Core Insights - Vaillant celebrates its 30th anniversary in the Chinese market in 2025, reflecting the journey of foreign enterprises in China, from initial cautious entry to deep localization and adaptation to new market dynamics [1][4][10] - The company maintains a strong confidence in the Chinese market and adheres to a long-term strategy, emphasizing the importance of commitment and resilience in the face of economic cycles [2][7][8] Localization and Development - Vaillant's entry into China was challenging, as the concept of heating and wall-hung boilers was unfamiliar to most Chinese consumers at the time [4] - The establishment of Vaillant's first factory in Wuxi in 2007 marked a significant shift from import sales to localized production, leading to rapid growth in demand for wall-hung boilers and water heaters [5] - The new Asia-Pacific R&D manufacturing base in Wuxi, covering over 64,000 square meters, is designed to enhance production capacity and innovation, with a maximum output of 1.5 million units per year [5] Long-term Commitment - Vaillant's "Accelerating China" strategy, initiated in 2017-2018, has led to the establishment of branches in 35 regions and partnerships with over 1,200 collaborators [7] - The company recognizes the vast growth potential in the Chinese market, with a current wall-hung boiler penetration rate of less than 20% despite being the largest market globally [8] - Vaillant is actively pursuing digital transformation and online channels, integrating consumer feedback to optimize products and services [9] Future Outlook - Vaillant plans to continue expanding its investment in China, viewing the market as a critical area for long-term growth and development [10]

Core Insights - Vaillant celebrates its 30th anniversary in the Chinese market in 2025, reflecting the journey of foreign enterprises in China, from initial cautious entry to deep localization and adaptation to new market dynamics [1][2] Group 1: Market Entry and Localization - Vaillant's entry into China was marked by significant challenges, as the concept of heating and wall-hung boilers was unfamiliar to most Chinese consumers at the time [2] - The company faced risks and uncertainties in the early years, but its commitment to the market has resulted in steady growth over three decades [2][3] Group 2: Manufacturing and R&D Expansion - A pivotal moment for Vaillant occurred in 2007 with the establishment of its first factory in Wuxi, marking a transition from import sales to localized production [3] - The new Asia-Pacific R&D manufacturing base in Wuxi, covering over 64,000 square meters, can produce up to 1.5 million wall-hung gas heating devices annually, significantly enhancing manufacturing and innovation capabilities [3] Group 3: Long-term Commitment and Strategy - Vaillant initiated the "Accelerating China" strategy in 2017-2018, expanding its presence to 35 regions and partnering with over 1,200 collaborators [4] - The company emphasizes long-term commitment to the Chinese market, regardless of economic fluctuations, reflecting a strategic mindset focused on sustainable growth [4][5] Group 4: Market Potential and Digital Transformation - China is the largest market for wall-hung boilers, with a current penetration rate below 20%, indicating substantial growth potential as consumer preferences shift towards comfort, energy efficiency, and environmental sustainability [5] - Since 2020, Vaillant has actively engaged in digital transformation through e-commerce and social media platforms, enabling real-time consumer feedback and product optimization [6] Group 5: Future Outlook - Vaillant plans to continue increasing its investment in China, viewing the market as a critical area for long-term growth and resilience [7] - The company embodies the integration of localization and globalization, aiming for mutual growth with the market while navigating challenges [7]

Core Viewpoint - The company emphasizes long-term value creation over short-term marketing gimmicks, focusing on quality and health as its dual engines for growth [1][3][10] Internal Development - The concept of health at the company transcends product safety, evolving into a comprehensive "health view" that encompasses mindset, strategy, and channels, reflecting a commitment to long-termism [3][5] - Initiatives like the "World Health Guardian Day" encourage employee engagement in health-related activities, fostering team cohesion and extending the health philosophy to product development and manufacturing [3][5] External Growth - The company believes that healthy channels are vital for external growth, advocating for deep collaboration between manufacturers and distributors rather than mere control or dependency [5][7] - The chairman highlights the importance of a symbiotic relationship with distributors, focusing on shared growth and overcoming challenges together [7][9] Market Positioning - The company is committed to maintaining high quality rather than competing on price, using its established "World Health Guardian Day" as a platform to reinforce its brand identity [9][10] - By shifting from selling products to providing solutions, the company aims to enhance user experience and build trust among consumers [7][10]

朋友老陈最近陷入焦虑。他在互联网公司做了10年产品经理，35岁生日那天，HR找他"喝茶"，委婉提醒"公司要优化35岁以上员工"。他回家盯着存款单发 呆：房贷还有20年，孩子刚上小学，父母身体开始出小毛病。更扎心的是，他发现自己除了"写代码、做PPT"，似乎没有其他能赚钱的本事。 "如果被裁了，我能做什么？"他在酒桌上问我，"开奶茶店？听说90%活不过半年；做自媒体？现在入局太晚了；回老家养猪？又怕丢面子……"他的困境， 是无数35岁+职场人的缩影：年轻时靠"体力""平台"赚钱，中年却突然发现，自己没有"能干一辈子"的本事。 中年转型的生存法则：用"长期主义"对抗人生不确定性 35岁后选生意，不能再像年轻时"追风口""赌运气"，而要选"能干到70岁"的。怎么选？记住这三个原则："刚需性""反脆弱性""情感连接性"。 一、原则一：刚需性——选"人离不开"的生意，而不是"一时火"的 老陈曾动过"开剧本杀店"的念头，觉得"年轻人喜欢，赚钱快"。但他调研后发现：剧本杀的核心客群是18-28岁学生和初入职场者，而35岁+人群更倾向"省 时、省力、有实际价值"的消费。比如，他小区门口的"社区理发店"，老板是位50岁阿姨，只 ...

Core Viewpoint - The Chinese capital market is undergoing a structural transformation, shifting from a "scale-driven" phase focused on total expansion to a "quality-driven" era emphasizing internal value and efficiency [1][4] Group 1: Financial Solutions and Strategies - Guojian Group is actively engaged in the "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" project, aiming to enhance the quality of the capital market by optimizing capital structure and improving capital efficiency [1][2] - The DRF funds provided to enterprises are utilized to alleviate liquidity pressures and invest in an industrial equity fund established by Guojian Group, targeting high-quality state-owned and private enterprises across the entire industrial chain [2][3] - Guojian Group employs a differentiated financing strategy, providing capital based on the strength of industry advantages, with funding ratios ranging from 1:1 to 1:9, ensuring that financial resources are directed towards the most promising sectors [3] Group 2: Long-term Value and Market Maturity - The commitment to long-term value has become a key measure of the maturity of market participants, with Guojian Group focusing on internalizing long-termism as a fundamental principle [4] - The continuous iteration and optimization of the DRF project are essential for enhancing value recognition and risk management capabilities, allowing Guojian Group to serve as a robust bridge connecting patient capital with the real economy [4]

在全球资管格局深度调整与国内资本市场改革持续深化的双重驱动下，公募基金行业正告别规模导向驱 动，迈入价值驱动的高质量发展新周期。证监会《推动公募基金高质量发展行动方案》等政策出台，不 仅为行业划定合规边界，更引导全行业回归受人之托、忠人之事的初心，明确公募基金在居民财富管 理、资本市场运行与国家战略落地中的核心价值。 公募基金的核心竞争力从不依赖短期规模爆发，而在于以专业能力平衡三大目标——引导投资者长期收 益、优化资本市场资源配置、服务国家战略落地。中信建投基金认为，公募基金高质量发展本质是一场 涵盖认知重构、能力升级、生态共建的系统性变革，需以行业本质为根基，以长期主义为导向，破解发 展深层难题。 认知重构回归行业本质 公募基金作为连接资金端与资产端的专业桥梁，价值创造的根基在于对行业本质的深刻认知。从实践与 规律中提炼的核心逻辑，既是对过往粗放增长的反思，更是未来发展的行动指引。 长期主义是价值创造的底层根基。公募基金的核心功能，是通过专业运作平抑市场短期波动，捕捉经济 转型与产业升级的长期红利，这一属性决定其价值创造与短期博弈绝缘，绑定长期共生。当前投资者获 得感不足，源于部分机构偏离长期主义：过度追 ...

Core Viewpoint - The public fund industry is transitioning from a scale-driven model to a value-driven high-quality development cycle, influenced by global asset management adjustments and domestic capital market reforms [1] Group 1: Industry Essence and Long-term Perspective - Public funds serve as a professional bridge connecting capital and assets, with value creation rooted in a deep understanding of industry essence [2] - Long-termism is fundamental for value creation, as public funds aim to smooth short-term market fluctuations and capture long-term benefits from economic transformation and industrial upgrades [2] - The current lack of investor satisfaction stems from some institutions deviating from long-termism, leading to a focus on short-term performance and increased volatility in investment styles [2] Group 2: Trust and Professional Value - A symbiotic mechanism of shared risks and rewards is essential for rebuilding trust in the public fund industry, emphasizing the need for a redefined fiduciary responsibility [3] - The core competitiveness of public funds lies in their professionalism, which encompasses asset allocation, risk control, and guiding investor cognition [3] Group 3: Capability Upgrade and Systematic Innovation - To transition from scale dividends to value dividends, public funds must innovate across service, mechanism, and research dimensions [4] - Service upgrades should shift from product-centric to investor-centric approaches, focusing on empowering investors with long-term understanding and rational expectations [4] - Mechanism reforms are necessary to align the interests of management and investors, promoting long-termism and shared benefits [5] Group 4: Long-term Development Pillars - Compliance is crucial for balancing risk and value, ensuring transparency and integrity in product design, fee structures, and information disclosure [6] - A culture of long-termism, professional integrity, and prioritizing investor interests is essential for fostering a shared value consensus within the industry [6] - Collaboration among industry players is vital for creating a win-win ecosystem, moving from price competition to value competition [7]

"在波动与周期并存的市场中，长期主义并非一句轻松的口号，而是贯穿投研文化、机制建设与人员培 养的系统工程。"近日，鹏华基金副总裁梁浩在接受中国证券报记者采访时表示，践行长期主义既是基 金行业高质量发展的内在要求，也是资管机构核心竞争力的真正体现。在这条并不轻松的道路上，鹏华 基金以其清晰的基本面投资框架和深厚的团队化运作底蕴，逐步构建起一条可持续的价值创造之路。 构建"基本面投资共同体" 在鹏华基金的投研体系中，长期主义具象化为对投资本质的深刻认知。梁浩表示，公司构建起覆盖宏 观、行业、个股的全方位研究框架，通过平台化、一体化、团队制的投研协作机制，将个股选择与产业 趋势研判深度融合。这种系统性研究模式，引导基金经理跳出短期市场波动的桎梏，专注长期投资具备 持续竞争优势的优质企业。 梯队建设夯实长期发展根基 面对行业人才流动频繁的挑战，鹏华基金通过制度设计实现投研力量的代际传承与协同进化。梁浩表 示，公司建立起"梯队式"人才培养机制，形成清晰的基金经理成长路径，确保投研理念的传承与创新。 引导基金经理持续聚焦能力圈，避免风格漂移，鼓励每个人在其最擅长的领域不断深化。投研流程也强 调"可复制、可迭代、可验证"， ...

Core Viewpoint - Long-termism is essential for the high-quality development of the asset management industry and reflects the core competitiveness of asset management institutions [1][4] Group 1: Investment Research Framework - The company has established a comprehensive research framework covering macro, industry, and individual stocks, integrating stock selection with industry trend analysis [2] - A collaborative mechanism emphasizes teamwork over individual efforts, fostering a "fundamental investment community" for knowledge sharing and capability enhancement [2][3] - The mainstream culture encourages fund managers to objectively assess their performance and continuously improve their research capabilities [2] Group 2: Talent Development and Succession - The company has implemented a "tiered" talent cultivation mechanism to ensure the transmission and innovation of investment research philosophy [3] - Fund managers are encouraged to focus on their areas of expertise to avoid style drift, with a research process that is replicable, iterative, and verifiable [3] - The company promotes both active management and index investment to enhance excess returns through deep fundamental understanding [3] Group 3: Industry Trends and Future Focus - The public fund industry is moving away from "scale impulse" and "short-term performance anxiety" towards deeper research and disciplined investment [4] - The company aims to optimize its research processes, improve talent tiers, and strengthen risk control systems while serving national strategies and resource allocation [4] - The commitment to long-termism and research-driven investment remains the foundation for creating sustained value in complex markets [4]

Core Viewpoint - The concept of long-termism is essential for the high-quality development of the asset management industry and reflects the core competitiveness of asset management institutions [1][3] Group 1: Investment Research Framework - The company has established a comprehensive research framework covering macro, industry, and individual stock analysis, integrating stock selection with industry trend assessment [1][2] - A systematic research model encourages fund managers to focus on long-term investments in high-quality companies with sustainable competitive advantages, rather than being constrained by short-term market fluctuations [1] Group 2: Collaborative Research Ecosystem - The company emphasizes a collaborative investment research ecosystem that integrates platform, mechanism, and talent, promoting high-frequency interaction, knowledge sharing, and complementary capabilities among fund managers [2] - This ecosystem fosters a culture of self-iteration and self-improvement among fund managers, encouraging them to objectively assess their performance and areas for improvement [2] Group 3: Talent Development and Succession - The company has implemented a "tiered" talent development mechanism to ensure the transmission and evolution of investment research philosophy, providing clear growth paths for fund managers [2] - Fund managers are encouraged to focus on their areas of expertise, avoiding style drift, while the investment research process emphasizes replicability, iterability, and verifiability [2] Group 4: Commitment to Long-termism - The company is advancing both active management and index investment, enhancing active portfolio excess returns through deep fundamental understanding while also providing tool-based products to meet diverse allocation needs [3] - The ongoing reforms in the public fund industry are steering away from "scale impulse" and "short-term performance anxiety," with a focus on deep research, disciplined investment, and team collaboration to create sustained value [3] - The company aims to continuously optimize its investment research processes, improve talent tiers, and strengthen risk control systems to deliver satisfactory long-term results for investors [3]