炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】基金公司探索基金经理团队制 中国基金报记者 方丽 陆慧婧 公募基金高质量发展行动方案明确支持基金经理团队制管理模式。近年来，部分基金公司开始试水以基 金经理团队制替代传统的"明星基金经理"单打独斗模式。 近期，睿远基金发行成立的睿远研选均衡三年持有混合发起式基金由3位基金经理共同管理，更早之前 成立的工银领航三年持有混合基金则由四位基金经理共同管理。Wind数据显示，截至1月25日，全市场 的普通股票型基金、偏股混合型基金、平衡混合型基金中，有25只基金由3位及以上的基金经理共同管 理。 在业内人士看来，将投资从"明星基金经理"升级为"投研体系化"，本质上是通过系统化协作降低对个体 的依赖。这种发展趋势是资管行业走向成熟的必由之路，也体现了行业对长期性的追求。 基金公司加大力度探索基金经理团队制 公募基金高质量发展行动方案提出，加快"平台式、一体化、多策略"投研体系建设，支持基金经理团队 制管理模式，做大做强投研团队。基金公司纷纷响应号召，加大力度探索基金经理团队制。 近期，睿远基金发行成立了睿远研选均衡三年持 ...

【导读】基金公司探索基金经理团队制 中国基金报记者 方丽 陆慧婧 公募基金高质量发展行动方案明确支持基金经理团队制管理模式。近年来，部分基金公司开 始试水以基金经理团队制替代传统的"明星基金经理"单打独斗模式。 近期，睿远基金发行成立的睿远研选均衡三年持有混合发起式基金由3位基金经理共同管理， 更早之前成立的工银领航三年持有混合基金则由四位基金经理共同管理。Wind数据显示，截 至1月25日，全市场的普通股票型基金、偏股混合型基金、平衡混合型基金中，有25只基金 由3位及以上的基金经理共同管理。 在业内人士看来，将投资从"明星基金经理"升级为"投研体系化"，本质上是通过系统化协作 降低对个体的依赖。这种发展趋势是资管行业走向成熟的必由之路，也体现了行业对长期性 的追求。 基金公司加大力度探索基金经理团队制 公募基金高质量发展行动方案提出，加快"平台式、一体化、多策略"投研体系建设，支持基 金经理团队制管理模式，做大做强投研团队。基金公司纷纷响应号召，加大力度探索基金经 理团队制。 近期，睿远基金发行成立了睿远研选均衡三年持有混合发起式基金，据悉，该基金将采用基 金经理团队制管理模式，3位基金经理分别为董春峰、 ...

Market Review - The A-share market saw all major broad indices rise last week, with the STAR 50, CSI 500, and CSI 1000 indices leading with returns of 9.80%, 7.92%, and 7.03% respectively, while the CSI 300, Shanghai Composite, and ChiNext indices lagged with returns of 2.79%, 3.82%, and 3.89% respectively [5][10] - The defense, media, and non-ferrous metals sectors performed well, with returns of 14.56%, 13.55%, and 8.66% respectively, while banking, transportation, and oil & petrochemicals sectors underperformed with returns of -1.88%, -0.03%, and 0.17% respectively [16][18] Fund Issuance - A total of 11 new funds were established last week, with a total issuance scale of 8.191 billion yuan, which is a decrease compared to the previous week [3][40] - There were 48 funds that entered the issuance phase last week, and 29 funds are set to begin issuance this week [43] Fund Performance - Active equity, flexible allocation, and balanced mixed funds had returns of 4.15%, 3.54%, and 2.97% respectively last week, with active equity funds showing the best performance year-to-date with a median return of 4.15% [29][35] - The median excess return for index-enhanced funds was -0.36%, while quantitative hedge funds had a median return of -0.11% [32][33] Bond Market - As of last Friday, the central bank's reverse repos had a net withdrawal of 18.076 billion yuan, with a net open market injection of 1.387 billion yuan [19][20] - The yield spread for government bonds widened by 7.94 basis points, with different maturities showing an upward trend in yields, except for the one-year bonds [20][23] Open-End Public Fund Overview - There are currently 290 ordinary FOF funds, 111 target date funds, and 151 target risk funds in the open-end public fund category [34] - The median performance of target date funds was the best this year, with a cumulative return of 2.40% [35]

- The provided content does not include any quantitative models or factors for analysis[1][2][3][4]

- The provided content does not include any quantitative models or factors for analysis[4][6][9] - The documents primarily focus on market reviews, fund performance, and fund issuance updates without discussing specific quantitative models or factors[3][30][32] - No quantitative models or factors are constructed, evaluated, or tested in the provided content[4][32][34]

Core Viewpoint - The issuance of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund reflects the company's commitment to exploring a team-based fund management model and a cautious approach to fund establishment [1][2]. Fund Structure and Management - The Ruiyuan Research Balanced Three-Year Holding Mixed Fund is a mixed equity fund primarily investing in A-shares and Hong Kong stocks, with an equity asset investment ratio of 60%-95%, and a maximum of 50% of equity assets in Hong Kong Stock Connect targets [2]. - The fund will adopt an active management philosophy, focusing on identifying value investment targets with competitive advantages across various industries, aiming for long-term stable asset appreciation and excess returns beyond performance benchmarks [2][3]. - The fund will be managed by a team of three fund managers, who will collaborate through a cooperative mechanism and manage their respective units independently, with performance based on the aggregate contributions of each manager [2][7]. Fee Structure - The fund employs a floating management fee model, with fees determined based on the holding period and annualized return of each fund share, categorized into three tiers depending on performance relative to benchmarks [3]. Strategic Rationale - The exploration of the team-based fund management model aligns with regulatory guidance aimed at enhancing core investment research capabilities and supporting diversified management strategies [4][6]. - The fund's management team believes that a multi-manager approach can reduce risk and enhance returns by leveraging diverse investment styles and expertise [5][8]. Historical Context and Future Direction - The team-based management model has been successfully implemented by firms like Capital Group, which utilizes a multi-advisor system to achieve superior long-term investment performance [7]. - The Ruiyuan Research Balanced Fund represents a significant step in the company's ongoing exploration of this management model, with a focus on continuous improvement and adaptation based on operational experiences [8].