Core Viewpoint - The "Three Investment" concept is transitioning from advocacy to practice, with a focus on promoting long-term investment and rational investment strategies as outlined in the new "National Nine Articles" [1] Group 1: Implementation of the "Three Investment" Concept - The Shanghai Asset Management Association has initiated the first showcase activity for asset management institutions to practice the "Three Investment" concept, emphasizing the encouragement of the majority rather than selecting a few [2] - Eighteen specific indicators have been designed to guide the implementation of the "Three Investment" concept, including adherence to value investment, long-term investment, and responsible investment principles [2] - The indicators stress the importance of fundamental analysis in investment management processes and the need for internal controls to limit excessive trading based on short-term market fluctuations [2][3] Group 2: Institutional Investor Responsibilities - Institutions are encouraged to promote value and long-term investment principles in their product marketing, moving away from a focus on historical performance [3] - Active participation in corporate governance and investor education is highlighted, with institutions expected to engage in regular communication with listed companies and educate investors on rational investment practices [3] Group 3: Fund Management Evaluation - The Shanghai Securities Fund Evaluation Center emphasizes the distinction between fund managers' abilities and luck, advocating for a focus on sustainable performance rather than short-term results [4] - The evaluation process should include long-term observation and stability of investment style, as style drift can lead to increased performance volatility [4] Group 4: Active Management Fund Performance - Active management funds have struggled, with data showing that 746 funds underperformed the CSI 300 index, averaging a return of -0.66% [6] - The underperformance is attributed to poor sector allocation and the need for fund managers to sell stocks due to continuous redemptions [6] - Despite market pressures, many fund managers have maintained their investment strategies, reflecting the long-term investment philosophy of the "Three Investment" concept [6][7] Group 5: Future Outlook for Active Management - There are signs of recovery in the market, and fund managers who maintain consistent investment styles may have opportunities for excess returns [7] - Investors are advised to focus on the consistency of fund managers' investment styles when selecting active management products [7] - Fund managers should establish reasonable assessment mechanisms and enhance communication with investors during market fluctuations to clarify the long-term effectiveness of their strategies [7]
“三投资”方法论 | 综合篇 理念落地实践有哪些关键指标？
Di Yi Cai Jing·2025-05-15 02:58