（原标题：东方红资管总经理成飞： 资管机构应构建 "好投资+好服务+好品牌"护城河） 证券时报记者 许盈 近日，在深圳举行的"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"中国证券业资产 管理高峰论坛"上，东方红资产管理总经理成飞发表主题演讲时表示，在行业高质量发展的新阶段，各 类资产管理机构需要依据自身禀赋不断探索差异化发展路径，在做好投资和服务的同时，重视品牌的培 育与长期建设，努力构建基业长青的护城河。 成飞认为，在资管行业规模增长、业态不断丰富的大背景下，各类型的资产管理机构迎来了高质量发展 新机遇，同时也面临着一些新挑战。今年以来，大资管行业整体规模超过160万亿元，但细分领域结构 性分化凸显。其中，公募基金、保险资管、银行理财和信托整体规模超30万亿元，马太效应加剧，而同 期私募、券商资管、期货资管等机构仍然面临着严峻的竞争格局。 "中国资管行业的包容与广阔，允许各机构走出'和而不同'的发展道路。"成飞强调，在资本市场的星辰 大海之中，各家资管机构通过聚焦核心价值、塑造差异化竞争力，一定能够让更多投资者分享中国经济 发展红利，成为星空中耀眼的星辰。 一是战略上，东方红始终坚持"以客 ...

Core Viewpoint - The public fund industry in China is undergoing a significant transformation from scale expansion to quality improvement, focusing on enhancing investor experience as the core measure of high-quality development [1][2] Industry Transformation - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" addresses long-standing issues in the industry, requiring fund companies to be accountable not only for the investment process but also for the final returns experienced by investors [2] - Small and medium-sized fund companies face unique challenges in this transformation, including survival difficulties and the need to establish sustainable core competitiveness rather than relying on short-term trends [2][3] Pathways for Small and Medium-Sized Fund Companies - The policy encourages small and medium-sized institutions to pursue "specialized operations and differentiated development," allowing them to leverage their unique resources and expertise to compete effectively [3] - Financial companies like Caitong Fund must focus on differentiation and excel in their areas of expertise to carve out a niche in a competitive market [3] Investment Research and Product Development - Caitong Fund emphasizes the importance of a robust investment research system as the foundation for sustainable returns, focusing on talent development and long-term performance metrics [4] - The fund has doubled its research team size over the past three years, with research personnel now constituting one-third of the total workforce [4] - Caitong Fund has achieved leading performance metrics, with 13 of its funds ranking in the top 5% of their categories over the past year [5] Product Strategy - The company aims to create a diverse product lineup that connects investment capabilities with investor needs, focusing on specialized value creation rather than being a "jack of all trades" [5] - Caitong Fund has developed a range of equity products centered on growth, catering to different risk preferences, and has also introduced flexible fixed-income products to meet evolving investor demands [5][6] Service Enhancement - The company believes that exceptional research and products must be complemented by effective service to translate into real investor satisfaction [6] - Caitong Fund has launched the "With Finance Along" service brand, focusing on professional insights, diverse activities, and refined operations to enhance the investor experience [7] Future Outlook - The public fund industry is expected to enter a new phase of high-quality development, with increased competition and pressure on institutions lacking distinctive features and core competitiveness [8] - Caitong Fund plans to implement a "Transformation and Restructuring Year" in 2025, focusing on strategic planning, organizational structure, and customer operations to align with regulatory requirements and enhance investor satisfaction [8][9][10]

Core Insights - The article discusses the challenges and opportunities faced by ancient towns in the Yangtze River Delta, emphasizing the need for clear brand design and effective operational strategies for transformation [1][14]. Group 1: Challenges - Homogenization of ancient towns has led to a loss of unique characteristics, making it difficult for them to stand out in a competitive market [2][10]. - Increased market competition has resulted in price wars and reduced profit margins, affecting the sustainability of tourism resources [11]. - The evolving demands of tourists for personalized and diverse experiences have not been adequately met by many ancient towns, further weakening their market position [11]. Group 2: Opportunities - The application for UNESCO World Heritage status presents a significant opportunity for ancient towns to enhance their cultural value and attract more visitors [13][14]. - Successful examples of differentiation strategies, such as night tourism in Xitang and unique culinary offerings in Cicheng, provide a roadmap for other towns to follow [15][34]. Group 3: Transformation Strategies - The transformation of ancient towns requires a dual focus on brand design and operational execution, with an emphasis on unique positioning and cultural heritage [3][39]. - The integration of digital economy elements and innovative projects can help ancient towns attract new demographics and enhance their appeal [38][56]. - A comprehensive approach involving collaboration among various brand types (industry, city, park, and enterprise) is essential for successful transformation [46]. Group 4: Case Studies - Xitang's night tourism combines traditional elements with modern leisure activities, significantly increasing visitor engagement and spending [16][18]. - Cicheng's focus on its unique rice cake has created a strong local brand and boosted the economy through a full industry chain [20][21]. - The Wuzhen Theatre Festival merges professional arts with local culture, enhancing the town's international profile and economic benefits [24][25]. Group 5: Future Directions - Other ancient towns should learn from successful differentiation strategies and adapt them to their unique characteristics to foster sustainable tourism development [35][56]. - The implementation of a structured brand design and operational strategy framework can guide towns in navigating the complexities of transformation [36][56].

今年以来，大资管行业整体规模超过170万亿元，但细分领域结构性分化凸显。其中，公募基金、保险资管、 银行理财和信托整体规模超30万亿 元 ，马太效应加剧，而同期私募、券商资管、期货资管等机构仍然面临严 峻的竞争格局。 具体就券商资管而言，一方面，7万亿 元 的受托规模虽然短期企稳，但伴随着大集合整改结束、固收资产收益 率下降，行业急需新的增长突破；另一方面，当前具有公募业务管理资格的券商及资管子公司仅有14家，在公 募领域市场份额占比仅2%，年内增量占比2%。公募白热化竞争，也对券商资管的综合实力提出了更高要求。 券商资管如何寻找破局之道？对此，成飞重点分享了东方红资产管理的发展路径。作为券商资管差异化发展的 探索者，东方红团队在过往二十多年里始终坚持价值投资，坚定主动管理，积累了一定的思考和经验。 近日，第十九届深圳国际金融博览会暨2025中国金融机构年会在深圳举行。在"中国证券业资产管 理高峰论坛"分论坛上，东方红资产管理总经理成飞发表《坚定价值 久久为功——资管机构差异化 发展路径探索》为题的主题演讲。 成飞表示，在行业高质量发展的新阶段，各类资产管理机构需要依据自身禀赋不断探索差异化发展路径，在做 好 ...

Group 1 - The article highlights the transformation of rural residents, showcasing how individuals like Jiao Guotai have shifted from traditional labor roles to cultural performers, indicating a positive impact on their income and quality of life [1] - It emphasizes the importance of both "shaping" and "soul-casting" in rural revitalization, with examples from various villages in Jin Cheng that leverage local resources and cultural heritage to foster sustainable development [2] - The narrative calls for a balance between aesthetic appeal and cultural depth, advocating for the integration of culture and industry to rejuvenate rural areas [3] Group 2 - The article illustrates the diverse approaches to rural development, such as the integration of intangible cultural heritage with e-commerce and the use of technology to enhance cultural tourism experiences [2] - It suggests that there is no one-size-fits-all model for rural revitalization, highlighting the need for community involvement and cultural empowerment to achieve differentiated and sustainable growth [2] - The overall message is a call for more rural areas to embrace both visual attractiveness and cultural richness, fostering a new vitality through the synergy of culture and industry [3]

Industry Overview - The plastic flexible packaging industry in China utilizes resins such as PP, PE, and PVC to produce various films like BOPP and BOPET, widely used in food, pharmaceuticals, and clothing sectors [1][2] - Products are typically composed of a base layer, functional layer, and heat-seal layer, with varying performance requirements based on end-use applications [1] Current Industry Status - From 2020 to 2025, plastic film prices are expected to rise initially and then decline, with an overall downward trend by 2025; BOPA prices are the highest [2][20] - Profit margins have been shrinking over the past five years, with an anticipated overall negative margin in 2024 and 2025, particularly for BOPA [2][25] - The industry is concentrated in East, South, and North China, with Jiangsu, Zhejiang, and Guangdong as core production areas; new production lines in Central and Southwest China are filling gaps [2][31] Future Development Directions - The industry is expected to see six major trends: increased scale, accelerated integration of the supply chain, focus on differentiated development, elimination of less efficient production facilities, emphasis on park-based development, and active exploration of overseas markets [3] Market Forecast - Supply and demand will dominate the market in Q4 2025 and 2026, with macro policies and demand being significant influencing factors; international crude oil prices may decline, leading to seasonal fluctuations in plastic film prices [4]

中经记者 樊红敏 北京报道 在国内新能源车险市场竞争激烈，新能源汽车出口驶入"快车道"背景下，海外市场成为新能源车险新增 长点。 在惠誉评级亚太区保险机构评级高级分析师王梦瑗看来，中小险企仍有切入空间，可通过共保、分保与 技术服务参与前端承保，以更轻资本方式分享增长；外资背景或与车企关联的险企凭渠道与生态资源可 获取定制化项目。随着新能源渗透提升与生态成熟，中小险企通过专业化与合作网络，仍可在特定市场 与产品条线实现有质量的份额。 作为国内首家开展海外新能源车险业务的互联网保险公司，众安保险方面近期在接受记者采访时表示， 差异化发展是关键，表现在以下三方面：一是数据驱动的精准风控，结合AI模型，能够为特定车型、 特定使用场景提供更精准的定价。 二是通过线上化、智能化，大幅降低业务运营成本，持续提升用户 体验。三是生态连接的开放平台，与生态伙伴深度合作，共同构筑跨境保险服务生态圈。 "中小险企应该发挥自身的禀赋，寻找自己在出海市场中的生态位，积极与头部险企、车险展开合 作。"德勤中国保险行业合伙人周晓黎也向记者表示。 （编辑：李晖 审核：何莎莎 校对：翟军） 数据显示，过去五年，全球新能源汽车销量从不足300万 ...

Core Viewpoint - The article discusses the strategic focus of Huaxi Securities in the context of increasing concentration in the securities industry, emphasizing the need for differentiation and specialization to compete effectively against larger firms [2][3][5]. Group 1: Strategic Focus - Huaxi Securities aims to avoid blind expansion and instead deeply integrate and serve the Chengdu-Chongqing economic circle, focusing on unique business offerings to create a distinctive brand [2][5]. - The company emphasizes three focal points for its transformation: concentrating on the Chengdu-Chongqing economic circle, leveraging six local advantageous industries, and developing two to three signature businesses [2][3]. Group 2: Market Opportunity - The Chengdu-Chongqing region is identified as a significant opportunity, with the government promoting it as the "fourth pole" of China's regional economic structure, alongside other major economic zones [3][4]. - The region's substantial GDP, population, and wealth management needs present a large market for Huaxi Securities to cultivate and develop [4]. Group 3: Tactical Adjustments - Huaxi Securities is adopting a selective approach to its business operations, aiming to develop one or two flagship services rather than trying to cover all areas [6]. - The company is focusing on wealth management and supporting the real economy, with a commitment to helping investors manage their finances effectively and assisting businesses in their growth [7][8]. Group 4: Innovation and Collaboration - The firm has established a pioneering financial center in Mianyang, integrating various financial elements to address local challenges in technology and innovation financing [8]. - Huaxi Securities plans to enhance its service offerings by creating a dual-manager service model that combines professional expertise with customer service, aiming to build a new business model that integrates research, investment, investment banking, and wealth management [8].

Core Insights - The 2025 China (Zhengzhou) Heavy Machinery Equipment Exhibition opened in Zhengzhou, attracting over 300 enterprises, showcasing the innovation and industrial strength of the heavy equipment manufacturing sector in Fengqiu County [1] - Fengqiu County has over 230 equipment manufacturing enterprises, with 58 above-scale enterprises, and the industrial added value of the equipment manufacturing industry reached 23.769 million yuan in the first half of 2025 [1] - Fengqiu County is transitioning from an agricultural stronghold to a stronghold in heavy equipment manufacturing, focusing on differentiated innovation and niche markets [1][2] Industry Development - Fengqiu County has been actively pursuing technological innovation in heavy equipment manufacturing, collaborating with major universities to establish industry-academia-research platforms [2] - Notable achievements include over 120 national patents and provincial technological results, with a market share exceeding 50% in the segmented market of shield tunneling steel pipe segments [2] - The county has established a strong technological "moat" in the crane sector, with 440 intellectual property rights and multiple engineering research centers [2] Future Initiatives - In 2024, Fengqiu County hosted its first high-end equipment manufacturing forum to promote high-quality development in the sector [3] - The county plans to strengthen the equipment manufacturing industry cluster and push for specialization and high-end development, leveraging the "Changfeng Integration" development opportunity [3]

Group 1 - The core viewpoint of the article highlights that Chongqing has established a comprehensive rescue system with over 25,000 professional rescue personnel, achieving full coverage in the field of professional rescue [1][2][3] Group 2 - In terms of organizational structure, Chongqing has developed a multi-level emergency rescue team system at the city, district, and town levels, focusing on specialized responses and regular monitoring [2] - The city-level teams emphasize professional challenges, with the establishment of specialized teams in various sectors such as hazardous materials and mining [2] - The district teams are responsible for routine responses, while the town teams focus on initial emergency handling, reducing average emergency response time from 30 minutes to 10 minutes [2] Group 3 - Chongqing has achieved a "three-dimensional" rescue capability, enabling operations on water, land, and air [3] - In water rescue, the capabilities have been enhanced with the addition of the "China Emergency·Chongqing" rescue ship, increasing diving depth from 45 meters to 90 meters and water salvage capacity from 300 tons to 800 tons [3] - Land rescue capabilities have been upgraded with advanced equipment, achieving a flood drainage capacity of 400,000 cubic meters per hour and a forest fire single pump water supply lift exceeding 900 meters [3] - In aviation rescue, the deployment of 6 helicopters and over 200 drones has created a collaborative operation matrix [3]