9月18日，嘉友国际涨5.11%，截至发稿，报13.17元/股，成交1.78亿元，换手率1.01%，总市值180.17亿 元。 资料显示，嘉友国际物流股份有限公司位于北京市石景山区城通街26号院2号楼23-24层，成立日期2005 年6月22日，上市日期2018年2月6日，公司主营业务涉及跨境多式联运、大宗矿产品物流、智能仓储等 跨境多式联运综合物流服务及供应链贸易服务。主营业务收入构成为：供应链贸易服务62.06%，跨境 多式联运综合物流服务29.83%，陆港项目服务7.57%，PPP项目合同0.53%，其他0.02%。 景顺长城价值驱动一年持有期灵活配置混合（008715）成立日期2021年7月19日，最新规模3.25亿。今 年以来收益18.45%，同类排名4663/8172；近一年收益26.47%，同类排名5620/7980；成立以来收益 67.3%。 从嘉友国际十大流通股东角度 数据显示，景顺长城基金旗下1只基金位居嘉友国际十大流通股东。景顺长城景盛双息收益债券A类 （002065）二季度增持347.26万股，持有股数862.11万股，占流通股的比例为0.63%。根据测算，今日 浮盈赚取约551.75 ...

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].