银行系公募发力权益赛道，中加基金“二次创业”路径观察

Core Viewpoint - Zhongjia Fund is seen as undergoing a "second entrepreneurship" by continuously improving its product system, with the first success being the significant growth in fixed income business, achieving a management scale from zero to 100 billion [1][7]. Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new phase of reform and efficiency enhancement in the public fund industry [2]. - The plan emphasizes increasing the scale and proportion of equity investments in public funds to enhance industry functionality [2]. - The public fund industry is transitioning towards a more diversified and tool-oriented product ecosystem, driven by declining interest rates and increasing competition [6]. Group 2: Company Strategy - Zhongjia Fund's strategic adjustment focuses on consolidating its competitive advantage in fixed income while systematically building a product matrix that includes equity, diversified assets, and pension-type financial products [7]. - The company aims to enhance its equity investment capabilities by aligning with national strategic layouts and focusing on key industries such as artificial intelligence and strategic national infrastructure [8]. - The introduction of Deng Haiqing as Chief Economist and Chief Investment Officer is a significant step in advancing Zhongjia Fund's business transformation and upgrading its equity investment capabilities [4][2]. Group 3: Performance and Market Position - As of the end of Q3 2025, Zhongjia Fund's management scale reached 136 billion, with non-cash products at 117.9 billion, indicating a heavy reliance on fixed income products compared to equity [6]. - Recent performance of equity products has garnered market attention, with notable net value growth rates for specific funds, such as 52.17% for the Zhongjia Specialized and New Quantitative Stock Selection Fund and 108.04% for the Zhongjia Technology Innovation Mixed Fund over the past year [10][13]. - The shift from relying on "star fund managers" to a "fishing net model" emphasizes the need for a systematic and tool-oriented product matrix to cover market opportunities comprehensively [10][12].