2025年5月15日，是第七个"全国投资者保护宣传日"。这一由中国证监会于2019年设立的节日，旨在通 过全国联动、形式多样的活动，将"理性投资、价值投资、长期投资"的理念深植人心，构建"规范、透 明、开放、有活力、有韧性"的资本市场生态。七年来，宣传日主题从"筑牢注册制改革基础"到"推动高 质量发展，提振投资者信心"，始终紧扣时代脉搏。这一宣传日不仅标志着资本市场对投资者权益保护 的深化，更如一座灯塔，照亮了通往成熟、稳健市场的道路，让理性投资成为护航经济航船的压舱石。 作为一家深耕行业二十载的专业证券投资咨询机构，国诚投顾始终以"教育为帆"，将投资者教育融入企 业基因，助力投资者在波涛汹涌的金融市场中筑起"理性长城"。然而，金融市场从不是风平浪静的港 湾，暗流与礁石始终考验着每一位投资者，非法金融活动始终在暗处窥视着投资者的财富。 常见的非法金融活动 1.非法集资陷阱 指未经国务院金融管理部门依法许可或者违反国家金融管理规定，以许诺还本付息或者给予其他投资回 报等方式，向不特定对象吸收资金的行为。不法分子常假冒民营银行、非融资性担保企业等名义，或打 着境外投资、高新科技开发、"养老"等旗号，甚至以高价回购 ...

（文章来源：证券时报网） 本次活动是宁波资本市场践行以投资者为本理念的生动实践，也是培育中国特色金融文化、夯实行业高 质量发展基础的一项举措。投资者保护是一项长期性、系统性工程，宁波资本市场将以此次活动为契 机，持续创新宣传形式，凝聚各方合力，筑牢投资者保护防线，为持续稳定和活跃资本市场贡献更大力 量！ 上午8时许，活动在热烈的氛围中拉开帷幕。宁波证监局、鄞州区人民政府相关负责人出席启动仪式并 为活动鸣笛。随着鸣笛声响起，全体参与者沿环湖路线正式出发。沿途设置了5个"投保知识加油站"， 由甬兴证券、光大证券浙江分公司、浙商证券宁波分公司、中信证券宁波分公司、招商证券宁波中山东 路营业部等单位承办。参与者行至廊河文化馆、国家安全主题公园教育馆、鄞州四明金融小镇等打卡点 时，通过趣味问答、案例解析等形式完成互动任务，进行集章打卡。活动全程以寓教于乐的方式普及投 资者权益保护、防非反诈等知识，让投资者保护理念深入人心。 活动主广场同步设立25个集中宣传展位，54家证券期货经营机构通过发放宣传手册、一对一咨询等形 式，向周边社区居民宣传资本市场改革发展成就、投资者保护工作成果和为民办实事的亮点举措，同时 以案说法普及 ...

Core Viewpoint - The article emphasizes the transition of the asset management industry from scale expansion to value creation, driven by the "Three Investments" philosophy, which aims to reshape the capital market to better serve the real economy [1][4]. Group 1: Industry Challenges - The asset management industry faces significant challenges, including a "trust deficit" in public funds, a mismatch between the large scale of bank wealth management and its low equity allocation, and difficulties in insurance asset management regarding long-term investment mechanisms [2]. - There is a struggle for asset management institutions to balance long-term value creation with short-term performance assessments, as well as the need to meet both client demands and the pressures of market performance [2]. Group 2: Differentiated Strategies - Public funds are adopting "counter-cyclical services" to rebuild trust, with firms like Huatai-PB embedding "client holding periods" into assessments and Wanji Fund encouraging regular investments during market downturns [3]. - Bank wealth management is shifting from fixed income to a "low volatility and stable+" strategy, with institutions like Bank of Communications Wealth Management extending product durations and balancing risk and return through various strategies [3]. - Insurance asset management is innovating internally, with firms like Taiping Asset increasing the weight of long-term assessments to 60%, thereby creating more space for technology investments [3]. - The trust industry is leveraging its institutional advantages, with Shanghai Trust using "wealth account trusts" to facilitate intergenerational wealth transfer and long-term investments [3]. - Brokerage asset management is focusing on a "buy-side perspective" to reshape the ecosystem, with firms like Zhongtai Asset Management implementing three-year assessment cycles [3]. Group 3: Implementation of the "Three Investments" Philosophy - The Shanghai Asset Management Association has released 18 quantitative indicators to provide a practical evaluation framework for the "Three Investments" philosophy, while evaluation institutions are promoting models that separate "ability from luck" and advocate for a balance between "scale and performance" [3]. - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission underscores the need for industry institutions to prioritize investor interests and shift focus from scale to investor returns [4]. Group 4: Future Outlook - The article suggests that the current economic transition in China requires "long money" to support breakthroughs in sectors like semiconductors, new energy, and artificial intelligence, while also addressing the demand for stable returns in wealth management [4]. - The successful implementation of the "Three Investments" philosophy is viewed as a long-term project essential for cultivating new growth drivers in the capital market [4][5].

Core Viewpoint - The article emphasizes the importance of promoting long-term capital into the market to support technological innovation, industrial upgrades, and high-quality development, while also addressing the need for stable investment returns and enhancing investor satisfaction [1] Group 1: Investment Philosophy - The "Three Investments" philosophy (rational, value, and long-term investment) is seen as a dual opportunity for the development of both the capital market and the wealth management industry [2] - Rational investment helps to stabilize irrational market fluctuations, while value investment optimizes resource allocation and enhances market effectiveness [2] - Long-term investment strengthens market resilience and stabilizes market expectations, creating a positive cycle between stable capital allocation, value creation, and industrial development [2][3] Group 2: Market Participation and Growth - As of the first quarter of 2025, the wealth management market had 40,600 existing products with a total scale of 29.14 trillion yuan, with wealth management company products accounting for 88.33% of the market [3] - The wealth management sector is actively participating in the capital market, responding to national guidance and market changes, and is focused on transforming and achieving high-quality development [2][3] - The positive role of wealth management funds in implementing the "Three Investments" philosophy includes optimizing market participant structure, promoting a virtuous cycle between funds and the real economy, and driving product innovation [3] Group 3: Enhancing Investor Experience - The new "National Nine Articles" requires asset management institutions to improve their research and product innovation capabilities, emphasizing the importance of investor returns [4] - Wealth management products differ from public funds in that they focus on stable investment and absolute returns, utilizing diverse allocations to reduce return volatility [4][5] - To enhance investor satisfaction, wealth management companies must return to their core principles and balance functionality with profitability [5] Group 4: Risk Management and Compliance - Strengthening risk management and compliance is crucial for sustainable development, guided by regulations such as the internal control management measures issued by the former CBIRC [5] - Wealth management companies are encouraged to adopt a structured approach to investment strategies, ensuring stability and consistency throughout the product lifecycle [6] Group 5: Investment Tools and Strategies - ETFs are highlighted as a suitable investment tool for wealth management companies aiming for stable and absolute returns, providing transparency and more options for retail investors [7]

资产管理不在朝夕之盈，而在长远之兴。 公募基金的留客之道 近年来，A股市场结构化行情愈演愈烈，赚钱难度有所增加，投资者与机构均面临着挑战。一方面，投 资者在海量投资产品与复杂市场环境中，陷入"既怕踏空又恐踩雷"的焦虑，追涨杀跌成为常态；另一方 面，机构在投入大量资源"摇人"拓客后，如何将短期资金沉淀为长期投资，实现从"拉新"到"留客"的跨 越，成为行业高质量发展的关键。 在近期上海证券交易所、上海资产管理协会和第一财经联手推出的"资管行业践行'三投资'理念优秀实 践"系列访谈中，公募基金业内人士就如何做好投资的风险管理、破解"短钱困局"，给出了自己的答 案。 风险管理筑牢基石 随着A股市场结构化行情持续演绎，板块轮动速度显著加快，热点切换犹如"走马灯"。Wind数据显示， 今年1月，有色金属行业以4.47%的涨幅领涨申万一级行业；2月计算机板块接力冲高后，随即陷入长达 两个月的回调周期；3月家用电器行业单月涨幅超4%，却在4月迎来5.65%的回调。 这种高频次、大幅度的行业轮动，让普通投资者难以捕捉投资节奏，追涨杀跌现象屡见不鲜。每当市场 出现阶段性上涨，投资者情绪迅速升温，增量资金跑步入场，但急涨后的回调往 ...

Group 1 - The core viewpoint emphasizes the importance of rational investment amidst fluctuating investor emotions, highlighting the "Three Investments" philosophy as a guide for enhancing investment satisfaction [1][2] - The complexity and diversity of investment products can lead to decision-making difficulties for investors, especially those lacking professional knowledge, resulting in potential losses [1] - Market volatility can create significant psychological pressure on investors, prompting irrational investment behaviors [1] Group 2 - Investors must recognize their responsibility for investment outcomes and enhance their understanding of investment objects and management [2] - It is crucial for investors to align their investment efforts with the principle of importance matching and to consider their risk tolerance when making investment choices [2] - A balanced investment mindset is essential, characterized by the philosophy of "lower expectations, moderate connections, and enjoying higher blessings" [2] Group 3 - From the perspective of investment managers, achieving excellent investment performance involves three key concepts: proactivity, simplification, and respecting common sense [3] - Investment managers should actively take on valuable risks and step outside their comfort zones to identify opportunities during periods of extreme pessimism [3] - Focusing on high-quality businesses and avoiding the pursuit of mediocrity is essential for investment managers [3]

Core Viewpoint - The public fund industry has undergone a significant trust crisis over the past five years, with active equity funds experiencing a decline in scale and reputation, necessitating a shift towards a more investor-centric approach in marketing and management practices [1][4][8]. Group 1: Industry Performance and Trends - The active equity fund market reached a peak of 6.16 trillion yuan in 2021, a 177% increase from 2019, but is projected to shrink to 3.43 trillion yuan by the end of 2024, a 44% decrease [3]. - The average annual return for active equity funds was 53.57% in 2020, dropping to -19.2% in 2022 and -11.78% in 2023, reflecting a significant decline in performance [3]. - In the first quarter of this year, despite a 3.86% average return for active equity funds, net redemptions reached 693.04 million units, indicating ongoing investor skepticism [4]. Group 2: "Three Investments" Concept - The "Three Investments" concept (rational investment, value investment, long-term investment) is seen as essential for addressing the industry's trust issues and improving investor experience [1][2][4]. - The promotion of the "Three Investments" concept aims to reduce short-term speculation, enhance resource allocation, and stabilize the market [2]. - The transition from a scale-oriented approach to one focused on investor returns is crucial for sustainable industry development, emphasizing the importance of performance and service quality [4][5]. Group 3: Investor Trust and Experience - The shift in investor behavior from "high entry" to "deep entrapment" and "micro-redeem" highlights deficiencies in product management, marketing strategies, and investor education [6]. - Enhancing customer-centric demand response and solution capabilities is vital for rebuilding investor trust [6]. - The industry is encouraged to establish long-term assessment mechanisms that prioritize customer experience and retention over short-term performance metrics [7][8].

过去几年，中国资产管理规模保持稳定增长态势，行业朝着多元化和专业化发展迈进。但在市场周期波 动中，"基金赚钱基民不赚钱"等现象成为行业发展的痛点。 在此背景下，提升投资者回报成为当前资管行业发展的核心要义。券商资管作为行业中发展势头正劲的 一员，又该如何通过践行"三投资"理念，应对复杂多变的市场环境、提升核心竞争力以及投资者获得 感？ 关注长期回报而不是短期波动 "理性投资、价值投资和长期投资是围绕整个投资过程的核心理念，三者之间存在动态关联。"在国君资 管泛权益投资负责人孙佳宁看来，首先，要用好的价格投资好的公司；其次，当好公司出现泡沫化的时 候则需要理性甄别和判断；最后，通过长期投资分享优质公司的发展成果。 作为证券公司的全资子公司，券商资管在践行"三投资"理念方面也有其独特的优势。孙佳宁表示，券商 资管具有业务更多元化以及投资和管理的资产类别更全面的特点，在多元化、全面化的场景下，市场观 测维度和投资策略都会更加丰富；券商资管接触公募稍晚，基于过去的经验，会更加关注产品回撤和客 户体验；另外，作为子公司还可以获取来自母公司或集团的资源支持等。 在整个投资过程中，价值投资需要关注长期回报，而不是短期的市场 ...

资本市场的潮汐涨落，从不是短线的浮光掠影，而是长期主义的静水深流。 近期，由上海证券交易所、上海资产管理协会和第一财经共同推出的"资管行业践行'三投资'理念优秀实践"系列访谈，描摹了资管行业从规模扩张向价值 创造转型的集体实践，既是对改革部署的及时回应，也是对行业实践的深入观察。 公募行业以"逆周期服务"缝合信任裂痕，汇添富将"客户持有期"嵌入考核，万家基金在市场冰点鼓励定投。银行理财不再困守固收，以"低波稳健+"策略 重构竞争力，交银理财、浦银理财将产品久期拉长，通过红利策略、ETF工具与跨市场配置平衡风险收益。保险资管刀刃向内革新机制，太平资产推动长 周期考核权重提升至60%，以"偿二代"风险因子调降释放科技投资空间。信托行业在转型中发挥制度优势，上海信托以"财富账户信托"打通代际传承与长 期投资，将居民储蓄转化为"耐心资本"。券商资管则聚焦"买方视角"重塑生态，中泰资管构建三年长周期考核，国君资管以量化归因工具动态纠偏投资动 作。 理念的落地同时需要可量化的实践标准。上海资产管理协会发布的18项量化指标，为"三投资"理念提供了可落地的评价框架，评价机构推出的"能力—运 气"分离模型、倡导的"规模—业绩" ...

据悉，本次活动围绕投资者保护核心主题，精心策划主会场活动与投教集市两大板块内容，15家证券基金期货经营机构、投资者教育基 地齐上阵，阵容强大，诚意满满，旨在为投资者带来一场兼具专业性、实用性与趣味性的知识盛宴。 寓教于乐 投教集市精彩不断 为积极响应新时代投资者教育要求，打造广东辖区投资者教育品牌，今年，广东证监局创新投教工作模式，统筹整合辖区监管部门、行 业协会、金融机构等多方投教资源，首次将人流密集的核心商圈作为宣传活动的前沿阵地，精心选定广州城市地标花城广场旁的花城汇 商圈作为宣传据点，旨在以贴近群众、生动鲜活的方式，将专业的投资者保护知识融入市民日常生活。 "粤投教・粤精彩" 投教集市设有14个宣传摊位，面向市民开展主题留影、知识宣讲、现场答疑、趣味游戏等活动，围绕六大板块开展 主题宣传。"财商童趣岛"专注亲子财商教育，助力青少年树立正确金钱观念；"法规研习社"深入解读新"国九条"、《证券法》《公司 法》等法律法规，结合《民法典》宣传月开展普法；"投资解码局"分享投资策略和投资规划，引导投资者理性投资；"钱袋子守护站"聚 焦防非反诈，强调"投资避雷不踩坑"；"维权指南针"普及投资者维权知识，传递依法维 ...