Core Viewpoint - The article emphasizes the importance of promoting long-term capital into the market to support technological innovation, industrial upgrades, and high-quality development, while also addressing the need for stable investment returns and enhancing investor satisfaction [1] Group 1: Investment Philosophy - The "Three Investments" philosophy (rational, value, and long-term investment) is seen as a dual opportunity for the development of both the capital market and the wealth management industry [2] - Rational investment helps to stabilize irrational market fluctuations, while value investment optimizes resource allocation and enhances market effectiveness [2] - Long-term investment strengthens market resilience and stabilizes market expectations, creating a positive cycle between stable capital allocation, value creation, and industrial development [2][3] Group 2: Market Participation and Growth - As of the first quarter of 2025, the wealth management market had 40,600 existing products with a total scale of 29.14 trillion yuan, with wealth management company products accounting for 88.33% of the market [3] - The wealth management sector is actively participating in the capital market, responding to national guidance and market changes, and is focused on transforming and achieving high-quality development [2][3] - The positive role of wealth management funds in implementing the "Three Investments" philosophy includes optimizing market participant structure, promoting a virtuous cycle between funds and the real economy, and driving product innovation [3] Group 3: Enhancing Investor Experience - The new "National Nine Articles" requires asset management institutions to improve their research and product innovation capabilities, emphasizing the importance of investor returns [4] - Wealth management products differ from public funds in that they focus on stable investment and absolute returns, utilizing diverse allocations to reduce return volatility [4][5] - To enhance investor satisfaction, wealth management companies must return to their core principles and balance functionality with profitability [5] Group 4: Risk Management and Compliance - Strengthening risk management and compliance is crucial for sustainable development, guided by regulations such as the internal control management measures issued by the former CBIRC [5] - Wealth management companies are encouraged to adopt a structured approach to investment strategies, ensuring stability and consistency throughout the product lifecycle [6] Group 5: Investment Tools and Strategies - ETFs are highlighted as a suitable investment tool for wealth management companies aiming for stable and absolute returns, providing transparency and more options for retail investors [7]

资产管理不在朝夕之盈，而在长远之兴。 公募基金的留客之道 近年来，A股市场结构化行情愈演愈烈，赚钱难度有所增加，投资者与机构均面临着挑战。一方面，投 资者在海量投资产品与复杂市场环境中，陷入"既怕踏空又恐踩雷"的焦虑，追涨杀跌成为常态；另一方 面，机构在投入大量资源"摇人"拓客后，如何将短期资金沉淀为长期投资，实现从"拉新"到"留客"的跨 越，成为行业高质量发展的关键。 在近期上海证券交易所、上海资产管理协会和第一财经联手推出的"资管行业践行'三投资'理念优秀实 践"系列访谈中，公募基金业内人士就如何做好投资的风险管理、破解"短钱困局"，给出了自己的答 案。 风险管理筑牢基石 随着A股市场结构化行情持续演绎，板块轮动速度显著加快，热点切换犹如"走马灯"。Wind数据显示， 今年1月，有色金属行业以4.47%的涨幅领涨申万一级行业；2月计算机板块接力冲高后，随即陷入长达 两个月的回调周期；3月家用电器行业单月涨幅超4%，却在4月迎来5.65%的回调。 这种高频次、大幅度的行业轮动，让普通投资者难以捕捉投资节奏，追涨杀跌现象屡见不鲜。每当市场 出现阶段性上涨，投资者情绪迅速升温，增量资金跑步入场，但急涨后的回调往 ...

Core Viewpoint - The "Three Investment" concept can enhance the efficiency of resource allocation in capital markets, directing funds towards enterprises with long-term development prospects, thereby achieving rational resource distribution [1] Group 1: Investment Strategies in Hard Technology - The importance of the hard technology sector, such as semiconductors and integrated circuits, has increased due to changes in the international competitive environment, characterized by high growth potential, high technical risks, and high market uncertainties [1][4] - Institutions are encouraged to adopt innovative approaches like PE, S funds, and mergers to create new investment pathways that are risk-controlled and adaptable to timeframes [1][5] - Value investment is defined as discovering and creating value, which goes beyond traditional metrics like market share and ROE, especially in early-stage investments [2] Group 2: Investment Examples and Trends - In 2018-2019, China's integrated circuit imports exceeded $300 billion, surpassing crude oil as the largest import commodity, highlighting the significant impact of the semiconductor industry [3] - The investment team at Zhongbao Investment has invested over 5 billion yuan in the semiconductor sector, recognizing its foundational role in supporting emerging technologies like digital economy and AI [3] Group 3: Challenges and Solutions in Hard Technology Investment - Insurance funds face challenges in investing in hard technology due to the sector's high growth potential and rapid technological iterations, which complicate the investment research system [4] - S funds are identified as suitable investment vehicles for insurance capital, offering clearer underlying assets and potentially higher annualized returns [5] - The REITs market presents significant investment potential, with only 58 listed REITs valued at 170 billion yuan, indicating a low asset securitization rate of less than 0.6% [5][6] Group 4: Future Directions and Strategies - Zhongbao Investment is expanding its REITs portfolio into advanced production assets, aiming to cultivate high-risk assets into stable cash flow generators [6] - A comprehensive investment strategy is essential for alternative investments like REITs and S funds, requiring attention to macroeconomic stability, industry research foresight, and the capabilities of decision-makers [6]

Core Viewpoint - The public fund industry has undergone a significant trust crisis over the past five years, with active equity funds experiencing a decline in scale and reputation, necessitating a shift towards a more investor-centric approach in marketing and management practices [1][4][8]. Group 1: Industry Performance and Trends - The active equity fund market reached a peak of 6.16 trillion yuan in 2021, a 177% increase from 2019, but is projected to shrink to 3.43 trillion yuan by the end of 2024, a 44% decrease [3]. - The average annual return for active equity funds was 53.57% in 2020, dropping to -19.2% in 2022 and -11.78% in 2023, reflecting a significant decline in performance [3]. - In the first quarter of this year, despite a 3.86% average return for active equity funds, net redemptions reached 693.04 million units, indicating ongoing investor skepticism [4]. Group 2: "Three Investments" Concept - The "Three Investments" concept (rational investment, value investment, long-term investment) is seen as essential for addressing the industry's trust issues and improving investor experience [1][2][4]. - The promotion of the "Three Investments" concept aims to reduce short-term speculation, enhance resource allocation, and stabilize the market [2]. - The transition from a scale-oriented approach to one focused on investor returns is crucial for sustainable industry development, emphasizing the importance of performance and service quality [4][5]. Group 3: Investor Trust and Experience - The shift in investor behavior from "high entry" to "deep entrapment" and "micro-redeem" highlights deficiencies in product management, marketing strategies, and investor education [6]. - Enhancing customer-centric demand response and solution capabilities is vital for rebuilding investor trust [6]. - The industry is encouraged to establish long-term assessment mechanisms that prioritize customer experience and retention over short-term performance metrics [7][8].

Core Viewpoint - The "Three Investment" concept is transitioning from advocacy to practice, with a focus on promoting long-term investment and rational investment strategies as outlined in the new "National Nine Articles" [1] Group 1: Implementation of the "Three Investment" Concept - The Shanghai Asset Management Association has initiated the first showcase activity for asset management institutions to practice the "Three Investment" concept, emphasizing the encouragement of the majority rather than selecting a few [2] - Eighteen specific indicators have been designed to guide the implementation of the "Three Investment" concept, including adherence to value investment, long-term investment, and responsible investment principles [2] - The indicators stress the importance of fundamental analysis in investment management processes and the need for internal controls to limit excessive trading based on short-term market fluctuations [2][3] Group 2: Institutional Investor Responsibilities - Institutions are encouraged to promote value and long-term investment principles in their product marketing, moving away from a focus on historical performance [3] - Active participation in corporate governance and investor education is highlighted, with institutions expected to engage in regular communication with listed companies and educate investors on rational investment practices [3] Group 3: Fund Management Evaluation - The Shanghai Securities Fund Evaluation Center emphasizes the distinction between fund managers' abilities and luck, advocating for a focus on sustainable performance rather than short-term results [4] - The evaluation process should include long-term observation and stability of investment style, as style drift can lead to increased performance volatility [4] Group 4: Active Management Fund Performance - Active management funds have struggled, with data showing that 746 funds underperformed the CSI 300 index, averaging a return of -0.66% [6] - The underperformance is attributed to poor sector allocation and the need for fund managers to sell stocks due to continuous redemptions [6] - Despite market pressures, many fund managers have maintained their investment strategies, reflecting the long-term investment philosophy of the "Three Investment" concept [6][7] Group 5: Future Outlook for Active Management - There are signs of recovery in the market, and fund managers who maintain consistent investment styles may have opportunities for excess returns [7] - Investors are advised to focus on the consistency of fund managers' investment styles when selecting active management products [7] - Fund managers should establish reasonable assessment mechanisms and enhance communication with investors during market fluctuations to clarify the long-term effectiveness of their strategies [7]

Core Viewpoint - The article emphasizes the transition of the asset management industry from scale expansion to value creation, aligning with the "Three Investments" philosophy to address long-standing issues in the capital market and enhance its effectiveness in serving the real economy [1][4]. Group 1: Industry Challenges - The asset management sector faces a "trust deficit" following the rapid growth of public funds, with a mismatch between the 30 trillion yuan bank wealth management market and less than 5% allocation to equities [2]. - There are ongoing struggles within the industry to balance long-term value with short-term assessments, as well as the need to meet both client demands and the pressures of market performance [2]. Group 2: Differentiated Approaches - Asset management institutions are exploring various strategies to overcome challenges, such as public funds embedding "client holding periods" in assessments and encouraging regular investments during market downturns [3]. - Banks are shifting from fixed income to a "low volatility and stable+" strategy, extending product durations and utilizing tools like ETFs to balance risk and return [3]. - Insurance asset management is innovating internally by increasing the weight of long-term assessments to 60%, thereby creating more space for technology investments [3]. - The trust industry is leveraging its institutional advantages to facilitate intergenerational wealth transfer and long-term investments through "wealth account trusts" [3]. - Brokerage asset management is focusing on a "buy-side perspective" to reshape the ecosystem, implementing three-year assessment cycles and dynamic investment correction tools [3]. Group 3: Implementation of the "Three Investments" Philosophy - The Shanghai Asset Management Association has introduced 18 quantitative indicators to provide a practical evaluation framework for the "Three Investments" philosophy [3]. - New models separating "ability and luck" and advocating a balance between "scale and performance" are emerging to guide industry evolution [3]. Group 4: Economic Context and Future Outlook - China's economy is at a critical juncture of transitioning from old to new growth drivers, with sectors like semiconductors, new energy, and artificial intelligence requiring long-term capital [4]. - The China Securities Regulatory Commission has issued an action plan to promote high-quality development of public funds, urging institutions to prioritize investor interests and shift focus from scale to investor returns [4]. - The implementation of the "Three Investments" philosophy is seen as a long-term project to cultivate new growth momentum in the capital market, with the expectation that rationality will ultimately prevail over speculation [4].

■择远 今天是第七个"5·15全国投资者保护宣传日"。以此为契机，各方将陆续开展一系列精彩纷呈的活动，唱响保护投资者合法 权益和倡导价值投资的主旋律。 我国资本市场拥有全球规模最大、交易最活跃的投资者群体。保护好广大投资者特别是中小投资者合法权益，让投资者更 加公平地参与资本市场，是资本市场领域践行"以人民为中心"发展思想的具体体现。 保护好投资者特别是中小投资者的合法权益，是证券监管部门的本分和使命。多年来，监管部门不断深化投资者保护理 念，强化投资者保护工作的整体性和协同性。投资者保护工作没有终点，因此监管部门要进一步夯实投资者保护的制度基础， 为投资者提供更为实质的公平保护，增强投资者的安全感、获得感；要坚持问需于市场、问计于市场、问道于市场，牢牢把握 中小投资者占绝大多数的基本市情，持续加强与投资者的沟通；要着力提升监管执法效能，坚持依法严惩、依责严防，快、 准、狠打击违法违规行为。 提高上市公司质量，是对投资者最好的保护，是投资者实现投资价值、分享经济成长红利和上市公司成果的关键。基于 此，上市公司要以提高自身投资价值为重要抓手，增强回报投资者的意识和能力；要把公开透明的要求贯彻到公司信息披露的 全 ...

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 ...