【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 李树超 张玲 王思文 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方案，出台基金管理公司绩效考核管理 指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保基金等长期资金持续入市，形成增 量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准承接居民与理财资金；三是费率改革、长周期考核等政策红 ...

我看到一个画家谈自己的心得，他有句话真是很有道理：作画如禅家棒喝，当在一念之间决出高下！ 无论是在艺术领域，还是在战场、商场等领域，道理是相通的。 从方法论上讲，任正非的判断力很难学。 比如任正非创业时候为什么要选择通信行业？比如他为什么要大力投入研发？比如他为什么要设计员工持股制度？比如他为什么要从有线转无线，从国内走 向海外，从企业业务转为消费者业务，从硬件杀入软件……乃至2012实验室、备胎计划等，都体现了他的高瞻远瞩。 老板就没有不焦虑的，因为你要为所有人负责，在前途渺茫、不知道路该怎么走的时候，你如何当下立决？ 身为队伍的一号位，就必须要为成败负责，要为该发生而没有发生的事情负责：不管是学习IBM，构建全球化组织能力，还是面临公司内外危机，为"冬 天"储备粮草和棉衣等，都是如此。 做战略是很难的，你很难把所有信息都搜集全面，然后慢慢思考，你没有那么多时间，很多时候你只能迅速决断，赌一把。 我有时候想，华为之所以发展如此之快，成就如此之大，一定是跟任正非在重大发展节点上的正确决策有很大关系。 胜负往往是一瞬间的决策。 武功到了极致也是拼想法，拼电光火石间的念头。 可以说企业的竞争在某种意义上就看老板能 ...

Core Insights - Yu Hao, founder and CEO of Chasing Technology, was awarded the "2025 Cover Character Influence Industry Innovation Award" for leading the company towards high-end markets and making technological innovation accessible to the public [1][3]. Company Overview - Chasing Technology, founded in 2017, has become a global high-end technology brand, with products spanning high-end smart home appliances, smart cars, smart kitchen appliances, smart cleaning devices, outdoor smart equipment, and personal care products [4]. - The company has achieved a compound annual growth rate of over 100% for six consecutive years, positioning itself as a flagship of Chinese technological innovation on the global stage [3][8]. Strategic Focus - The company emphasizes a high-end, technological, and fashionable core competitiveness in the global market, adhering to a "long-termism" approach to enhance product innovation and brand recognition [5]. - Since 2023, Chasing Technology has successfully implemented its high-end brand strategy, achieving efficiency improvements, brand elevation, and market share growth, overcoming the industry's "impossible triangle" challenge [7]. Market Performance - Chasing Technology has achieved the number one market share in nearly 20 countries and regions, including Germany, France, and Singapore, demonstrating the importance of technological innovation for high-end technology brands [8]. Technological Innovation - Yu Hao believes that "core technology is fundamental," and the company invests significantly in research and development, allocating one-third of its budget to existing technology iterations, one-third to innovations in existing fields, and one-third to new field innovations [9]. - The company holds a series of authorized patents in core technology areas, enhancing product innovation and global influence [9]. Recent Developments - Recently, Yu Hao acquired 54.90% of Jia Mei Packaging for approximately 2.282 billion yuan, aiming to inject vitality into the traditional packaging industry through technological innovation and drive globalization efforts [10]. - The future global industry landscape is expected to present opportunities through the combination of China's manufacturing and engineering talent, disruptive technologies, and the restructuring of global supply chains [10].

Core Insights - The article highlights the recognition of Yu Hao, founder and CEO of Chasing Technology, as the "2025 Cover Person Impact Industry Innovation Award" for his leadership in driving the company towards high-end markets and making technological innovation accessible to the public [1][3]. Company Overview - Chasing Technology, founded in 2017, has rapidly established itself as a global high-end technology brand, with products spanning high-end smart home appliances, smart cars, smart kitchen appliances, smart cleaning devices, outdoor smart equipment, and personal care products [4][5]. - The company has achieved a compound annual growth rate of over 100% for six consecutive years, positioning itself as a flagship for Chinese technological innovation on the global stage [3][4]. Strategic Focus - The company has adopted a high-end branding strategy since its inception, aiming to position itself as a global enterprise that benchmarks its technology and products against international standards [5][7]. - Yu Hao emphasizes that the core competitiveness of a new generation of high-end technology consumer brands should be "high-end, technology, and fashion," advocating for a long-term approach to enhance product innovation and brand recognition [5][7]. Market Performance - As of 2023, Chasing Technology has successfully achieved significant milestones in efficiency improvement, brand elevation, and market share growth, overcoming the industry's "impossible triangle" challenge [7]. - The company has attained the number one market share in nearly 20 countries and regions, including Germany, France, and Singapore, demonstrating the importance of technological innovation for high-end technology brands [7]. Technological Innovation - Chasing Technology invests heavily in research and development, allocating one-third of its budget to existing technology iterations, one-third to innovations in current fields, and one-third to new technology innovations, ensuring sustainable technological advancement [10]. - The company holds a series of authorized patents in core technology areas, maintaining a leading position globally, which enhances product innovation and consumer experience [10]. Recent Developments - Recently, Yu Hao acquired a 54.90% stake in Jiamei Packaging for approximately 2.282 billion yuan, which is expected to inject vitality into technological innovation within the traditional packaging industry, promoting a shift towards robotics and artificial intelligence [10]. - The acquisition aims to help Jiamei Packaging achieve international standards and gradually expand into global markets, including Germany, the United States, and Italy [10]. Future Outlook - The future global industry landscape is expected to present three major opportunities: the combination of China's manufacturing and engineering talent, disruptive technologies creating competitive advantages, and the restructuring of global supply chains [11]. - Yu Hao envisions a future where global resources, Chinese research and development, local manufacturing, and world consumption converge, aiming to create high-end technology enterprises that significantly enhance productivity [11].

Group 1 - The core idea emphasizes the importance of recognizing mistakes and making timely corrections as a fundamental principle for successful investing [4][5][10] - The concept of "盈亏同源" (profit and loss originate from the same source) suggests that the strategies leading to profits can also lead to losses, highlighting the dual nature of investment decisions [7][8] - Rationality is portrayed as a crucial trait for investors, enabling them to navigate risks and uncertainties effectively [10][13] Group 2 - The principle of "buy low, sell high" is reiterated, with references to Buffett's strategy of acting contrary to market sentiment, which underscores the importance of judgment and rational decision-making [13][14] - Long-termism is presented as a necessary approach to understanding the cyclical nature of business and the relationship between gains and losses [14] - The narrative stresses that self-awareness and the ability to accept losses are vital for focusing on correct investment opportunities, thereby enhancing the potential for recovery and success [10][14]

Group 1 - The core viewpoint presented by the president of Century Huatong emphasizes the importance of long-term certainty to address multiple challenges in the new era of the gaming industry [2] - The company aims to focus on expanding its global market presence through game exports, leveraging AI technology to enhance productivity, and deepening the integration of digital and physical realms for high-quality development [2][3] - The essence of China's game export is not merely to generate overseas profits but to share Chinese culture's joy, kindness, and wisdom with global players [2] Group 2 - The gaming industry has evolved beyond being just an entertainment medium, now serving as a testing ground for cutting-edge technology and a incubator for cultural innovation, particularly in the context of the current AI wave [3] - The high demand for AI technology within gaming companies accelerates the application of AI, which in turn enhances the social value of the technology as it matures [3] - The company believes that focusing on long-term value rather than short-term financial returns in the integration of online and offline gaming will lead to trust and recognition, ultimately creating new growth opportunities that balance commercial value with social significance [3]

Group 1 - The core viewpoint of the article highlights a shift in consumer perception from brand loyalty to a focus on value, as evidenced by recent controversies surrounding foreign membership supermarkets in China [1][2] - Foreign membership supermarkets, represented by Sam's Club, are facing significant challenges in the Chinese market, with membership renewal rates below global averages and declining revenue growth [2][6] - Quality control issues have led to a surge in consumer complaints, with over 13,000 complaints reported on the Black Cat Complaint platform, indicating a serious erosion of brand trust [5][6] Group 2 - The shift in consumer behavior is characterized by a move towards value-based purchasing, with long-term members expressing dissatisfaction over product quality and packaging waste [6][7] - Domestic supermarkets are capitalizing on the decline of foreign brands by focusing on quality and service, with companies like Pang Donglai achieving high customer loyalty despite limited store numbers [7][8] - The retail industry is urged to prioritize long-term strategies over short-term expansion, emphasizing the importance of balancing scale with quality control to regain consumer trust [8]

一方面，行业存量竞争加剧，马太效应下逐渐进入挤压式的竞争。 另一方面，原有的、固有的一些消费场景正在大量消失，消费分级越来越快，但分级之后供需再平衡的 过程却较为滞后。此外，消费者需求的多样性正在发生变化，且变化速度已超出从业者的内部观 察。"理性消费、情绪价值、沉浸体验、代际融合、绿色生态等，这些都是行业趋势。" 但汪博炜也认为，在不确定性中，白酒"喝、送、藏"的底层逻辑没变，从业者一定要坚定信心，"信心 比黄金还要珍贵"。 汪博炜称："白酒始终是一个关于时间价值的产业，郎酒坚守长期主义，坚定地拥抱时间价值，围绕顾 客创造价值。" 红星新闻记者 程璐洋 摄影报道 红星资本局12月19日消息，今日，2025世界名酒发展大会在四川宜宾举办。 活动现场，四川郎酒股份有限公司总经理汪博炜介绍，今年重阳，郎酒优质酱酒库存量正式达到30万 吨，2026年，郎酒的销售投放量不超过30万吨，"我们将'存十卖一'落到实处，这是长期主义的实践。" 汪博炜称："今年行业进入深度调整期，行业比较寒冷，在寒冷中我们看到了一些趋势。" 郎酒总经理汪博炜在2025世界名酒发展大会发言 ...

Core Insights - The consumer market is dynamic, and only companies that adhere to long-termism can navigate market cycles and achieve sustainable development [2] - The 21st Century Economic Report's 2025 New Consumption Conference gathered numerous consumer brands, investment institutions, and brokers, highlighting the importance of brand quality, user respect, and innovation [2] Group 1: Company Strategy - Boss Electric's Chief Digital and Marketing Officer, Tong Jingqing, emphasized the importance of long-termism in consumer brands, stating that understanding consumer aspirations for a better life is crucial for overcoming market cycles [3] - Boss Electric has been a leader in the kitchen appliance sector since 1979, adapting to market changes over 46 years by focusing on core areas, technological and cultural innovation, and shifting from product management to user relationship management [3][4] Group 2: Market Adaptation - The company’s approach to the kitchen and cooking sector is summarized as "lasting innovation," which involves redefining business boundaries in response to changing consumer needs [4] - Boss Electric has identified three core product categories based on evolving kitchen demands: high-suction range hoods, kitchen appliance sets, and AI cooking partners [4] Group 3: Innovation and User Engagement - The greatest risk for companies is not external changes but the disconnection between core capabilities and user needs [5] - Boss Electric integrates technology and humanistic insights, requiring all employees to hold a chef's certificate to better understand user experiences and challenges [5][6] - The establishment of a Culinary Humanities Research Institute and a global culinary arts center reflects the company's commitment to deepening user engagement and co-creation [6] Group 4: User Relationship Management - In the digital age, the focus should be on building deep relationships with users rather than merely managing traffic [6][7] - Boss Electric utilizes a Customer Data Platform (CDP) to analyze user data and create a community for sharing, enhancing user engagement and satisfaction [7] - This transformation from a one-way service model to a two-way nurturing relationship creates a competitive advantage that is difficult for rivals to replicate [7]

Core Viewpoint - The article discusses the concept of "involution" in business, emphasizing that competing through destructive price wars ultimately harms the market and brand reputation, particularly in the context of Chinese manufacturing and its international expansion [2][10]. Group 1: Historical Context - In the 1990s, Chinese motorcycle brands entered Southeast Asia, using aggressive price competition to reduce the average price of motorcycles from $700 to $200, significantly impacting Japanese brands [3]. - Despite winning the price war against Japanese brands, Chinese manufacturers ultimately failed to establish a sustainable market presence due to lack of profits, after-sales service, and quality, leading to a tarnished reputation for "Made in China" [4][6][7]. Group 2: Long-term Strategy - Wuling, a Chinese motorcycle brand, decided to adopt a long-term approach in Indonesia, marking its commitment to the market by celebrating anniversaries and emphasizing its presence over the years [8][9]. - The article argues that businesses should focus on product quality and long-term strategies rather than short-term price competition to earn respect for "Made in China" [10]. Group 3: Recommendations for Future Success - The article suggests that companies should avoid burning down the entire market in pursuit of winning battles and instead focus on building a strong brand through quality and customer service [10].