘉实沪深300ETF、嘉实中证500ETF、嘉实沪深300ETF联接 （LOF）A、嘉实中证500ETF联接A、嘉实中证A50ETF联接A、嘉实国证通信ETF联接A共计六只产 品，离任日期即为公告当日。何如的卸任，结束了她与嘉实基金近十九年的相伴历程，以及超过十一年 的基金经理职业生涯。 十一年掌舵，留下超2200亿规模与稳健业绩 公开资料显示，何如的职业生涯兼具国际与国内视野，曾任职于IA克莱灵顿投资管理公司及富兰克林 坦普顿投资管理公司。他于2007年6月加入嘉实基金，历经产品管理部、指数投资部等重要岗位，在基 金产品设计与指数投资管理方面积淀深厚。作为具有海外背景的金融专才，何如在国内指数化投资快速 发展的时期，成为嘉实基金在该领域的关键开拓者与核心管理者之一。 Wind数据显示，何如的投资经理年限长达11.69年，期间历任管理基金数量达36只。离任前，其管理的 上述六只指数产品合计规模高达2238.44亿元，其中嘉实沪深300ETF等宽基旗舰产品构成规模基石。尤 为突出的是其 ...

Core Insights - The article discusses the evolution of investment strategies and experiences shared by individuals in the private domain (XQ) over nearly a decade, highlighting the importance of learning and adapting in investment practices [1][3]. Investment Journey - The author began their investment journey around 2015-2016, inspired by articles that emphasized the significance of investment timing and returns on wealth accumulation [4]. - In February 2016, the author started investing in equity funds, achieving a 20% return within approximately 10 months [5]. - By July 2017, the author entered the workforce and continued to invest despite market challenges, including the impact of the trade war [10]. Influential Figures and Events - In September 2019, the author attended an event hosted by a fund company, where they met influential figures, including 博格, who shared insights on long-term investment strategies and the importance of minimizing trading costs [12][16]. - 博格's investment philosophy evolved from a focus on passive investing to a more active approach, suggesting adjustments based on market conditions [16]. Fund Performance and Strategies - The author created a personal fund portfolio named "大富神," which was significantly influenced by 博格's strategies, achieving a net value of 1.43, although the investor's return was lower due to timing [18]. - By the end of 2020, the author liquidated their investments to purchase a home, realizing a 25% return over three years [20]. Market Conditions and Adaptation - After joining the private domain (XQ) in January 2021, the author faced challenging market conditions, particularly for Hong Kong stocks, which were negatively impacted by various factors [23]. - Despite these challenges, the author remained committed to following 博格's investment strategies, emphasizing the importance of consistency and rational decision-making in investment [26]. Recent Developments - In the past year, market conditions improved, leading to increased engagement among 博格's followers and a rise in account values [26].

Group 1 - The financing and securities lending balance in the A-share market has surpassed 2 trillion yuan for the first time in ten years, indicating a significant increase in retail investor activity [2][5] - Financing is the dominant component of the total balance, reflecting retail investor sentiment, as institutional investors typically do not use leverage [5][10] - Although the absolute value of financing has exceeded the peak seen in September last year, the proportion of financing balance to the A-share circulating market value has not yet reached the same level as last September [6][8] Group 2 - A new judicial interpretation from the Supreme People's Court states that any agreement to waive social insurance is invalid, which will impact companies that previously offered cash in lieu of social insurance [15][16] - The stricter regulations are aimed at addressing pension pressures and ensuring that more of the 230 million flexible workers participate in pension insurance [17][18] - Companies that fail to comply with the new regulations will face increased labor costs and potential penalties, which may lead them to prefer hiring part-time or outsourced workers [22][20] Group 3 - The rise of AI-generated content has led to an increase in information supply without a corresponding increase in value, prompting the need for effective content filtering methods [26][27] - Two key standards for identifying valuable information include the "shelf life" of the information and the "value" of the content created, emphasizing the importance of enduring insights and thoughtful analysis [28][30] - Investors are encouraged to focus on timeless topics and classic works that provide a solid foundation for understanding investment principles [31][32]