Core Insights - Liu Gesong, a prominent fund manager, has resigned from managing the Guangfa Small Cap Growth Mixed Securities Investment Fund (LOF), marking his second resignation this year [2][7] - Under Liu's management since June 2017, the fund achieved a total return of 125.2% and an annualized return of 10%, ranking 143rd among 458 similar products [3][6] - The fund's assets under management have significantly decreased from 843.3 billion yuan at the end of 2020 to 275.1 billion yuan as of the third quarter of 2025 [2][7] Fund Performance - The Guangfa Small Cap Growth LOF experienced three consecutive years of losses from 2022 to 2024, with a three-year loss of 16.0% and a five-year loss of 19.3%, underperforming its benchmark by over 40 percentage points [6] - In 2019, Liu's management of other funds led to all three achieving over 100% returns, earning him the title of "growth stock hunter" [5] Management Changes - Liu's management team has been expanded with the addition of two new fund managers, Chen Yunzong and Wu Yuanyi, to share responsibilities for the Guangfa Small Cap Growth LOF [6] - The concentration of the fund's top ten holdings has decreased from nearly 70% to below 50% since the new managers took over [6] Industry Trends - The trend of "shared management" and "graduating" new fund managers is becoming standard practice in the industry, driven by regulatory changes and increased market competition [8] - In 2025, the number of newly hired fund managers reached 599, with 461 fund managers resigning in a "clean sweep" manner, reflecting a 29% increase from the previous year [8]

Core Insights - The performance of actively managed public equity funds in 2025 has reached historic highs, with nearly 60 funds achieving over 100% returns and the first fund since 2008 surpassing 200% returns [1][2][5] - The return of active management capabilities is attributed to a combination of favorable market conditions and improved research capabilities, although high concentration risks remain a concern [1][8] Performance Highlights - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [2] - If this fund's returns increase by 7.84% in the remaining trading days, it will surpass the previous record set in 2007, becoming the highest annual return in public fund history [2] Historical Context - In the years leading up to 2025, active equity funds have shown strong performance, but none achieved returns exceeding 200% [3][4] - The highest annual returns prior to 2025 were 182.27% in 2006 and 171.78% in 2015, with a notable decline in the number of "doubling funds" in recent years due to market structure changes [3][4] Market Dynamics - The current market environment is characterized by structural trends, with high concentration in specific sectors such as technology and new energy, which have driven fund performance [7][9] - The active management strategy has proven effective, but it also carries inherent risks due to high portfolio concentration, which can lead to significant performance declines during sector pullbacks [8][9] Industry Trends - The number of funds achieving over 100% returns has increased significantly in 2025, indicating a resurgence in active management capabilities [5][10] - The industry is moving towards a more systematic approach to research and investment, reducing reliance on individual fund managers and enhancing overall performance stability [9][10]

Core Insights - The active equity funds have shown remarkable performance in 2025, with nearly 60 funds achieving over 100% returns, and the first fund since 2008 reaching over 200% returns [1][8] - The performance of these funds is attributed to a combination of market structure and improved research capabilities within public funds [1][9] - The top-performing fund, Yongying Technology Smart Selection A, has a return of 218.40%, potentially setting a record for the highest annual return in public fund history if it exceeds 7.84% in the remaining trading days of 2025 [5][10] Fund Performance - As of December 12, 2025, 57 funds have achieved returns exceeding 100%, with 19 of those exceeding 120% [8] - The highest annual returns in previous years were lower, with the last occurrence of a fund exceeding 200% being in 2008 [5][7] - The performance of active equity funds has been particularly strong in 2025, with a significant number of funds achieving high returns compared to previous years [1][8] Market Trends - The active equity funds' performance is linked to structural market changes, with a focus on sectors like technology, high-end manufacturing, and innovative pharmaceuticals [9][10] - The market has shifted from broad-based rallies to more concentrated sector performances, with significant returns coming from specific themes such as AI, semiconductors, and renewable energy [8][9] - The current market environment has allowed for a resurgence in active management capabilities, contrasting with the previous years where passive funds dominated [10][14] Investment Strategy - The concentration of holdings in these funds has raised concerns about potential risks, as high concentration can lead to significant performance volatility during market corrections [12][13] - The industry is moving towards a more systematic approach to investment, focusing on long-term value creation rather than short-term gains [14] - The talent pool within public funds has improved, ensuring stable research output and reducing reliance on individual fund managers [13][14]

Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns and the first fund since 2008 reaching over 200% returns [1][2][9] - The potential for the highest annual return in public fund history is noted, with a specific fund needing to exceed 7.84% in remaining trading days to surpass the previous record [1][5] Performance Analysis - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly ahead of the second-place fund [5] - Historical comparisons show that while 2025 has seen a resurgence in fund performance, previous years like 2006 and 2007 also had high returns, but no "two-fold funds" appeared in the years following 2019 [6][7] Market Trends - The article discusses the changing nature of the A-share market, with a shift from broad market rallies to more structured market conditions, leading to fewer high-performing funds in recent years [9][10] - The concentration of holdings in successful funds is emphasized, with many funds heavily invested in specific sectors like technology and high-end manufacturing, which have shown strong performance [10][13] Fund Management Insights - The return of active management capabilities is attributed to both market conditions and improved research capabilities within fund management teams [10][11] - The article notes that the current talent pool in fund management is more stable and capable of delivering consistent research output compared to previous years [14][15] Risks and Considerations - The article warns of the risks associated with high concentration in fund holdings, which can lead to significant performance declines during market corrections [13] - It also highlights the importance of avoiding past mistakes and maintaining a balanced approach to fund management, especially in light of the recent performance surge [12][15]

Core Insights - The active equity funds in the public offering sector have shown remarkable performance in 2025, with nearly 60 funds achieving "doubling" returns and the first fund since 2008 reaching over 200% returns [1][15] - If the leading fund maintains a cumulative return exceeding 7.84% in the remaining trading days of 2025, it will set a record for the highest annual return in public fund history [1][18] - The resurgence of active management capabilities is attributed to both market structural changes and advancements in research capabilities within public funds [1][9] Performance Highlights - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [4][18] - The number of funds with returns exceeding 100% reached 57, with 19 of those exceeding 120% [8][21] - Historical comparisons show that the highest number of "doubling" funds occurred in 2007, with 129 funds, while the current year has seen a resurgence in high-performing funds [21] Market Trends - The performance of active equity funds has been particularly strong in 2025, with a notable concentration in technology, high-end manufacturing, and innovative pharmaceutical sectors [9][22] - The market has shifted towards structural trends, with significant returns linked to concentrated holdings in popular stocks [9][24] - The current market environment is characterized by a longer duration and larger scale of structural trends compared to previous years [25] Industry Dynamics - The active management capabilities of public funds are being reaffirmed, with a shift away from short-term behaviors towards a focus on investor interests and research-driven strategies [13][26] - The talent pool within public funds has improved, ensuring stable output and continuity in research capabilities [11][25] - The industry is experiencing a cultural shift towards prioritizing long-term investment strategies over short-term gains, which has alleviated some pressures on fund managers [13][26]

Core Insights - The article highlights the remarkable performance of actively managed equity funds in 2025, with nearly 60 funds achieving over 100% returns, and the first fund since 2008 potentially exceeding 200% returns [1][7][5] - The resurgence of active management capabilities in public funds is attributed to both market conditions and improved research capabilities [2][8] Performance Metrics - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [5] - If this fund's cumulative return exceeds 7.84% in the remaining trading days of 2025, it will surpass the historical record of 226.24% set by Huaxia Large Cap Select A in 2007 [5] Historical Context - The article compares the performance of actively managed equity funds across nine significant market years since 2000, noting that 2025 has seen a high number of "doubling funds" [3][6] - The number of funds achieving over 100% returns in 2025 is the highest since 2007, indicating a strong recovery in active management performance [7][8] Market Dynamics - The article discusses the concentration of holdings in these funds, which poses risks despite their high returns, as they may face significant performance declines during market corrections [10][11] - The active equity funds' performance is closely linked to specific sectors such as technology, high-end manufacturing, and innovative pharmaceuticals, which have shown strong fundamentals and growth potential [8][9] Industry Evolution - The article notes a shift in the public fund industry towards a more systematic approach to research and investment, moving away from short-term behaviors and focusing on long-term investor interests [12] - The talent pool within fund management has improved, ensuring stable research output and continuity, which is crucial for maintaining performance [11][12]

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from managing a long-standing product has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [1][4]. Group 1: Fund Manager Changes - Liu Gesong has made two adjustments to his managed products within six months, with the latest being the resignation from managing the "Guangfa Multi-Asset Emerging Stock" fund, which he had managed for nearly seven years [2][4]. - Following his resignation, Liu's managed product count has decreased to five, with the latest managed scale dropping from 31.295 billion to 29.463 billion yuan, a reduction of 6% from its peak of 84.343 billion yuan [4]. Group 2: Industry Trends - The trend of "reducing burden" among well-known fund managers is becoming more common, with many gradually transferring management responsibilities to newer managers through a process of joint management [5][7]. - The public fund industry is experiencing a significant increase in the turnover of fund managers, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [5][6]. Group 3: Investor Reactions - Investors are often sensitive to changes in fund management, leading to uncertainty about whether to observe patiently or redeem their investments [1][9]. - Historical data shows that after changes in fund managers, many products experience a decline in scale, indicating that investor confidence may wane following such transitions [8][10].

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from the management of a long-standing fund has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [3][7]. Group 1: Fund Manager Changes - Liu Gesong has announced his resignation from the management of the "Guangfa Multi-Asset Emerging Stock" fund, which he managed for nearly seven years, with the new manager being Zhou Zhishuo [4][5]. - Following this resignation, Liu's managed products have decreased from six to five, with the total managed assets dropping from 31.295 billion to 29.463 billion yuan, a reduction of approximately 6% from his peak of 84.343 billion yuan [6][7]. Group 2: Industry Trends - The trend of "reducing the burden" among star fund managers is becoming more common, with many experienced managers gradually transferring product management to newer managers through a process of co-management [7][10]. - The public fund industry is witnessing a significant increase in the turnover of fund managers, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [7][9]. Group 3: Investor Reactions - Investors are often uncertain about how to react to changes in fund management, with some expressing concerns about the capabilities of new managers and the potential impact on fund performance [11]. - Historical data shows that fund sizes often decline following the departure of well-known managers, indicating a potential risk for investors [11].

Core Viewpoint - Liu Gesong, a prominent fund manager at GF Fund, has stepped down from managing the GF Multi-Dimensional Emerging Stock Fund, which achieved a return of 140.03% during his tenure, marking it as the best-performing fund under his management [1][4][7]. Fund Management Changes - The change in management is officially termed as "dismissal of the fund manager," with Zhou Zhishuo taking over sole management responsibilities [5]. - The announcement emphasizes that Liu Gesong will remain with GF Fund, indicating that this is a "normal work adjustment" [1][7]. Performance Context - Despite the strong performance of the GF Multi-Dimensional Emerging Stock Fund, questions arise regarding the rationale behind the dismissal of the best-performing fund, especially in light of industry pressures and fee reforms [4][8]. - Liu Gesong continues to manage five other funds with a total scale of 29.463 billion yuan, maintaining a focus on key stocks such as Siasun, Shengbang, Yiwei Lithium Energy, and Sunshine Power [7]. Market Speculation - The management change has led to speculation about whether the scale of 29.463 billion yuan has become overwhelming for Liu, as larger fund sizes complicate asset allocation and rebalancing [8]. - The industry is witnessing a trend of star fund managers stepping down or leaving, with several notable managers transitioning to private equity [9]. Industry Trends - The public fund industry is experiencing a shift from "license dividends" to "capability competition," with a notable decline in the personal brand value of star managers, while platform value is becoming more prominent [9]. - The ongoing management pressures in the industry suggest that while "reducing burden" may alleviate short-term stress, optimizing portfolio strategies and enhancing the performance of remaining products are crucial for maintaining investor trust [9].

Group 1 - The announcement from GF Fund indicates a change in the fund manager for the GF Multi-Dimensional Emerging Stock Fund, with Liu Gesong stepping down and Zhou Zhishuo taking over the management responsibilities [1] - Liu Gesong managed the fund since November 2018, achieving a cumulative return of 140.03% and an annualized return of 13.63%, ranking 118th among 303 similar products [3] - The fund has performed well this year, with a return of 34.14%, focusing on sectors such as defense, electronics, and new energy [3] Group 2 - Zhou Zhishuo joined GF Fund in February this year, previously working at CCB Fund for four years, where he managed assets that peaked at 115 billion but fell to 37 billion in 2023 [4] - Zhou's management style has shown volatility, with a significant drop in performance leading to a reduction in managed assets [4] - Currently, Zhou is co-managing the GF Stable Growth Fund alongside experienced fund manager Fu Youxing [4]