Core Viewpoint - The leadership transition at Bosera Fund marks the end of the Jiang Xiangyang era, with Zhang Dong set to take over as chairman, raising questions about how he will address the company's structural challenges in equity and fixed income investments [4][5][10]. Leadership Change - Jiang Xiangyang, who led Bosera Fund for over a decade, is stepping down as chairman to join China Merchants Jinling Leasing Co., while Zhang Dong, the current general manager, is expected to be appointed as the new chairman pending board approval [4][5]. - Jiang's tenure saw significant reforms that restored the fund's management scale to the top ten in the industry, primarily through a focus on fixed income products, but the equity segment faced ongoing challenges [5][6]. Performance and Challenges - Under Jiang's leadership, Bosera Fund's asset management scale doubled from 2015 to 2017, and by the end of 2019, the total assets exceeded 620 billion yuan, ranking third in the industry [6]. - Despite growth in fixed income, the active equity business has struggled, with the fund's ranking in this area dropping to 19th by 2020, prompting efforts to revitalize it through key personnel changes [7][8]. Zhang Dong's Background - Zhang Dong, with over 30 years of experience in the banking sector, is expected to leverage his background to enhance Bosera's collaboration with banks and improve the fund's distribution channels [10][11]. - His appointment is seen as a strategic move to deepen the integration of resources within the group, particularly in areas like "fixed income+" and retirement-targeted funds [11]. Market Conditions - The public fund market has shown a stark contrast in performance, with equity assets recovering significantly while the bond market faces pressure due to interest rate fluctuations [13][18]. - Bosera's equity products have recently performed well, with over 95% of its equity funds recording positive returns in the last three months, largely due to strategic investments in technology sectors [13][14]. Fixed Income Performance - Conversely, Bosera's fixed income products have encountered challenges, with 65% of its bond funds reporting negative returns recently, primarily due to rising government bond yields [18]. - The company has also faced talent attrition, with five fund managers leaving in 2025, raising concerns about the stability of its investment research team [18].

【导读】王小青正式离任招商基金董事长，钟文岳代任 又有公募巨头出现高管变更。 继上月请辞招商银行副行长后，王小青正式官宣离任招商基金董事长，由公司总经理钟文岳代任。目前，王小青已在招商局金融控股有限公司（下称招商 金控）出任总经理一职。 王小青正式离任招商基金董事长 钟文岳代任 9月23日晚，招商基金发布高级管理人员变更公告称，王小青因工作安排自9月24日起离任董事长，不再转任公司其他岗位，由公司总经理钟文岳代任招商 基金董事长一职。 | 基金管理人名称 | 招商基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基金经营 | | | 机构董事、监事、高级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 离任基金管理人董事长、代任基金管理人董事长 | | 离任高级管理人员职务 | 董事长 | | --- | --- | | 离任高级管理人员姓名 | 王小青 | | 离任原因 | 工作安排 | | 离任日期 | 2025年9月24日 | | 是否转任本公司其他工作岗位 否 | | 招商基金表示，公司对于王小青先生在公司任职期间发挥的重要引 ...

Group 1: Core Perspectives - The core focus of the public fund industry is to protect the interests of investors, as emphasized in the "Action Plan" released by the China Securities Regulatory Commission [2][6] - The "Beijing Public Fund High-Quality Development Series Activities" aims to create a new brand for high-quality financial development in Beijing, highlighting the theme "New Era, New Fund, New Value" [1][2] - The company, Zhongjia Fund, is committed to enhancing its core competitiveness and providing lifelong fund services to investors, aligning with the regulatory call for high-quality development [1][2] Group 2: Investment Strategies and Product Offerings - Zhongjia Fund has established 77 public funds covering various strategies, including active management, passive index, quantitative strategies, and FOF allocation, to meet the wealth management needs of residents [2] - The company focuses on technology finance by developing public products related to specialized and innovative sectors, supporting quality technology enterprises while creating value for investors [3] - In green finance, Zhongjia Fund is expanding its equity product line around low-carbon and renewable energy themes, and is actively researching green bond-related funds [3][4] Group 3: Risk Management and Compliance - The "Action Plan" stresses the importance of maintaining a risk bottom line and improving multi-level liquidity risk prevention mechanisms within the industry [6] - Zhongjia Fund adheres to a compliance-first and prudent management philosophy, achieving a "zero failure" record in fund investments over the years [6] - The company is enhancing its comprehensive risk management quality through digital empowerment, focusing on preemptive control and performance attribution analysis [6]

业内人士指出，近年来财通资管在公司综合实力、资产管理能力等方面的跃升，主要得益于其在股债 等多资产投研领域的多年积淀。投资研究方面，财通资管已组建起超百人的投研团队，覆盖权益、固 收、指数量化、FOF、衍生品、海外投资等领域；在投研体系建设中，强调厚植长期价值投资的土 壤，持续强化"投研一体化"平台建设，推动研究成果向投资实战能力高效转化。 在资管行业高质量发展的新阶段，财通资管表示，将始终以投资者利益为先，夯实"一主两翼"的多元 化发展格局，全面提升综合金融服务能力，不断提升投资者的获得感，致力于成为投资者的"安心伙 伴"。 数据来源： Wind，财通资管。特别声明：投资有风险，选择需谨慎。本公司承诺以诚实信用、勤勉尽责的原则管理 和运用资管产品和基金产品资产，但不保证一定盈利，也不保证最低收益。投资者投资本公司旗下产品前请仔细阅读 产品合同、产品说明书及风险揭示书等法律文件。产品的过往业绩并不预示其未来表现，本公司管理的产品的业绩并 不构成未来产品业绩表现的保证。本资料所载的内容及信息仅供参考，不构成任何投资建议或承诺，亦不构成任何法 律文件。2025年9月评选/《中国基金报》发布，评奖结果为评奖机构基于 ...

Core Insights - The "2025 China Capital Market Development Forum" highlighted the achievements of financial institutions, with Caitong Asset Management winning four awards, including "Outstanding Securities Asset Management Demonstration Institution" for three consecutive years [1] - The forum aimed to enhance the capital market's service to the real economy, promote technological innovation, and lead industrial transformation, featuring nearly a thousand representatives from regulatory, industrial, and investment sectors [1] Company Achievements - Caitong Asset Management's products recognized include two asset management plans in equity and fixed income categories, showcasing the company's diversified asset management capabilities [2] - The equity asset management plan has won the "Outstanding Securities Asset Management Demonstration Case (Five-Year Equity)" for two consecutive times, indicating sustained performance resilience [2] - The fixed income asset management plan received the "Outstanding Securities Asset Management Demonstration Case (Three-Year Fixed Income+)," reflecting the company's achievements in the "multi-strategy fixed income" sector [2] Investment Strategy and Research - Caitong Asset Management has built a research team of over 100 professionals covering various fields, including equity, fixed income, quantitative indices, FOF, derivatives, and overseas investments [2] - The company emphasizes long-term value investment and has developed an integrated research and investment platform to efficiently convert research outcomes into practical investment capabilities [2] Future Outlook - Caitong Asset Management aims to prioritize investor interests and strengthen its diversified development framework, enhancing comprehensive financial service capabilities to improve investor satisfaction [2]

近年来，中国公募基金行业在坚守与创新中持续发展，依托专业的投资能力，在践行国家战略、服务实 体经济、满足居民财富管理需求等方面发挥着积极作用。同时，公募基金总规模屡创新高，并在今年首 次突破35万亿元。 随着行业体量持续增长，多家公募机构公开发声表示，行业进一步成长需要以长期主义为锚点。当前， 各家机构正将长期主义理念全面融入业务发展和经营管理的各个环节。 长期主义成共识 对公募基金而言，长期主义并非可选项，而是行业发展的必然路径，这已成为普遍共识。 易方达基金总经理吴欣荣对《证券日报》记者表示："高质量发展是全面建设社会主义现代化国家的首 要任务。金融要为经济社会发展提供高质量服务，必须做好金融'五篇大文章'。而金融推动科技创新、 促进绿色转型、支持数字经济、助力民生福祉，都需要着眼长远、保持耐心、久久为功。" "长期主义是公募基金发展的基石。"景顺长城基金认为，公募基金的使命是向投资者提供长期稳定回 报，而投资规律决定价值的实现需要时间，只有长期资金才能陪伴优质企业成长，从而真正支持国家经 济转型和创新战略。 今年5月份，证监会发布《推动公募基金高质量发展行动方案》(以下简称《行动方案》)，被视为行业 迈 ...

Core Viewpoint - The article emphasizes the importance of long-termism in the development of public funds, highlighting the need for integrated research and investment capabilities to transform this philosophy into practice [1][5]. Group 1: Long-termism and Research Integration - The "Action Plan" supports a team-based management model for fund managers, focusing on strengthening research teams as the core of investment capabilities [1]. - The company has established a three-tiered talent development structure within its research department, emphasizing continuous growth and effective transmission of investment philosophies [1][2]. - A dual-track training mechanism for new researchers includes mentorship from experienced fund managers and systematic training covering various research methodologies and financial valuation models [2]. Group 2: Digital Transformation and Research Platform - The company has prioritized "digital transformation" as a strategic focus, developing the "Euler Asset Management System" to create an integrated research and investment platform [3]. - The Euler system covers the entire investment process, from pre-investment research to post-investment review, ensuring a comprehensive digital approach [3]. - The system has established a repository for research outcomes, allowing for long-term reuse and collaboration across different markets [3]. Group 3: Mechanism and Institutional Support - The "Action Plan" calls for a comprehensive assessment system centered on fund investment returns, implementing long-term evaluation mechanisms [4]. - The company enhances the sense of belonging among research teams through value recognition, career growth opportunities, and organizational support [4]. - The assessment framework for researchers includes performance metrics, compliance, and risk management, with a strong emphasis on long-term performance over short-term rankings [4].

Core Viewpoint - Ping An Fund demonstrates its core investment research capabilities through successful identification of structural market opportunities and strong performance of its actively managed equity funds, with 60% of its funds achieving over 50% returns in the past year [1][2][3]. Group 1: Performance Highlights - In the past year, 32 out of 53 actively managed equity funds from Ping An Fund have achieved returns exceeding 50%, while 43 funds have surpassed 30% [1]. - Notable fund managers such as Zhou Sicong and Zhang Yinxian have capitalized on themes like innovative pharmaceuticals and robotics, leading to significant returns [2][3]. - The Ping An Advanced Manufacturing Theme A fund achieved a remarkable return of 146.26% in the past year, with a drawdown of less than 25% [3]. Group 2: Investment Strategies - Ping An Fund employs a "Four Truths" integrated research mechanism, focusing on genuine mechanisms, teams, talents, and communication to enhance performance [5][6]. - The fund's strategy includes deep industry research and a focus on high-certainty companies within the robotics supply chain [3][9]. - Fund managers are encouraged to share diverse investment styles and experiences, fostering a collaborative environment that enhances overall performance [9][10]. Group 3: Fund Manager Insights - Zhou Sicong emphasizes the potential of the innovative pharmaceutical sector, predicting significant growth opportunities by 2025 [3][10]. - Other fund managers, such as Ding Lin and Wang Hua, have also achieved impressive returns by strategically allocating assets across various sectors, including new consumption and military industries [4][9]. - The Ping An Strategy Pioneer fund, managed by Shen Aiqian, has shown a net value growth rate of 407.78% since its inception [41]. Group 4: Research Mechanism - The "Four Truths" mechanism promotes transparency and performance-based evaluations among fund managers and researchers [7][11]. - The integration of research and investment practices allows for real-time feedback and continuous improvement in investment strategies [8][9]. - Ping An Fund has established a diverse research team covering multiple investment styles and strategies, ensuring a robust investment approach [11]. Group 5: Future Outlook - Ping An Fund remains committed to long-term investment principles, prioritizing the interests of its investors and focusing on in-depth research to uncover quality investment opportunities [11]. - The fund's proactive approach aims to deliver sustainable returns regardless of market fluctuations [11].

Core Viewpoint - The article emphasizes the impressive performance of Ping An Fund's equity investment capabilities, highlighting their ability to capture structural market opportunities and achieve significant returns through a well-integrated research and investment mechanism known as the "Four Truths" [2][9]. Group 1: Performance Highlights - In the past year, 60% of Ping An Fund's actively managed equity funds (32 out of 53) achieved returns exceeding 50%, while 80% (43 funds) surpassed 30% [2]. - Notable fund managers like Zhou Sicong and Zhang Yinxian have successfully capitalized on themes such as innovative pharmaceuticals and robotics, with their funds achieving returns of 109.98%, 108.82%, and 146.26% respectively [5][6]. - The fund's performance in the AI sector also stands out, with returns of 88.61% and 66.14% from key products managed by fund managers Zhai Sen and Lin Qingyuan [6]. Group 2: Investment Strategy - Ping An Fund employs a dual strategy of "thematic tracks and full-market stock selection," allowing for diversified investment across various sectors [3]. - The fund managers focus on high-growth areas such as innovative pharmaceuticals, robotics, and AI, which have shown significant market potential [4][5][6]. - The "Four Truths" mechanism supports this strategy by ensuring that research outcomes are effectively translated into practical investment decisions [9]. Group 3: Research and Development Mechanism - The "Four Truths" mechanism consists of "True Mechanism, True Team, True Talent, and True Words," which collectively enhance the fund's investment performance [9][12]. - The internal culture promotes transparency and meritocracy, allowing fund managers and researchers to collaborate closely and share insights [10][11]. - The fund emphasizes continuous talent development through a dual approach of internal training and external recruitment, fostering a diverse and skilled investment team [13]. Group 4: Future Outlook - Looking ahead, Ping An Fund remains committed to long-term investment principles, prioritizing the interests of investors and focusing on in-depth research to uncover quality investment opportunities [14].

Core Viewpoint - The article emphasizes the significance of small to medium-sized private equity firms in China's investment landscape, highlighting Beijing Heju Investment as a notable example with a strong track record and a focus on fundamental research and risk control [2][5]. Company Overview - Beijing Heju Investment was established in 2009, focusing on research and investment in the Chinese securities market, integrating both trend-following and contrarian investment strategies [5]. - The firm has not experienced any regulatory risk events since its inception and has received numerous awards, including 13 Private Equity Golden Bull Awards and the exclusive Morningstar Award in 2015 [5][6]. Development History - Key milestones include the establishment of the company in 2009, receiving the first Private Equity Golden Bull Award in 2010, and completing a platform transformation by 2023 [6]. Team Composition - The core team members come from leading securities firms such as CITIC Securities and Shenwan Hongyuan, with an average of nearly 20 years of industry research experience [7]. - The team emphasizes integrated research and investment management, with fund managers responsible for both research and investment decisions [7][26]. Investment Philosophy & Strategies - Heju Investment focuses on identifying investment opportunities driven by corporate growth, believing that a company's fundamentals dictate its long-term stock price trends [13]. - The firm employs a proactive approach to uncover undervalued investment opportunities through in-depth research and knowledge sharing [13][16]. Risk Management - The company places a high priority on compliance and risk control, embedding risk management throughout the fund management process [21]. - Since its establishment, Heju Investment has maintained a clean record without any regulatory breaches [21]. Future Outlook - The firm anticipates a potential shift from a structural bull market to an index bull market, driven by favorable policy changes and liquidity conditions [29]. - It plans to focus on growth stocks and leverage its strengths in technology and manufacturing sectors while also considering opportunities in the U.S. market, particularly in AI and technology infrastructure [29][31].