投资人回报折扣 很多人都曾幻想过，如果穿越回几十年前，是不是通过投资巴菲特就能轻松获得财务自由？其实没那么简单。 巴菲特成名后，就有人懊恼地站出来说自己是巴菲特早期的合伙人，可惜在1962年早早退出。虽然在此前几年，巴菲特合伙企业的平均收益超过了30%， 但仅仅是1962年最大20%的回撤，就让他们吓破了胆，赎回了这只会下金蛋的鸡——实际上到1962年底，当年收益就回正了。 这样案例并非特殊，某些优秀的主动管理基金，甚至亏钱的投资者比赚钱的多。 1973–74 年熊市，巴菲特的伯克希尔股价最大跌幅超过 50%，相当多失望卖出的投资者，都是亏钱的。 约翰·邓普顿管理的 Templeton Growth Fund 是历史上最成功的全球价值基金之一，长期年化回报非常优秀。但他独特的风格令他在1970年代初、1987年崩 盘前后、1990年代后期成长股狂潮，都出现了非常严重的阶段性落后，每一次低谷期都会出现大量投资人的赎回。 这就是"投资人回报折扣"效应：基金本身的长期收益，往往高于投资者实际获得的收益，原因就在于申购与赎回时点的错误选择。 如果你认为以上的案例只是这些投资人心理素质太差，那我接下来要介绍一篇另类报告 ...

导读："行到水穷处，坐看云起时。"王维的诗句，被张晖写进了汇添富2026年的开年信。 这句诗用来形容公募行业近年来的境况，恰如其分。过去几年，市场剧烈波动、信任遭遇考验、旧范式与新逻辑激烈碰撞，公募基金行业面临 较大挑战；但"云起"之机，往往就蕴藏在"水穷"之处，刚刚过去的一年，主动权益回暖，身边咨询买什么基金的朋友又多了起来。 变化的洪流正在重塑资管行业，也催生着新的可能。面对快速流变的世界，我们该如何自处？ 这也是张晖在信中所试图回答的问题。作为汇添富基金总经理，张晖亲自执笔的开年信，一直受到市场的高度关注，因为这不仅是一次对公司 员工的内部动员，也逐渐成为外界观察行业风向的一个切口。在这个AI技术狂飙突进，大家普遍焦虑的时代，张晖在今年的信中，希望探讨 一个朴素却核心的问题：在变化的世界中，我们到底要坚持什么？ 围绕这一主线，张晖的思考层层递进：第一部分聚焦投研本源，详细拆解了汇添富的投资理念、垂直一体化投研体系、规则化投资以及"以人 为核心"的多策略体系；第二部分直面变化，从对"结构性非弹性"市场特征、AI浪潮的冲击到客户需求转型的论述，展现对于时代之变的认知 和思考；第三部分则回归价值观，以"正直、 ...

作者 | 刘银平编辑 | 付影 来源 | 独角金融 春节前夕，华宝基金一则人事变动引发市场关注：任职近20年、担任基金经理超13年的指数投资总监胡 洁，一次性卸任在管全部16只产品。这次"清仓式"离任之所以引人注目，不仅因其资历深厚，更在于管 理规模高达1013.62亿元——占据公司指数基金总规模的一半以上，堪称华宝ETF时代的"关键推手"。 作为以ETF产品为主的指数基金经理，胡洁在任期间曾推动公司ETF规模快速扩张。然而，与其规模贡 献形成鲜明对比的是业绩表现：卸任前，她所管产品的近一年整体回报为9.33%，明显跑输同期沪深 300指数逾20%的涨幅。 胡洁的离任，让华宝基金长期以来在权益基金方面的"冰火两重天"结构性困局再次浮出水面。ETF赛道 是华宝的亮点，公司起步较早，近年来在被动产品上持续发力，截至2025年末，非货ETF规模已达 1278.77亿元，同比增长56.38%。正是在ETF的强力拉动下，华宝基金整体管理规模终于在2025年三季 度末突破4000亿元，结束了三年的规模停滞期。 但被动产品的风光背后，主动权益基金则显得格外沉寂。近两年，华宝主动权益基金管理规模多在200 亿元以下徘徊，20 ...

Group 1 - The core message emphasizes the importance of adapting to global changes while leveraging technological advancements, particularly in artificial intelligence, to enhance industry vitality [1][2] - Morgan Asset Management highlights the increasing competitiveness of Chinese industries, leading international investors to reassess the value of Chinese assets, indicating a potential revaluation in the market [1][2] - The firm advocates for a proactive investment approach amidst a global trend towards passive investing, aiming to create a robust research and investment platform that integrates local and global perspectives [1][2] Group 2 - The company maintains a commitment to long-term investment culture, driven by research, with a focus on rigorous risk management to provide high-quality products and services [1][2] - The message conveys well wishes for prosperity and health in the new year, reflecting a positive outlook for investors [1][2]

Core Insights - The article emphasizes the importance of differentiated development strategies for small and medium-sized fund companies in the increasingly competitive Chinese public fund industry, where larger institutions dominate the market [1] - The new general manager of Xinda Australia Fund, Fang Jing, advocates for a focus on active investment and a unique research culture to build core competitiveness [1][4] Group 1: Company Strategy - Fang Jing believes that small and medium-sized fund companies should abandon the "big and comprehensive" development approach in favor of a "small but beautiful" strategy, focusing on specialized development [1] - The company aims to maintain its core focus on active investment, developing a distinctive path in talent cultivation, product layout, and risk management [1][4] Group 2: Customer-Centric Approach - Fang Jing highlights the necessity of understanding customer needs, stating that different clients have varying investment goals, which should guide product design [2][3] - The company’s product design process is centered around customer configuration needs, likening it to a "composition" that must meet specific requirements [2] Group 3: Research and Investment Culture - The company’s competitive advantage lies in its active investment research culture, which is built on a balance of various roles within the research team [4][5] - Fang Jing emphasizes the importance of a scientific assessment system that encourages high-quality research output while also nurturing investment capabilities among researchers [5] Group 4: Product Development Focus - The company is committed to developing products that meet client needs, particularly in the active equity, "fixed income plus," and index enhancement sectors, focusing on "difficult yet correct" investment opportunities [8][9] - In the "fixed income plus" area, the company aims to provide stable returns through a clear product design strategy that includes absolute return strategies and risk tolerance levels [9] Group 5: Talent Management - The company faces challenges in talent retention due to competition from larger institutions, prompting the establishment of a flat organizational structure to enhance focus on investment [10] - Fang Jing advocates for a dual approach to talent development, prioritizing internal selection while cautiously considering external hires to ensure cultural fit [10] Group 6: Governance and Compliance - Following a significant change in shareholder structure, the company is focused on enhancing governance and compliance to align with regulatory requirements for high-quality development [11] - Fang Jing has outlined three core tasks for the company: deepening long-term assessments, innovating product layouts, and refining investment management practices [11][12] Group 7: Industry Outlook - Fang Jing expresses confidence in the future of the public fund industry, suggesting that as wealth allocation shifts towards financial products, public funds will play a crucial role in wealth management [13] - The company aims to align its investment strategies with national priorities, focusing on sectors encouraged by government policies to create long-term value for clients [13]

Tax Burden Comparison - The gap between high-tax states like New York and low-tax states like Florida can result in significant savings for retirees, with a potential annual saving of $15,000, translating to $375,000 over 25 years [1][5] - New York's tax collection per resident is approximately $12,685, which is nearly 80% higher than the national average of $7,109, while Florida collects only $4,900 per person [2] Retirement Planning Trends - The increasing awareness of state tax differences and the normalization of relocation during the pandemic have made taxes a central topic in retirement planning [4] - Retirees are now prioritizing affordability in their living choices, with state taxes playing a crucial role in their decisions [4] Tax Types Impacting Retirees - Eight states will still tax Social Security benefits by 2026, which is significant for retirees relying on this income [7] - Property taxes are often more impactful than income taxes for retirees, as they persist regardless of income changes [8] Property Tax Implications - A retiree in New Jersey faces a median annual property tax bill of $9,500, while Vermont has the highest property taxes as a percentage of income [9] - Retirees selling homes in high-property tax states may find they can purchase comparable housing in lower-tax states, influencing their relocation decisions [9] Non-Income Tax States - As of February 2026, eight states do not impose individual income taxes, attracting retirees looking to avoid taxes on retirement income [10] - Non-income-tax states still require revenue through other means, such as capital gains taxes and property taxes, which can offset the benefits of no income tax [11] Cost of Living Considerations - Low taxes do not exist in isolation; high housing costs in low-tax states can negate the benefits of lower taxes [13] - Some high-tax states offer affordable housing, which can lead to surprising overall cost comparisons for retirees [14] Relocation Challenges - Relocation can incur hidden costs, such as the need to establish new healthcare relationships and social networks, which can have financial implications [15][16]

Core Viewpoint - The article emphasizes the transformation and challenges in the capital market, highlighting the need for professional investment research to optimize asset allocation, particularly in the context of the evolving public fund industry in China [1] Group 1: Industry Insights - The public fund industry is experiencing intense competition, prompting smaller fund companies to define their positioning and develop differentiated strategies to break through [2][3] - The active investment approach is being prioritized, with a focus on three core product lines: active equity investment, fixed income plus products, and index enhancement [5][6] - The importance of aligning product design with client needs is stressed, advocating for a customer-centric approach in asset management [4][5] Group 2: Investment Strategies - The article discusses the significance of the Hong Kong stock market as a key area for investing in China's new economy and technology assets, suggesting a reassessment of its allocation value [2][11] - The "fixed income plus" products are designed to provide a good holding experience for investors, focusing on loss control during unfavorable market conditions [17][22] - The investment philosophy includes a macro configuration and value selection framework, emphasizing the identification of systemic risks and opportunities [18][19] Group 3: Management and Culture - The management style is characterized by pragmatism and professionalism, with a focus on product quality and investment competitiveness [6][7] - A collaborative development system is encouraged, where departments work together to achieve strategic goals, avoiding the pitfalls of competing in non-competitive areas [7][9] - The article highlights the need for a practical research culture that emphasizes continuous improvement through practice rather than theoretical discussions [8][9] Group 4: Market Outlook - The article presents a cautious optimism regarding the current market, noting structural investment opportunities in sectors like AI, internet, and advanced manufacturing [23] - It suggests that the shift of household savings into financial markets is a long-term trend, with a gradual transition towards more stable investment products [23][24] - The focus on long-term asset allocation strategies is emphasized, particularly in light of increasing correlations among domestic assets [15][16]

Core Viewpoint - The article emphasizes the transformation and challenges in the capital market, highlighting the need for professional investment research to optimize asset allocation, particularly in the context of the evolving public fund industry in China [1] Group 1: Industry Insights - The public fund industry is experiencing intense competition, prompting smaller fund companies to define their positioning and develop differentiated strategies to break through [2][3] - The active investment approach is being prioritized, with a focus on three core product lines: active equity investment, "fixed income plus" products, and index enhancement [5][11] - The industry is shifting from a focus on scale expansion to high-quality development, with a need for fund managers to adapt to changing market dynamics [1][2] Group 2: Company Strategies - The company aims to avoid chasing popular investment trends that lack competitive advantage, instead focusing on niche areas where it can build core competencies [6][10] - A pragmatic investment culture is being cultivated, emphasizing product quality and investment competitiveness while avoiding the pitfalls of blindly following market trends [6][8] - The management structure is designed to ensure clear responsibilities and efficient collaboration across departments to support strategic goals [7] Group 3: Investment Philosophy - The investment philosophy centers on understanding client needs and designing products that align with those needs, rather than pushing all products to clients [4][10] - The "fixed income plus" strategy is positioned as a solution that balances stability and potential returns, focusing on providing a good holding experience for investors [17][21] - The company emphasizes a systematic approach to investment, integrating macro and micro analysis to identify opportunities and manage risks effectively [18][22] Group 4: Market Outlook - The current market environment is characterized by low-risk returns, leading to a trend of wealth allocation towards standardized financial products [9][23] - The company maintains a cautiously optimistic view on the market, identifying structural investment opportunities in sectors like AI, advanced manufacturing, and high-dividend companies [23] - The focus on long-term asset allocation strategies is crucial, especially in light of increasing correlations among domestic assets, making international assets more appealing for diversification [16][23]

Core Insights - The asset management industry should prioritize customer needs and avoid blindly pursuing product innovation or market trends [2][4] - Mid-sized fund companies need to define their positioning and develop differentiated competitive strategies to navigate the increasingly competitive landscape [2][8] Group 1: Customer-Centric Approach - The essence of asset management remains unchanged: products must be designed from the customer's perspective, ensuring a balance between investment capability and product design [2][3] - The company will focus on three core product lines: active equity investment, "fixed income plus" products, and index enhancement, each tailored to meet specific customer needs [3][4] Group 2: Product Strategy - The active equity investment line will emphasize technology investments, maintaining a clear product style and long-term value investment philosophy [3] - The "fixed income plus" line will adopt a dual assessment mechanism to balance absolute and relative returns, catering to different customer risk tolerances [3] - The index enhancement area will focus on long-term accumulation of excess returns while addressing diverse customer allocation needs [3] Group 3: Management Philosophy - The management style is characterized by pragmatism, professionalism, and appropriate focus, emphasizing product quality and investment competitiveness [4][5] - The company aims to build a collaborative and efficient development system, with clear responsibilities across departments to support strategic goals [5][6] Group 4: Differentiation and Competitive Strategy - The company will pursue a differentiation strategy by avoiding competitive standard products and focusing on unique active management capabilities [8] - It will provide customized products and services to meet the diverse needs of individual and institutional clients [8] - The company will leverage shareholder resources to enhance client access and credit capabilities, expanding its institutional business [8] Group 5: Industry Outlook - The public fund industry is expected to grow in scale despite increasing competition, with active and passive investments coexisting and complementing each other [7][8] - The company will align its product offerings with national strategic directions, focusing on sectors like technology and the aging economy [8]

Core Viewpoint - The public fund industry in China has reached a record management scale of 37.64 trillion yuan by the end of 2025, with a quarterly growth of over 1.3 trillion yuan, indicating a steady expansion trend [1]. Group 1: Management Scale and Rankings - By the end of 2025, all top 10 public fund managers have entered the "trillion club," with the top two being E Fund and Huaxia Fund, managing 2.42 trillion yuan and 2.16 trillion yuan respectively [1][3]. - The ranking of the top 10 fund companies has solidified, with E Fund and Huaxia Fund being the only two to exceed 2 trillion yuan in scale [3]. - The number of public funds with management scales exceeding 1 trillion yuan has increased from 8 to 10, with Huitianfu and Penghua Funds joining the ranks [4]. Group 2: Non-Monetary Scale Growth - Over 100 out of 164 fund companies achieved growth in non-monetary scale in 2025, with 12 companies growing by over 100 billion yuan [6]. - E Fund's non-monetary scale increased from 1.34 trillion yuan to 1.66 trillion yuan, while Huaxia Fund's grew from 1.16 trillion yuan to 1.44 trillion yuan [5]. - The growth in non-monetary scale is closely linked to the performance of active equity and "fixed income+" products, with significant contributions from active rights products [8]. Group 3: Competitive Landscape - The competitive landscape within the public fund industry is evolving, with a shift from a focus on fixed income to a resurgence in equity styles [1]. - The ability of fund companies to conduct research and their product layout has become a key variable in determining their scale rankings [1]. - The pressure of competition is evident, as some companies have seen their rankings decline despite growth, highlighting the need for continuous improvement [4]. Group 4: Notable Performers - In the fourth quarter of 2025, institutions like E Fund, Huaxia Fund, and GF Fund showed significant growth in their non-monetary scales, with E Fund leading at 4.99 trillion yuan [8][9]. - Notable growth was also observed in firms like Jingshun Longcheng and Zhongou Fund, which achieved substantial increases in their active rights product scales [10][11]. - Huitianfu Fund was the only top ten firm to see an increase in its ranking, with a non-monetary scale of 6574.63 billion yuan, reflecting a growth of 5.90% [11].