Core Viewpoint - The public fund industry has experienced a wave of fund manager changes since the beginning of the year, with a significant focus on equity funds, indicating a strategic shift in investment management for the upcoming years [1][2][5]. Group 1: Fund Manager Changes - Major fund companies such as Huaxia Fund, Dacheng Fund, and Morgan Fund have seen changes in fund managers, affecting over 50 funds, with nearly 60% being equity funds [2][5]. - Dacheng Fund has appointed new fund managers for several products, including the Dacheng Huixin Optimal, Dacheng Ruixin, and Dacheng Kexin Theme Mixed funds, with a shared management model being adopted [3][5]. - Guo Weiling, with 11 years of experience in technology investment, has been appointed as a co-manager for three funds alongside Wang Shuai, indicating a trend of "old leading new" management styles [3][5]. Group 2: Performance and Strategy - As of January 15, the performance of the funds managed by Wang Shuai has shown significant variation, with Dacheng Internet Thinking A returning 71.63% over three years and 34.10% over one year, while Dacheng National Security A has only returned 2.43% over three years but 23.16% over one year [4]. - The focus of Wang Shuai's managed funds includes heavy investments in the semiconductor industry, with key holdings in companies like Huahong Semiconductor and SMIC, while the National Security fund is concentrated on military leaders such as AVIC Shenfei and Guangqi Technology [4]. - Guo Weiling has indicated that by 2026, the market's focus on AI investment returns will increase, shifting from "total expansion" to "structural differentiation," with specific sectors like optical communication and storage expected to lead the next round of capital allocation [3][5]. Group 3: Market Trends - The beginning of the year is a critical period for fund companies to optimize their research and investment teams, especially in preparation for the anticipated structural market trends in 2026 [5]. - Data from Wind shows that since the start of the year, over 50 funds have undergone manager changes, with approximately 65% involving new appointments and 35% involving departures, highlighting a proactive approach to fund management [5].