二要更加重视绝对收益的投资理念。"从投资者感受的角度考虑，在复杂的市场环境中需要更加强调绝 对收益理念，即在一段时间内争取正回报，通过强化投资纪律、股债大宗等多资产配置、风险对冲等手 段控制波动，努力实现财富的稳定增值。"宗喆表示，提供绝对收益产品更能匹配大部分持有人的风险 偏好，公募基金应当致力提供目标明确、策略灵活的策略和产品，在控制风险的前提下追求正收益，努 力保护投资者本金安全。 12月26日，在《证券日报》社有限责任公司举办的"2025证券市场年会"上，中金基金总经理宗喆结合中 金基金的实践探索，从四个方面阐述了公募基金发挥差异化竞争优势的路径。 一要致力提升财富管理服务能力。宗喆认为，公募基金需以提供长期稳健收益为目标和抓手，提升投资 者获得感，从做好资产管理到做好财富管理。服务是公募基金核心竞争力的关键组成部分，也是公募基 金公司建立差异化竞争优势的重要破局点。中金基金通过"客户关系提升行动"，细化客户收益与风险分 层，构建分层精细、多元协同的客群经营体系，实施机构、零售、电商三维精细化策略，实现分层管 理、精准触达与全生命周期服务，推动从"卖产品"向"管资产"转型，增强客户获得感与长期信任。 ...

感谢证券日报能给中金两个名额，中金基金跟陈明总一样，我们是中金公司旗下两家子公司。我的演讲 主题是《金融机构如何发挥差异化的竞争优势，助力客户财富保值增值》。 尊敬的陈社长，各位领导，各位来宾，大家好！根据主持人确定的主题，我结合中金基金公司的探索和 实践，就公募基金如何满足人民对财富增值的向往，做一个简要的汇报。 我相信和中金基金一样业内的中小基金公司，都在发挥所长，寻求差异化的竞争优势，主动拥抱行业高 质量发展趋势。 站在"十五五"的出发点，公募基金如何践行金融工作的政治性、人民性，肩负起服务国之大计的使命， 满足人民对财富增值的向往，是时代对公募基金行业和从业人员提出了一个重要的命题。 第一，要致力提升财富管理的服务能力，当然这是从公募基金的角度说的。以提供长期稳健收益为目标 和抓手，提升投资者的获得感，从做好资产管理到做好财富管理，公募基金诞生于资产管理行业发展的 时代，在财富管理的浪潮中完成了自我的革新，服务人民的财富管理是应有之意。资产管理与财富管理 作为价值链紧密关联的上下游的业态，前者聚焦于产品的创设和管理，后者侧重客户的服务与产品的筛 选，两者共同目标都是通过创造收益，实现客户资产保值增值。 ...

Core Viewpoint - Financial Street Securities, formerly known as Hengtai Securities, has undergone a rebranding and strategic transformation to adapt to the evolving capital market landscape, emphasizing a "small but beautiful, light but stable" brokerage model [1][4][10]. Group 1: Company Transformation - The rebranding from Hengtai Securities to Financial Street Securities marks a new development phase, supported by new shareholders and strategic resources [1][4]. - The company aims to leverage the advantages of its parent company, Beijing Financial Street Investment Group, to enhance its capabilities in serving the real economy and capital markets [4][5]. - Financial Street Securities plans to focus on a collaborative approach within the group, enhancing its unique competitive edge in the industry [5][10]. Group 2: Strategic Focus - The company will prioritize capital replenishment, light capital transformation, and establishing differentiated competitive advantages in niche markets [10][11]. - Wealth management will be a key area of focus, with efforts to improve market positioning and service capabilities for both retail and institutional clients [10][14]. - The company is committed to enhancing its research capabilities and building a robust ETF ecosystem to support its investment strategies [15][18]. Group 3: Operational Improvements - Financial Street Securities is restructuring its branch management to improve efficiency and regional advantages, establishing a three-tier management structure [13][14]. - The company has set ambitious goals for its brokerage business, aiming to enhance trading volume and market share over the next five years [14]. - A focus on compliance and risk management is emphasized to ensure sustainable growth and protect investor interests [6][9]. Group 4: Research and Development - The establishment of a specialized research institute aims to enhance the company's research output and support its asset management and investment strategies [17][18]. - The research team is developing models for asset allocation and industry rotation, with initial results showing promise in the market [17][18]. - Financial Street Securities is committed to building a comprehensive research framework that aligns with market-leading ETF research platforms [18].

Core Viewpoint - The restaurant association has issued a proposal to jointly resist "involution-style" competition, emphasizing the need to maintain fair market order and sustainable profit margins for businesses [1][3]. Group 1: Involution-style Competition - Involution-style competition disrupts fair market order, harms consumer rights, squeezes reasonable profit margins, and undermines sustainable industry development [1][2]. - The proposal calls for strict adherence to guidelines that prohibit below-cost pricing, forced subsidies on trading partners, and other monopolistic practices [1][2]. Group 2: Sustainable Competition Practices - Industry players are encouraged to focus on enhancing core competitive capabilities rather than engaging in short-sighted price wars and unsustainable competition models [2]. - Companies should invest in technology, product upgrades, and brand building to create differentiation and improve user experience, thereby avoiding homogenized competition [2]. Group 3: Compliance and Transparency - Businesses are urged to strengthen self-discipline, conduct compliance checks, and ensure transparency in pricing, fees, and subsidies [2]. - The proposal advocates for fair trading practices and timely payments to maintain healthy relationships within the supply chain [2].

Group 1 - The core viewpoint of the article highlights that Yuhua Asset Management has conducted research on Zhengmei Machine, emphasizing its commitment to intelligent industrial solutions and a diversified business layout to drive innovation and complementarity among its business segments [1] - Zhengmei Machine is focusing on the transformation towards intelligence, with coal machinery demand remaining stable as coal continues to be a major energy source in China. The company sees growth potential in areas such as intelligence, complete solutions, internationalization, and service [1] - The company is leveraging new technologies and products to explore new market opportunities while optimizing traditional businesses and expanding into emerging fields, ensuring profitable growth [1] Group 2 - Zhengmei Machine has made breakthroughs in the high-voltage drive motor components sector, securing multiple key clients and focusing on customer-centric strategies to leverage large-scale production advantages [1] - The company is enhancing efficiency and product quality through intelligent transformation, establishing a comprehensive advantage while continuously increasing R&D investment to create differentiated competitive advantages [1] - Zhengmei Machine is adopting a long-term perspective, relying on global vision to maintain market competitiveness through continuous R&D and manufacturing improvements, while also adjusting its global layout by relocating factories from high-cost to low-cost regions to mitigate the impacts of global trade and tariffs [1]

Group 1 - The trust industry is undergoing a transformation, with an average management trust asset scale exceeding 470 billion yuan, reflecting a year-on-year growth of over 20% [1] - As of the end of 2024, the average management trust asset scale of 57 trust companies reached 475.53 billion yuan, an increase of 100.04 billion yuan or 26.64% compared to the end of 2023 [2] - The growth in management scale is primarily driven by the rapid development of core businesses, with companies like Ping An Trust reporting a 49.88% year-on-year increase in asset management scale [2] Group 2 - There has been a significant turnover in senior management within the trust industry, with over 10 companies experiencing changes this year, often bringing in leaders with extensive experience in banking and securities [3] - The frequent changes in leadership are seen as a strategy to better understand and adapt to industry trends and to enhance risk management and transformation efforts [3] Group 3 - The average operating income for 57 trust companies in 2024 was 1.109 billion yuan, a decline of 16.5% from 2023, while average profit fell by 29.05% to 554 million yuan [4] - The decline in profitability despite growth in scale is attributed to the ongoing exploration phase of core businesses, where many companies have not yet established significant advantages [4] - Trust companies are encouraged to enhance their active management capabilities and develop differentiated services based on their resource endowments [4][6]

Core Insights - 2024 is a milestone year for Zhongyuan Bank, emphasizing reasonable growth in quantity and effective improvement in quality amidst a complex economic environment [1][2] Financial Performance - As of the end of 2024, Zhongyuan Bank reported a net profit of 3.446 billion yuan, a year-on-year increase of 7% [3] - The total assets reached 1.36 trillion yuan, an increase of 18.751 billion yuan compared to the previous year [3] Operational Efficiency - Non-interest income ratio increased from 14.97% in 2023 to 17.00% in 2024, driven by higher net fees and commissions and investment securities income [4] - Cost-to-income ratio improved from 40.07% to 38.80%, indicating enhanced operational efficiency [4] - Capital adequacy ratio rose to 13.02%, up by 1.38 percentage points from the previous year, enhancing risk resilience [4] - Non-performing loan ratio slightly decreased from 2.04% to 2.02%, maintaining stable asset quality [4] Customer Deposits and Loans - Customer deposits exceeded 889.4 billion yuan, with a growth rate of 6.20% [4] - Loan scale surpassed 714.4 billion yuan, with a growth rate of 1.0% [4] - Loan-to-deposit ratio decreased from 84.47% to 80.33%, providing more liquidity [4] Strategic Development - Zhongyuan Bank is focusing on four strategic directions: government banking, industrial banking, citizen banking, and rural revitalization banking to create competitive advantages [5] - Retail banking is positioned as a cornerstone, with asset management scale exceeding 645.4 billion yuan and retail customer base surpassing 35.43 million [5] Digital Transformation - The bank is accelerating digital transformation, with mobile banking user numbers reaching 17.56 million and monthly active users at 4.45 million [5] - Online platforms provided 187.4 billion yuan in supply chain financing, promoting industry chain collaboration [5] Support for Small and Micro Enterprises - By the end of 2024, Zhongyuan Bank provided 74.848 billion yuan in inclusive micro loans, with a weighted average interest rate of 3.96% [8] - Inclusive micro loan balance reached 90.097 billion yuan, with a year-on-year increase of 6.32 billion yuan, achieving regulatory targets [8] Focus on Manufacturing and Regional Development - The bank has increased support for the manufacturing sector, with industrial financial loans reaching 159.6 billion yuan, an increase of 19.2 billion yuan [11] - Loans to private enterprises reached 222.938 billion yuan, growing by 4.693 billion yuan [11] Environmental and Rural Support - Zhongyuan Bank supported ecological protection and high-quality development in the Yellow River basin with over 6.6 billion yuan in loans [12] - Agricultural loans reached 171.9 billion yuan, contributing to rural revitalization efforts [12] Future Outlook - The bank aims to focus on "four high and four first" strategies, targeting the goal of becoming a first-class urban commercial bank while enhancing its core competitiveness [12]

Core Viewpoint - The company reported a decline in revenue for 2024, but showed significant growth in Q4, exceeding market expectations, indicating potential recovery and resilience in its operations [3]. Group 1: Solar Products - The company achieved a 72.64% year-on-year increase in solar product shipments (modules + batteries) to 17.18 GW, despite a 13.36% decrease in revenue to 11.07 billion yuan [4]. - The company maintains a leading profitability position in the industry, with a gross margin of 18.74%, although it decreased by 2.47 percentage points year-on-year [4]. - The company is enhancing its competitive advantage through differentiated strategies, including the production of N-type batteries with an efficiency of 26.5% by the end of 2024 [4]. Group 2: Magnetic Materials - The company maintained its leading position in the magnetic materials sector, with a 16.88% increase in shipment volume to 232,000 tons and a slight revenue increase of 1.91% to 3.81 billion yuan [5]. - Despite price pressures, the gross margin improved by 0.83 percentage points to 27.32% [5]. - The company is expanding its production capacity in Thailand while developing new products for applications in computing power and electric vehicles [5]. Group 3: Lithium Battery Business - The company capitalized on market recovery, achieving a 56.05% increase in lithium battery shipments to 531 million units, leading to a 17.74% revenue growth to 2.415 billion yuan [6]. - The gross margin increased by 6.74 percentage points to 12.66%, driven by differentiated products and scale advantages [6]. - The company remains among the top three in the domestic market for small cylindrical batteries, maintaining a high utilization rate of 7 GWh capacity [6].