在中国公募基金行业迈向高质量发展新阶段的关键时期，外资公募如何在中国市场交出一份融合全球化 方法论和本土化组织能力的特色答卷？作为国内首批中外合资基金公司、国内首家合资转外资全资控股 的公募基金，宏利基金的发展路径备受市场关注。 "对于行业高质量发展，我们的目标很明确。"近日，宏利基金总经理丁闻聪在接受中国证券报记者专访 时说，"我们将充分借鉴宏利金融集团全球领先的投资能力和实践，以及养老金等长期投资方面的经 验，结合本土化的人才团队与业务战略，更好为中国投资者提供定制、创新的全球资产配置解决方 案。" 外资公募的中国式解题 其次，宏利基金对权益投资研究体系、组织架构、投研流程等进行了一系列改造和优化，在纯债基金、 FOF、固收+、量化基金、货币基金、QDII基金等领域也均有布局，通过不断优化投资策略和丰富产品 线，更好地满足投资者的多样化需求。 此外，创新是宏利基金的战略重点。丁闻聪介绍，在绿色金融方面，公司响应国家"双碳"目标，于2024 年5月发行了国内首只绿色普惠金融债券指数基金。除此之外，宏利基金是首批26家浮动费率基金管理 人名单中唯一一家外商独资公募；基于对全球大类资产配置的专业判断，宏利基金进 ...

Core Viewpoint - The article discusses the development path of Manulife Fund in the context of China's public fund industry moving towards high-quality development, emphasizing the integration of global methodologies and localized organizational capabilities [1][2]. Group 1: Industry Development - The Chinese public fund industry has seen significant changes over the past two decades, characterized by scale expansion, industry maturity, and concept upgrades [2]. - Recent policies, including the "New National Nine Articles" and the 2025 "Action Plan for Promoting High-Quality Development of Public Funds," indicate a shift from quantity to quality, providing clear boundaries and directions for foreign institutions in China [2][3]. Group 2: Manulife Fund's Strategy - Since becoming a wholly foreign-owned entity in 2022, Manulife Fund has entered a new development phase, enhancing communication with the global investment expert team and diversifying its investment strategies [2][3]. - The company has optimized its investment research system and organizational structure, expanding into various fund types such as pure bond funds, FOFs, and QDII funds to meet diverse investor needs [3][4]. Group 3: Innovation and Product Development - Innovation is a strategic focus for Manulife Fund, which has launched China's first green inclusive finance bond index fund in response to national carbon neutrality goals [3][5]. - The company aims to leverage its global pension management experience to create tailored pension financial products that meet the lifecycle characteristics of Chinese investors [5][6]. Group 4: Pension Financial Services - Manulife Fund has established a comprehensive pension financial system, emphasizing investor returns and building a diverse product line to cater to different risk preferences and retirement plans [4][6]. - The company has a strong market presence in international pension management, ranking first in Hong Kong's strong fund market and second in the U.S. and Canada for certain pension plans [5][6]. Group 5: Research and Long-Term Investment - Manulife Fund prioritizes absolute returns and long-term value for investors, implementing a performance evaluation system focused on three-year investment results [7][8]. - The investment research system operates on a platform-based, integrated, and multi-strategy model, ensuring thorough research support for investment decisions [8][9].

Core Insights - The article discusses the development path of Manulife Investment, a foreign-funded public fund in China, emphasizing its integration of global investment capabilities and local organizational strengths to meet the demands of the Chinese market [1][2]. Group 1: Industry Development - The Chinese public fund industry has undergone significant changes over the past two decades, marked by scale expansion, industry maturity, and an upgrade in investment concepts [2]. - Recent policies, including the "New Nine Articles" and the 2025 action plan for high-quality development, have set clear directions for the industry, emphasizing investor interests as a core value [2][3]. - The shift from quantity to quality in the industry provides a framework for foreign institutions to localize their operations in China [2]. Group 2: Manulife Investment's Strategy - Since becoming a wholly foreign-owned entity in 2022, Manulife Investment has enhanced communication with its global investment teams and diversified its investment strategies [2][3]. - The company has optimized its research system and organizational structure, expanding into various fund types, including pure bond funds, FOFs, and QDII funds, to better meet diverse investor needs [3][4]. - Innovation is a strategic focus, with initiatives such as launching China's first green inclusive finance bond index fund and being the only foreign-owned public fund among the first batch of floating fee rate fund managers [3][4]. Group 3: Pension Fund Development - Manulife Investment aims to build a comprehensive pension financial system, leveraging its global experience to create products tailored to the Chinese market [4][5]. - The company holds a leading position in international pension management, with significant market shares in Hong Kong, the U.S., and Canada [4]. - Manulife Investment's advantages in the domestic pension market include early entry, a diverse product line, strong research capabilities, and a focus on customer experience [5][6]. Group 4: Long-term Investment Philosophy - Manulife Investment emphasizes absolute returns and long-term value for investors, establishing a performance evaluation system centered on three-year investment results [6][7]. - The investment research system operates on a platform-based, integrated, and multi-strategy model, ensuring thorough research supports every investment decision [7]. - The company prioritizes sustainable investment capability over short-term growth, continuously optimizing its decision-making processes to create long-term value for investors [7].

向穿越40年经济周期的标杆学习 当整个时代都在鼓吹"唯快不破"时，有一个人，一家企业，却选择了一条相反的路：不强求做大做快，而是专注做强做久。 最近，他与任正非、于东来、王宁、王兴兴等人，陆续接受了《人民日报》的专访。 他就是曹德旺，福耀集团创始人。 40年时间，他从一个乡镇小厂做起，把业务做到了全世界。全球每三辆汽车中，就有一辆使用他的产品。市场份额占全球34%，利润却占到行业55%。 2024年，公司营收392.5亿元，净利润75亿元。 曹德旺先生不仅仅是一位成功企业家，更是一位穿越多个经济周期的战略家。这不仅仅是商业上的成功，更是一种经营哲学的胜利。 与智者对话，胜过自己摸索10年： 有些智慧，无法从书本中获得；有些弯路，本可以不必走。 这不是一场商业课程，而是一次与智者对话的难得机会。 因为这不是理论，而是40年实战验证的心法。从乡镇小厂到全球第一，从一无所有到百亿营收。曹老将分享他独有的企业经营哲学，直击企业家创业者最 关注的痛点问题，绝不讲"正确的废话"。 曹老走过的路，正是我们正在走或将要走的路。 在"唯快不破"的时代，福耀选择了"做强做久"的道路。当别人追逐风口时，曹老带着福耀深耕主业；当别人 ...

Core Insights - The article discusses the competitive landscape of the Chinese high-end smartphone market, highlighting the emergence of domestic brands like vivo, Huawei, and Xiaomi as formidable challengers to international giants like Apple [1][7][20] - vivo's recent launch of the X300 series is positioned as a significant milestone in its strategy to capture the high-end market, showcasing its technological advancements and collaborations with global industry leaders [3][12][24] Market Dynamics - The Chinese smartphone market is undergoing a transformation where domestic brands are increasingly dominating the high-end segment, with the "华小v" alliance (Huawei, Xiaomi, vivo) capturing over 75% of the market share in the 4000-6000 yuan price range, excluding Apple [1][8][9] - Counterpoint Research indicates that in the first half of 2025, China accounted for 26.5% of the global market for smartphones priced over $600 (approximately 4500 yuan), with high-end models priced above 4000 yuan exceeding 30% of total sales [7][8] vivo's Strategy - vivo's rise in the high-end market is attributed to its focus on imaging technology, strategic partnerships, and a long-term development approach, which has allowed it to maintain a leading position in the domestic market for 4.75 years [10][19][24] - The company has established a comprehensive imaging ecosystem through collaborations with industry leaders like Zeiss and the development of its proprietary imaging chips, enhancing its competitive edge in the high-end segment [10][23] Product Innovation - The X300 series features advanced imaging capabilities, including the industry's first CIPA 5.5-level professional stabilization, which addresses common user concerns about image quality [23] - vivo's commitment to user-centric design is evident in its targeted product offerings, such as the X300 series, which includes custom sensors developed in collaboration with Sony and Samsung to enhance photographic performance [13][24] Long-term Vision - The article emphasizes the importance of a long-term strategy in achieving sustainable growth in the competitive smartphone market, with vivo exemplifying this approach through its focus on technology innovation and user needs [20][24] - As vivo continues to expand its technological capabilities beyond smartphones into areas like mixed reality and health imaging, it aims to solidify its position in the global tech landscape [16][24]

Core Insights - The global LCD TV panel market is entering a positive profit cycle as manufacturers shift from "production-driven sales" to "sales-driven production" [1] Group 1: Market Dynamics - The market share of leading manufacturers is expected to stabilize above 70% starting in 2026, establishing a foundation for steady operations in the TV panel market [2] - The concentration of LCD TV panel production capacity in mainland China has led to a competitive landscape dominated by BOE and TCL CSOT [2] - By 2025, TCL CSOT's market share is projected to increase from 20% to 24%, while BOE's share is expected to rise from 26% to 32% by 2026, resulting in a combined market share of approximately 72% for the top three manufacturers [2] Group 2: Cost Competitiveness - The depreciation completion rate for TV panels is anticipated to exceed 50% by 2026, enhancing cost competitiveness for mainstream sizes over the next three years [4] - The G8.5 production lines will complete depreciation by 2025, leading to cost advantages for 32-inch and 55-inch panels [5] - The G10.5 production lines will enter a rapid depreciation phase from 2025 to 2029, significantly improving the cost competitiveness of key products like 43-inch, 65-inch, and 75-inch panels [5] Group 3: Size Trends - The transition to larger sizes in the TV panel market faces challenges, with average size growth expected to stagnate in 2025 due to demand exhaustion and competitive pressures [7] - Despite the challenges, the completion of G8.6 and G10.5 depreciation is expected to enhance the cost competitiveness of large-size panels, driving growth in the segment [8] - The average size of LCD TV panels has surpassed 51 inches, making further growth more difficult [7] Group 4: Production Efficiency - A production utilization rate of 84% ± 3% is identified as the optimal range for maintaining profits in G10.5 production lines, balancing depreciation and profit [9] - The current production strategy of "demand-driven production" is crucial for sustained profitability, but it may lead to imbalances in profit distribution across the supply chain [9] - Upstream panel manufacturers are currently enjoying good profit levels, while downstream brand manufacturers face significant losses due to external pressures [9] Group 5: Strategic Recommendations - The industry should focus on high concentration, accelerated depreciation, large-size trends, and stable production strategies to achieve "long-termism" [10] - Panel manufacturers are encouraged to collaborate with downstream brands to explore stable demand for large sizes and optimize product structure and production efficiency [10] - A balanced approach to production control is necessary to ensure equitable profit distribution across the industry chain, promoting healthy development of the TV industry [10]

Core Insights - The online emotional social market in China is rapidly expanding at a compound annual growth rate of 23.8%, but the industry faces challenges in building genuine user trust while maintaining growth [1] - MiLian Technology has reported revenue of 1.917 billion yuan for the first half of 2025 and has submitted its prospectus for a listing on the Hong Kong Stock Exchange [1] - The company has established a dual protection system of "technical prevention + value guidance" to prioritize user safety over commercial interests, setting a new standard for fraud prevention in the emotional social industry [1] Group 1: Safety and Compliance - MiLian Technology's platform, iDui, has maintained a record of zero administrative penalties since its launch, highlighting its commitment to safety and compliance as essential for sustainable development in the emotional social sector [2] - The company has implemented a comprehensive safety protection system that combines AI-driven monitoring with human inspections, achieving real-time risk alerts and rapid response capabilities [2] - iDui publishes a monthly "Net Clean Monthly Report" to update its fraud speech database, continuously enhancing its fraud prevention capabilities [2] Group 2: Collaboration and Governance - MiLian Technology has established deep collaborations with local public security agencies, conducting innovative promotional activities such as "anti-fraud live broadcasts" and "anti-fraud Q&A," reaching over ten million users [3] - The platform has set up police workstations to facilitate quick responses to security incidents, extending safety measures to the regulatory front [3] - This collaborative governance model enhances the platform's safety capabilities and fosters an open, transparent governance ecosystem [3] Group 3: Long-term Strategy and Investment - In 2020, MiLian Technology secured strategic investment from the People's Daily Cultural Industry Fund, along with funding from Xiaomi Technology and Shunwei Capital, establishing a foundation for long-term growth [4] - The involvement of the People's Daily Cultural Industry Fund helps the platform navigate complex regulatory environments while prioritizing user safety and social value creation [5] - MiLian Technology's user engagement metrics are strong, with an average monthly usage time of 8.0 hours per active user and a 72.1% seven-day retention rate, leading the Chinese online emotional social industry [5]

Core Insights - The 2026 model of Geely's Xingyuan has been officially launched, with six variants priced between 68,800 to 98,800 yuan, and promotional discounts bringing the starting price down to 65,800 yuan [1][3] Market Performance - Since its launch last October, Geely Xingyuan has significantly reshaped the domestic A0-class small car market, surpassing competitors like BYD Seagull and Wuling Bingo, achieving an average monthly sales of 40,000 units, and exceeding 50,000 units in September [3][5] - In the first seven months of this year, A0-class sedan sales reached 543,000 units, with new energy vehicles accounting for 538,000 units, marking a year-on-year growth of 100.3%, making it the fastest-growing segment [3] Competitive Landscape - The entry of new competitors such as NIO Firefly and Arcfox T1, along with Wuling's recent expansion of the Bingo series, is introducing new competitive pressures in the recovering A0-class market [3][5] Product Strategy - Geely's approach for the 2026 Xingyuan model focuses on optimization rather than extensive redesign, emphasizing a "long-termism" strategy that values user trust over unnecessary disruption [5][10] - The new model features practical upgrades, such as enhanced storage solutions and the latest version of the Galaxy Flyme Auto intelligent cockpit system, reflecting a shift towards user-centric design [9][10] Brand Positioning - Geely emphasizes the product value of Xingyuan, highlighting its unique rear-wheel independent suspension and superior driving experience, contrasting with the current marketing trends in the new energy vehicle sector [10] - The strategy of gradual iteration is based on Geely's strong market share and sales data, positioning it favorably against competitors in the A0-class segment [10]

Core Insights - The recent success of a chicken stall in Jingdezhen, Jiangxi, reflects a shift towards consumer sentiment valuing "small spending for happiness," indicating the rise of self-satisfying consumption [1] - The chicken stall operator, known as "Chicken Brother," exemplifies long-term commitment and resilience in business, focusing on a single product for over a decade [4] Group 1: Long-term Commitment - The operator has consistently focused on the chicken fillet niche, demonstrating resilience and a commitment to quality over time [4] - Businesses should reflect on their chosen paths and maintain focus on their core competencies, especially in challenging environments [4] Group 2: Customer-Centric Approach - The operator prioritizes core customers, ensuring high-quality service and product integrity, which fosters a deep emotional connection with consumers [5][6] - The commitment to quality and service is evident in the meticulous preparation process, addressing public concerns about food safety [5] Group 3: Staying True to Values - The operator refuses to engage in live streaming or influencer marketing, emphasizing a focus on local customers and maintaining the original spirit of the stall [8] - The price of the chicken fillet has remained unchanged at 6 yuan, reflecting a principled approach to business and resisting opportunistic pricing [10]

日前，中国证监会发布《公开募集证券投资基金销售费用管理规定(征求意见稿)》，公募基金第三 阶段降费正式启动。公募基金一系列改革举措直指行业痛点，标志着行业从规模竞赛转向价值深耕，以 长期主义逻辑重构业态。 制度改革为长期主义立规，筑牢行业发展根基。《推动公募基金高质量发展行动方案》要求长周期 考核，对于基金经理，考核需覆盖至少3年的投资业绩，若某产品3年累计跑输基准超10个百分点，基金 经理的绩效薪酬将面临强制性下调。但是，对3年以上产品业绩显著超过业绩比较基准的基金经理，可 以合理适度提高其绩效薪酬，属于奖励机制，彻底打破"以短期排名论英雄"的考核怪圈，鼓励基金经理 沉心价值投资。对基金公司的评价体系升级更具导向性，将投资者盈亏及占比、业绩比较基准对比、权 益类基金占比、投研能力评价情况等纳入基金公司评价指标体系。同时，3年以上中长期业绩、自购旗 下权益类基金规模、投资行为稳定性、权益投资增长规模等指标的加分幅度在现有基础上提升50%，将 公司发展与投资者利益、长期价值深度绑定，从根源上扭转行业经营理念。 公募基金是资产管理行业的关键支柱之一。对于资本市场而言，公募基金通过专业的价值发现和投 资决策，持续提 ...