Xin Lang Ji Jin·2025-09-26 02:18Core Insights - The public fund industry is transitioning from scale-driven growth to value-driven high-quality development, influenced by global asset management adjustments and domestic capital market reforms [1] - The core competitiveness of public funds lies in their ability to balance long-term investor returns, optimize capital market resource allocation, and support national strategic implementation [1][2] - A systemic transformation is required, focusing on cognitive restructuring, capability upgrading, and ecological co-construction to address deep-seated development challenges [1][2] Cognitive Restructuring - Public funds serve as a professional bridge between capital and assets, with value creation rooted in a profound understanding of industry fundamentals [2] - Long-termism is essential for value creation, as public funds should focus on stabilizing market fluctuations and capturing long-term benefits from economic transitions [2] - The lack of investor satisfaction stems from some institutions deviating from long-termism, leading to a focus on short-term performance [2][3] Trust Rebuilding Mechanism - Establishing a symbiotic interest mechanism is crucial for rebuilding trust, emphasizing risk-sharing and profit-sharing [3] - A focus on management fees over returns erodes investor trust and hinders sustainable industry growth [3] - Professional value encompasses a comprehensive system of asset allocation, risk control, and investor education, essential for navigating market complexities [3] Capability Upgrading - Public funds must transition from scale advantages to value advantages through systematic innovations in service, mechanisms, and research [4] - Service upgrades should shift from product-centric to investor-centric approaches, focusing on empowering investors with long-term knowledge [4][5] - Mechanism reforms are necessary to align interests between managers and investors, promoting long-term assessments and market-driven fee structures [5] Long-term Development Pillars - Healthy ecosystems are vital for the high-quality development of public funds, with compliance as a baseline, culture as a core, and collaboration as a pathway [6] - Compliance ensures a balance between risk and value, necessitating transparent processes and innovative practices within regulatory frameworks [6] - A culture of long-termism and professional integrity should be cultivated to unify value consensus across the industry [6][7] Collaborative Development Path - The public fund ecosystem should foster a win-win community rather than a zero-sum competition, emphasizing value over price [7] - The future of the industry lies in enhancing value quality rather than merely expanding scale, focusing on protecting residents' wealth and stabilizing capital markets [7] - Public funds are encouraged to align with national strategies, ensuring that financial resources effectively support the core needs of the real economy [7]