数字经济将引领资本市场 打造“体系化投资”新模式

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines to accelerate the high-quality development of the public fund industry, emphasizing the need for fund managers to build a team-based, platform-oriented, and integrated investment research system [1] Group 1: Industry Developments - The guidelines from CSRC aim to enhance the accumulation and inheritance of investment research capabilities within the public fund industry [1] - BlackRock, as one of the largest asset management firms globally, had approximately $9.57 trillion in assets under management by the end of Q1 2022, significantly surpassing China's public fund industry total of 26 trillion yuan [1] - BlackRock's proprietary risk management system, Aladdin, has become a core competitive advantage, generating $1.281 billion in technology and risk management revenue in 2021, accounting for 6.6% of total revenue [1] Group 2: Company Initiatives - Chen Xiaosheng, Chairman of Shenwan Hongyuan Fund, aims to develop a proprietary "Aladdin" system to create a systematic asset management institution unique to Shenwan Hongyuan [2] - The company has established a key assumption platform (KAP) that integrates research, investment, and risk control, with the first phase of the EBS mini-program now officially launched [2][3] - The KAP platform aligns with regulatory expectations for a robust investment research system, which is essential for the long-term development of the asset management industry [3] Group 3: Investment Strategy - The KAP platform consists of three key assumption tables: the macro KAT, the product KAT, and the portfolio KAT, which facilitate effective communication and collaboration among research, investment, and risk control teams [5][6][7] - The macro KAT helps assess the current investment environment, while the product KAT focuses on specific investment opportunities, and the portfolio KAT evaluates the risk-return profile of investment strategies [5][6][7] - The ultimate goal of the KAP platform is to establish a "systematic investment" model that combines bottom-up fundamental analysis with top-down research coverage [9] Group 4: Market Outlook - The current market faces unprecedented uncertainties due to the real estate downturn, the impact of the COVID-19 pandemic, and the Russia-Ukraine conflict, leading to significant stock market declines [11] - Despite these challenges, the digital economy is expected to drive the next phase of economic growth in China, potentially replacing the real estate sector as a key growth engine [11] - The digital economy is supported by competitive leading enterprises and is anticipated to play a crucial role in the upcoming bull market in China's capital markets [11]