西部利得基金总经理贺燕萍：以投资者为本，构建基金业鱼水共生新生态

Core Viewpoint - The enhancement of investor satisfaction is a fundamental issue for the public fund industry, which is crucial for the long-term brand building of asset management companies [3][4][16]. Group 1: Investor Satisfaction - Investor satisfaction is the foundation of the fund industry and the core of asset management companies' long-term brand building [3]. - The industry has historically paid insufficient attention to investor satisfaction under the traditional relative return evaluation system, but this is changing with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" [4]. Group 2: Balancing Interests - The relationship between commercial interests and client interests is interdependent, akin to "fish and water," where the absence of investors would eliminate the platform and opportunities for managers [6]. - Ensuring client interests requires a combination of management capabilities and rigid mechanisms, rather than merely adjusting product strategies or service models [6]. Group 3: Investment Philosophy - The core of absolute return philosophy is to balance risk and return, focusing on investment win rates and stable returns [9]. - The asset management industry's primary function is to achieve asset preservation and appreciation through professional management, with absolute return assets directly reflecting this function [9]. Group 4: Professional Management - West China Fund emphasizes absolute return orientation, which aligns with matching client needs and being responsible for client trust [11]. - The sales process in the fund industry is ongoing, where the moment of purchase marks the beginning of service, necessitating professional guidance to help investors establish rational investment perspectives [11]. Group 5: Long-term Vision - The industry should integrate long-termism into daily operations, even at the cost of short-term scale expansion opportunities, as demonstrated by West China Fund's decision to limit purchases during high market sentiment [12]. - The regulatory framework aims to guide the industry towards a scientific, long-term, and professional development model [14]. Group 6: Institutional Development - The establishment of a first-class institution requires a correct understanding of the industry's development rules and cycles, along with the use of financial technology and robust risk management systems [14]. - Continuous diligence and review are essential for achieving excellence in asset management and research teams, emphasizing that investment is not merely a numerical transaction but also involves historical analysis and philosophical depth [14][16].