中银基金李建：多路径推进权益布局，构建长期投资能力

Core Viewpoint - The importance of equity assets in the asset allocation system is increasing due to supportive policies for the capital market and the accelerated entry of medium- and long-term funds [1] Group 1: Policy and Market Dynamics - Recent policy deployments reflect the decision-makers' high regard for the capital market, aiming for a capital market that is adaptable, competitive, and inclusive by 2035 [5] - The Chinese capital market is evolving towards a more long-term investment value ecosystem, with medium- and long-term funds becoming significant forces in improving market structure and stabilizing volatility [5] - Policies like the new "National Nine Articles" are driving improvements in corporate governance and shareholder returns, shifting the capital market focus from financing to investment returns [5] Group 2: Company Strategy and Transformation - Zhongyin Fund is focusing on a transformation centered around equity investment, enhancing its equity product system, and strengthening research and investment capabilities to meet long-term capital allocation needs [2][6] - The company is committed to a strategy of "equity, retail, and digital" transformation, continuously improving its equity product layout and investment coverage [6] Group 3: Equity Investment Expansion - The development of passive asset management tools, particularly ETFs, is gaining momentum, driven by the growth of pension finance and buy-side advisory systems [7] - Zhongyin Fund has been expanding its ETF product line since launching its first ETF in 2011, aiming to meet diverse customer needs in various market conditions [8] Group 4: Fixed Income Plus Strategy - Zhongyin Fund is optimizing its product structure towards "fixed income plus" products to better match different client risk preferences [9] - The company emphasizes that "fixed income plus" is not merely about adjusting asset ratios but requires higher collaboration between research and investment teams [9][10] Group 5: Research and Investment Capability - The overall market environment for equity investments is expected to improve, with structural opportunities remaining prominent [11] - Zhongyin Fund is enhancing its investment capabilities by integrating research, investment, and risk control processes, and promoting multi-strategy collaboration [11][12]