上世纪 80 年代末，日本被一场巨大的经济泡沫所笼罩。都说东京一座城市的地价总和可以买下整个美国土地， 虽然有夸张成分，但足以见得当时日本经济泡沫之严重。 随着 1990 年泡沫破灭，日本"失去的 30 年"也正式拉开帷幕。 在这一大背景下，日本投资者逐渐从"恐慌保守"转向"主动适应"，一部分为了安全感选择手持现金，一部分则热 衷"高收益"保险投资，还有一部分做起了海外资产配置，也就是那些"借便宜的钱，去买更高息的资产"的渡边太 太们。 直到 2020 年，日本这一窘境才有所好转。 对于中国，虽然当前的低利率环境确实是所有投资者不得不面临的难题，但好在我们有性价比较高的投资选项 ——债券基金或者固收 + 基金，尤其对风险厌恶型投资者们来说。 在我们筛选绩优债基产品的过程中，注意到了中欧基金固收投资业务实现了规模和业绩的双丰收，整体业务能力 迅速提升，正在成为当前固收市场上不容忽视的一股力量。 近期，我们和中欧基金固收团队几位核心人物做了次深聊，试图找到其长短期业绩优异背后的核心推动力。 云集一群"用长期业绩说话"的强将 2023 年，陈凯杨、雷志强、闫沛贤、邓欣雨、吕修磊、王申等行业知名强将陆续加盟中欧基金。 ...

Core Insights - The public fund industry in China is transitioning from scale expansion to quality improvement, with a focus on enhancing core investment research capabilities and adopting new technologies like AI and big data [1][4] - China’s public fund industry has seen significant growth, with total assets under management increasing from 8.4 trillion yuan at the end of 2015 to 36.74 trillion yuan by September 2025 [1] - There is a notable disparity between fund performance and investor returns, with actual annualized returns for investors being significantly lower than the funds' reported performance [2][3] Industry Challenges - The rapid expansion of the secondary market presents challenges for fund managers, as the number of listed companies exceeds 8,000, limiting the depth and breadth of research [3] - The public fund industry faces issues such as unclear product positioning and insufficient investor education, contributing to a lack of investor satisfaction [2] Strategic Response - The industry is encouraged to adopt a "professional, industrialized, and intelligent" investment research system to enhance core capabilities and ensure sustainable returns [4][8] - Middle-of-the-road strategies include a focus on deep research specialization, with teams dedicated to over 80 subfields to ensure comprehensive coverage of various asset classes [5][6] Implementation of New Models - The industrialization of investment processes aims to improve collaboration and efficiency, utilizing standardized tools to enhance communication and strategy consistency among team members [6][7] - The integration of digital and intelligent technologies is crucial for managing large-scale funds, with a focus on creating structured data assets and utilizing AI for predictive analytics [7] Enhancing Investor Experience - The company emphasizes a "long-termism" approach, aiming to improve investor satisfaction through comprehensive service offerings and continuous engagement [9][10] - Initiatives include hosting over 3,000 offline events to connect with investors, providing diverse content through various media, and leveraging AI for personalized customer service [9][10]

前瞻布局，团队协作力争捕捉投资机遇 出色的业绩源于对产业机遇的前瞻把握与团队的高效协作。而中欧科技战队对科技行业的深度洞察，在 光模块这一细分领域得到了充分体现，早在2023年一季度，团队就开始关注和研究光模块领域，为后续 的投研决策奠定了坚实基础。 在此过程中，科技组组长杜厚良带领团队构建了一张覆盖全产业链的"勾稽关系大表"，从TEC、光器 件、到GPU数量，再到GPU下游客户的资本开支情况，层层递进、交叉验证。 今年以来，科技板块持续成为市场关注焦点，表现尤为亮眼。Wind数据显示，截至9月末，创业板指、 科创50指数年内涨幅均超50%，分别创下近三年、近四年新高。 当前来看，在政策与技术的双轮驱动下，科技行业正迎来新一轮发展机遇。政策层面，科创板"1+6"新 政、"人工智能+"行动方案等重磅政策陆续出台，彰显出国家鼓励科技创新的坚定决心；技术层面，AI 大模型技术迭代加速，包括光模块在内的算力基础设施、智能驾驶等细分领域蓬勃发展，均有望为前瞻 布局相关产品的投资者带来可观回报。 在此背景下，科技主题基金表现出彩，银河证券数据显示，截至2025年9月30日，中欧基金科技战队旗 下多只产品过往业绩排名突出， ...

Group 1: Market Overview - The Shanghai Composite Index has recently surged, breaking a nearly 10-year high, with total market turnover reaching 2.8 trillion yuan [2] - As the A-share market continues to rise, some public funds have initiated purchase restrictions [2] Group 2: Fund Purchase Restrictions - As of August 13, 303 funds have suspended purchases or large-scale subscriptions, including various types such as bond, mixed, stock, and international funds [2] - Notable funds like China Europe Innovation and China Europe Medical Innovation have announced daily purchase limits of 1 million and 100,000 yuan respectively, effective from August 11 [3] - China Europe Digital Economy had already suspended large subscriptions over 1 million yuan starting August 6 [3] Group 3: Performance of Restricted Funds - Many of the funds implementing purchase restrictions are high-performing products, with China Europe Digital Economy achieving a 149.64% return over the past year, ranking first in its category [4] - Other notable funds include China Europe Medical Innovation with an 84.49% return, and China Europe Value Discovery with a 36.95% return [4] Group 4: Industry Trends and Changes - The asset management industry is undergoing "industrialization," with 457 funds experiencing manager changes since July [6] - The trend includes both dismissals and new hires, with companies increasingly adopting a team management approach to enhance performance [7] - The China Securities Regulatory Commission has encouraged the development of a "platform-based, integrated, multi-strategy" research and investment system [8] Group 5: China Europe Fund's Industrialization Strategy - China Europe Fund is implementing an "industrialized" research and investment system to improve efficiency and product stability [9] - The goal is to create a unified investment philosophy and standardized processes to enhance communication and decision-making within teams [10] - This approach aims to build a sustainable competitive advantage in the increasingly competitive public fund market [10]