题为《积极拥抱金融的AI时刻》的主旨演讲。他强调，AI技术正成为推动经济和金融业深度变革的 核心力量，2025年将是AI在金融业应用的"转折之年" 。 金融机构要全面坚定地实施数字化转型战略，将其作为"一把手工程"，培养全员数 字化意识，并优先从"降本增效"、"优化客户体验"等有原始驱动力的AI项目着手。 全国社会保障基金理事会原副理事长陈文辉 01 金融业正在进入"AI时刻" 陈文辉表示，AI技术在金融行业的应用正在加速。目前，国内金融机构主要运用AI技进行内部赋 能，而在直接面向客户的服务仍在审慎推进中。他提到，金融行业数据丰富、技术基础好、资金 充足，为AI技术的应用提供了有利条件。DeepSeek等技术架构的出现，也使得AI在金融行业应 用成本大幅降低，智能化水平不断升级。 陈文辉认为， 随着AI技术的性能提升和成本降低，2025年将是AI在金融行业应用的转折之年。 AI特别是大模型的应用，可能是各类金融机构实现质变提升的重要机会。 他举例，AI技术让大型金融机构能高效地触达基层信息，这冲击着中小金融机构的传统地方优 势。此外，金融行业过去的服务成本并不低，如果不积极利用AI降本增效，现有机构就可能被 ...

进入晨星小程序，轻松掌握更多基金信息！ | 基金代码： | 003280 | | --- | --- | | 基金类型： | 信用债 | | 基准指数： | 中证信用债指数 | | 成立日期： | 2016-09-22 | | --- | --- | | 基金规模（亿元）： | 76.57 | | 基金规模日期： | 2025-03-31 | | 晨星三年评级： | | | 晨星五年评级： | | | 基金经理： | 方昶 | 鹏华丰恒债券基金的基金经理方昶先生历经完整债券市场周期的考验，并依托资源丰富的研究团队提供有 力支持。该基金聚焦于短久期、中高等级信用债投资。基金经理秉持严谨的风险把控原则，综合运用信用 债配置、久期管理及杠杆策略，旨在中长期维度内实现较同类基金更具竞争力的收益回报，同时严控回 撤。截至 2025 年 5 月 31 日，在方昶管理期内，该基金年化回报达 3.80% ，跑赢中证信用债指数 0.15% ，风险控 制突出，波动性低，风险调整后收益显著优于同类平均。费用方面，该基金年度综合费率为 0.72% ，低于同 类基金 0.92% 的平均水平。 2025年以来，债券市场的波动性显著加大， ...

Core Viewpoint - The article emphasizes the performance and strategy of the Xingquan Commercial Model Preferred Mixed Fund, managed by Qiao Qian, highlighting its GARP (Growth at a Reasonable Price) investment strategy and its ability to achieve stable excess returns over the long term [2][3][4]. Fund Overview - Fund Code: 163415 - Fund Type: Active Allocation - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth - Establishment Date: December 18, 2012 - Fund Size: 14.012 billion CNY as of March 31, 2025 - Annual Comprehensive Fee Rate: 1.87%, lower than the average of 2.41% for similar funds [1][2][21]. Manager Profile - Qiao Qian has been managing the fund since July 2018, with 17 years of investment research experience, including over 7 years in public fund management [4]. - The fund manager has demonstrated strong stock-picking abilities across various sectors, including industrials, technology, consumer discretionary, materials, and healthcare [4]. Investment Strategy - The fund employs a GARP strategy, integrating macro and microeconomic judgments into stock selection, focusing on valuation and absolute returns [3][8]. - The investment approach is bottom-up, targeting stocks with a reasonable price and expected annualized returns of 10-15% over a 3-5 year horizon [8]. - The manager maintains a balanced portfolio across industries and emphasizes finding opportunities in under-recognized smaller companies [9]. Performance Metrics - As of April 30, 2025, the fund achieved an annualized return of 12.17%, outperforming the benchmark's 11.57% [17]. - The fund's Sharpe ratio during the manager's tenure is 0.74, significantly higher than the benchmark's 0.11, ranking 6th among similar funds [17]. - The fund's recent 3-year and 5-year annualized returns rank 7th and 23rd, respectively, among peers [17]. Risk Management - The fund manager aims for absolute returns over the next three years while maintaining a balanced industry allocation to control portfolio risk [9]. - The fund's historical performance shows resilience during various market conditions, with a focus on macroeconomic changes and sector dynamics [15].

Core Viewpoints - Investors often ignore potential risks of funds due to blind chasing of high returns, leading to lower returns compared to the funds' performance. This is particularly evident in sector funds, which attract a lot of follow-up capital during market upswings but experience severe drawdowns during downturns, causing investors to sell at low points and miss subsequent rebounds [3][11]. Group 1: High-Risk Fund Characteristics - Funds with higher volatility generally exhibit greater investor return differentials. Over the past five years, sector funds, active stock funds, and actively managed funds with over 70% equity positions had annualized volatility rates of 29.05%, 23.95%, and 23.86%, respectively, while conservative mixed and fixed-income funds had much lower rates of 5.33% and 2.34%. Corresponding annualized investor return differentials for the former were -3.59%, -2.65%, and -2.17%, compared to -0.86% and -0.62% for the latter [3][4][8]. - Funds with highly concentrated holdings tend to have higher volatility and more significant investor return differentials. While concentrated strategies can yield strong returns if the fund manager selects outperforming securities, they also expose investors to substantial losses when market conditions shift rapidly [3][9]. Group 2: Sector Fund Dynamics - Sector funds, due to their focus on specific industries, exhibit more pronounced volatility. For instance, the annualized investor return differentials for medical and consumer sector funds were -7.70% and -5.16%, respectively, reflecting the impact of market conditions and investor behavior during downturns [13][15]. - A case study of the China Europe Medical Health Mixed A fund illustrates the risks associated with sector funds. After a significant rise during the pandemic, the fund experienced a drawdown of over 50% as market conditions changed, leading to a five-year annualized investor return of -17.07%, significantly lagging behind the fund's annualized return of -1.11% [14][15]. Group 3: Recommendations for Investors - Investors should establish a multi-dimensional product evaluation framework, moving beyond a single focus on returns. Understanding one's risk tolerance is crucial to avoid deviating from suitable product categories due to short-term performance temptations. When selecting funds, it is essential to analyze historical volatility characteristics and the underlying investment strategies [10][17].

Core Viewpoint - The article emphasizes the importance of selecting potential bond funds in a growing and diverse fund market, highlighting four noteworthy bond products for investors' consideration [1]. Group 1: Tianhong Yongli Bond Fund - Tianhong Yongli Bond Fund is managed by an experienced team led by chief fund manager Jiang Xiaoli, who has 15 years of experience in the securities industry, including 12 years in public fund management [3][4]. - The fund employs a clear investment process and a unique bond timing trading model, focusing on asset allocation and maximizing investment returns through a collaborative team approach [2][4]. - The fund's investment strategy includes a preference for high-quality companies with strong competitive advantages and reasonable valuations, with a focus on industry leaders [4][5]. Group 2: Anxin Target Return Bond Fund - Anxin Target Return Bond Fund is co-managed by Zhang Yifei and Huang Wanshu, utilizing a flexible allocation strategy between convertible bonds and pure bonds to achieve attractive returns [8][9]. - The fund shifted its investment strategy in 2021 to focus primarily on convertible bonds, with a typical allocation range of 40%-90% for convertible bonds since then [10][11]. - The fund's approach includes a combination of top-down and bottom-up investment methods, emphasizing in-depth research on company fundamentals to select undervalued convertible bonds [11]. Group 3: Western Li De Hui Xiang Bond Fund - Western Li De Hui Xiang Bond Fund is managed by Yan Zhiyong, who has 14 years of experience in the securities industry, focusing on credit bonds and flexible allocation of interest rate bonds and convertible bonds [14][15]. - The fund aims to achieve basic coupon income through high-grade credit bonds while enhancing returns with dynamic allocation strategies based on market conditions [16]. - The fund's investment strategy includes a focus on high-grade credit bonds, with a typical allocation of 80%-100% to credit bonds and a maximum of 20% to convertible bonds [16][17]. Group 4: Penghua Fenglu Bond Fund - Penghua Fenglu Bond Fund is led by Liu Tao, who has over 12 years of experience in the securities industry and has consistently delivered strong risk-adjusted returns [19][20]. - The fund focuses on high-grade credit bonds, employing a flexible investment process that includes duration strategies and credit spread optimization to capture market opportunities [19][20]. - The fund maintains a credit bond allocation of 80%-110% and a duration range of 0.5-4 years, with a leverage ratio of 100%-135% to adapt to market changes [20][21].

点击视频查看峰会现场精彩回顾 5月22日，晨星（中国）2025年度投资峰会在上海成功举办。 本届峰会围绕 "智汇全球·共见未来——推动基金行业高质量发展，探索买方投顾新生态" 这一主 题，汇聚了40余位海内外行业领袖，通过5场主旨演讲、7场圆桌对话，构建起横跨理论洞察与实战 经验的思想交流平台，为中国资产管理和财富管理行业的高质量转型升级提供战略性参考。 峰会由晨星（中国）主办 ，并得到了广州投资顾问学院、嘉信理财、易方达基金、鹏华基金、基煜 基金、盈米基金、广州投资顾问产业链投资有限公司的赞助支持。峰会吸引超600人现场参会，线上 累计观看量近100万人次。 01 锚定行业发展新坐标 峰会开幕式上，晨星全球CEO Kunal Kapoor与首席财务官Michael Holt率先通过视频发表致辞。 Kunal Kapoor表示，晨星将继续以透明度、独立性与长期主义为核心，携手中国市场共建更加专 业、创新、以投资者为中心的资产管理和财富管理生态。 Michael Holt则强调，在中国资产管理和财富管理行业迈向高质量发展的背景下，晨星将持续加大对 中国市场的投入，以聚焦本土的研究、定制化的工具和专业的内容全面支 ...

Core Viewpoint - Understanding the "ET" in ETFs is crucial for investors, as it signifies the trading characteristics that allow for stock-like transactions, which can vary significantly among different ETFs. The liquidity of ETFs can be affected by market conditions, and historical events have shown that liquidity can fluctuate, necessitating a cautious approach to ETF trading [1]. Group 1: Trading Techniques - Technique 1: Utilize limit orders to control transaction costs and ensure trades are executed at desired price levels, especially in less liquid ETFs where market prices may deviate significantly from underlying asset values [3]. - Technique 2: Avoid trading in the first and last 30 minutes of the trading day to mitigate risks associated with wider bid-ask spreads and lower liquidity during these periods [6]. - Technique 3: For cross-border ETFs, trade during overlapping market hours to ensure accurate pricing based on real-time data from underlying securities, reducing the risk of price discrepancies [8]. Group 2: Large Transactions and Alternatives - Technique 4: For large transactions, defined as those exceeding 20% of the ETF's average daily volume or 1% of the fund's assets, it is advisable to seek assistance from ETF issuers or market makers to lower transaction costs [10]. - Technique 5: Traditional index funds may be a better option for investors who do not require the flexibility of intraday trading and prefer a simpler investment approach without the complexities of ETF trading [12].

Core Insights - The Morningstar Investment Conference (MIC) will be held in Shanghai for the first time, focusing on the future development of China's buy-side investment advisory industry [1][4][6]. Group 1: Conference Overview - The conference will take place on May 22, 2025, at the Shangri-La Hotel in Pudong, Shanghai, with registration closing on May 20, 2025 [1]. - The event is supported by various sponsors, including the Guangzhou Investment Advisory Academy and several fund management companies [1]. Group 2: Research Findings - Morningstar will unveil its research report on the disparity in returns for Chinese public fund investors, highlighting that actual investor returns often lag behind fund performance despite the presence of high-performing funds [4]. Group 3: Conference Themes and Agenda - The conference theme is "Intelligent Global Collaboration for a Better Future," emphasizing the high-quality development of the fund industry and exploring new ecosystems for buy-side investment advisory [6][7]. - The agenda includes seven roundtable discussions and five keynote speeches, covering topics from macroeconomic trends to practical applications in asset allocation and AI empowerment [6][7]. Group 4: Featured Speakers - Notable speakers include Zhang Yumeng, Managing Director of Morningstar China, and other industry leaders from various financial institutions [9][10][11].

01 市场洞察 宏观经济承压，关税博弈影响下股债表现分化 4月，国内宏观经济总体承压，反映国内经济先行指标的制造业PMI录得49.0%，在3月份50.5% 的基础上回落1.5%，时隔两个月重回收缩区间。制造业景气水平的回落主要是受到生产指数、 新订单指数、原料库存指数和从业人员指数环比下行所带来的影响。3月份CPI同比降低0.1%， PPI同比下降2.8%。相比于2月份CPI和PPI同比分别下降0.7%和2.2%而言，CPI降幅收窄主要 是受到食品价格降幅缩小和服务价格由降转升的影响；生产资料价格和生活资料价格的降幅上 升，使得PPI同比降幅扩大。 晨 星 月 报 4月，在美国关税政策的扰动下，包括中国在内的全球多个国家和地区的股市均出现了较大幅 度的调整。随后，国家队和央企出手托底市场，助力A股超跌反弹。中旬以来，虽然一季度超 预期的经济数据和中美关税博弈一度出现缓和使得股市继续企稳，但随着市场开始评估关税博 弈对上市公司盈利水平的负面影响，以及月末公布的PMI数据不及预期，令股市再度承压。从 投资侧来看，主要股指在4月集体收跌，其中上证指数和深证成指分别下跌1.70%和5.75%。代 表大盘股、中盘股和小 ...

Group 1 - The article highlights the upcoming 2025 Investment Summit hosted by Morningstar, Inc., emphasizing the opportunity for industry leaders to engage in discussions [1] - Morningstar, Inc. is identified as a leading global investment research firm, providing services across North America, Europe, Australia, and Asia [1] - As of December 31, 2024, Morningstar managed and provided investment advice on assets totaling approximately $338 billion [1]