Core Viewpoint - The appointment of Cheng Yuan as the new vice president of Xinda Securities reflects a significant shift in the talent value orientation within the securities industry, moving from traditional single-business backgrounds to a more integrated talent structure that combines investment and research capabilities [3][8]. Group 1: Appointment Details - On July 1, Xinda Securities announced the appointment of Cheng Yuan as the vice president, with the term starting from the date of the board's approval until the end of the sixth board's term [4]. - Cheng Yuan, born in July 1985, is considered a "young" executive in the industry, with 17 years of experience and a dual background in both buy-side and sell-side roles [5][8]. Group 2: Professional Background - Cheng Yuan graduated with a master's degree in business administration from Peking University and has extensive experience in the securities industry, having worked at Dongxing Securities and Huatai Securities [5]. - His career includes roles as a researcher covering the textile and apparel industry and serving as a chief researcher in multiple sectors, earning several analyst awards during his tenure [5][6]. Group 3: Industry Trends - The appointment is seen as part of Xinda Securities' strategy to professionalize its executive team, as the current leadership is predominantly from the "60s" and "70s" generations [8]. - There is a growing trend in the securities industry towards "research-oriented" executives, with several recent appointments of individuals with strong investment research backgrounds [8].

Core Viewpoint - The appointment of Cheng Yuan as the new deputy general manager of Xinda Securities reflects a significant shift in the talent value orientation within the securities industry, moving towards a composite talent structure that integrates research and investment [4][9]. Group 1: Appointment Details - On July 1, Xinda Securities announced the appointment of Cheng Yuan as the deputy general manager, with the term starting from the board meeting approval until the end of the sixth board term [6]. - Cheng Yuan, born in July 1985, has 17 years of experience in the securities industry and is recognized for his dual background in both buy-side and sell-side roles [7]. Group 2: Professional Background - Cheng Yuan has previously worked at Dongxing Securities and Huatai Securities, where he gained extensive experience in research and investment [4][7]. - He has held various positions, including chief researcher in the textile and apparel sector and investment director at Dongxing Securities, managing multiple public funds [7]. Group 3: Industry Trends - The appointment signifies a trend towards younger and more integrated talent in the executive structure of securities firms, with a notable increase in composite talents who possess both research and investment capabilities [9][11]. - The industry is witnessing a shift towards a "research-oriented" approach, with firms like Xinda Securities aiming to enhance their market influence through sell-side research [8][9]. Group 4: Company Performance - Under Cheng Yuan's leadership, Xinda Securities has developed a comprehensive research system covering over 30 fields, resulting in significant growth in research commission income from 2019 to 2022, with a ranking increase of 21 positions in the industry [8]. - As of July 1, Xinda Securities' stock price was 16.93 yuan per share, with a total market capitalization of 549 billion yuan [11].

Core Viewpoint - The appointment of Cheng Yuan as the new deputy general manager of Cinda Securities is a strategic move to enhance the professionalization of the executive team, coinciding with a significant change in the company's controlling shareholder [4][5][7]. Group 1: Leadership Changes - Cheng Yuan, with 17 years of experience in the securities industry, has transitioned from the general manager of the research and development center to deputy general manager [2][6]. - His background includes roles as investment director and research director at Dongxing Fund, and chief researcher in three major consumer sectors at Huatai Securities, showcasing a rare dual background in both buy-side and sell-side [6][3]. Group 2: Performance Metrics - Cinda Securities has seen a remarkable increase in research commission income, achieving a 14-fold growth from 2019 to 2022, with a significant rise in industry ranking by 21 positions [6][11]. - The company's net profit has shown consistent growth, increasing from 1.86 billion in 2019 to 15.43 billion in 2023, with a slight expected decline to 14.15 billion in 2024 [2][11]. - Revenue has also surged from 22.23 billion in 2019 to 34.83 billion in 2023, although a decrease to 32.92 billion is anticipated in 2024 [11]. Group 3: Shareholder Changes - The change in leadership coincides with the transfer of Cinda Securities' controlling shareholder from the Ministry of Finance to Central Huijin, marking a significant shift in ownership structure [7][8]. - Following the transfer, Cinda Securities will join a group of eight brokerages under Central Huijin, which includes notable firms like Galaxy Securities and CITIC Securities [7][8].

Group 1 - The core point of the article is the appointment of Cheng Yuan as the new Deputy General Manager of Cinda Securities, which is seen as a strategic move to enhance the professionalization of the executive team [3][4] - Cheng Yuan has 17 years of experience in the securities industry and has held significant positions in both buy-side and sell-side roles, making him a rare composite talent in the industry [4][2] - Under Cheng's leadership, Cinda Securities' research commission income grew 14 times from 2019 to 2022, significantly improving its industry ranking by 21 positions [4][10] Group 2 - The personnel change coincides with a shift in the controlling shareholder of Cinda Securities, as the Ministry of Finance transfers its shares to Central Huijin, making Cinda Securities part of the "Huijin system" [6][5] - Following the share transfer, Central Huijin will control eight securities firms, including Cinda Securities, which indicates a consolidation trend in the industry [5][7] - Cinda Securities has shown significant performance improvement, with net profit increasing from 1.98 billion in 2019 to 15.43 billion in 2023, despite a slight decline expected in 2024 [10][9]

Core Viewpoint - The public fund industry in China is transitioning from a "star era" dominated by individual fund managers to a "platform era" that emphasizes team collaboration, professional division of labor, and technological empowerment to ensure stable performance and sustainable growth [4][6][15]. Group 1: Industry Overview - As of May 2025, the total scale of public funds in China reached 33.74 trillion yuan, marking a historical high [1]. - The China Securities Regulatory Commission issued an "Action Plan for Promoting High-Quality Development of Public Funds," which emphasizes the need for fund companies to strengthen resources and build a platform-based, integrated, and multi-strategy investment research system [2][15]. Group 2: Challenges in the Current System - The current active equity investment landscape faces significant challenges, including reliance on individual fund managers, lack of systematic management, and insufficient digital talent cultivation [4][5][6]. - Fund companies are urged to reduce dependence on individual capabilities to ensure stability and sustainability in operations [6][7]. Group 3: Transition to Platform-Based Models - Fund companies are responding to the need for a platform-based investment research system by leveraging artificial intelligence and big data to enhance efficiency [7][10]. - Examples include the implementation of specialized, standardized, and intelligent processes to improve investment research capabilities, as seen in the practices of firms like China Europe Fund and Tianhong Fund [7][8][11]. Group 4: Technological Empowerment - Financial technology, including AI and big data, serves as the foundation for building new investment research platforms, driving the public fund industry towards an industrial era [10]. - Companies like Fuguo Fund are developing integrated smart investment research systems that enhance data processing and decision-making efficiency [11]. Group 5: Future Directions - The industry is expected to evolve towards a fully integrated ecosystem that combines investment research, sales, and advisory services, enhancing overall operational efficiency [14][16]. - The "platformization" of fund companies aims to create a unified resource hub that eliminates information silos and fosters cross-departmental collaboration [15].

Core Viewpoint - The departure of renowned fund managers from small and medium-sized fund companies has significant impacts, but it also presents opportunities for these firms to rethink their strategies and diversify their product lines [1][5][7]. Group 1: Impact of Fund Manager Departures - Since 2024, several well-known fund managers have left their positions, leading to noticeable declines in the managed equity scale of small and medium-sized fund companies [1][6]. - The exit of a "star" fund manager often results in substantial changes in fund performance and scale, indicating high market recognition of these managers [6][9]. Group 2: Performance of Successors - Successors to departed fund managers have shown varied performance; some have maintained previous investment strategies while others have adopted new approaches [2][4]. - For instance, Liu Sheng, who took over the management of Zhonggeng Value Navigation, achieved a return rate of 15.90% this year, outperforming the CSI 300 Index [3]. - The fund managed by Shao Shiyuan, after taking over from Fan Yan, saw a return rate exceeding 40% in the past year, indicating successful adaptation to a new investment focus [4]. Group 3: Industry Reflection and Strategy - The loss of key talent is prompting small and medium-sized fund companies to reflect on their governance and incentive mechanisms to retain core personnel [7]. - Companies are encouraged to shift from a reliance on individual star managers to a more platform-based approach, fostering a sustainable competitive advantage [7][9]. Group 4: Regulatory Changes and Opportunities - The China Securities Regulatory Commission has introduced a plan to promote high-quality development in the public fund industry, emphasizing a shift from scale to return [8]. - This plan supports small and medium-sized fund companies in developing differentiated products and encourages long-term value investment, potentially alleviating short-term performance pressures [8][9].

Core Viewpoints - The selection of major asset allocation is often the "deciding factor" for fixed income + investments, and only by achieving excellence can the company hope to generate more returns for clients [1] - By utilizing a negatively correlated asset portfolio, the company aims to first control overall volatility before pursuing returns [2] - Clients can achieve average returns while only bearing one-third of the risk, which aligns with the goal of high-quality development [3] - Investment decisions are not made impulsively; every decision is documented in the system to identify and rectify mistakes [4] - The concept of "integrated research and investment" ensures that the results produced by researchers are trusted and utilized by fund managers, leading to positive returns and a virtuous cycle [5] Fund Performance - The fund "Yongying Tiantian Yue" experienced a dramatic increase in scale from 0.58 billion to 93.15 billion within six months, marking a nearly 160-fold growth [6] - As of May 31, the fund (Class A) achieved a return of over 10% in the past two years while maintaining a maximum drawdown of less than 0.9%, ranking in the top 9% of its category [6] Investment Strategy - The "Wanshang System" serves as a digital brain for fixed income + investments, assisting in asset allocation, stock-bond timing, industry rotation, and stock selection strategies [4][5] - The system allows for cross-asset comparisons and provides framework judgments for annual allocation directions [6] - The system captures signals and provides risk warnings, enabling the team to make informed decisions on whether to increase or decrease positions [7] - The investment process is systematic and traceable, ensuring that decision-making is based on clear, verifiable data [8] Research and Investment Integration - Yongying Fund has developed multiple interconnected systems to support research and investment, fostering a culture of open sharing and collaboration [10] - Monthly investment decision meetings allow for cross-team collaboration and the sharing of research findings [11] - The integration of research and investment is not merely a label; it involves active participation from both researchers and fund managers in strategy development [11] Dynamic Balance of Returns and Volatility - The investment philosophy emphasizes a dynamic balance between returns and volatility, with a focus on multi-strategy combinations to enhance returns [15] - The top layer of the strategy involves 70% Beta, focusing on major asset allocation, while the second layer includes 20% Smart Beta, targeting specific industries and sectors [16] - The third layer consists of 10% Alpha, emphasizing meticulous management of drawdowns to enhance client experience [17] User-Centric Product Strategy - Each fund manager is viewed as a product manager, ensuring that investment strategies align with client needs [20] - The product line is designed to match different user requirements, offering solutions for varying levels of volatility [21] - The company has achieved significant growth in fixed income products, ranking among the top firms in the industry [22] Conclusion - Yongying Fund's approach combines intelligent systems, multi-asset strategies, and a user-oriented product matrix to create a controlled drawdown and expected returns for investors [23]

Core Insights - The core viewpoint emphasizes that achieving superior returns for clients in fixed income plus investments requires extreme precision and proactive management [1][4][25] - The integration of subjective and quantitative research within the investment process is highlighted as a key driver of success [4][11][25] Group 1: Investment Strategy - The company believes that the choice of asset allocation is crucial for success in fixed income plus investments, with a focus on controlling volatility before pursuing returns [1][10] - The "万象系统" (Wànxiàng System) serves as a digital brain for fixed income plus investments, aiding in asset allocation, stock-bond timing, and sector rotation [5][7] - The system allows for cross-asset comparisons and provides signals for risk management, enhancing decision-making processes [8][9] Group 2: Performance Metrics - The fund "永赢添添悦" (Yongying Tiantian Yue) experienced a dramatic increase in assets under management, growing from 0.58 billion to 93.15 billion yuan, a nearly 160-fold increase [1][3] - As of May 31, the fund achieved a return exceeding 10% over two years while maintaining a maximum drawdown of only 0.9%, ranking in the top 9% of its category [1][4] Group 3: Research and Development - The company has developed multiple interconnected systems to support its investment research, including the "天玑" (Tianji) equity research system and the "牵星" (Qianxing) fixed income research system [11][12] - The integration of research and investment teams fosters collaboration and enhances the quality of investment decisions [12][25] Group 4: User-Centric Approach - The company has created a diverse product line that caters to different client needs, offering solutions that match varying risk appetites [21][24] - The growth in fixed income plus assets, reaching 347.1 billion yuan, reflects the company's commitment to providing high-quality investment experiences [24][25] Group 5: Future Outlook - The company aims to continue building a robust, integrated investment research platform that aligns with market trends and client expectations [25] - The focus on low-volatility, high-quality investment products is in line with industry trends advocating for stable, asset allocation-based products [25]

Core Viewpoint - The team-based management model for fund managers is recognized as a key approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][2]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission has released an action plan that emphasizes the team-based management model as a crucial part of strengthening the core research and investment capabilities of public funds [2]. - Some fund companies have already begun exploring integrated research practices, with notable examples including the industrialized and intelligent research platform of China Europe Fund and the technology research team integration of Nuoan Fund [2]. - The emergence of a four-person co-management fund, the ICBC Leading Navigator Three-Year Holding Mixed Fund, marks a significant innovation in the fund industry to address the limitations of single-manager strategies [3]. Group 2: Challenges and Coordination - Despite the benefits of co-management, there are significant challenges that need to be addressed, such as unclear role definitions, high coordination costs, and potential decision-making conflicts among fund managers [4]. - Current co-managed funds have not yet demonstrated the "1+1 greater than 2" effect, indicating that the integration of multiple managers may not always lead to improved performance [4][5]. Group 3: Market Dynamics and Competition - Fund managers face significant challenges in a competitive market characterized by a large number of companies and products, which complicates the investment decision-making process [7]. - The rise of passive and quantitative funds has intensified competition for actively managed funds, making it increasingly difficult to generate excess returns [7]. Group 4: Future Development and Mechanism Innovation - The development of the team-based management model requires a higher-level mechanism transformation, which is gradually being implemented [8]. - Effective team-based investment emphasizes risk-return matching and requires fund managers to possess complementary skills, such as macro analysis, industry trends, and risk control [8].

Core Viewpoint - The team-based management model for fund managers is recognized as a crucial approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][6]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission (CSRC) has proposed an action plan to support the establishment of a team-based management model for fund managers, emphasizing the need for a comprehensive research and investment system [2][6]. - Some fund companies have already begun to explore integrated research practices and the co-management model among fund managers to address the limitations of single-strategy funds [2][5]. - The trend of co-management is increasing, with examples of funds being managed by two or three managers, indicating a shift towards collaborative management [2][5]. Group 2: Advantages of Team-Based Management - Team-based management can enhance the stability of fund performance by leveraging the complementary strengths of different fund managers, thus improving compatibility with various investment styles [3][6]. - The collaborative approach aims to mitigate risks associated with individual fund managers, such as personal biases and the impact of manager turnover on performance [3][6]. Group 3: Challenges and Limitations - Despite the potential benefits, the current co-management model has not yet demonstrated significant advantages, with concerns about decision-making conflicts and unclear responsibilities among managers [4][5]. - The effectiveness of co-management is hindered by the reluctance of established fund managers to share control and the potential for coordination challenges [4][5]. Group 4: Future Directions - The development of a team-based management model requires a fundamental change in the investment research mechanism, emphasizing the need for a structured approach to integrate various analytical strengths [6][7]. - The future of team-based management in public funds will depend on the establishment of a supportive culture and governance framework that encourages collaboration and effective resource allocation [7].