为贯彻中央金融工作会议精神和新"国九条"部署要求，大力推动中长期资金入市，树立理性投资、价值投资、长期投资的理念，2024年，由中共上海市委 金融委员会办公室和上海证券交易所作为指导单位，上海资产管理协会组织会员单位中的资产管理机构，开展了首届资产管理行业践行"三投资"理念优秀 实践展示活动。 36 的公 i = પા 指导单位 05.15 15:00 上海证券交易所 主办单位 上海资产管理协会 第一财经 播出平台 第一财经客户端 05.17 17:00 播出平台 第一财经电视 为倡导"三投资"理念，帮助广大投资者加深对资管行业和管理人的理解，上交所、上海资产管理协会和第一财经组织首届优秀实践资管机构接受访谈，共 同打造了《秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈》专题节目，来自公募基金、银行理财、保险资管、信托公司、券商资管等资管领域 优秀实践展示机构的相关人士分享"三投资"理念、实践经验以及所思所想。 为了帮助投资者了解"三投资"理念的实践标准，5月15日全国投资者保护宣传日当天，系列访谈将播出一档特别节目，邀请上海资产管理协会副秘书长辛 旸、上海证券基金评价研究中心负责人赵威、天相投顾基金评 ...

Group 1 - The core viewpoint of the article emphasizes the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to align the interests of investors and fund managers, fostering long-term returns for investors [1][2] - The plan is seen as a significant regulatory innovation in China's capital market, focusing on optimizing fund operation models, evaluation systems, and encouraging the development of equity products [2][3] - The introduction of a new batch of floating management fee funds is set to deepen the binding of investor interests, utilizing a performance-based fee structure that adjusts management fees according to fund performance relative to benchmarks [3][4] Group 2 - As of the end of 2024, there will be 75 products in the market operating under the floating management fee model, with a total management scale of 783.29 billion, of which 63 products are performance-linked, accounting for 84% of the number and 98% of the scale [5] - The floating management fee funds have undergone several market tests since their inception in 1999, with 20 funds set to trial the new fee structures in 2023, linking fees to performance, scale, and holding period [4][5] - The future of public funds is expected to focus on long-term and value investing, as the interests of investors, fund managers, shareholders, and sales parties become more aligned following the implementation of the new plan [5]

近期，由上海证券交易所（以下简称上交所）联合中央广播电视总台经济之声策划制作的《投资修炼手册》再次焕新上线。作为经济之声的品牌节目，6年 来，《投资修炼手册》陪伴投资者们经历了科创板开市、公募REITs启航、全面注册制改革等重要时点，累计收听量已突破亿次，得到了广大投资者的欢 迎。 为贯彻党的二十届三中全会精神，落实中央金融工作会议和新"国九条"相关工作要求，在2025年"5·15全国投资者保护宣传日"来临之际，《投资修炼手册》 携《入市第一课》《集合竞价VS连续竞价》《选指数赢未来》《退市维权知多少》等全新系列音频节目再出发，旨在讲清楚新老投资者重点关注的相关规 则，讲明白上交所股票、债券、基金、衍生品、公募REITs及国际化市场的高质量发展故事，讲透彻投资者有哪些权利可以和如何行权维权，陪伴广大投资 者更好地为自己的投资理财保驾护航。 每个交易日的早间8：25、午间11：55和晚间18：35，广大投资者都可以通过中央广播电视总台经济之声收听《投资修炼手册》节目。相关音频还将同步登 陆中央广播电视总台音频客户端"云听"APP，方便投资者朋友们在各种生活场景随时随地反复收听、学习了解。无论是在地铁还是公交，在 ...

看到一组公开数据，截至25年1月底，我国境内公募基金管理机构有163家，公募基金的资产净值达到31.93万亿 元。30万亿以上的公募基金规模，如何进行规范运作，将会对整个A股市场的运行走向有着重要的影响。 5月7日，《推动公募基金高质量发展行动方案》出炉，意味着我国公募基金将面临着重要性的改革。与以往相 比，这一次公募行业的改革力度很大，特别对基金经理的投资风格、薪酬待遇有着重要的影响。 除此以外，还会考虑合理调降公募基金的认申购费和销售服务费等，进一步降低投资者的投资成本。 过去很长一段时间，公募基金往往过分追求基金管理规模的增长，因为基金管理规模的大小，与基金经理、基金 管理团队的薪酬待遇有着密不可分的联系性。然而，在基金过分追求管理规模的同时，却疏忽了投资者的盈亏问 题，导致不少投资者的持有体验并不佳。 针对公募基金而言，随着管理规模的不断变化，基金的投资风格、资产配置方式也会发生显著变化。 举一个例子，过去某基金的管理规模只有20亿元，基金经理可以灵活配置大盘股、中小盘股等资产。考虑到基金 管理规模不大，所以基金经理在持仓上有着明显的变化，也不会对相关的股票价格造成较大的影响。 随着基金管理规模的大幅 ...

Group 1 - The core message emphasizes the importance of stable economic development, reliable macro policies, and institutional guarantees to inject certainty into the market [9][12][13] - The A-share market is showing resilience and recovery after initial volatility due to external pressures, with strong participation from various market players [2][12] - The valuation levels of the A-share market are considered relatively low, with the CSI 300 index PE ratio at 12.3, indicating increasing attractiveness for asset allocation [12][13] Group 2 - The China Securities Regulatory Commission (CSRC) is set to release an action plan to promote high-quality development of public funds, focusing on aligning fund managers' interests with those of investors [4][5][11] - The action plan will include measures to establish clear performance benchmarks for each fund, enhancing stability in investment behavior and reducing short-term trading [5][6] - The CSRC aims to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, enhancing the openness of the capital market [15][16] Group 3 - The CSRC is actively working on regulatory reforms to facilitate mergers and acquisitions, with significant increases in restructuring projects reported [19][20] - The commission is also focused on enhancing the support for companies affected by external shocks, such as tariffs, by optimizing regulatory arrangements [18][19] - The CSRC is committed to fostering a stable and transparent regulatory environment to attract foreign investment and support domestic enterprises [16][17]

基金公司规模一直为业界关注。除规模排名外，基金公司规模变化数据同样重要。 值得关注的是，交银施罗德基金近年来规模、排名停滞不前，最终在2024年年底跌出前二十，排名21 位。2025年一季度，交银施罗德基金规模下滑600亿元，公司规模排名再次滑落至25名。 一般而言，基金规模和基金业绩息息相关。记者注意到，最近三年，交银施罗德基金旗下多只主动权益 类基金业绩不佳。同时，公司还错失了布局指数基金的良机，业绩导致交银施罗德基金规模增长乏力。 济安金信基金评价中心副主任张碧璇在接受本报记者采访时指出，从过去交银施罗德整体的表现来看， 其在权益投资方面的团队培养体系成熟，这一点通过过去十年的权益类产品业绩已经得到过验证，同 时，其股东背景也兼具银行渠道优势与外资投研经验。但是近年来公司投研风格同质化较为严重，出现 了一定的路径依赖，在当前较为动荡的市场环境中抗风险能力较差，同时也错失了指数型产品的发展黄 金期。 非货币基金规模跌出前二十 Wind数据显示，最近三年，交银施罗德基金规模如坐"过山车"。Wind数据显示，2023年中到2025年一 季末，交银施罗德基金规模从5025.89亿元下滑到4686.64亿元，在2 ...

尽管巴菲特模式与VC/PE模式存在资本结构和时间维度这些显著差异，但前者长达数十年的成功实践中 蕴含的投资智慧和经营原则，对于VC/PE从业者提升投资决策质量、加强风险管理和实现更可持续的价 值创造，具有重要的借鉴意义。同样，对于公募基金的改革方向，或也存在参考价值。 5月3日，94岁的沃伦·巴菲特在伯克希尔·哈撒韦年度股东大会闭幕环节郑重宣布将在年底正式卸任公司 CEO。一代"股神"即将退居幕后，引起了全球市场的广泛关注。 5月7日国新办新闻发布会上，证监会主席吴清表示"巴菲特是广受尊敬的投资家，他今年即将退休，但 我想大家从他那取到最重要的经验就是'价值投资、长期投资、理性投资、努力回报投资者'，这些基本 理念不会退出舞台。这也正是公募基金改革所要致力推进的。我们这个市场有着一批非常优秀的企业和 企业家，相信也一定会产生一批优秀的投资家、投资机构，也许不是一两个'股神'，但肯定会有百年老 店投资机构、优秀的投资团队，这需要重要的规则去催生这些优秀的投资机构。" 对于吴清主席提到的"公募基金改革所要致力推进的基本理念"，结合巴菲特以穿越周期的卓越表现和持 续影响力而闻名的投资哲学来看，核心是发现并持有那些市 ...

Core Viewpoint - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC) is a significant measure to implement the decisions of the Party Central Committee and serves as a guide for the high-quality development of public funds [1][2] Policy Deployment and Direction - The "Action Plan" outlines the overall thinking, basic principles, and goals for high-quality development of public funds, proposing 25 policy measures across six areas, including optimizing fund operation models and enhancing regulatory enforcement [2] - The focus of the reform is on strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, and promoting the growth of equity funds [2][3] Emphasis on Equity Investment - The key point for high-quality development of public funds is to enhance equity investment, increase its scale and stability, and better serve national strategies and the development of the real economy [3][4] Building a Platform-Based Research System - The "Action Plan" emphasizes the construction of a "platform-based, integrated, multi-strategy" research system to enhance the professional asset management capabilities of fund companies [4] - Talent development and technological advancements are crucial for improving research capabilities and ensuring sustainable competitiveness in the industry [4] Long-Term Value Investment - The "Action Plan" mandates that public funds adhere to long-term and value investment principles, prohibiting style drift and reducing turnover rates, thus addressing industry issues of prioritizing scale over returns [5] - The current valuation of the A-share market, with a rolling P/E ratio of 12.3, indicates significant long-term investment appeal [5] Encouraging Equity Fund Development - The "Action Plan" encourages innovation in equity fund products, particularly floating fee structures and index products, to enhance investor engagement and align interests [6] - Strengthening the supply of equity fund products and improving investment management are key focuses for fund companies [6] Enhancing Investor Service Capabilities - The "Action Plan" calls for improved service levels for investors, shifting the focus from scale to returns, and establishing a classification evaluation mechanism for fund sales institutions [7] - Fund companies are encouraged to enhance asset management capabilities and align product offerings with investor needs [7] Building First-Class Investment Institutions - The "Action Plan" emphasizes the need for public fund companies to build first-class investment institutions by enhancing governance, core research capabilities, and compliance management [9] - As a state-owned bank-controlled fund company, the firm aims to implement the "Action Plan" requirements and contribute to the high-quality development of the public fund industry [9]

一是优化投资行为模式，长周期考核引导基金经理践行价值投资理念，关注企业持续成长性而非短期博 弈。通过弱化年度排名压力，鼓励投研团队建立"平台化、团队制、一体化、多策略"运作体系，形成可 持续的复合收益能力。 二是强化资产配置能力，从过往基金经理单兵作战向平台赋能演进，提升团队协同效能。以融通基金为 例，在公司层面成立了跨资产类别的大类资产配置投资委员会，为公司投资决策提供战略支持。同时， 作为大类资产配置委员会的成果，公司形成了跨部门横向的大类资产配置小组，每周召开大类资产配置 小组讨论交流会，持续更新跨资产类别的时序观点，形成大类资产配置的截面看法，助力投研团队提升 资产配置的能力，打造风格鲜明、长期业绩优秀的投资团队 "未来，基金公司将持续升级平台型团队制架构，并把科技对投资的赋能放在战略性的位置，充分借鉴 人工智能等科技成果，赋能投资研究，增强核心功能、提高核心竞争力，更好地服务国有资本运营、服 务居民财富管理，更好地践行金融工作的政治性与人民性。"融通基金表示。 5月7日，《推动公募基金高质量发展行动方案》（下称"方案"）正式发布。融通基金认为，方案中对于 基金业绩比较基准的严格设定可约束基金经理的投 ...

Group 1: Core Insights - A Gallup survey indicates that 37% of American adults view real estate as the best long-term investment, while 23% prefer gold, reflecting a 5 percentage point increase from the previous year [1][2] - Only 16% of respondents believe stocks or mutual funds are the best long-term investment, a decline of 6 percentage points from the 2024 report [1] - Financial advisors caution that these investment preferences may be influenced more by market speculation than by fundamentals [1] Group 2: Investment Performance - Over the past 30 years, the annualized total return for the S&P 500 has been 10.29%, compared to 8.78% for real estate and 7.38% for gold [3] - Despite the tangible nature of real estate and gold, stocks offer diversification, allowing investors to spread their funds across thousands of companies [3] Group 3: Investment Strategies - For real estate investment, financial advisors recommend Real Estate Investment Trusts (REITs) or exchange-traded funds (ETFs) linked to real estate stocks [5] - Investing in REITs allows investors to purchase shares like stocks, providing income through dividends [5] - For gold investment, ETFs are suggested as a more practical alternative to holding physical gold, eliminating concerns about storage and security [5]