Core Viewpoint - 嘉友国际's stock price increased by 5.11% to 13.17 CNY per share, with a trading volume of 178 million CNY and a market capitalization of 18.017 billion CNY as of September 18 [1] Company Overview - 嘉友国际物流股份有限公司 is located in Beijing and was established on June 22, 2005, with its listing date on February 6, 2018 [1] - The company specializes in cross-border multimodal transport, bulk mineral product logistics, intelligent warehousing, and comprehensive logistics services [1] - Revenue composition: Supply chain trade services (62.06%), cross-border multimodal transport services (29.83%), land port project services (7.57%), PPP project contracts (0.53%), and others (0.02%) [1] Shareholder Insights - 景顺长城基金's 景盛双息收益债券 A class fund increased its holdings in 嘉友国际 by 3.4726 million shares, totaling 8.6211 million shares, representing 0.63% of the circulating shares [2] - The estimated floating profit from this investment is approximately 5.5175 million CNY [2] - The fund has a total size of 10.557 billion CNY and has achieved a year-to-date return of 7.06% [2] Fund Manager Performance - The fund managers of 景顺长城景盛双息收益债券 A class include 李怡文, 邹立虎, and 李曾卓卓, with varying tenures and performance records [3] - 李怡文 has a tenure of 15 years and a best fund return of 84.05% [3] - 邹立虎 has a tenure of 8 years with a best fund return of 62.99% [3] - 李曾卓卓 has a tenure of 3 years with a best fund return of 21.1% [3] Fund Holdings - 景顺长城价值驱动一年持有期灵活配置混合 fund holds 969,400 shares of 嘉友国际, accounting for 3.2% of the fund's net value [4] - The estimated floating profit from this position is around 620,400 CNY [4] - The fund has a total size of 325 million CNY and has achieved a year-to-date return of 18.45% [4]

Core Viewpoint - The public fund industry is experiencing a generational shift as veteran balanced fund managers retire, raising concerns about the ability of successors to maintain the established investment styles of their predecessors [1][4][12]. Group 1: Departure of Veteran Managers - Notable veteran fund managers like Zhou Haidong and Bao Wuke have left the public fund industry, leading to a scarcity of balanced fund managers [1][4]. - The successors of these veterans often have differing investment styles, which may not align with the balanced approach that characterized their predecessors' management [1][4]. - The transition of management styles is evident, as seen with the varied expertise of fund managers taking over Bao Wuke's products, including strengths in cycles, technology, and asset allocation [1][4]. Group 2: Industry Statistics and Trends - As of May 30, 2025, there are 3,850 public fund managers, but only 27.58% have over seven years of experience, and very few exceed ten years [6]. - The performance of veteran managers has been validated over time, with Zhou Haidong's representative product achieving an annualized return of 27.82% from 2019 to 2024, significantly outperforming the CSI 300 index [8]. - The market has seen a trend where only 14 products have achieved six consecutive years of positive returns since 2019, with eight of these managed by the departing veterans [8][9]. Group 3: Challenges Faced by Veterans - The public fund industry prioritizes scale, leading to a situation where veteran managers struggle to grow their fund sizes compared to more aggressive, growth-oriented products [12]. - Despite superior performance, veterans like Bao Wuke have not ascended to higher management positions, highlighting a disconnect between performance and career advancement [11][12]. - The combination of slow growth in fund size and limited career progression opportunities contributes to the departure of veteran managers seeking new challenges [12]. Group 4: Shift in Investment Styles - The investment landscape has shifted towards growth styles, with 76% of new fund products launched post-2019 being growth-oriented, while balanced styles have decreased to 18.58% [15][17]. - The emergence of successful growth fund managers has overshadowed balanced fund managers, making it difficult for the latter to gain recognition [18]. - The trend towards a more tool-oriented approach in fund management has led to a decline in the appeal of balanced fund strategies, as firms opt for specialized managers focusing on specific sectors [20]. Group 5: Future Outlook - The public fund industry faces a critical juncture, needing to decide on the investment styles that will resonate with investors moving forward [18][20]. - The scarcity of balanced fund managers poses a risk to the long-term stability and diversity of investment strategies within the industry [20][21]. - Historical lessons suggest that overly focusing on a single investment style can lead to rapid declines in performance, emphasizing the need for a balanced approach [20][21].