践行“资管工业化” 中欧基金多资产团队大跃迁

Core Insights - The "Fixed Income +" products have rapidly emerged as a significant growth curve in the asset management industry since 2025, with the total market size reaching 2.47 trillion yuan by the end of Q3 this year, reflecting a quarterly increase of over 520 billion yuan [1] - The concept of "Fixed Income +" has evolved beyond a simple bond-stock mix to a sophisticated multi-asset allocation solution that relies heavily on research collaboration, process decomposition, and refined risk management [1] - Companies are now challenged to build a scalable "industrialized" output system to meet the demands of this evolving market [1] Company Development - China Universal Asset Management has been a pioneer in "asset management industrialization," evolving its multi-asset team through three key stages: from 1.0 "asset allocation of stocks and bonds," to 2.0 "diversified strategies enriching sources of returns," and finally to 3.0 "diversified assets mitigating risks" [1][6] - The performance of China Universal's multi-asset team is exemplified by the China Universal Jintong product, which has achieved a return of 72.8% since its inception in November 2015, outperforming its benchmark by 24.1 percentage points [2] - The number of holders for China Universal Jintong has increased from 319 at the end of 2018 to 519,000 by June 2025, representing a growth of over 1600 times [2] Risk Management - The risk management system of China Universal Jintong has evolved from reactive measures to proactive monitoring, allowing for dynamic adjustments based on real-time risk assessments [3] - The introduction of a quarterly evaluation and dividend mechanism since June 2024 has enhanced investor experience, with a total of 148 million yuan distributed over six consecutive quarters [3] Industrialized Research and Development - The "MARS Factory" industrialized research and development system at China Universal addresses the traditional asset management industry's reliance on star fund managers, which often leads to performance volatility and strategy replication challenges [4] - The MARS Factory breaks down the investment process into four key areas: design, production, assembly, and testing, transforming investment from an art reliant on inspiration into a predictable and replicable process [4][5] - The design phase focuses on customer needs, while the production phase involves developing over 20 standardized investment strategies, creating a comprehensive strategy library [4][5] Future Outlook - China Universal's multi-asset team has established a product line that covers various risk preferences, offering low, medium, and high volatility options, while also catering to different asset classes and client requirements [6] - The evolution of the product strategy has seen a shift from simple asset allocation to a more nuanced approach that includes a diverse range of asset classes and strategies, enhancing risk-return profiles and client experiences [7]