中欧基金：以“工业化”升级投研体系，迈向可持续阿尔法新征程

Core Viewpoint - The article discusses the strategic upgrade of the investment research system at China Europe Fund, emphasizing a shift from a "single soldier operation" to a "systematic manufacturing" approach in the asset management industry [1][3]. Group 1: Industry Context - The number of A-share listed companies has surpassed 8,000, and the scale of public funds has reached 35 trillion yuan, indicating a diversification and rationalization of client demands that challenges the traditional model of relying on star fund managers [3]. - As management scale increases, the vulnerabilities of relying on a single source of returns become apparent, necessitating a collaborative team approach to build a diversified revenue system for sustainable performance [3]. Group 2: China Europe Fund's Strategy - The "industrialization" approach does not negate individual value but empowers each research analyst to become a key node in a "smart production line" [4]. - The core of this industrialization strategy is broken down into three pillars: 1. Professionalization: Analysts are encouraged to specialize in niche areas to develop deep insights that surpass market understanding [4]. 2. Industrialization: A unified methodology, standardized processes, and a culture of sharing are established to create a collaborative ecosystem, such as the "Five Elements Model" used by the equity team [4]. 3. Digital Intelligence: The integration of AI and large models into research processes enhances efficiency, with human analysts focusing on depth verification while machines cover breadth [4]. Group 3: Future Outlook - The company aims to complete the system upgrade over a decade, transitioning from reliance on individual "accidents" to a systematic output of high-quality fund products [5]. - Future iterations of the investment research system will focus on the synergy of professionalization, industrialization, and digital intelligence, aiming to cultivate a new generation of fund managers suited for future investment frameworks [5]. - The company is exploring a new path from "scale growth" to "quality leap," asserting that only systematic manufacturing can make sustainable alpha a reality [5].