| 指数代码 | 行业 | | 今年以来涨跌幅(单位:%) | | --- | --- | --- | --- | | 801275.SI | 科技(TMT) | 40.54 | | | 801272.SI | 先进制造 | 29.00 | | | 801274.SI | 医药医疗 | 26.44 | | | 801271.SI | 周期 | 18.48 | | | 801276.SI | 金融地产 | 6.88 | | | 801273.SI | 消费 | 6.09 | | | | | | Q 数据来源：Wind, 2025.1.1-2025. | 本轮行情中，结构性分化特征也尤为显著。科技、创新药及新消费等高成长领域表现突出，而以往备受关注的地产、白酒、食品等板块则相对疲软。 在资管规模快速上升、上市公司数量多，且市场分化明显的趋势下，基金经理的行业研判、前瞻布局和调仓灵活性等面临更大的挑战，仅靠传统模式已难以 有效应对风险和争取长期稳健收益。 作为聚焦主动权益的基金公司，中欧基金早在2023年就首次提出"资管工业化"理念，希望从根本上改变基金的制造方式，通过统一的投资理念指导、专业化 分工和流程化协作， ...

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" signals a systemic transformation in the industry, pushing public funds towards a new development trajectory [1]. Group 1: Systemic Transformation - The industry is undergoing a critical transformation, with a focus on building a "platform-based, integrated, multi-strategy" investment research system to enhance core investment capabilities [3]. - A consensus is emerging that true competitiveness lies in returning to an investor-centric approach, which is essential for maintaining long-term competitiveness amid market reshuffling [2][3]. - The need for long-term stable returns is emphasized, as investors prioritize wealth preservation and growth over short-term performance [3]. Group 2: Service and Client-Centric Approach - Establishing a client-centered full-cycle service culture is identified as a core competitive advantage for top investment institutions [4]. - Institutions are encouraged to adopt a value-driven culture that prioritizes investor interests and actively engages in social responsibility [4]. - The shift from individual reliance to a systematic approach in production is necessary for adapting to market complexities and achieving sustainable growth [5]. Group 3: Differentiation and Functional Positioning - The industry must transition from scale-oriented growth to value creation, focusing on differentiation based on institutional strengths and positioning [6]. - The emphasis on enhancing asset management and comprehensive wealth management capabilities is reshaping the competitive landscape [7]. - Institutions are encouraged to either build comprehensive capabilities or specialize in niche areas to achieve high-quality development [7]. Group 4: Structural Transformation and Industry Dynamics - Fee reforms are changing industry dynamics, promoting a shift towards long-termism and enhancing service value for clients [10]. - The competition is expected to evolve from product strength to service strength, with a focus on optimizing operational philosophies and investment behaviors [11]. - The industry is likely to see a "Matthew Effect," where leading institutions leverage brand and scale advantages, while smaller firms seek differentiation through niche strategies [11][12]. Group 5: Future Outlook and Strategic Focus - Future transformation priorities include enhancing industrialized systems, optimizing product structures, and improving investor experience [11]. - Institutions are urged to focus on long-term performance and client satisfaction as key drivers of value creation [12]. - The promotion of innovative product areas, such as pension-targeted funds, is expected to be a focal point for future development [12].

Core Viewpoint - The article discusses the transformation of the public fund industry towards a high-quality development model, emphasizing the need for a comprehensive overhaul of the investment research system, termed "industrialization" by the company [1][2]. Group 1: Industrialization Strategy - The core of the "industrialization" strategy is to shift from reliance on individual fund managers to a team-based, systematic organizational capability, aiming for more sustainable and stable investment performance [1][2]. - The company has established four major production lines: equities, bonds, multi-assets, and quantitative strategies, focusing on three action directions: specialization, industrialization, and digital intelligence [2][5]. Group 2: Specialization and Team Collaboration - Specialization is seen as the foundation of the system, requiring research personnel to deeply engage in specific sub-sectors to develop superior market insights [3]. - The company has formed a dedicated technology team consisting of 13 fund managers and 12 researchers, each focusing on different sub-sectors to build a competitive advantage in the industry [3]. Group 3: Industrialization Process - The industrialization process aims to address communication issues among investment management professionals by implementing a "Five Elements Model" to unify internal research frameworks and investment processes, significantly improving decision-making efficiency [3][4]. - The adoption of standardized processes has led to a high acceptance rate of stock recommendations, with an average of two out of three recommendations being adopted by fund managers [3]. Group 4: Digital Intelligence Transformation - The company is integrating AI and large models into its investment research processes, which has contributed significantly to its performance, particularly in its top-ranked convertible bond fund [4]. - The long-term vision includes creating a new ecosystem of human-machine collaboration, leveraging modern technological advancements to transform fund management [4]. Group 5: Multi-Asset Strategy - Multi-asset allocation is becoming a core competency for asset management, with the company establishing an industrialized process that breaks down strategy development into design, production, assembly, and testing phases [5]. - The design phase focuses on customized asset allocation and risk budgeting, while the production phase consolidates research efforts across various asset classes [5]. Group 6: Future Investment Trends - The company anticipates significant investment opportunities in the domestic hardware sector, following a trend of replicating overseas hardware and software cycles [6]. - The bond market outlook suggests a continuation of the low-interest-rate environment, with long-end yields approaching levels that present marginal allocation value [6].

发布会现场 昌校宇/摄 窦玉明介绍，基于公募基金投研体系从理念到流程的框架重构，更基于对整个行业未来发展路径的深刻思考，中欧基金正 努力将"用长期业绩说话"的实现路径，从依赖个体转向依靠体系，从根本上改变基金的"制造方式"。同时，中欧基金致力于让 可持续的高质量基金产品从依赖个体的"偶然"，进化为体系输出的"必然"。 《证券日报》记者从现场获悉，中欧基金所提出的"工业化"并非"去个体化"。相反，在成熟的工业化体系中，人才的不可 替代性将进一步凸显，每一个个体都是"智慧生产线"上的关键一环。其根本目标，是培养契合未来投资框架的"第三代基金经 理"。 本报讯 （记者昌校宇）随着公募基金规模突破35万亿元，行业正步入高质量发展转型的关键阶段，一场围绕投研生产方式 的系统性升级正在悄然推进。近日，中欧基金"向前一步"中欧制造·投研体系升级发布会顺利举行。中欧基金董事长窦玉明首次 在公开场合，系统阐释了公司近年来全力推动的"工业化"投研体系升级战略。 L a 0 4:01 or - Car i i 向湖一步 9 le 83 为何必须走向"工业化"？窦玉明表示，主要受两大因素的推动，一是市场发生了变化。当前公募基金总规模 ...

近日，中欧基金"向前一步"中欧制造·投研体系升级发布会成功举办。会上，中欧基金董事长窦玉明首 次在公开场合，系统阐释了公司近年来全力推动的"工业化"投研体系升级战略。 窦玉明介绍，中欧基金正努力将"用长期业绩说话"的实现路径，从依赖个体转向依靠体系，从根本上改 变基金的"制造方式"。值得注意的是，中欧基金所提出的"工业化"并非"去个体化"。恰恰相反，在成熟 的工业化体系中，人才的不可替代性将进一步凸显，每一个个体都是"智慧生产线"上的关键一环。其根 本目标，是培养契合未来投资框架的"第三代基金经理"。 经过三年转型，中欧基金的"工业化"体系已初显成效，主动权益、固收、多资产、量化等团队均建立起 深度协同又专业分工的作战模式，践行着"用长期业绩说话"这一目标，权益、固收投资业绩显著提升， 一批内部培养的基金经理开始脱颖而出。 国泰海通证券数据显示，截至2025年6月底，在13家权益类大型基金公司中，中欧基金主动权益投资能 力近1年绝对收益排名第2，近10年排名第4。 编辑：孙庭阳 自2023年首次提出"资管工业化"理念以来，中欧基金持续探索并制定了"专业化、工业化、数智化"的投 研体系升级战略，最终将其凝练为" ...

Core Views - The article emphasizes the importance of a cyclical path between subjective and quantitative analysis, moving from viewpoints to signals and then to models, which can be tested in real market environments [2] - Two significant opportunities in the technology sector are highlighted: domestic substitution in chip manufacturing and AI applications, including large model applications and AI hardware [2][15] - The essence of AI is to enhance the capabilities of strong companies and individuals, leading to a widening gap in productivity [17] - The bond market is expected to remain in a low-interest-rate environment for the medium term, with no signs of a bull-bear transition yet [20][21] Group 1: Investment Research System - The transformation of the public fund industry is moving from scale growth to high-quality development, with a focus on a collaborative investment research system [3][4] - The "industrialization" of investment research aims to enhance the efficiency of sharing insights among fund managers and researchers, leading to better decision-making [4][5] - The integration of AI and large models into the investment research process is intended to improve coverage, efficiency, and objectivity, ultimately increasing investment success rates [4][11] Group 2: Technology Sector Insights - The technology sector is experiencing significant changes, with a focus on domestic substitution opportunities in chip manufacturing and high-end instruments, as well as AI applications [15][16] - The domestic market is expected to see clearer trends in domestic computing power by Q4, with hardware leading the way before software [16] - The article discusses the rapid growth of AI applications and the potential for significant investment opportunities in the sector [17] Group 3: Bond Market Analysis - The bond market has faced challenges this year, but the expectation is for a prolonged low-interest-rate environment, with no imminent bull-bear transition [20][21] - The analysis highlights the structural changes in the economy, particularly the shift from real estate to electronics, impacting financing needs and bond market dynamics [21][22] - The article emphasizes the importance of understanding macro structural changes in relation to interest rate pricing, moving away from traditional correlations with economic fundamentals [24][25]

Core Viewpoint - The public fund industry in China is experiencing rapid growth, but the limitations of relying on individual fund managers are becoming increasingly apparent. To address this, China Europe Fund is implementing an "industrialized" research and investment system to enhance efficiency and product stability in a complex market environment [4][5][6]. Group 1: Industry Overview - As of June 2023, the number of public funds in China reached 12,900, with a total net asset value of 34.39 trillion yuan, setting a new historical high [4]. - Compared to large overseas asset management institutions, domestic fund companies still show inadequacies in managing large-scale funds, particularly when individual fund sizes grow rapidly [5]. Group 2: Company Strategy - China Europe Fund is adopting an "industrialized" approach by establishing a unified investment philosophy, specialized division of labor, and systematic collaboration to produce clearer positioning and more stable investment products [5][6]. - The firm has seen initial success in its "industrialized" practices across various business lines, emphasizing the importance of professional collaboration and specialization [5][6]. Group 3: Research and Investment Process - The investment decision-making process at China Europe Fund has evolved from individual-centric to a collaborative model, where fund managers focus on their strengths and work together to enhance overall investment performance [5][6]. - The research team is organized into specialized roles, allowing for in-depth analysis across various sectors such as artificial intelligence, humanoid robots, and automotive industries [6]. Group 4: Multi-Asset Team Development - The multi-asset team at China Europe Fund has become a significant growth area, focusing on standardized product strategies and clear style boundaries to maintain stability and long-term positive returns [7][8]. - The team has restructured its product layout and strategy framework to ensure that even strong fund managers operate within defined capacity and risk control frameworks [7][8]. Group 5: Cultural and Collaborative Framework - The company's culture promotes decentralization and mutual empowerment, allowing even new employees to contribute valuable insights during research discussions [11][12]. - A flat and networked collaboration mechanism enables team members to work across different groups, fostering a sense of security and collective intelligence [12][13].

Group 1 - The core point of the article is the appointment of Wang Lang as the new deputy general manager of Baoying Fund, filling the vacancy left by Li Jun's resignation due to personal reasons [1][4] - Wang Lang's promotion reflects the company's urgent need for stable management, especially after recent significant personnel changes within the management team [4][5] - Baoying Fund has been facing challenges in the market, including a lack of confidence from potential investors, as evidenced by the unsuccessful sale of a 25% stake by its second-largest shareholder [5][7] Group 2 - Baoying Fund was established on May 18, 2001, with a registered capital of 100 million RMB and is headquartered in Shenzhen [5] - As of June 30, 2025, Baoying Fund's total asset scale was 73.29 billion RMB, with non-monetary assets amounting to 44.838 billion RMB, ranking 79th out of 162 in the industry [5][7] - The company is actively seeking transformation by investing in strategic emerging industries such as chip manufacturing, artificial intelligence, and low-altitude economy [5][7]

Group 1: Industry Insights - The 2025 Fund High-Quality Development Conference was held in Shenzhen, focusing on the high-quality development of public funds and new investment opportunities in the market [1] - Jiang Xiangyang emphasized the need for public funds to accelerate digital application and innovation in wealth management, enhancing research capabilities and service efficiency through intelligent systems [2][4] - Huang Kongwei introduced a diversified ETF matrix consisting of 15 high-quality ETFs focused on "hard technology," with a total asset management scale of 42.9 billion yuan as of May 12, 2025 [5] - The financial technology ETF from Huabao Fund has outperformed in the current "technology bull" market, with its largest fund exceeding 5 billion yuan [7] - Liu Ruling stated that Anxin Fund remains focused on active management, believing that active funds are likely to regain excess return capabilities in the future [8][10][11] - Yang Kai discussed the integration of artificial intelligence and big data in asset management, advocating for a "financial management industrialization" approach to enhance efficiency and product quality [12][14] - Guo Peng highlighted the attractive valuation levels of A-shares and Hong Kong stocks, noting that leading manufacturing companies maintain strong business growth despite low valuations [15]

Core Viewpoint - The recent issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission marks a significant reform initiative aimed at enhancing investor returns and ensuring the long-term development of the public fund industry, transitioning it towards a new phase focused on quality and returns [1][3][5]. Group 1: Industry Development and Trends - The public fund industry has seen continuous expansion, with net assets reaching 32.83 trillion yuan by the end of 2024, reflecting a significant year-on-year growth [4]. - The number of investors in public funds is steadily increasing, indicating a growing interest from both individual and institutional investors in asset allocation through public funds [4]. - The industry faces challenges such as heightened competition and increasing demands from investors for product quality and service transparency, necessitating a shift from a scale-focused approach to one that emphasizes returns [5][6]. Group 2: Strategic Directions - The "Action Plan" serves as a guiding framework for the industry, shifting the focus from "scale" to "returns," thereby establishing a virtuous cycle of "return increase - capital inflow - market stability" [5]. - Fund companies are encouraged to enhance asset management capabilities and optimize product offerings to better align with client needs, thereby improving customer experience and fostering a wealth management ecosystem [5][6]. Group 3: Innovation and Technology - The integration of digital technologies such as artificial intelligence and big data into the asset management industry is becoming increasingly important, with firms investing in digital transformation to enhance efficiency and reduce costs [8]. - The development of a modern investment research system and a refined product system is essential for achieving long-term stable returns for investors [8][10]. Group 4: Risk Management and Compliance - A comprehensive risk management framework is crucial for maintaining financial stability, which includes embedding risk monitoring and early warning mechanisms throughout all business processes [9][10]. - Strengthening compliance culture is fundamental to risk prevention, requiring ongoing training and education to foster a proactive risk management environment [10]. Group 5: Future Outlook - The public fund industry is positioned to play a vital role in supporting national strategies and the transformation of the real economy, with a focus on innovation in products and services that cater to emerging sectors [7][11]. - Companies are committed to continuous improvement in their core competencies and aligning their strategies with the evolving needs of the economy and investors [11].