开启综合资产配置服务新篇章，向一流资管机构迈进！博时基金董事长张东最新发声

Core Viewpoint - The wealth management industry is transitioning from "product-centric" to "client-profit-centric," focusing on personalized and customized asset management services, as evidenced by the continuous growth of public fund scales, which reached 37.71 trillion yuan by the end of 2025, marking nine consecutive months of growth [4][5]. Group 1: Industry Trends - The public fund industry is facing challenges such as declining management fees and intensified competition, necessitating a return to client-centric approaches and demand insights [2][5]. - The shift towards client profitability is supported by regulatory changes, including the approval of fund advisory services, which enhance investor experience and promote a buyer's advisory model [6][7]. - The public fund sector is undergoing a "three-step" reform that impacts revenue and profit, requiring a focus on long-term investor profitability as a core metric [7]. Group 2: Company Strategy - The company aims to achieve high-quality development by focusing on four key positions: creating client value, discovering investment value, leading high-quality development, and contributing to the construction of a financial power [8][9]. - The company plans to enhance its integrated investment and research capabilities, leverage technology, and deepen its service to the real economy, transitioning from asset management to comprehensive wealth management [9][10]. - The product strategy includes optimizing the product structure to create a diversified ETF and index product system, transitioning from "fixed income" to "fixed income plus" strategies, and exploring new sources of returns [11]. Group 3: Market Outlook - The company anticipates structural opportunities in the stock market, particularly in sectors like technology, energy transition, and consumer recovery, with a focus on companies with genuine competitiveness [12]. - The bond market is expected to maintain strong allocation value, with investment opportunities arising from detailed exploration of yield spreads and the flexible application of "fixed income plus" strategies [12]. - Asset allocation strategies will emphasize balance and flexibility, moving from "single Beta" to "multiple Alpha" approaches, allowing investors to construct low-correlation portfolios across various asset classes [12].