“三投资”方法论| 以时间丈量价值，以理性锚定未来

Core Viewpoint - The article emphasizes the transition of the asset management industry from scale expansion to value creation, aligning with the "Three Investments" philosophy to address long-standing issues in the capital market and enhance its effectiveness in serving the real economy [1][4]. Group 1: Industry Challenges - The asset management sector faces a "trust deficit" following the rapid growth of public funds, with a mismatch between the 30 trillion yuan bank wealth management market and less than 5% allocation to equities [2]. - There are ongoing struggles within the industry to balance long-term value with short-term assessments, as well as the need to meet both client demands and the pressures of market performance [2]. Group 2: Differentiated Approaches - Asset management institutions are exploring various strategies to overcome challenges, such as public funds embedding "client holding periods" in assessments and encouraging regular investments during market downturns [3]. - Banks are shifting from fixed income to a "low volatility and stable+" strategy, extending product durations and utilizing tools like ETFs to balance risk and return [3]. - Insurance asset management is innovating internally by increasing the weight of long-term assessments to 60%, thereby creating more space for technology investments [3]. - The trust industry is leveraging its institutional advantages to facilitate intergenerational wealth transfer and long-term investments through "wealth account trusts" [3]. - Brokerage asset management is focusing on a "buy-side perspective" to reshape the ecosystem, implementing three-year assessment cycles and dynamic investment correction tools [3]. Group 3: Implementation of the "Three Investments" Philosophy - The Shanghai Asset Management Association has introduced 18 quantitative indicators to provide a practical evaluation framework for the "Three Investments" philosophy [3]. - New models separating "ability and luck" and advocating a balance between "scale and performance" are emerging to guide industry evolution [3]. Group 4: Economic Context and Future Outlook - China's economy is at a critical juncture of transitioning from old to new growth drivers, with sectors like semiconductors, new energy, and artificial intelligence requiring long-term capital [4]. - The China Securities Regulatory Commission has issued an action plan to promote high-quality development of public funds, urging institutions to prioritize investor interests and shift focus from scale to investor returns [4]. - The implementation of the "Three Investments" philosophy is seen as a long-term project to cultivate new growth momentum in the capital market, with the expectation that rationality will ultimately prevail over speculation [4].