Core Viewpoint - The appointment of Ye Cai as the new chairman of Invesco Great Wall Fund reflects a broader trend of leadership changes in the public fund industry, with 107 fund companies experiencing management shifts involving 243 individuals as of August 5, 2025 [1][2]. Company Overview - Invesco Great Wall Fund, established on June 12, 2003, is the first Sino-American joint venture fund management company in China, with a management scale of 646 billion yuan as of mid-2025, ranking 20th among all public fund institutions [2]. - The company has a significant ownership structure, with Huaneng Capital holding 46.38% of shares, and all six previous chairpersons have come from the Huaneng Group [2]. Challenges Ahead - The new chairman faces three main challenges: 1. Pressure on equity product scale, with 46 equity products having a scale of less than 50 million yuan as of June 30, 2025 [3]. 2. Balancing shareholder demands and optimizing governance structures due to the joint venture nature of the company [3]. 3. Building a talent pipeline, highlighted by the recent departure of a key fund manager, which poses a challenge to the company's research and investment system [3]. Industry Context - The public fund industry is entering a new phase where governance capabilities are becoming crucial for competitive advantage, especially after a decade of rapid growth [4]. - The performance of equity products has been underwhelming, with significant losses reported from non-monetary funds, leading to a decline in revenue and net profit for the company [6][9]. Performance Metrics - In 2024, Invesco Great Wall Fund reported a revenue of 3.373 billion yuan, down 11.93% year-on-year, and a net profit of 951 million yuan, down 19.09% [6]. - The company's equity funds have underperformed relative to industry averages, with significant losses recorded in key products [6][9]. Fixed Income Strength - In contrast to its equity products, Invesco Great Wall Fund has excelled in fixed income investments, ranking first among large fund companies in absolute return ratings over the past decade [12]. - The company has seen substantial growth in its fixed income fund scale, reaching 231.72 billion yuan as of July 24, 2025, with a notable increase in the scale of structured fixed income products [13][14]. Fee Structure Innovation - The introduction of floating management fee rate funds marks a significant shift in the industry, aiming to align fund managers' interests with those of investors [15][16]. - This new fee structure is expected to enhance accountability and promote a focus on performance rather than scale, indicating a transformative period for the company [16].

Group 1 - The new chairman of Invesco Great Wall Fund, Ye Cai, was appointed on August 4, following the departure of the previous chairman, Li Jin, due to term expiration [1][2] - Ye Cai has a background in China Huaneng Group and has held various significant positions within the company, indicating a strong corporate governance experience [2][3] - The fund company is known for being the first Sino-American joint venture fund company in China, with a significant shareholding structure involving Huaneng Group [2] Group 2 - As of the end of Q2 this year, Invesco Great Wall Fund's public fund scale reached 646 billion yuan, ranking 20th among all public fund companies [4] - The fund's product lineup is primarily equity-based, with 55 stock funds and 79 mixed funds, accounting for over 60% of the total fund count [4] - Concerns have arisen regarding the fund's future performance in equity investments following the departure of veteran investor Bao Wuke, who had a notable track record [4][6] Group 3 - The fund has three managers overseeing over 100 billion yuan in assets, primarily in fixed income investments, while the largest actively managed equity fund has a scale of 36.43 billion yuan [5] - The performance of the fund's equity products has been under pressure, particularly due to heavy investments in the liquor sector, which has not performed well recently [6] - The new chairman, Ye Cai, will need to focus on maintaining the company's equity product scale and improving investment performance moving forward [6]

Core Viewpoint - The article provides an overview of the updated active fund manager pool information for Q1 2025, including various metrics such as investment style, stock ratio, industry preference, turnover rate, valuation of heavy holdings, concentration of holdings, and fund size [1][2][30]. Active Fund Manager Pool - The article lists various fund managers along with their respective funds, highlighting their investment styles such as growth, value, and balanced strategies [1][3][10]. Investment Style - Investment styles are categorized into growth and value, with historical performance trends indicating periods of dominance for each style. The article emphasizes the importance of selecting fund managers with a consistent investment style [33][34]. Fund Manager Tenure - The article discusses the significance of fund manager tenure, suggesting that experienced managers who have navigated through market cycles are more likely to deliver reliable performance [36][37]. Stock Ratio - The stock ratio, or the proportion of stocks held in a fund, is highlighted as a critical metric. Active funds typically maintain a stock ratio around 85% to 90%, with higher ratios indicating greater volatility [39]. Industry Preference - Fund managers often focus on specific industries where they have expertise. The article suggests analyzing the top three industries that a fund manager invests in for better risk diversification [41][42]. Holding Concentration - The concentration of holdings, defined as the percentage of the fund's net assets represented by the top ten holdings, is discussed. Higher concentration typically leads to greater volatility [43]. Heavy Holdings Valuation - The article notes that the valuation of heavy holdings can be estimated from the fund's periodic reports, although it may not be entirely accurate due to infrequent updates [44]. Turnover Rate - The turnover rate, indicating how frequently a fund manager buys and sells stocks, is mentioned as a key metric. A turnover rate below 200% is considered low for active funds [46]. Fund Size - The size of the fund is discussed, with larger funds potentially facing challenges in generating excess returns due to increased management difficulty and limitations on investment choices [49]. Fund Manager Insights - The article emphasizes the importance of fund manager insights, which include reflections on past performance and future market outlooks. These insights can vary significantly among managers [51].

Core Viewpoint - The A-share market is experiencing increased volatility, leading to a significant turnover among public fund managers, with a notable shift towards focusing on investment management rather than administrative roles [1][12]. Group 1: Personnel Changes - On May 17, fund manager Bao Wuke from Invesco Great Wall Fund announced his resignation, marking a total of 138 fund managers leaving their positions in 2025, a 20% increase compared to the same period last year [1][3][13]. - Bao Wuke's departure is attributed to personal reasons, and he has not transitioned to another role within the company [4][6]. - Prior to Bao's resignation, top fund manager Zhang Kun from E Fund also announced a shift to focus solely on investment management, stepping down from his executive role [7][10]. Group 2: Performance and Market Trends - Bao Wuke managed assets worth 162.07 billion yuan as of the end of Q1 2025, a 40% decrease from his peak of 271.86 billion yuan in mid-2024, reflecting broader market trends and a shift in investor preferences towards passive investment tools [6][11]. - Zhang Kun's managed assets stood at 608.22 billion yuan as of Q1 2025, maintaining his position as a leading public fund manager despite a decline in overall fund performance [10][11]. Group 3: Industry Transformation - The public fund manager turnover rate has accelerated, with 358 fund managers leaving in 2024, the highest on record, and 138 already in 2025, driven by market volatility and intensified competition [13][14]. - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions, as the challenges in active equity fund management increase [14][15]. - Recent regulatory changes emphasize the importance of investment performance in evaluating fund managers, further encouraging them to focus on investment rather than administrative duties [15][16].

Core Insights - The A-share market has experienced increased volatility, leading to a significant turnover among public fund managers, with 138 managers leaving their positions in 2025, a more than 20% increase compared to the same period last year [1][11] - Notable fund managers, such as Bao Wuke and Zhang Kun, have announced their departure from executive roles to focus on investment management, indicating a shift in the industry towards prioritizing investment capabilities over administrative responsibilities [1][7][12] Manager Departures - Bao Wuke from Invesco Great Wall Fund announced his resignation for personal reasons, with his managed assets decreasing from a peak of 271.86 billion to 162.07 billion, a reduction of 40% [6][11] - Zhang Kun, a prominent manager at E Fund, also stepped down from his executive role to concentrate on investment management, maintaining a managed asset size of 608.22 billion [10][12] Industry Trends - The public fund industry is witnessing a trend of increasing departures, with 358 fund managers leaving in 2024, marking a historical high [11] - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions [12][13] - Recent regulatory changes emphasize the importance of investment performance, further motivating fund managers to focus on their core investment responsibilities [13]

Group 1 - The core viewpoint of the article is the implementation of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds," which links fund manager compensation to long-term performance, shifting the industry focus from "scale expansion" to "performance-oriented" [1] - The plan highlights the success of fund manager Bao Wuke from Invesco Great Wall, whose fund, Invesco Great Wall Energy Infrastructure A, has achieved significant excess returns, outperforming its benchmark by over 33% in the past three years [1][3] - Bao Wuke's investment strategy emphasizes long-term value extraction from "high-barrier enterprises," focusing on bottom-up stock selection to avoid short-term volatility [1] Group 2 - As of Q1 2025, Bao Wuke manages eight funds with a total scale of 16.207 billion yuan, with his flagship fund achieving a three-year return of 36.47% [1][3] - The fund's performance over various time frames is impressive, with returns of 79.32% over five years and 124.8% over ten years, consistently outperforming benchmarks [3] - The top holdings of Invesco Great Wall Energy Infrastructure A include resource and manufacturing sectors, indicating a focus on structural opportunities amid economic differentiation [5] Group 3 - Bao Wuke has expressed concerns about the AI industry's future, stating that the recent advancements may lead to a plateau in AI capabilities unless new iterative points are found [5] - The market is expected to be influenced by tariff policies, geopolitical conflicts, and the evolution of AI technology, but the long-term value of high-barrier enterprises is anticipated to remain intact [5] - The regulatory shift towards "performance-oriented" metrics is reshaping the public fund industry, making the ability to generate excess returns the primary measure of fund manager value [5]

文 | 银行螺丝钉 （转载请注明出处） 最近，基金2024年的年报陆续更新了，也跟大家分享一下更新后的主动基金经理池信息汇总图。 方便大家一目了然的查询。 包括基金池中，基金的风格、股票比例、从业时间、 行业偏好、 换手率、重仓股估值、持股集中度、基金规模等情况。 文章主要包括两个部分： 陈皓 成长 2012 O 韩威俊 2016 O 贾健 2021 9 苗宇 2015 O 唐颐恒 2014 O 杨世进 2020 O 张峰 2009 O 代云锋 2017 ● 徐治彪 2015 （1）信息汇总长图； （2）基金定期报告如年报该怎么看。 | 深度 | 鲍无可 | 260112.OF | 景顺长城能源基建A | | --- | --- | --- | --- | | | 姜诚 | 006567.OF | 中泰星元价值优选A | | 价值 | 徐彦 | 008269.OF | 大成睿享A | | | 周云レ 何帅 | 000480.OF 519697.OF | 东方红新动力A 交银优势行业 | | | 遭配 张坤 | 005267.OF 005827.OF | 嘉实价值精选 易方达蓝筹精选 | | | 傅鰐博 | 0 ...