大成基金谭晓冈：“恒心”与“恒产”彼此成就

Core Viewpoint - The high-quality development of public funds should be defined by stable, tangible investment returns that transcend market cycles, emphasizing the importance of creating value for investors through a steadfast commitment [1] Group 1: Investment Research System - The company has established a "deep research-oriented" investment research system, focusing on a unified value perspective and a long-term return, excess returns, and an industrial perspective [1] - Six integrated research teams have been formed to enhance professional empowerment, project initiation, and communication between researchers and fund managers, creating a team-based, platform-oriented research system [1] - A senior fund manager collaborates with a senior researcher to form a "value discovery community," engaging in long-term tracking, debate, modeling, and validation of key industries and core targets [1] Group 2: Long-term Incentive System - Since 2019, the company has reformed its assessment system to increase the weight of three-year and five-year performance metrics, with long-term performance assessment now accounting for over 80% [2] - The assessment criteria include not only return rates but also risk-adjusted returns, maximum drawdown control, stability of excess returns relative to benchmarks, and downside protection [2] - A series of compensation deferral and mandatory co-investment mechanisms have been established, closely linking long-term performance with actual investor profits [2] Group 3: Customer Service System - The company has shifted its business philosophy from "product-centered" to "customer-centered," moving from single product sales to comprehensive asset allocation solutions [2] - Customer profitability and average holding time have been introduced as assessment indicators, implementing a reverse sales approach and developing a profit evaluation system for investors [2] - Investor engagement activities have been incorporated into the annual work plan, promoting diverse and systematic investor support initiatives [2] Group 4: Industry Development Ecosystem - The core strategy involves designing and developing strategies or products that align with the long-term goals of specific customer groups based on deep customer insights [3] - In-depth research on industries is transformed into understandable and communicable content for sales channel managers, enhancing their professional service capabilities [3] - Long-term investor education activities are collaboratively planned, acting as a "stabilizer" for market sentiment during critical market moments [3]