Core Viewpoint - The presentation by Dr. Chen Peng emphasizes the importance of buy-side advisory in enhancing the investor experience and promoting the high-quality development of public funds in China, breaking down investor returns into four dimensions: excess returns (A), benchmark returns (B), investment costs (C), and behavioral losses (Gamma) [1][2]. Group 1: Market Benchmark Returns - Long-term average returns for investors are primarily derived from beta (β), which represents market benchmark returns, indicating that investors can easily obtain this return through low-cost tools like index funds [5]. - The historical stock return rate in China over the past 20 years is approximately 10%, closely resembling that of the U.S. market [6]. Group 2: Difficulty in Achieving Excess Returns - Achieving alpha (α), or excess returns through active management, is increasingly challenging due to the rising proportion of institutional investors, leading to intensified competition [9]. - Data from Morningstar indicates that the probability of active funds outperforming the index has significantly decreased in the Chinese market [9]. Group 3: Impact of Fund Costs on Investor Experience - Fund costs, both explicit and implicit, are critical factors affecting investment returns. Explicit costs include fees that are clearly disclosed, while implicit costs, such as trading fees, are often overlooked [11]. - In 2022, 320 equity funds had implicit costs exceeding 2% due to high trading costs, with an average turnover rate of 1026%, indicating frequent buying and selling that erodes investor returns [12]. Group 4: Investor Behavioral Losses - Investor behavior, such as irrational actions like "buy high, sell low," can lead to discrepancies between actual returns and fund returns, referred to as behavioral losses (Gamma) [14]. - Morningstar estimates that investment advisors can enhance client returns by 2.45% annually by optimizing investment goals and managing behaviors, thus turning Gamma from negative to positive [14].

在市场持续震荡的环境下，很多理财顾问可能都遇到过类似场景：客户急于调仓、纠结 赎回，甚至对长期投资计划产生动摇。 这并不意味着客户不信任你，而是他们正在经历情绪波动或决策困境——这正是 "行为 引导"（Behavioral Coaching） 的用武之地。 不过，虽然行为引导在避免行为偏差、稳定客户关系中至关重要，很多顾问及投资者却 并未认识到它的价值。 那该如何去沟通与实践？这篇文章，带你重新认识行为引导，并 找到落地的方式。 01 难以脱离情绪做出判断 而行为引导的作用，正是帮助客户在关键时刻绕开这些"陷阱"。从贡献角度看，它是顾问最具 价值的服务之一——相关研究显示，行为引导每年可为客户带来约 1%~2% 的额外"行为收 益"，又称 "Gamma"价值 。 1 1 2 3 尽管纠正行为偏差很难，但投资者做出非理性决策的原因主要是下面几种： 对所投产品不够了解； 被社媒平台或"专家观点"的"信息汪洋"所淹没； 来源：《买方投顾促进公募基金高质量发展的 A, B, C, 和 Gamma 》 , 晨星全球高级战略顾问 陈鹏 Ph.D. ， CFA 尽管行为引导带来可观价值，但客户在过往的调研中却鲜少将其列为" ...

Core Viewpoints - The article discusses the disparity in investor returns across different types of funds in the Chinese public fund market, highlighting that conservative mixed and fixed-income funds exhibit lower negative investor return differentials compared to actively managed equity funds, which have significantly higher negative differentials [2][24]. - Passive broad-based funds, particularly ETFs, show a positive investor return differential of 2.81%, attributed to significant inflows from institutional investors during market lows, which contrasts sharply with the negative differentials of actively managed equity funds [2][7][24]. - The article emphasizes the importance of investors assessing their risk tolerance and adopting a diversified investment strategy to mitigate risks and enhance long-term returns [2][24][26]. Summary by Sections Investor Return Disparities - Conservative mixed funds have an investor return differential of -0.86%, while fixed-income funds show -0.62%, both significantly better than the -2.65% of actively managed equity funds [2][24]. - The lower return differentials in conservative mixed and fixed-income funds are linked to their lower volatility and defensive investment nature, which helps reduce short-term trading impulses among investors [4][24]. Performance of Passive Broad-Based Funds - Broad-based passive funds, especially ETFs, have attracted substantial institutional investment, particularly from state-backed entities like Central Huijin, during market lows, leading to a positive investor return differential [2][7][8]. - The influx of funds into ETFs during market lows has been a critical factor in achieving a positive return differential, as these funds did not participate in the preceding market downturns [7][8]. Recommendations for Investors - Investors are advised to carefully evaluate their risk tolerance and select funds that align with their risk preferences, focusing on those with experienced research teams and stable investment strategies [2][24]. - A diversified investment portfolio that includes funds with varying risk-return characteristics is recommended to enhance resilience against market volatility [2][24][26]. - Emphasizing a long-term holding strategy can help investors avoid the pitfalls of market timing and emotional decision-making, ultimately leading to better long-term asset appreciation [2][26].

导语 投资从来都是成功与失败并存，而基金经理对此体会应该最为深刻。我们长期追踪的众多优 秀基金经理在他们的职业生涯中创造了优异的投资业绩，这背后离不开许多高明的投资决策 与卓越的投资组合管理能力。然而，即便是最优秀的基金经理也难免出错。但使他们从同类 中脱颖而出的，往往在于他们面对投资失误的态度，以及从过往经历中汲取经验、进而提升 未来投资组合回报的能力。 在本报告中， 我们深入剖析了国内部分优秀基金经理投资中的成 功与失败案例 ，通过解析其投资决策背后的逻辑思路，揭示这些顶尖基金经理的成功奥秘。 01 国海富兰克林基金 赵晓东 赵晓东先生是一位经验与实力兼具的资深基金经理。21年的证券从业生涯、15年的公募基金管 理经验，锻造出其稳健且敏锐的投资风格。 自2005年国海富兰克林基金成立之初，赵晓东便扎 根其中，以计算机、汽车等行业的研究为起点，历经多年的实践与沉淀，在金融、食品饮料、 家电、汽车等传统行业构筑起坚实的能力壁垒，对农林牧渔、机械设备等领域亦有着深刻的行 业理解与价值洞察。与此同时，他保持对新兴趋势的敏锐捕捉，在新能源与TMT行业中也挖掘 出部分优质标的。 这种可以兼顾传统与新兴领域的投资能力， ...

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 ...