Core Insights - The public fund industry is transitioning from scale-driven growth to value-driven high-quality development, influenced by global asset management adjustments and domestic capital market reforms [1] - The core competitiveness of public funds lies in their ability to balance long-term investor returns, optimize capital market resource allocation, and support national strategic implementation [1][2] - A systemic transformation is required, focusing on cognitive restructuring, capability upgrading, and ecological co-construction to address deep-seated development challenges [1][2] Cognitive Restructuring - Public funds serve as a professional bridge between capital and assets, with value creation rooted in a profound understanding of industry fundamentals [2] - Long-termism is essential for value creation, as public funds should focus on stabilizing market fluctuations and capturing long-term benefits from economic transitions [2] - The lack of investor satisfaction stems from some institutions deviating from long-termism, leading to a focus on short-term performance [2][3] Trust Rebuilding Mechanism - Establishing a symbiotic interest mechanism is crucial for rebuilding trust, emphasizing risk-sharing and profit-sharing [3] - A focus on management fees over returns erodes investor trust and hinders sustainable industry growth [3] - Professional value encompasses a comprehensive system of asset allocation, risk control, and investor education, essential for navigating market complexities [3] Capability Upgrading - Public funds must transition from scale advantages to value advantages through systematic innovations in service, mechanisms, and research [4] - Service upgrades should shift from product-centric to investor-centric approaches, focusing on empowering investors with long-term knowledge [4][5] - Mechanism reforms are necessary to align interests between managers and investors, promoting long-term assessments and market-driven fee structures [5] Long-term Development Pillars - Healthy ecosystems are vital for the high-quality development of public funds, with compliance as a baseline, culture as a core, and collaboration as a pathway [6] - Compliance ensures a balance between risk and value, necessitating transparent processes and innovative practices within regulatory frameworks [6] - A culture of long-termism and professional integrity should be cultivated to unify value consensus across the industry [6][7] Collaborative Development Path - The public fund ecosystem should foster a win-win community rather than a zero-sum competition, emphasizing value over price [7] - The future of the industry lies in enhancing value quality rather than merely expanding scale, focusing on protecting residents' wealth and stabilizing capital markets [7] - Public funds are encouraged to align with national strategies, ensuring that financial resources effectively support the core needs of the real economy [7]

● 中信建投基金管理有限公司总经理 金强 专业价值是公募基金的核心竞争力。公募基金的专业性，不是单一的选股择时能力，而是覆盖资产配 置、风险控制、投资者认知引导的综合体系。在居民需求多元、市场复杂度提升的背景下，公募基金核 心的专业价值是帮助投资者跨越认知鸿沟与能力边界。普通投资者面临着缺乏对风险收益的理性认知导 致产品需求错配、难以判断市场周期与产业趋势导致错失长期机会两大困境。对于公募基金而言，专业 性既要体现在筛选优质资产的投研能力上，更要体现在帮投资者建立正确投资观的服务能力上——前者 创造收益，后者守住收益，二者共同构成行业不可替代的竞争力。 能力升级驱动行业转型 认知重构需转化为能力升级，公募基金要实现规模红利向价值红利跨越，需在服务、机制、投研三大维 度开展系统性革新。 首先是服务端，从产品销售到认知赋能的范式转变。传统重发行、轻陪伴的模式，已无法满足投资者对 长期稳健收益的需求。服务升级的核心是从以产品为中心转向以投资者为中心，将重心从卖产品升级为 赋能力，帮投资者建立长期认知、掌握科学配置方法、形成理性收益预期。这种转变本质是重新定义服 务价值，从短期话术营销转向长期认知陪伴，从单一产品推荐 ...