摩根资产管理：百年资管机构打造中国“长跑”样本

Core Insights - The article discusses the significant reforms in China's public fund industry, emphasizing the importance of fiduciary responsibility and a long-term approach to achieve high-quality development [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a management scale of 133 billion yuan in non-monetary public funds by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions [1][2] Group 1: Company Strategy and Performance - Morgan Asset Management (China) has maintained a strong focus on active management, achieving an annualized return of 13.50% in active equity investment management over the past 20 years, ranking in the top ten of the industry [2] - The company has structured its active equity investment teams into three groups: Growth, Balanced Growth, and Value, targeting different risk-return profiles [2][3] - The firm has introduced a clear investment guideline for each fund, ensuring that fund managers pursue excess returns while maintaining style stability, enhancing transparency for investors [3] Group 2: Research and Talent Development - Morgan Asset Management (China) emphasizes a "research-driven" investment culture, focusing on long-term research investments to enhance decision-making quality [4][5] - The company has established a "career analyst" mechanism, encouraging analysts to deepen their research rather than transitioning to fund management roles [5][6] - The global research team has conducted approximately 11,000 company visits and interactions over the past year, providing unique market insights for investment decisions [6] Group 3: ETF Business Development - Morgan Asset Management (China) has adopted a differentiated approach in the ETF market, becoming the second-largest issuer of active ETFs globally since establishing its platform in 2014 [6][7] - The company has launched 11 ETFs by October 2025, focusing on various strategies and themes, and has introduced innovative features like a "quarterly mandatory dividend" mechanism [7] - The firm has also localized its global flagship report for Chinese investors, enhancing its service offerings and market insights [7][8] Group 4: Future Outlook - The company aims to continue exploring best practices in the public fund sector in China, focusing on investment management, product innovation, customer service, risk control, and technology application [8] - Morgan Asset Management (China) is committed to contributing to the healthy development of the asset management industry by pursuing sustainable value creation alongside investors [8]