□本报记者 王雪青 在低利率时代的资管浪潮中，博时基金资深投资总监兼多元资产管理二部总经理张存相带领团队演绎了 一段令人瞩目的"逆袭传奇"。 截至2025年6月末，博时臻选楚汇三个月持有期债券型基金中基金的最新规模达到77.41亿元，较2024年 底的2.47亿元增长超过30倍，成为今年公募FOF市场增长的典型代表，更折射出市场对低波增值型理财 产品的迫切需求。 "产品规模增长的背后，业绩才是'硬通货'。"张存相在接受中国证券报记者采访时如是说。作为国内 FOF/MOM领域的先行者，张存相带领团队为投资者点亮了一盏穿越迷雾的"长明灯"。 张存相，博时基金资深投资总监（董事总经理级）兼多元资产管理二部总经理。2010年开始从事FOF投 研工作，2020年加入博时基金。 张鼎轩，博时基金多元资产管理二部基金经理。中国本土最早一批MOM从业人员，FOF/MOM基金经 理/投资经理，2020年加入博时基金。 规模增长密码： 业绩是"硬通货" 博时基金FOF规模的快速增长，离不开扎实的业绩支撑。资料显示，博时臻选楚汇三个月持有债券 （FOF）自2023年9月27日成立以来，以A类份额为例，截至2025年6月30日，业绩 ...

Group 1 - The core viewpoint is that China's service industry is experiencing a new trend of overseas expansion, with short dramas, mobile games, and trendy toys becoming significant carriers of new consumption forms, showing strong growth despite increasing tariff frictions this year [1][2]. Group 2 - New consumption overseas is experiencing a counter-trend explosion, with Sensor Tower data indicating that by Q1 2025, Chinese short drama platforms ReelShort and DramaBox will see revenue growth of 31% and 29% respectively, ranking first and second globally in short drama app revenue [2]. - In the gaming sector, 33 Chinese companies made it to the global top 100 mobile game publishers by June 2025, collectively accounting for 33% of the total revenue of the top 100 [2]. Group 3 - The underlying logic of the "dopamine economy" is that short dramas, games, and trendy toys effectively tap into user psychology, creating instant gratification and sustained anticipation, activating the brain's dopamine reward system [3]. - Data from 2020 to 2024 shows a surge in sales of healing toys in Europe, the US, and Japan, reflecting the rigid demand for emotional consumption [3]. Group 4 - The deepening of mobile internet has accelerated this trend, with over 1 billion internet users in China creating fragmented scenarios that promote the prosperity of UGC (User Generated Content) and PUGC (Professional User Generated Content) ecosystems [4]. - The market for mini-program games is expected to experience explosive growth from 2022 to 2024, providing fertile ground for "short and quick" content [4]. Group 5 - The industrialized production mechanism of short dramas involves neuroscience applications, with episodes typically lasting 5-15 minutes and featuring plot twists every 1-2 minutes to trigger dopamine release cycles [5]. - Data-driven production methods, such as A/B testing for content optimization, allow for rapid identification of user preferences through "small-scale trial and error" [5]. Group 6 - Innovations in business models, such as vertical screen formats and advertising monetization, lower user barriers and expand audiences, enabling efficient monetization through traffic and advertising [6]. - The development of short dramas over the past three years represents a reshaping of the content industry landscape and marks the beginning of an unstoppable journey overseas [6]. Group 7 - Chinese companies have a dual advantage in overseas expansion, benefiting from a vast talent pool of over 1 million art exam candidates and 400,000 design graduates annually, forming the world's largest creative talent reservoir [8]. - The business model leverages a complete supply chain, cost efficiency, global self-operated models, and IP creation, forming a tripartite new business model that provides inclusive products and services [8]. Group 8 - The transition from manufacturing to creation is evident as Chinese companies reconstruct global content industry rules through "dopamine products," moving from "Made in China" to "Created in China" with emotional consumer goods [9].

Core Viewpoint - The article discusses the evolution of consumer behavior in China, highlighting the shift from basic survival needs to emotional and experiential consumption, driven by economic development and demographic changes [4][5][15]. Group 1: New Consumption Trends - The concept of "new consumption" has gained traction, with examples like a rising cosmetics brand achieving a valuation exceeding $10 billion within four years of its establishment [3]. - Consumers are increasingly focused on emotional satisfaction and self-fulfillment, moving beyond mere product functionality [4]. - The 95 post-90s generation has become a significant consumer force, with annual spending reaching approximately 8-9 trillion yuan, influencing family purchasing decisions [5]. Group 2: Emotional Consumption Dynamics - Emotional consumption has transitioned from being optional to essential, particularly in the context of the VUCA (Volatility, Uncertainty, Complexity, Ambiguity) era, where consumers seek to regain a sense of control [15]. - The market for emotional consumption, such as concerts, has seen substantial growth, with the gross merchandise value (GMV) of domestic concerts increasing from 12 billion yuan in 2019 to nearly 45 billion yuan by 2024 [15]. Group 3: Brand Power and Market Dynamics - The success of a consumption model is increasingly dependent on brand power, which encompasses product strength and channel effectiveness [10]. - The shift from traffic dividends to content dividends emphasizes the importance of product quality in gaining market share, as good products can achieve organic growth through word-of-mouth [12]. - The rise of domestic brands reflects a growing confidence in local products, as consumers become more discerning and less willing to pay unreasonable premiums [12]. Group 4: Investment Opportunities - New consumption characteristics suggest a naturally "small circle" market, where structural growth can lead to nonlinear expansion if brands successfully break out of their niche [16]. - Assets that can be priced based on emotional value are seen as scarce growth opportunities in uncertain environments, providing a hedge against economic cycles [18]. - The long-term sustainability of brands hinges on their ability to cultivate deep consumer loyalty and transform products into cultural symbols [19].

Core Viewpoint - The article discusses the transformation of urban development in China, emphasizing the shift from constructing super-tall buildings to focusing on attracting talent and industries, reflecting a significant change in urban development logic in the "Uka Era" [2][5][10]. Group 1: Urban Development Trends - The planning and construction of the top 20 super-tall buildings in China were all initiated before 2020, with most occurring between 2010 and 2020 [4]. - Post-2020, cities have shifted their focus from building super-tall structures to competing for talent and industries [6][7]. - By the end of 2024, China's urbanization rate is expected to reach approximately 67%, with about 950 million people living in urban areas [8]. Group 2: Urban Challenges and Responsibilities - Cities are seen as "experimental grounds for the future," needing to undergo spatial, relational, and confidence restructuring [9]. - Urban development must respond to the changing needs of different generations, from the 60s to the 00s, as highlighted by experts [11]. Group 3: Future City Awards - The "2024 Future City Awards" will focus on the theme of "Confidence and Cities," aiming to discover new technologies and models that can invigorate urban vitality and boost residents' confidence [16][17]. - The awards received over 160 project submissions from more than 50 cities, with 38 projects shortlisted for various categories, including smart applications and sustainable solutions [16][17].