主动的力量｜摩根资产管理中国：集全球智慧，以实力领跑

Core Insights - Since 2025, domestic actively managed equity public funds have gained significant attention due to their impressive performance, showcasing the value of active management in the market [2][17]. - The active equity funds have demonstrated a clear ability to generate alpha, outperforming major indices in 2025 [18][19]. Performance Metrics - As of November 30, 2025, the performance of various fund indices is as follows: - Wind Mixed Equity Fund Index: 29.23% - Wind Ordinary Stock Fund Index: 29.29% - Wind Stock Index Fund Index: 25.15% - CSI 300 Index: 15.04% [3][19]. - The average return of actively managed equity funds established before 2025 reached 27.52%, with a median return of 24.25% [18]. Development Initiatives - The "Action Plan for Promoting High-Quality Development of Public Funds" released in May 2025 emphasizes the establishment of a floating management fee mechanism, linking performance to management fees to align the interests of managers and investors [20][19]. Morgan Asset Management's Position - Morgan Asset Management, a global asset management giant under JPMorgan, has a global asset management scale of nearly 30 trillion RMB (approximately 4.1 trillion USD) as of September 2025, with equity investments nearing 9 trillion RMB (approximately 1.26 trillion USD) [21][22]. - In 2024, Morgan Asset Management ranked first globally in net inflows for active management, active equity, and active ETFs [21]. Research and Team Expertise - The average tenure of equity fund managers at Morgan Asset Management is about 20 years, with over 500 research analysts, many having over 15 years of industry experience [22]. - The local equity research team in China was established in 2004, with an average experience of over 12 years, focusing on long-term performance and reducing short-term market volatility impacts [22]. Fund Performance Highlights - Several funds under Morgan Asset Management have significantly outperformed their benchmarks over the past three years, with examples including: - Morgan Emerging Power A: 58.04% return vs. benchmark growth of 21.75% - Morgan Core Growth A: 52.34% return vs. benchmark growth of 19.34% [23][26]. Future Outlook - The Chinese equity market is at a critical juncture, with ongoing asset revaluation and structural opportunities emerging in sectors like AI, high-end manufacturing, and new consumption [27]. - Morgan Asset Management anticipates that the technology growth style will maintain relative advantages in 2026, driven by the ongoing transformation of the Chinese economy [28]. - The focus will be on sectors benefiting from supply constraints and cash flow optimization, as well as high-end manufacturing companies expanding into overseas markets [29].