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。 《2026新春开篇寄语｜汇添富基金总经理张晖致全体员工的信：变化的世界，我们到底要坚持什 么》 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 ...

Core Insights - The public fund industry has faced significant challenges in recent years due to market volatility and trust issues, but there are signs of recovery, particularly in active equity investments [1][2]. Group 1: Investment Philosophy and Strategy - Zhang Hui's letter emphasizes the importance of a vertical integrated research system and a multi-strategy approach centered on human resources, which are crucial for asset management [2][8]. - The relationship between passive and active investment is highlighted, with the assertion that successful fund companies must actively choose their strategies even in a growing passive investment landscape [5][6]. - The concept of "structured non-elasticity" in the market is introduced, indicating a shift in pricing logic influenced by the rise of passive investment products [9][10]. Group 2: Research and Decision-Making - The letter stresses that foresight in investment is developed through thorough research rather than innate talent, advocating for a grounded approach to understanding market trends [6]. - The importance of rule-based investment is discussed, which aims to make investment processes more scientific and predictable, enhancing the experience for investors [7]. Group 3: Human Capital and Organizational Structure - The asset management industry is fundamentally about matching client needs with professional capabilities, emphasizing the value of human resources in creating investment products [8]. - The establishment of diverse investment teams within the company is noted as a strategy to leverage individual strengths and create a multi-faceted asset management approach [8]. Group 4: AI and Technological Integration - The role of AI in enhancing research efficiency and client service is acknowledged, with the assertion that fund managers must embrace AI to remain competitive [12]. Group 5: Values and Personal Development - The letter reflects on the importance of integrity, professionalism, and balance as core values that guide the organization and its employees through market cycles [13][14]. - The concept of a balanced life is introduced, suggesting that personal well-being and professional success are interconnected, which is particularly relevant in the context of the industry's transition to high-quality development [14].