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].

Core Viewpoint - The "three investment" philosophy is increasingly recognized for its role in cultivating patient capital and supporting the high-quality development of the capital market in China, as emphasized by recent government policies and industry practices [1][2]. Group 1: Industry Trends - The trust industry is accelerating its transformation towards active management, with over 8 trillion yuan of the approximately 20 trillion yuan in trust funds now allocated to the securities market, reflecting a 64.9% year-on-year increase [2][3]. - The new "National Nine Articles" implemented in April 2023 has raised expectations for asset management institutions regarding research capabilities and product innovation, emphasizing a shift from scale-oriented to investor return-oriented approaches [6][8]. Group 2: Institutional Advantages - Trust companies are positioned to improve market behavior by focusing on long-term value creation and reducing speculative trading, thereby fostering a healthier capital market ecosystem [2][4]. - Trust companies possess unique advantages in asset service trusts, which are tailored to client needs, allowing them to create investment portfolios that align with the "three investment" philosophy [5][6]. Group 3: Future Directions - Trust companies are encouraged to develop patient capital through services like family trusts and pension trusts, which can provide stable funding sources for long-term investments [7][8]. - There is a strong emphasis on diversifying product offerings and enhancing asset allocation strategies to support the capital market, including participation in private equity investments aligned with national strategic industries [7][8].

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" ...

Core Viewpoint - The article emphasizes the importance of promoting the "Three Investment" philosophy in the asset management industry to enhance long-term investment strategies and rational investment practices, aligning with the directives from the central financial work conference and the new "National Nine Articles" [1] Group 1: Event Overview - The first asset management industry practice demonstration event focusing on the "Three Investment" philosophy is organized by the Shanghai Asset Management Association, guided by the Shanghai Municipal Financial Committee and the Shanghai Stock Exchange [1] - The event aims to deepen investors' understanding of the asset management industry and its practitioners through interviews with exemplary asset management institutions [1] Group 2: Program Details - A special program titled "Understanding Finance: Excellent Practices of Asset Management Industry in Practicing the 'Three Investment' Philosophy" will feature interviews with representatives from various asset management sectors, including public funds, bank wealth management, insurance asset management, trust companies, and securities asset management [1] - The program will showcase how these institutions implement the "Three Investment" philosophy and share their experiences and insights [1] Group 3: Guest Speakers - The program will include insights from key figures at Guotai Junan Asset Management, including the head of pan-equity investment, the assistant president, and the chief research officer, as well as the assistant general manager of the equity investment department and a fund manager [1] - These guests will discuss how Guotai Junan Asset Management practices the "Three Investment" philosophy to build trust with clients and create value for investors [1]