专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 中国证券投资基金业协会发布最新公募基金市场数据。截至2025年7月底，中国公募基金资产净值合计 达35.08万亿元，首次突破35万亿元大关。要管理好如此巨量的资产，打造专业分工、团队作战、科技 赋能、业绩稳定的平台式基金公司迫在眉睫。展望未来，银华基金将继续秉承"坚持做长期正确的事"的 价值观，专注于持续提升主动管理能力，为客户创造高质量长期回报。 MACD金叉信号形成，这些股涨势不错！ 新时代背景下，高质量发展的重要性愈加凸显。北京证监局近日指导下，北京证券业协会携手40余家公 募基金管理人、基金销售机构及评价机构，正式启动"北京公募基金高质量发展系列活动"。 责任编辑：石秀珍 SF183 今年5月7日，证监会印发《推动公募基金高质量发展行动方案》（以下简称"方案"），特别提出"引导 基金公司持续强化人力、系统等资源投入，加快'平台式、一体化、多策略'投研体系建设，支持基金经 理团队制管理模式，做大做强投研团队"。这也就意味着，基金公司需改变传统的"单兵作战"模式，推 动投研由基金经理个人驱动向团队协同转型，着力提升整体投研能力与投资效率。 基金 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a "High-Quality Development Action Plan" aimed at enhancing the investment research system of public funds, emphasizing a "platform-based, integrated, multi-strategy" approach to address industry challenges and improve investor returns [1][2]. Group 1: Industry Challenges and Solutions - The reliance on "star fund managers" is being addressed by transitioning to a platform and integrated approach, which aims to convert individual capabilities into systematic company strengths, ensuring sustainable and stable investment research outcomes [2]. - The issue of a fragmented "research-investment" process is being tackled by creating a closed-loop system that integrates research-driven investment and investment feedback into research, thereby improving decision-making efficiency and accuracy [2]. - To combat the problem of investment style drift, the industry is encouraged to adopt diverse investment strategies (such as balanced, growth, value, and quantitative strategies) to meet varying market conditions and provide differentiated asset allocation options for investors [2]. Group 2: Current State of the Investment Research System - The investment research system has evolved from individualistic approaches to collaborative platform-based models, with digital intelligence becoming a key infrastructure [3]. - The industry is characterized by a "spindle-shaped" structure, where large comprehensive wealth management institutions coexist with specialized asset management firms, each focusing on their strengths [3]. - While a few leading firms have begun to establish the required "platform-based, integrated, multi-strategy" systems, many smaller firms are still transitioning and face challenges in optimizing their research and investment processes [3]. Group 3: Pathways for Non-Head Fund Companies - Non-head fund companies should focus on "concentrating resources, effective transformation, and boutique breakthroughs" rather than blindly adopting the heavy asset models of leading firms [4]. - Establishing a mutual trust discussion mechanism among research and investment personnel is crucial for effective resource concentration and decision-making [4]. - A multi-layered, three-dimensional discussion framework should be designed to ensure depth and timeliness in research outcomes, facilitating effective investment transformation [4]. - Boutique product development is emphasized as a feasible strategy for non-head public funds to differentiate themselves in the market [4]. Group 4: Best Practices from Changsheng Fund - Changsheng Fund has developed a structured investment research discussion mechanism over the past five years, including weekly report discussions, monthly simulation portfolio meetings, and quarterly investment committee meetings [5][6]. - Weekly report discussions involve in-depth analysis of a specific report, fostering comprehensive understanding among team members regarding long-term potential and competitive dynamics [5]. - Monthly simulation portfolio meetings allow researchers to present their simulated portfolios and review past performance, enhancing communication of research insights to fund managers [6]. - Quarterly investment committee meetings bring together all investment personnel to discuss strategies and provide guidance for the company's overall investment direction [6].

Core Insights - The traditional "star fund manager solo" model in the asset management industry is facing significant challenges due to increasing competition and rapid market style rotation [1] - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds" on May 7, 2025, aiming to deepen reforms and enhance efficiency in the public fund industry [1] - The public fund industry is actively promoting the construction of a "platform-based, integrated, multi-strategy" investment research system as a necessary path for achieving high-quality development [1] Group 1: Platform-Based Investment Research System - The "platform-based" approach aims to create a unified resource hub through investment research and technology empowerment, integrating IT systems for comprehensive analysis of research data, risk indicators, and customer behavior [2] - This approach enhances efficiency and reduces decision-making fragmentation risks, facilitating the transition of fund companies into comprehensive wealth management platforms [2] Group 2: Integrated Investment Value Chain - The "integrated" aspect focuses on embedding platform capabilities into the investment value chain, allowing for immediate adjustments in investment portfolios based on macro signals identified by research teams [2] - This integration significantly shortens decision-making chains by enabling simultaneous risk evaluation and investment adjustments [2] Group 3: Multi-Strategy Approach - The "multi-strategy" approach encourages companies to develop and utilize various investment strategies, allowing for flexible allocation and combination of these strategies based on market conditions [2] - This strategy aims to capture opportunities and control drawdowns across different market environments, smoothing product net value curves [2] Group 4: National New National Fund's Response - Guoxin Guozheng Fund has actively responded to the industry's call for transformation by restructuring its investment research framework towards a "platform-based, integrated, multi-strategy" direction [3] - Specific measures include implementing a "fund manager + researcher" team system to enhance collaborative efficiency and decision-making speed [3] - The fund is also integrating its original technology innovation and dividend groups to promote multi-strategy fusion while increasing talent recruitment and reserve efforts [3]

Core Viewpoint - The departure of star fund manager Zhai Xiangdong from China Merchants Fund has raised concerns in the public fund industry, highlighting challenges in talent retention and investment research capabilities [1][4]. Group 1: Managerial Changes - Zhai Xiangdong, who led the China Merchants Advantage Enterprise Mixed Fund from a scale of less than 40 million to over 10 billion, has left for personal reasons, with Lu Wenkai taking over [1]. - Lu Wenkai, with over 14 years of investment research experience, aims to maintain a management philosophy centered on valuation and growth, employing a contrarian investment strategy [4]. - Recent adjustments in the management team include the appointment of Zhong Wenyue as the new general manager and three new deputy general managers [4]. Group 2: Industry Trends - Over 240 fund managers have left their positions in 2025, marking a year-on-year increase of approximately 14%, indicating a trend of talent mobility within the public fund industry [1]. - The public fund industry faces challenges in talent retention, platform construction, and systematic investment research capabilities [1]. Group 3: Company Performance - China Merchants Fund has experienced declines in revenue and net profit, with management scale under pressure, particularly in mixed and bond funds [4]. - The company needs to accelerate the development of a "platform-based, integrated, multi-strategy" investment research system to strengthen its research team and improve core team stability [6]. - There is a need to leverage advantages in the ETF sector to capture market opportunities and enhance performance [6].

Core Insights - The article highlights the significant stock adjustments made by the China Europe Medical Health Fund, managed by Ge Lan, during the second quarter of 2025, particularly its increased holdings in several pharmaceutical companies [1][3][4]. Group 1: Fund Adjustments - The China Europe Medical Health Fund entered the top ten circulating shareholders of Lizhu Group and Betta Pharmaceuticals, holding 5.939 million shares and 4.3513 million shares, respectively [3]. - The fund significantly increased its stake in XinNuoWei by approximately 14 million shares, representing a 222% increase, bringing its total holdings to 20.184 million shares [3][4][6]. - Other notable increases included holdings in XinLiTai (up 86% to 26.163 million shares), NuoCheng JianHua (up 43.9% to 13.048 million shares), and HuaDong Pharmaceutical (up 17.39% to 24.4395 million shares) [4][6]. Group 2: Fund Management Strategy - In July, the China Europe Medical Health Fund announced the appointment of Zhao Lei as a co-manager, indicating a shift towards a team-based management approach [8]. - The fund is part of a broader trend within China Europe Fund to enhance its research and investment management capabilities through a "professional, industrialized, and intelligent" investment research system [8][9]. - This transformation aims to create a sustainable organization capable of generating alpha over the long term, thereby improving product offerings and services for investors [9].