中欧基金窦玉明： 基金行业无需造神 平台赋能“第三代基金经理”

Core Concept - The article emphasizes the importance of building a systematic and sustainable investment research framework at China Europe Fund, focusing on "professionalization, industrialization, and digitalization" to enhance long-term competitiveness [1][2][4]. Group 1: Investment Research Framework - The "three transformations" (professionalization, industrialization, digitalization) are essential for creating replicable investment research capabilities [2][3]. - "Professionalization" involves deep specialization in specific industries by researchers and consistent investment styles by fund managers to enhance judgment and reduce competition [2][3]. - "Industrialization" aims to transition investment research from a "workshop" model to a more efficient production model, ensuring rapid sharing and execution of investment ideas within the team [3][4]. - "Digitalization" leverages technology to enhance execution capabilities, structuring data and historical research for long-term sharing and model-driven decision-making [3][4]. Group 2: Talent Management System - The success of investment strategies is heavily reliant on a comprehensive talent management system encompassing selection, training, motivation, and elimination [5][7]. - Selection is critical, requiring assessment of candidates' knowledge, skills, judgment, and long-term learning abilities [5][6]. - Training is a long-term investment, with a typical fund manager requiring 20 years to mature, emphasizing the need for experienced mentors and consistent methodologies [6][7]. - A clear and transparent incentive mechanism is essential, with performance targets set to ensure long-term product quality [6][7]. Group 3: Team and Platform Dynamics - Team building is fundamental for sustained performance, as a collaborative approach provides broader coverage and stability compared to individual efforts [8][9]. - The integration of diverse research capabilities under a unified philosophy enhances the frequency and efficiency of high-quality investment insights [8][9]. - The concept of the "third-generation fund manager" highlights the importance of platform support, allowing managers to focus on their strengths while managing larger funds [9][10].