曹晋 富国基金权益投资总监助理、高级权益基金经理 2025年前三季度收官。A、H两地市场在波动中上行，整体呈现出"结构分化"特征。而富二家的一批主动权益基金经理，凭借出色的管理能力，交出了不错 的业绩"名片"。多只基金在短、中、长期排名同类前10%。 今天，就带客官们一一盘点！ ★ Part 1 ★ 科技之秀 具有16年证券从业经历、投资管理年限超12年 作为科技投资老将，曹晋完整亲历了多轮科技产业周期。他的投资风格偏左侧、前瞻性强，善于在产业趋势启动前精准布局。例如，他早在2020年便重仓新 能源，并在2023年坚定认为"AI是新一轮产业趋势"，因而在组合中配置了AI硬件与应用端公司。 曹晋管理的富国中小盘精选混合（A类000940/C类015690），其A类份额近10年排名同类前1%，近7年、5年、3年、1年多个维度也稳居同类前列。 | 近1年 | 近3年 | 近5年 | 近7年 | 近10年 | | --- | --- | --- | --- | --- | | 近前2%（38/1860） | 前2%（23/1389） | 前5%(26/605) | 前2%(5/383) | 前1%(3/330) | ...

Core Viewpoint - The recent resignation of star fund manager Yu Yang from two funds managed by Wutong Fund has sparked significant industry attention, raising concerns about the career paths of star fund managers, talent mobility in the public fund industry, and performance pressures [1][6]. Group 1: Manager Resignation - Yu Yang's resignation was anticipated, as he had been gradually stepping back from managing his funds since March, with co-managers being appointed to both funds prior to his departure [2][6]. - After his resignation, the management of the funds will be taken over by Lin Qing and Zhang Hong, respectively [2]. Group 2: Career Background - Yu Yang began his career in 2011, combining academic and practical experience, with a strong background in pharmaceutical investment [3]. - He joined Wutong Fund in 2015 and achieved remarkable returns, including a 138.63% return on the Wutong New Power Flexible Allocation Mixed Fund during his initial management period [3][4]. Group 3: Performance Issues - Following his return to Wutong Fund in December 2021, Yu Yang's performance did not meet market expectations, with a cumulative loss of 11.29% during his management of the Wutong New Power fund [5]. - The management scale of his funds significantly decreased, from 76.60 billion yuan to 40.74 billion yuan, indicating a near halving of assets under management [5]. Group 4: Industry Trends - Yu Yang's departure reflects a broader trend in the public fund industry, where the number of fund manager resignations has increased, indicating deeper changes within the industry [7]. - The industry is moving away from reliance on star fund managers towards a more team-based and platform-oriented investment research system, as emphasized by regulatory guidance [7][8].