以下文章来源于远川投资评论 ，作者沈晖 远川投资评论 . 看更好的资管内容 8 月 19 日， Model Y L 突袭六座 SUV 市场，没有预售，也没有发布会，从工信部备案到上市仅用了 一个多月的时间，展车就以上海临港为坐标起点，发往各个城市展厅。 这场突袭，离不开上海超级工厂的产能支持。这座极尽效率的汽车工厂，平均 30 多秒就能下线一辆 车，年均交付量占全球交付量的一半，高效的产线加上成熟的供应链，保证了 Model Y L 出品的稳 定。 对于汽车工业来说，最难的不是设计出 Model T （ Model T 是福特汽车公司于 1908 年至 1927 年 间生产的大众化汽车 ），而是发现福特生产线那样的流程化造车方式，并建造福特胭脂河工厂。 好比上海超级工厂在提升工艺的同时还能减少流程，厂区由冲压、焊装、涂装、总装四个车间构成，钢 板经过冲压车间形成冲压件，然后运送到焊装车间生产成白色骨架，经过涂装车间喷涂后，最终由总装 车间的技术专家组装各种零部件，形成一辆完整的 Model Y L 。 正是这种系统化的精益生产，让 Model 系列一次又一次的完成产能爬坡，迭代出更有竞争力的车型。 中欧基金董 ...

当公募基金行业告别简单规模扩张的初级阶段，迈入服务实体经济、满足居民财富管理的高质量 发展阶段，一个根本性的问题随之浮出水面：靠单个基金经理"聪明"是否足以应对复杂多变的市 场？在中欧基金董事长窦玉明看来，答案显然是否定的。要真正成为一家"用长期业绩说话"、长 期服务大众的基金公司，就必须从"靠个体"走向"靠体系"，完成一次深刻的生产方式变革。 除了人才，窦玉明还反复强调"长期导向""流程一致""团队协作"等关键词。 他并不急于在短期市 场波动中证明什么，而是更在意五年、十年甚至更久之后，中欧管理的基金产品能否持续跑赢基 准，整体业绩能否站在同行前列。 在窦玉明眼中，基金行业的终极竞争力不是短期业绩，而是能 否构建一个长期可持续产生投资洞见的组织。这也是走向"专业化、工业化、数智化"转型之路的 意义所在。 "专业化、工业化、数智化"转型之路 "中欧制造"的提出，是希望构建一个清晰、稳定、可复制的体系，让像中欧这样的公募基金公司 能更好地满足普罗大众的资产管理需求。在这样的目标下，依靠传统的"手工作坊"模式，显然是 难以为继的。 对此，中欧基金提出的解决方案是，通过"专业化、工业化、数智化"三化协同构建一个真正 ...

8 月 19 日， Model Y L 突袭六座 SUV 市场，没有预售，也没有发布会，从工信部备案到上市仅用了 一个多月的时间，展车就以上海临港为坐标起点，发往各个城市展厅。 这场突袭，离不开上海超级工厂的产能支持。这座极尽效率的汽车工厂，平均 30 多秒就能下线一辆 车，年均交付量占全球交付量的一半，高效的产线加上成熟的供应链，保证了 Model Y L 出品的稳 定。 对于汽车工业来说，最难的不是设计出 Model T （ Model T 是福特汽车公司于 1908 年至 1927 年 间生产的大众化汽车 ），而是发现福特生产线那样的流程化造车方式，并建造福特胭脂河工厂。 好比上海超级工厂在提升工艺的同时还能减少流程，厂区由冲压、焊装、涂装、总装四个车间构成，钢 板经过冲压车间形成冲压件，然后运送到焊装车间生产成白色骨架，经过涂装车间喷涂后，最终由总装 车间的技术专家组装各种零部件，形成一辆完整的 Model Y L 。 正是这种系统化的精益生产，让 Model 系列一次又一次的完成产能爬坡，迭代出更有竞争力的车型。 中欧基金董事长窦玉明认为，公募基金的生产方式正经历深刻的变革 ——愈发需要借鉴汽车超级 ...

中国资产管理行业正经历前所未有的扩容。如今，公募基金资产管理规模已然突破33万亿元。然 而，"资管大航海"在驶向深蓝之际，却遭遇了核心挑战：当管理规模呈几何级膨胀，传统依赖基金经理 单打独斗的"手工作坊"模式，能否承载时代托付的财富管理重任？ 中欧基金董事长窦玉明在接受中国证券报记者采访时坦言："公募基金作为普惠金融的典型代表，要为 大众理财，势必面临大规模资金的管理难题。"学习海外万亿美金资管巨头的成熟经验，中欧基金近年 来一直致力于打造"专业化、工业化、数智化"的投研体系，构建可复制的投研能力，争取在更复杂的市 场环境中，实现长期可持续的业绩表现。 窦玉明认为，通过向"专业化、工业化、数智化"的转型，中欧基金投研团队有望实现从"个体"向"体 系"的进化，构建一个长期可持续产生阿尔法的组织，从而为广大投资人提供更好的产品和服务。 破局之道： 用工业化思维打造资管"新基建" 近年来，居民财富管理需求如潮水般涌来，推动公募基金行业规模快速增长，但窦玉明点明了残酷的业 内现实情况：单靠基金经理个人能力存在天然瓶颈。"一个基金经理能深度研究的股票可能只有20至50 只，但管理百亿规模的基金通常需要覆盖几百只标的，这 ...

□本报记者 魏昭宇 中国资产管理行业正经历前所未有的扩容。如今，公募基金资产管理规模已然突破33万亿元。然 而，"资管大航海"在驶向深蓝之际，却遭遇了核心挑战：当管理规模呈几何级膨胀，传统依赖基金经理 单打独斗的"手工作坊"模式，能否承载时代托付的财富管理重任？ 中欧基金董事长窦玉明在接受中国证券报记者采访时坦言："公募基金作为普惠金融的典型代表，要为 大众理财，势必面临大规模资金的管理难题。"学习海外万亿美金资管巨头的成熟经验，中欧基金近年 来一直致力于打造"专业化、工业化、数智化"的投研体系，构建可复制的投研能力，争取在更复杂的市 场环境中，实现长期可持续的业绩表现。 窦玉明认为，通过向"专业化、工业化、数智化"的转型，中欧基金投研团队有望实现从"个体"向"体 系"的进化，构建一个长期可持续产生阿尔法的组织，从而为广大投资人提供更好的产品和服务。 破局之道： 用工业化思维打造资管"新基建" 更深层次来看，工业化锻造出的是一张紧密交织的共生网，极大增强了团队的稳定性。窦玉明用了一个 生动的比喻：有的基金经理如同精密的光刻机，但其巨大价值只有在完整的芯片生产线上才能充分释 放；反之，生产线若缺失了核心设备，其 ...

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].

Core Viewpoint - The article emphasizes the importance of building a systematic investment research framework that focuses on "professionalization, industrialization, and digitalization" to enhance the long-term competitiveness of the company in a highly competitive public fund market [2][3]. Group 1: Investment Research Framework - The concept of "professionalization" is foundational, requiring researchers to specialize in specific industries and fund managers to adhere to a consistent investment style, thereby enhancing analytical depth and reducing direct competition [3][5]. - "Industrialization" aims to transition investment research from a "workshop" model to an "industrial production" model, facilitating efficient knowledge transfer and execution within the organization [3][5]. - "Digitalization" leverages technology to improve execution capabilities by structuring data and historical research outcomes, allowing for the development of reproducible models and tools [5][6]. Group 2: Talent Management System - The core competitive advantage in investment research is built on a comprehensive talent management system that includes selection, training, motivation, and elimination [6][7]. - Selection involves assessing candidates not only on knowledge and skills but also on their judgment, risk awareness, and long-term learning capabilities [6]. - Training is a long-term investment, with a typical fund manager requiring around 20 years to mature, emphasizing the need for experienced mentors and consistent methodologies [6][7]. Group 3: Team and Platform Dynamics - The article highlights that team-based and platform-oriented approaches are essential for achieving long-term performance, as they provide broader coverage and stability compared to individual efforts [8][9]. - The integration of diverse research strengths under a unified philosophy and process enhances the frequency and efficiency of high-quality investment insights [8][9]. - The concept of the "third-generation fund manager" is introduced, focusing on specialization and leveraging team strengths to manage larger funds effectively [10].

在中国公募基金竞争日趋激烈的当下，中欧基金董事长窦玉明始终将重点放在体系建设与长期竞争力 上。 他提出"专业化、工业化、数智化"的概念，旨在构建可复制的投研能力：让研究员在细分领域持续深 耕，使优秀的投研观点能够高效传递，并通过数据与模型的沉淀，形成可复现的投研体系。配合从选 拔、培养、激励到淘汰的全链条人才管理，力争使中欧基金投研团队在不同市场周期中都能保持方法稳 定、反应迅速、判断有据。 窦玉明认为，长期业绩稳定兑现不仅靠基金经理个人能力，更需平台团队体系化支持。统一的方法论、 开放互信的文化、代际传承的基金经理梯队，确保投资经验与研究资源能够持续积累。在这样的架构 下，优质的投资洞见更有机会快速落地为交易决策，并在更大规模、更复杂的组合管理中实现可持续的 业绩表现。 专业化、工业化、数智化 窦玉明回想起中欧基金提出"三化"的背景，上一轮周期（2019—2021年），随着管理规模逐渐增长，如 何实现可持续的阿尔法，真正服务好大众投资者，成为一个亟待解决的难题。 而"工业化"正是破解这一问题的路径，能够将投研从"手工作坊"带入"工业化生产"阶段，解决组织内知 识的高效传递与落地执行问题。在窦玉明看来，优秀的 ...

Core Viewpoint - The chairman of China Europe Fund, Dou Yuming, emphasizes the importance of system construction and long-term competitiveness in the increasingly competitive public fund market in China [1] Group 1: Investment Research System - Dou Yuming proposes the concepts of "professionalization, industrialization, and digitalization" to build a replicable investment research capability [2][3] - "Professionalization" is the foundation, focusing on deep specialization in specific industries to enhance analytical depth and reduce direct competition [2] - "Industrialization" aims to transition investment research from a "workshop" model to an "industrial production" model, ensuring efficient knowledge transfer and execution [3] - "Digitalization" leverages technology to enhance execution capabilities, structuring data and historical research for long-term sharing and model-driven decision-making [3][4] Group 2: Talent Management System - The core competitiveness of the investment research team relies on a comprehensive talent management system encompassing selection, training, motivation, and elimination [5][7] - Selection is critical, requiring assessment of knowledge, skills, and multidimensional testing of candidates' judgment and risk awareness [5] - Training is a long-term investment, with a typical fund manager requiring 20 years to mature, emphasizing the need for experienced mentors [6] - A clear and transparent incentive mechanism is essential, with performance targets set to ensure long-term product quality [6][7] Group 3: Team and Platform - Team building is fundamental for sustained performance, as a collaborative platform can provide broader coverage and stability compared to individual efforts [8][9] - The investment research team consists of approximately 80 members, with a structured approach to covering a wide range of stocks [8] - Dou Yuming introduces the concept of the "third-generation fund manager," who relies on platform support to focus on specialized areas and manage larger funds [9][10]

Group 1: Fund Sales and Performance - In the first half of 2025, Tian Tian Fund achieved a record fund sales amount of 1.05 trillion yuan, with non-monetary fund sales reaching 626.04 billion yuan, a year-on-year increase of 25.29% [2] - Despite the increase in sales, Tian Tian Fund's operating income was 1.424 billion yuan, a slight increase of 0.49% year-on-year, while net profit remained flat at 64 million yuan [2] - The first science and technology bond ETF from Jiashi Fund surpassed 20 billion yuan in scale, marking a significant milestone in the market [6][7] Group 2: Industry Trends and Innovations - Central European Fund is focusing on a transformation towards "professionalization, industrialization, and digitalization," which is seen as a core philosophy for sustainable alpha generation [3][4] - The emphasis on long-term orientation, process consistency, and team collaboration is crucial for building a sustainable organization capable of generating investment insights [4] - The second batch of new floating-rate funds is gaining traction, with multiple funds exceeding 20 billion yuan in fundraising [14] Group 3: Market Dynamics and Regulatory Changes - QDII funds are experiencing increased restrictions on large subscriptions, with some funds lowering the minimum subscription limit to 500 yuan [8] - Several funds from Central European Fund announced subscription limits to ensure stable operations and protect the interests of fund holders [10] - The recent recovery in the stock market has led to a significant increase in the performance of various funds, with many products from Guangfa Fund showing over 30% growth in the past year [15] Group 4: Financial Institutions and Management Changes - Jianxin Fund appointed a new vice president, Liu Dachao, as part of its strategy to enhance high-quality development and investor engagement [19] - The financial sector is witnessing a collective announcement from major banks regarding the implementation of interest subsidies for personal consumption loans starting September 2025 [20] - A private fund manager, previously a public fund veteran, is transitioning to the private sector, indicating a trend of experienced professionals moving into private fund management [27]