Core Insights - The public fund industry in China is transitioning from scale expansion to quality improvement, with a focus on enhancing core investment research capabilities and adopting new technologies like AI and big data [1][3] - China Securities Regulatory Commission aims to implement policies for high-quality development in the public fund sector over the next three years [1] - Despite significant growth in the public fund industry, challenges remain regarding investor satisfaction and the effective functioning of funds [2][3] Industry Growth and Challenges - The public fund industry has grown from 8.4 trillion yuan at the end of 2015 to 36.74 trillion yuan by September 2025 [1] - Challenges include misaligned operational philosophies, insufficient functionality, uneven development structures, and weak investor satisfaction [1][2] Investment Returns and Investor Experience - From 2020 to 2024, annualized returns for non-industry and industry stock funds were 6.67% and 3.68%, while actual investor returns were only 4.03% and -1.38% respectively, indicating a significant "scissors gap" [2] - High market volatility and unclear fund product positioning contribute to this disparity [2] Regulatory Developments - The China Securities Regulatory Commission released a draft guideline to clarify product positioning and enhance the quality of excess return assessments [3] - The guideline aims to improve investor satisfaction and address challenges faced by fund manufacturers [3] Research and Development Strategy - The company is focusing on a "professional, industrialized, and intelligent" investment research system to enhance core capabilities [4][5] - The investment research field is divided into over 80 sub-sectors, allowing for deep specialization and long-term research commitments [5][6] Industrialization and Efficiency - The industrialization of the investment process aims to improve collaboration and ensure consistent quality in investment outcomes [6][7] - The "MARS Factory" model exemplifies this approach by standardizing the management of multi-asset solutions [6] Digital Transformation - The company is leveraging digitalization and intelligent systems to manage large-scale social funds effectively [7] - AI integration is transforming research processes, enhancing data handling and predictive accuracy [7] Long-term Commitment to Investors - The company emphasizes a "long-termism" approach in both product development and client services, aiming to enhance investor satisfaction [8][9] - Initiatives include extensive offline engagement, diverse communication methods, and innovative product offerings tailored to investor needs [8][9]
以“工业化”提升核心投研能力 为投资者创造长期价值
Zhong Guo Zheng Quan Bao·2025-11-11 20:09