Xin Lang Ji Jin·2025-09-30 02:40Core Viewpoint - The public fund industry in China is entering a new phase of high-quality development, emphasizing long-term investment strategies and the establishment of a robust research and investment system to better serve the economy and enhance wealth for investors [1][2][8] Group 1: High-Quality Development of Active Equity Research - The public fund industry plays a crucial role in optimizing capital allocation and promoting social wealth enhancement, but faces challenges such as short-term speculation and poor investor experiences [2][5] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" outlines key reforms focusing on long-term assessments and returns, guiding the industry towards high-quality development [2][3] - Active equity research must embrace long-term investment principles as a strategy and a pathway to maturity [3][4] Group 2: Long-Term Investment Philosophy - Long-term investment philosophy encompasses three core meanings: 1. Returns must be rooted in national economic development and corporate performance growth, with long-term investments better able to navigate market cycles [4] 2. It expresses confidence in the future of China's economy and capital markets, supported by solid fundamentals and ongoing reforms [4] 3. It signifies a shift from short-term performance to a focus on sustainable returns, risk control, and enhancing investor trust [4] Group 3: Strengthening Research and Investment System - High-quality development in active equity research requires a comprehensive research and investment system that includes macro strategies, industry research, and stock analysis [5][6] - The investment decision-making process must be optimized to ensure research translates into effective investment outcomes, minimizing the influence of short-term market emotions [6] Group 4: Optimizing Research and Investment Talent - The optimization of the research and investment talent pool is essential, focusing on training, assessment, and incentive mechanisms [7] - A dual-track talent cultivation system should be established, promoting internal development and external recruitment to ensure the transmission of long-term investment philosophies [7] - Assessment mechanisms should emphasize long-term performance and risk management, while incentive structures should align fund managers' interests with those of investors [7] Group 5: Future Outlook - The public fund industry is positioned at a new starting point for high-quality development, with active equity research as the core, aiming to fulfill its mission of serving the economy and enhancing national wealth [8]