在当前固收投资难度显著提升的市场环境下，中欧基金实现了逆势增长。截至今年三季度末，其债券型 基金规模已达1670亿元，较年初增长近500亿元，并连续11个季度保持规模增长。 国泰海通证券数据显示，截至2025年9月30日，在固收类中型基金公司绝对收益排名中，中欧基金近1 年、2年、3年及7年投资能力均位列第一。 面对低利率、高波动与资产荒加剧的新周期，中欧基金固收团队自2023年起推动体系升级，从依赖个人 能力转向组织协同，构建了覆盖现金管理、利率及指数、信用策略与固收增强的全品类产品体系，并涌 现出一批绩优产品，推动固收业务步入发展快车道。 固收体系 实现"工业化进阶" 当时针拨回2023年，中欧基金率先开启"资管工业化"的投研实践，大刀阔斧升级固收业务，搭建起覆盖 全品类固收策略的专业战队。 拥有逾20年证券从业经验的陈凯杨，自2023年加入中欧基金后，便主导搭建固收业务体系，并推动投研 框架向"工业化"升级。他强调，高战斗力团队需具备流程明确、分工清晰、协同高效的特质。 "固收+"边界外拓 在"固收+"业务中，邓欣雨负责策略研发、组合配置与风险控制，推动各类固收增强策略的构建与实 施。 在管理机制上，陈 ...

Core Viewpoint - The "Fixed Income +" funds are becoming a safe haven for investors amid the continuous decline in risk-free interest rates, with the total market size reaching 2.47 trillion yuan by the end of Q3 2025, reflecting a quarterly growth of over 520 billion yuan [1] Group 1: Market Trends - Historical experiences show that during low interest rate periods, fixed income products have significantly increased in size, as seen in Japan in the 1990s and the rise of "Fixed Income +" strategies in the U.S. post-2000 [1] - The trend indicates a structural shift towards absolute return products as a necessary response to declining interest rates [1] Group 2: Company Strategy - China Europe Fund has distinguished itself through its forward-looking vision and systematic capabilities, implementing "asset management industrialization" early on [1] - The "MARS Factory" investment research system developed by the multi-asset team breaks down the investment process into four workshops: design, production, assembly, and testing, transforming investment from an art reliant on inspiration to a predictable, replicable, and explainable craft [1][2] Group 3: Product Performance - The "MARS Factory" system has enabled outstanding performance of China Europe Fund's products, with the "Jintong" product achieving a return of 72.8% since its inception in November 2015, significantly outperforming its benchmark of 24.1% [5] - The annualized return of the "Jintong" product stands at 5.7%, compared to its benchmark of 2.2%, with a maximum drawdown of only -3.5% [5] - The number of holders for the "Jintong" product has surged from 319 at the end of 2018 to 519,000 by the end of June 2025, representing a growth of over 1,600 times [5] Group 4: Evolution of Investment Strategy - The evolution of the multi-asset team at China Europe Fund has progressed from a focus on "asset allocation of stocks and bonds" to "diverse strategies enriching sources of returns," and now to "diverse assets to disperse risks," continuously deepening around diversification, risk-return ratios, and customer experience [6] - The company is leading the industry towards healthier and sustainable development by providing superior services amid the transition from "product supply" to "demand matching" in the asset management sector [6]

Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][3][5]. Industry Development - The public fund industry has evolved into a crucial institutional investor in the capital market, contributing to the real economy, promoting common prosperity, and maintaining financial stability [1]. - The industry aims to enhance investor satisfaction as a primary focus, improving research and investment capabilities to better serve investors and meet their long-term wealth management needs [1][5]. Recent Reforms - A series of significant reforms have been implemented in the public fund industry, including fee rate adjustments, strengthening performance benchmarks, and restructuring research and investment systems, which have shown positive results [1][2][3]. - Companies like Guotai Fund and HSBC Jintrust have actively reduced management fees and other costs to benefit investors, while also enhancing investor experience through improved service quality and diversified product offerings [2][3]. Wealth Management Trends - The public fund industry recognizes a shift in wealth management needs, moving from single asset allocation to diversified investments, and from short-term speculation to long-term, stable returns [4][6]. - The industry anticipates that the capital market will become a primary vehicle for wealth management as real estate transitions back to its residential role, prompting residents to seek new investment avenues [3][4]. Enhancing Investor Experience - The industry is committed to improving investor experience by focusing on long-term sustainable returns, establishing performance evaluation mechanisms that prioritize long-term gains over short-term metrics [6][7]. - Companies are adopting strategies that emphasize product innovation, investor education, and enhanced service standards to foster a better investment experience and reduce irrational trading behaviors [6][7]. Future Outlook - The public fund industry is entering a new phase of high-quality development, shifting from a scale-oriented approach to one that prioritizes investor interests and value creation [7]. - The focus will be on long-term investment strategies and maintaining a strong alignment between product performance and investor outcomes, ensuring that the industry meets evolving wealth management demands [7].

Core Viewpoint - The article emphasizes the growing preference for "fixed income+" products in a market characterized by volatility, highlighting a significant structural shift in investor behavior towards lower-risk, more stable investment options [1][2]. Market Trends - By the end of Q3 2025, the total scale of "fixed income+" funds reached 2.47 trillion yuan, with a quarterly increase of over 520 billion yuan [1]. - Historical trends from Japan and the U.S. indicate that the pursuit of absolute returns in low-interest environments leads to a rise in fixed income products [1]. Institutional Response - Institutions with forward-looking perspectives and systematic capabilities are better positioned to navigate the evolving landscape of "fixed income+" products, which have transformed into multi-asset allocation solutions requiring collaborative research and risk management [1][2]. Case Study: China Universal Fund - China Universal Fund has been a pioneer in the "asset management industrialization" approach, exemplified by its MARS factory investment research system, which aims to make the investment process clearer and more controllable [2][3]. - The MARS factory has evolved through three stages, enhancing its investment strategies and risk management capabilities over the past decade [2][3][21]. Performance Metrics - The China Universal Fund's flagship product, Zhongou Jintong A, has achieved a return of 72.8% since its inception, significantly outperforming its benchmark of 24.1% [2][3][27]. - The fund has maintained a maximum drawdown of only -3.5%, showcasing its effective risk management [2][3]. Investment Philosophy - The fund's core objective is to achieve "absolute returns" with a focus on low volatility, aiming for a high probability of annual positive returns [7][8]. - The investment strategy emphasizes disciplined asset allocation, maintaining a stable equity position even during bullish market years [8][12]. Risk Management - The fund employs a proactive risk management system that emphasizes early detection of potential issues rather than reactive measures [12][13]. - The risk control framework has evolved from a reactive approach to a more dynamic, real-time monitoring system [12][13]. Product Design and Client Experience - The introduction of a quarterly evaluation and dividend distribution mechanism has enhanced investor experience, with cumulative dividends reaching 148 million yuan [13][24]. - The focus on client experience is integral to the fund's strategy, ensuring that investment returns translate into real benefits for investors [24][25]. Future Outlook - The multi-asset team is committed to building a comprehensive "solution ecosystem" that aligns with evolving investor needs and market conditions [21][23]. - The industry is shifting towards a model that prioritizes client returns over mere product performance, indicating a more sustainable future for asset management [25][26].

Core Insights - The "Fixed Income +" products have rapidly emerged as a significant growth curve in the asset management industry since 2025, with the total market size reaching 2.47 trillion yuan by the end of Q3 this year, reflecting a quarterly increase of over 520 billion yuan [1] - The concept of "Fixed Income +" has evolved beyond a simple bond-stock mix to a sophisticated multi-asset allocation solution that relies heavily on research collaboration, process decomposition, and refined risk management [1] - Companies are now challenged to build a scalable "industrialized" output system to meet the demands of this evolving market [1] Company Development - China Universal Asset Management has been a pioneer in "asset management industrialization," evolving its multi-asset team through three key stages: from 1.0 "asset allocation of stocks and bonds," to 2.0 "diversified strategies enriching sources of returns," and finally to 3.0 "diversified assets mitigating risks" [1][6] - The performance of China Universal's multi-asset team is exemplified by the China Universal Jintong product, which has achieved a return of 72.8% since its inception in November 2015, outperforming its benchmark by 24.1 percentage points [2] - The number of holders for China Universal Jintong has increased from 319 at the end of 2018 to 519,000 by June 2025, representing a growth of over 1600 times [2] Risk Management - The risk management system of China Universal Jintong has evolved from reactive measures to proactive monitoring, allowing for dynamic adjustments based on real-time risk assessments [3] - The introduction of a quarterly evaluation and dividend mechanism since June 2024 has enhanced investor experience, with a total of 148 million yuan distributed over six consecutive quarters [3] Industrialized Research and Development - The "MARS Factory" industrialized research and development system at China Universal addresses the traditional asset management industry's reliance on star fund managers, which often leads to performance volatility and strategy replication challenges [4] - The MARS Factory breaks down the investment process into four key areas: design, production, assembly, and testing, transforming investment from an art reliant on inspiration into a predictable and replicable process [4][5] - The design phase focuses on customer needs, while the production phase involves developing over 20 standardized investment strategies, creating a comprehensive strategy library [4][5] Future Outlook - China Universal's multi-asset team has established a product line that covers various risk preferences, offering low, medium, and high volatility options, while also catering to different asset classes and client requirements [6] - The evolution of the product strategy has seen a shift from simple asset allocation to a more nuanced approach that includes a diverse range of asset classes and strategies, enhancing risk-return profiles and client experiences [7]

Core Insights - The report highlights a significant shift in fund flows, with active funds experiencing net redemptions while "fixed income plus" funds have gained popularity due to declining bond yields [1][2][20] Fund Type Analysis - Active funds such as ordinary equity, mixed equity, flexible allocation, and balanced mixed funds saw a net decrease in shares, indicating a trend of investors opting for capital preservation amidst a rising market [1] - "Fixed income plus" funds, particularly secondary bond funds, saw a substantial increase of 374.3 billion shares, representing a growth rate of 56.7%, as investors sought higher returns in a low-yield environment [2][3] - The total shares for various fund types in Q3 2025 showed notable changes, with money market funds increasing by 3.3%, secondary mixed bond funds by 56.7%, and passive index funds by 9.26% [3] Company Performance - Top fund companies capitalized on the "fixed income plus" trend, with notable growth in assets under management. For instance, Invesco Great Wall and Fortune Fund doubled their sizes, while E Fund, China Merchants Fund, and GF Fund saw increases exceeding 10 billion [5][6] - China Universal Fund emerged as a surprising player in the "fixed income plus" space, with a growth of 28.8 billion, nearly doubling its size, indicating a shift from its traditional focus on active equity [5][6] - The "China Universal Fengli" fund demonstrated exceptional growth, increasing from 52.77 billion to 314.89 billion in just three quarters, marking a 497% increase, outperforming its peers [8][10] Investment Strategy and Trends - The "China Universal" fund's success is attributed to its diversified asset allocation strategy, which includes a significant allocation to Hong Kong stocks, contributing to its high returns [10] - The report notes a trend of new investors entering the market with a low-risk appetite, primarily investing in "fixed income plus" products, validating the strategy of using these funds as a gateway to the market [20] - The "China Universal" fund's multi-asset investment approach, characterized by a systematic and industrialized process, has led to rapid growth while maintaining performance levels [16][17]

Core Insights - The asset management industry faces dual challenges from low interest rates and technological advancements, necessitating an upgrade in investment research capabilities to meet client needs sustainably [1][2] Group 1: Challenges in Asset Management - Insurance asset management institutions are under pressure due to the rigid cost of liabilities and rapidly declining asset yields in a low interest rate environment [2] - High-yield assets that can cover liability costs are diminishing, with non-standard fixed income assets experiencing a decline in both volume and price, complicating asset allocation [2] - The expected annual return for insurance companies from equity assets is around 8%-10%, while major indices like CSI 300 and CSI 800 have underperformed with annualized returns of only 6.4%, 5.6%, and 4.5% since 2017 [2][3] Group 2: Investment Strategies and Solutions - To enhance returns while reducing volatility, the company suggests actively seeking high-quality long-duration assets during debt restructuring and exploring new tools like REITs and ABS [4] - The shift from broad market indices to Smart Beta products that align with the risk-return characteristics of insurance funds is recommended, focusing on style factors such as dividends, value, and quality [4] - The company emphasizes the need for "asset management industrialization" to address issues like unclear positioning and unstable excess returns, moving from reliance on individual capabilities to a more systematic approach [5] Group 3: Implementation of Industrialization and Digitalization - The company has developed a "10+10" investment research training system to cultivate experienced fund managers, with over 240 professionals and more than 90 experts with over 10 years of experience [5][6] - The "MARS Factory" model is being implemented to streamline the investment research process into four core workshops, enhancing efficiency and decision-making [6] - The integration of AI and machine learning in investment processes, particularly in convertible bond pricing, is highlighted as a means to improve efficiency and quality [6]

Core Insights - The article highlights the strong performance of public funds, particularly active equity funds, which have generated substantial excess returns over the long term, with notable figures such as 160.79% and 114.6% returns for active stock and mixed funds respectively over the past decade [1][2] - The article emphasizes the success of China Universal Asset Management, which has multiple "Double Ten Funds" that have achieved annualized returns exceeding 10% since their inception [1][2] Group 1: Fund Performance - Active equity funds have outperformed stock ETFs over the past decade, with returns of 160.79% for active stock funds compared to 82.07% for ETFs [1] - China Universal Asset Management has seven funds classified as "Double Ten Funds," with annualized returns of 14.02%, 10.63%, 12.87%, 16.27%, 10.78%, 11.92%, and 10.53% respectively [1] Group 2: Investment Strategy - The investment strategy of China Universal Asset Management, particularly under the management of Zhou Weiwen, focuses on balanced allocation, combining growth and value investments [3][4] - Zhou Weiwen's approach includes a diversified portfolio that captures both market hotspots and undervalued sectors, demonstrating a long-term investment philosophy [3][4] Group 3: Research and Development - The company has established a robust investment research system, termed "China Universal Manufacturing," which emphasizes professional, industrialized, and intelligent investment strategies [7][8] - The investment team consists of over 240 professionals, with more than 90 having over 10 years of experience, ensuring a comprehensive coverage of various sectors [8] Group 4: Market Adaptation - The shift in China's economic drivers from infrastructure to new productivity necessitates a new investment paradigm, focusing on sustainable long-term returns rather than short-term performance [5][9] - The evolving market environment and regulatory changes emphasize the need for a systematic approach to investment, moving away from chasing hot sectors [6][9]

Core Insights - Public funds have performed well this year, with active stock and mixed open-end funds achieving ten-year returns of 160.79% and 114.6%, respectively, significantly outperforming stock ETFs at 82.07% [1] - A limited number of funds have achieved the "Double Ten Fund" status, with seven products from China Europe Fund Company meeting the criteria of being established for over ten years and having an annualized return exceeding 10% [1] - The long-term performance of China Europe Fund Company is highlighted by its ranking in absolute returns among large equity fund companies, placing second over the past year and third over the past decade [2] Fund Performance - The "Double Ten Funds" from China Europe Fund Company include: - China Europe New Blue Chip A: 14.02% - China Europe Value Discovery A: 10.63% - China Europe New Power A: 12.87% - China Europe Value Select Return A: 16.27% - China Europe Growth Preferred Return A: 10.78% - China Europe Industry Growth A: 11.92% - China Europe Potential Value A: 10.53% [1][2] - China Europe New Blue Chip Mixed A, managed by veteran Zhou Weiwen, has delivered a cumulative return of over 535% since its inception, with an annualized return of 13.74% [3] Investment Strategy - Zhou Weiwen's investment style emphasizes balanced allocation, combining growth and value investments, focusing on long-term stable returns rather than short-term performance spikes [3][4] - The balanced investment approach requires extensive industry research and timely positioning within industry cycles, which is crucial for capturing undervalued opportunities [4] Research and Development - China Europe Fund Company has upgraded its research and investment system, introducing the "Asset Management Industrialization" concept, which focuses on professional, industrial, and intelligent investment strategies [7][8] - The company has a specialized research team of over 240 members, with more than 90 experts having over ten years of experience, covering over 20 niche sectors [7] Market Adaptation - The establishment of the "China Europe Manufacturing" system aims to produce high-quality investment products consistently, addressing the need for sustainable returns in a changing market environment [8] - The regulatory environment emphasizes the importance of long-term investment behaviors, pushing fund managers to move away from chasing short-term performance [8]

Core Insights - Public funds have achieved significant returns by the end of Q3 2025, with active equity funds showing resilience through market cycles, accumulating substantial excess returns [1] - The "Double Ten Funds" (those established for over 10 years with an annualized return exceeding 10%) are rare, with seven products from China Europe Fund qualifying as such [1] Group 1: Performance Metrics - Active stock open-end funds and active mixed open-end funds have recorded returns of 160.79% and 114.6% respectively over the past decade, significantly outperforming stock ETFs at 82.07% [1] - The seven "Double Ten Funds" from China Europe Fund have annualized returns of 14.02%, 10.63%, 12.87%, 16.27%, 10.78%, 11.92%, and 10.53% respectively [1] Group 2: Investment Strategy - China Europe Fund has demonstrated strong long-term investment capabilities, ranking second in absolute returns over the past year and third over the past decade among 13 large equity fund companies [2] - The "Double Ten Funds" have maintained excellent performance despite market fluctuations, with specific funds ranking highly in their respective categories over various time frames [2] Group 3: Fund Management - Zhou Weiwen, a veteran manager at China Europe Fund, has managed the China Europe New Blue Chip Mixed A fund for over 14 years, achieving a cumulative return of over 535% and an annualized return of 13.74% [3] - Zhou's investment style emphasizes balanced allocation, combining growth and value, and focuses on long-term stable returns rather than short-term performance spikes [3] Group 4: Investment Philosophy - Balanced investment requires extensive industry research and foresight, with the ability to identify undervalued opportunities while considering industry cycles [4] - Zhou summarizes his investment approach as multi-perspective validation and seizing undervalued opportunities, which contributes to superior long-term performance [4] Group 5: Market Dynamics - The shift in China's economic drivers from infrastructure to new productivity necessitates a new investment paradigm, emphasizing quality over speed in GDP growth [5] - The complexity of the market environment has made the traditional model of individual star fund managers less effective, highlighting the need for a systematic investment research approach [6] Group 6: Research and Development - China Europe Fund's success in producing multiple long-term high-performing funds is attributed to its evolving investment research system, branded as "China Europe Manufacturing" [7] - The investment research strategy focuses on specialization, industrialization, and digitization to enhance the quality and sustainability of investment products [8] Group 7: Regulatory Environment - The establishment of the "China Europe Manufacturing" system aligns with regulatory expectations for sustainable returns, as outlined in the recent guidelines from the China Securities Regulatory Commission [9]