东方红资产管理成飞：优秀的资产管理机构应构建“好投资+好服务+好品牌”的护城河

Core Viewpoint - The asset management industry is entering a new phase of high-quality development, where institutions must explore differentiated development paths while focusing on investment, service, and brand cultivation to build a sustainable competitive advantage [2]. Industry Overview - The overall scale of the asset management industry has exceeded 170 trillion yuan, with structural differentiation becoming evident among various segments [2]. - Public funds, insurance asset management, bank wealth management, and trusts have collectively surpassed 30 trillion yuan, highlighting an intensifying "Matthew Effect" [2]. - Private equity, securities asset management, and futures asset management are facing severe competition, indicating a challenging environment for these institutions [2]. Securities Asset Management Insights - The entrusted scale of securities asset management has stabilized at 7 trillion yuan, but the industry is in urgent need of new growth breakthroughs due to the end of large collective rectifications and declining fixed-income asset yields [2]. - Only 14 securities firms and their asset management subsidiaries have public fund management qualifications, holding a mere 2% market share in the public fund sector, with a year-to-date incremental share of 2% [2]. Development Path of Dongfanghong Asset Management - Dongfanghong Asset Management emphasizes a customer-centric approach to build core competitiveness [3]. - The firm practices value investing and active management, establishing a comprehensive investment research system across equity, fixed income, fund of funds (FOF), and quantitative fields, achieving good long-term investment returns [3]. - The company prioritizes customer experience through its "Dongfanghong Wanli Xing" service system, having conducted over 14,500 customer service events, reaching 2.09 million participants over the past decade [3]. Brand Building and Challenges - Since its inception, Dongfanghong has focused on brand establishment, continuously investing in brand assets to create a competitive moat [3]. - The company has faced challenges in its differentiated development journey but believes that maintaining faith and positioning is crucial for long-term success [3]. Strategic Insights - The belief is that excellent asset management is driven by a combination of good investment, good service, and good branding [4]. - Differentiation is not about being ostentatious but about maximizing core advantages [4]. - The development of asset management institutions will undergo three levels of transition: from strategy to licensing, and finally to brand elevation, allowing for diverse development paths within the industry [4].