Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, highlighting the need for fund managers to adhere to this principle to attract long-term capital and improve performance [1][10] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, indicating a rarity of experienced managers in a rapidly changing industry [2][9] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of those managing stock and mixed funds, have managed the same active equity fund for over 10 years [2][3] - Among those managing funds for over 14 years, only 14 managers exist, representing approximately 0.6% of the total [2][3] - The long-term performance of these managers is notable, with those managing for over 14 years achieving an average annualized return of 10.05% [2][3] Group 2: Performance of Notable Managers - Specific fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005 [3][6] - Du Meng's fund has an annualized return of 14.9%, benefiting from a focus on emerging industries and technological advancements [6][7] Group 3: Investment Strategies - Long-term managers exhibit unique qualities that enable them to navigate market cycles successfully, including a deep understanding of market changes and a commitment to continuous learning [9][10] - These managers often have mature investment philosophies and adhere to strict buy and sell criteria to avoid emotional trading [10] - The success of these managers is supported by robust research platforms and resources, allowing them to make informed investment decisions [10][11] Group 4: Industry Trends - The public fund industry is undergoing significant reforms influenced by policy changes and market dynamics, emphasizing the need for long-term investment strategies [10][11] - Fund companies are increasingly looking to international markets for inspiration, adopting a "long-distance running" investment culture [11]

Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, encouraging investors to hold investments for the long term and focusing on long-term performance assessments [1][9] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, highlighting the rarity and value of experienced managers in a predominantly younger industry [2][4] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of active equity fund managers, have managed the same fund for over 10 years, with only 14 managers, or 0.6%, managing funds for over 14 years [2][3] - Fund managers with over 14 years of experience have achieved an average annualized return of 10.05%, while those with 10 to 14 years have an average return of 8.21% [2][4] Group 2: Performance of Notable Fund Managers - Notable fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005, demonstrating the effectiveness of a long-term investment strategy [4][5] Group 3: Investment Strategies - Successful long-term fund managers exhibit characteristics such as rich investment experience, mature investment philosophies, and a strong risk control awareness [8][9] - These managers often employ a disciplined approach to investment, including clear buy and sell standards, and adapt their strategies based on market changes [8][10] Group 4: Industry Trends and Challenges - The public fund industry is undergoing reforms influenced by policy changes and market dynamics, necessitating a collective effort from fund managers to embrace long-term investment principles [9][10] - There is a growing trend among fund companies to adopt practices from mature markets, focusing on research-driven investment cultures to foster long-term investment strategies [9][10]

Core Viewpoint - The public fund industry is experiencing significant leadership changes, with over 200 executives changing roles in the first seven months of 2025, including more than 20 chairpersons [1][3] Group 1: Leadership Changes - Li Wen, a founding member of Huatai Fund, stepped down as chairman on July 14, 2025, with Lu Weiming, vice chairman of the parent company Dongfang Securities, taking over [1][3] - The leadership change at Huatai Fund is seen as an effort to revive its struggling equity business, especially as the company marks its 20th anniversary [3][9] Group 2: Company Performance - Under Li Wen's leadership from 2015 to 2025, Huatai Fund's assets grew from 196.72 billion to 9847.85 billion, a more than fourfold increase [6] - However, the fund's equity business has faced significant challenges, with mixed fund assets dropping from 366.29 billion at its peak in 2021 to 139.63 billion, a decrease of over 220 billion [10][11] - As of August 19, 2025, Huatai Fund's total assets were 989.46 billion, just shy of the 1 trillion mark [3][6] Group 3: Industry Context - The public fund industry is highly competitive, with the top firms significantly outperforming smaller ones; as of June 30, 2025, the total net asset value of public funds reached 34.39 trillion [9] - Huatai Fund's ETF assets remain below 1 trillion, contrasting sharply with leading firms like Huaxia Fund, which has ETF assets exceeding 7.5 trillion [9][10] Group 4: Strategic Challenges - The shift towards fixed-income products has been a strategy for maintaining scale, with bond fund assets increasing to 261.67 billion, but this has further weakened the equity business [11] - Despite launching 22 new funds in the first half of 2025, including 15 stock funds, the overall performance in equity remains lackluster, indicating that merely changing leadership is insufficient for recovery [11]

Core Viewpoint - The public fund industry is experiencing significant leadership changes, with over 200 executives changing roles in the first seven months of 2025, including more than 20 chairpersons [1][3] Company Overview - Huatai Fund was established in 2005 through a collaboration between Dongfang Securities, Shanghai Media Group, and Eastern Airlines Financial Holdings [4] - Dongfang Securities is the largest shareholder with a 35.41% stake, while Shanghai Media Group and Eastern Airlines Financial Holdings each hold 19.97% [5] Leadership Transition - Li Wen, a founding member of Huatai Fund, stepped down as chairman on July 14, 2025, after a decade of leadership, during which the fund grew from hundreds of billions to nearly a trillion yuan in assets [3][8] - The new chairman, Lu Weiming, has extensive experience in the industry, having joined Dongfang Securities in 1998 and previously serving as the party secretary of Huatai Fund [9][10] Performance and Challenges - Under Li Wen's leadership, Huatai Fund's assets grew from 196.72 billion yuan in Q1 2015 to 9847.85 billion yuan by Q2 2025, marking a more than fourfold increase [7] - However, the fund's growth has stagnated since 2021, particularly in equity business, with mixed fund assets dropping from a peak of 366.29 billion yuan to 139.63 billion yuan, a decrease of over 220 billion yuan [11][12] - The fund's stock fund assets also fell from 39.22 billion yuan to 17.63 billion yuan, a reduction of over 20 billion yuan [11] Strategic Focus - In response to stagnant growth, Huatai Fund has shifted focus towards fixed-income products, with bond fund assets increasing to 261.67 billion yuan and money market fund assets rising to 445.83 billion yuan [12] - Despite launching 22 new funds in the first half of the year, including 15 stock funds, the overall stock fund assets continued to decline, indicating challenges in revitalizing the equity business [12]