Group 1 - Public funds have collectively increased their stock positions in Q3, with an average stock position of 83.28%, up 2.13 percentage points from Q2 [1] - The average stock position for equity open-end funds reached 90.14%, an increase of 2.26 percentage points from the previous quarter [1] - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively [1] Group 2 - Most fund companies have raised their stock positions, with only 37 companies showing a slight decrease; 27 companies have an average stock position exceeding 90% [2] - Notable fund managers have significantly increased their positions, with some funds reaching over 90% stock allocation, such as the funds managed by Guo Jie and He Chongkai [2] - Several mixed funds are nearing full investment, with significant increases in equity assets, including the Zhongxin Jian Investment fund, which saw a stock position increase of over 10 percentage points [3] Group 3 - Some funds have notably reduced their stock positions, indicating market risk; for instance, the fund managed by Wu Wei decreased its stock position from 90% to 60% [3][4] - The performance of style indices has shown significant differences, suggesting that fund managers need to evaluate not only growth potential but also pricing rationality and industry dynamics [4]

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].

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]