从华尔街到黄浦江 外资公募探寻“本土化解法”

Core Viewpoint - The article discusses the challenges and strategies of foreign asset management firms, particularly Fidelity, in navigating the Chinese market, emphasizing the need for localization and long-term investment strategies [1][2]. Group 1: Market Environment - Since the approval of the first wholly foreign-owned public fund company in June 2021, foreign public funds have begun to localize their operations in China [1]. - The Chinese market's institutional environment and investment behaviors are highly localized, making it difficult for international experiences to be directly applied [2]. Group 2: Strategic Framework - Fidelity has proposed a "two markets, two systems" strategy, focusing on the local market through partnerships with banks, brokers, and e-commerce platforms, while also catering to international investors seeking exposure to Chinese assets [4]. - The "two systems" include a product system and a research system, ensuring that global research resources are effectively aligned with the specific needs of the Chinese market [4]. Group 3: Investment Approach - Fidelity emphasizes the importance of understanding the genuine needs of the Chinese market, which is still evolving compared to more mature markets dominated by index products [5]. - The firm leverages its expertise in active management and multi-asset strategies, which are crucial for capitalizing on the structural alpha present in the A-share market [5][6]. Group 4: Long-term Commitment - Fidelity aims to maintain a long-term investment philosophy amidst the high volatility and emotional nature of the A-share market, avoiding short-term trends and thematic speculation [7]. - The company has established a stable investment framework and long-term evaluation for fund managers to ensure consistency in investment styles [7][8].