“三投资”方法论 | 以时间丈量价值，以理性锚定未来

Core Viewpoint - The article emphasizes the transition of the asset management industry from scale expansion to value creation, driven by the "Three Investments" philosophy, which aims to reshape the capital market to better serve the real economy [1][4]. Group 1: Industry Challenges - The asset management industry faces significant challenges, including a "trust deficit" in public funds, a mismatch between the large scale of bank wealth management and its low equity allocation, and difficulties in insurance asset management regarding long-term investment mechanisms [2]. - There is a struggle for asset management institutions to balance long-term value creation with short-term performance assessments, as well as the need to meet both client demands and the pressures of market performance [2]. Group 2: Differentiated Strategies - Public funds are adopting "counter-cyclical services" to rebuild trust, with firms like Huatai-PB embedding "client holding periods" into assessments and Wanji Fund encouraging regular investments during market downturns [3]. - Bank wealth management is shifting from fixed income to a "low volatility and stable+" strategy, with institutions like Bank of Communications Wealth Management extending product durations and balancing risk and return through various strategies [3]. - Insurance asset management is innovating internally, with firms like Taiping Asset increasing the weight of long-term assessments to 60%, thereby creating more space for technology investments [3]. - The trust industry is leveraging its institutional advantages, with Shanghai Trust using "wealth account trusts" to facilitate intergenerational wealth transfer and long-term investments [3]. - Brokerage asset management is focusing on a "buy-side perspective" to reshape the ecosystem, with firms like Zhongtai Asset Management implementing three-year assessment cycles [3]. Group 3: Implementation of the "Three Investments" Philosophy - The Shanghai Asset Management Association has released 18 quantitative indicators to provide a practical evaluation framework for the "Three Investments" philosophy, while evaluation institutions are promoting models that separate "ability from luck" and advocate for a balance between "scale and performance" [3]. - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission underscores the need for industry institutions to prioritize investor interests and shift focus from scale to investor returns [4]. Group 4: Future Outlook - The article suggests that the current economic transition in China requires "long money" to support breakthroughs in sectors like semiconductors, new energy, and artificial intelligence, while also addressing the demand for stable returns in wealth management [4]. - The successful implementation of the "Three Investments" philosophy is viewed as a long-term project essential for cultivating new growth drivers in the capital market [4][5].