安信稳健增值连续十年保持正收益。（数据来源：wind） 7月17日，安信基金连发12则基金经理变更公告，其中有9则涉及知名基金经理张翼飞。当日，张翼飞通 过安信基金公众号对外发布了致投资者的一封信，告别安信基金。 张翼飞投资理念以强调长期稳定收益和严格的风险控制著称，wind数据显示，张翼飞卸任前管理的9只 产品规模合计超过300亿元，占安信基金产品规模超1/3，其中多只任职回报排名同类产品前10%。作为 安信基金"顶梁柱"，张翼飞离职后，不少持有其曾管理产品的投资者陷入迷茫，是坚守还是赎回？ "300亿"基金经理离职 据公告信息，2012年9月，张翼飞加入刚成立不久的安信基金，2014年3月起开始担任公募基金经理， 2023年5月升任公司副总经理。不过，担任安信基金副总经理不到一年时间，张翼飞就卸任高管职务。 2024年3月，安信基金发布公告，张翼飞因工作安排离任公司副总经理，转任公司首席投资官（混合资 产CIO）。 提起股债混合类基金产品，张翼飞在公募基金行业是一个标志性人物。在业内人士看来，张翼飞的投资 理念和逻辑以"避险优先、价值导向"为核心，强调长期稳定收益和严格的风险控制。 Wind投资经理指数显 ...

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 public fund industry is experiencing a significant wave of fund manager changes, driven by various factors including market conditions, industry competition, incentive mechanisms, the trend of "de-starring," and personal career planning [2][12]. Group 1: Fund Manager Changes - As of June 24, nearly 200 public fund products have announced fund manager changes this month, indicating a trend of frequent adjustments within the industry [2][5]. - The changes in fund managers can be categorized into three main types: new appointments, simultaneous appointments and dismissals, and departures [6][10]. - The increase in fund manager dismissals is attributed to work needs and performance evaluations, with companies adjusting their fund manager assignments based on product style and performance benchmarks [9][11]. Group 2: Industry Changes - The public fund industry is gradually moving away from reliance on "star fund managers" and is transitioning towards a team-based and institutionalized approach [14]. - Talent mobility within the industry is accelerating, with competition shifting from mere salary comparisons to diverse dimensions such as equity incentives and differentiated assessments [14]. - The industry is evolving from extensive growth to high-quality development, emphasizing long-term performance, risk management, and effective communication with investors [14]. Group 3: Team Management Model - The implementation of a team management model for fund managers is expected to increase, as highlighted in the new regulations aimed at enhancing core investment research capabilities [15]. - The team management model allows for resource integration and improved investment quality, while also posing challenges such as decision-making conflicts and coordination costs [16][17]. - This model reduces dependency on individual fund managers and enhances the stability of performance, but it requires careful management to avoid potential pitfalls [17].

Group 1 - The core point of the news is the significant personnel adjustment at E Fund, marking the end of Feng Bo's era as the sole fund manager for key products [1][3] - Feng Bo's management scale was 12.472 billion yuan, overseeing two funds, and he had previously stepped down from managing two other funds in April [3][5] - The newly appointed fund managers are Guo Jie and He Chongkai for E Fund Competitive Advantage Enterprises, and Peng Ke for E Fund Research Selection [1][2] Group 2 - E Fund Competitive Advantage Enterprises has seen a decline of 54.02% since its inception in January 2021, with a total scale shrinking from 12.817 billion yuan to 6.655 billion yuan by the end of Q1 2025 [5][6] - E Fund Research Selection has also performed poorly, with a return of -22.84% during Feng Bo's tenure and a total decline of 23.17% since its establishment in February 2020 [7][8] - Both funds have consistently underperformed their benchmarks, with E Fund Competitive Advantage Enterprises lagging by 35.73% over the past three years [14] Group 3 - The adjustment is seen as part of a broader trend in the public fund industry, moving from "individual heroism" to "team collaboration" in fund management [12][14] - Analysts suggest that the hiring of additional fund managers is a common practice to enhance team capabilities and share workload, rather than an indication of Feng Bo's imminent departure [12][14] - The new regulations from the China Securities Regulatory Commission may tie fund manager compensation to long-term performance, potentially impacting Feng Bo's earnings due to the underperformance of his funds [14]

Group 1 - The core point of the article is the recent changes in fund management at E Fund, specifically the appointment of new fund managers for the E Fund Competitive Advantage Enterprises and E Fund Research Selection, indicating a shift in management strategy [1][2] - Feng Bo, the previous sole manager, has now appointed Guo Jie, He Chongkai, and Peng Ke as co-managers, suggesting a move towards a team-based management approach [1][2][10] - As of the end of the first quarter, Feng Bo managed assets totaling 12.472 billion yuan, but he has recently stepped down from managing two other funds due to "work needs" [2][10] Group 2 - Feng Bo's management history dates back to 2010, with a notable return of 131.18% over 15 years for the E Fund Industry Leader [3] - The E Fund Competitive Advantage Enterprises, launched with a record-breaking subscription of 239.9 billion yuan, has faced significant performance challenges, with a current net value of only 0.46 yuan and a return rate of -53.92% since inception [9][10] - The trend of appointing multiple fund managers is becoming common in the industry, with approximately 25% of open-end public funds in China managed by teams of two or more [11] Group 3 - The recent changes align with the China Securities Regulatory Commission's initiative to promote high-quality development in public funds, emphasizing the importance of team-based management to enhance investment capabilities [11][12] - Team-based management aims to mitigate risks associated with individual managers and improve performance stability through collaboration and complementary skills among fund managers [12] - However, effective team management requires that fund managers possess complementary strengths, such as macro analysis, industry trends, and stock selection [12]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to address the issue of high management fees in public funds despite poor performance through a floating management fee mechanism, highlighting the industry's long-standing problem of "guaranteed returns" regardless of fund performance [1]. Group 1: Fund Performance and Management Fees - The report indicates that the fund "Guangfa High-end Manufacturing A" has the worst three-year return at -53.01%, while it collected management fees totaling 456 million yuan over the same period [3]. - "China Europe Medical Health A," with a scale of 31.179 billion yuan, experienced a 32.55% decline in three-year performance but still charged 2.2 billion yuan in management fees [3]. - The trend shows that larger funds tend to incur greater losses while charging higher fees, raising concerns about the reasonableness of fees relative to fund managers' performance [3][4]. Group 2: Fund Manager Performance - Fund manager Liu Gesong's funds have underperformed, with a three-year return of -27% and a two-year return of -17%, significantly lagging behind the CSI 300 index [4]. - The total assets under Liu's management decreased by 5.7% to 32.171 billion yuan as of the end of the first quarter of 2024 [4]. - The floating management fee reform may lead to a significant reduction in management fee income for fund managers like Liu, as poor performance could result in a "double whammy" effect [4]. Group 3: Industry Outlook - The CSRC's reform is expected to shift the focus of fund companies from merely pursuing scale to emphasizing investment returns, marking a significant change in the industry [11]. - The industry may witness a trend where stronger firms thrive while smaller institutions face accelerated elimination, making investment research capabilities and risk control systems increasingly critical [11]. - In the long run, more competitive products are likely to attract additional capital and new investors, benefiting investors and promoting sustainable industry development [11].

图1：基金经理时间线 图2：基金经理最近一年风险回报 2025年4月12日易方达行业领先混合基金公告， 原基金经理冯波先生因工作需要，卸任该基金的管理 职务，管理职责交接给基金经理彭珂先生。此外冯波先生还卸任了他所管理的易方达中盘成长混合 基金，并继续管理易方达研究精选股票基金、易方达竞争优势企业混合基金。 冯波先生具备23年的证券投资经验以及15年的投资经验，是易方达基金从研究员培养起来的经验丰 富的投资老将。他在管理行业领先混合上的所采用的成长投资策略注重基本面分析，通过中观行业 研究及自下而上研究精选个股，把握高质量股票的中长期投资机会，策略在投资组合层面得到稳定 执行。易方达行业领先混合基金在冯波先生长达15年的管理期取得了晨星同类排名26%的出色回 报，但近五年因基金经理的质量成长风格遭遇市场逆风，该基金最近五年的业绩表现回落到晨星同 类基金的偏低水平。 接任的基金经理彭珂先生拥有11年证券从业经验，他于2017年2月加入易方达基金，曾任行业研究员 和投资经理，当前管理该基金只有6天。彭珂先生管理两只基金，除了该基金外，彭珂先生还管理易 方达科益混合基金，科益基金在彭珂先生接管以来一年多期间，业绩回 ...