公募投研不再“独奏” 平台化吹响投资新乐章

Core Viewpoint - The investment research capability is the "lifeline" of public fund companies and is essential for enhancing investor returns in a complex market environment [1] Group 1: Industry Trends - The public fund industry is transitioning from a traditional model reliant on "star fund managers" to a focus on long-term sustainable performance through a "platform-based, integrated, industrialized" investment research system [1] - Leading firms like Vanguard, BlackRock, and State Street have established mature investment research systems that integrate processes to enhance decision-making efficiency, serving as a model for the industry [1] - Recent changes in performance rankings reflect this transformation, with previously prominent names being replaced by products supported by platform-based systems, indicating a shift in competitive focus from "star-making ability" to "system-building capability" [1] Group 2: Practical Examples - A public fund in South China is exploring a performance-oriented mechanism that encourages talent to emerge based on merit rather than hierarchy, promoting a culture of transparency and effective communication [2] - The integration of technology, such as AI and big data, is key to enhancing investment research efficiency by scientifically structuring complex investment processes [2] Group 3: Balancing Innovation and Structure - The transformation of the investment research system is not just about improving efficiency but also about finding a balance between institutionalization and creativity, which is a long-term exploration [3] - The relationship between platform-based systems and individual fund manager characteristics is complementary, with platforms enhancing competitiveness while allowing talent to realize their value [3]