Core Viewpoint - Strengthening investment research capabilities is essential for public funds to implement the "investor-centric" philosophy and is fundamental to the industry's survival and development [1] Group 1: Investment Research System - The China Securities Regulatory Commission (CSRC) issued an action plan in May to enhance the core investment research capabilities of public funds, emphasizing the establishment of an evaluation index system for investment research capabilities [1] - The strategic deployment aims to address issues such as the disconnection between research and investment, as well as conflicts between investment and risk control, guiding the industry to reduce reliance on "star fund managers" and shift from individualistic approaches to systematic and team-based strategies [1] Group 2: Longsheng Fund's Approach - Longsheng Fund has a well-established investment research foundation and continuously upgrades its "platform-based, integrated, multi-strategy" investment research system, emphasizing collective decision-making to mitigate risks [1][2] - The company has developed a vertical system from teams to fund managers, along with a parallel system among fund managers of different styles, ensuring thorough discussions on investment targets, including market styles, industry patterns, competitive advantages, and shareholder structures [2] Group 3: Research and Decision-Making Mechanisms - Longsheng Fund has implemented a three-tiered fixed investment research discussion mechanism, including weekly report meetings, monthly simulated portfolio meetings, and quarterly investment committee meetings, to maintain information freshness and timely industry insights [3] - The company also conducts daily morning meetings and ad-hoc industry discussions to complete the loop from research output to investment conversion, effectively integrating team intelligence and covering a wide range of industries [3]

Group 1 - The core viewpoint of the article is the launch of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, marking a new phase of reform and efficiency improvement in the public fund industry [1] - The public fund industry in China has seen significant growth, with assets under management increasing from 8 trillion yuan to 36 trillion yuan over the past decade, highlighting its importance in the capital market [2] - The industry is shifting focus from scale to investor returns, emphasizing the need for a systematic capability building that resonates with investors, industries, and market demands [2] Group 2 - The article discusses the establishment of a platform-based research and investment (R&I) system by companies like Harvest Fund, which has been in place since 2009, focusing on an "all-weather, multi-strategy" investment approach [2] - Harvest Fund has developed a comprehensive talent cultivation system, covering over 20 sub-industries, and has formed cross-industry research groups to enhance collaborative research efforts [3] - The company is leveraging digital tools and technologies, such as big data and machine learning, to create a standardized R&I data system that facilitates high-quality investment decision-making [3] Group 3 - Harvest Fund emphasizes deep fundamental research as a core aspect of its investment strategy, with significant holdings in manufacturing, information technology, and scientific research sectors, totaling over 220 billion yuan [4] - The company is focusing on strategic emerging industries such as semiconductors, artificial intelligence, and biomedicine, having conducted over 2,000 company research sessions in the past year [4] - The implementation of the "Action Plan" is expected to enhance the role of public funds in wealth management, capital market stability, and support for the real economy and national strategies [4] Group 4 - The future outlook for the public fund industry is positive, with expectations for the emergence of outstanding investment institutions and long-lasting firms [5]

Group 1 - The importance of high-quality development in the context of the new era is increasingly emphasized, with the Beijing Securities Regulatory Bureau guiding the launch of a series of activities aimed at promoting high-quality development in public funds [1] - The China Securities Regulatory Commission issued an action plan in May 2023, urging fund companies to enhance resource investment and shift from a "solo operation" model to a collaborative team approach in investment research [1][2] - As of July 2025, the net asset value of China's public funds reached 35.08 trillion yuan, marking a significant milestone, which necessitates the establishment of platform-based fund companies with professional division of labor and stable performance [3] Group 2 - Yin Hua Fund is responding to policy calls by implementing an "industrialization" strategy in investment, moving away from the star fund manager model to a modular capability approach [2] - The "Little Giant Plan" is being promoted within Yin Hua Fund's investment department to enhance the stability of fund managers' investment styles and improve the matching of fund manager styles with product styles [2] - Yin Hua Fund aims to focus on enhancing active management capabilities to create high-quality long-term returns for clients [3]

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].

Group 1 - The core viewpoint is that China's public fund industry has reached a new milestone, with the total scale exceeding 33 trillion yuan, indicating significant growth and maturity in the sector [1][2] - As of April 2025, there are 163 public fund management institutions in China, managing a total of 12,705 fund products with a net asset value of 33.12 trillion yuan [1] - The growth in public fund scale in April 2025 was primarily driven by money market funds, bond funds, and equity funds, with money market funds contributing 74% of the overall increase [1] Group 2 - The public fund industry has shown accelerated expansion, with the scale surpassing 30 trillion yuan in April 2024 and reaching 32 trillion yuan by September 2024 [2] - The increasing number of investors and net inflows into public funds reflect a growing recognition and acceptance of these investment vehicles [2] - Analysts highlight that public funds possess core advantages such as high specialization, transparency, and market-oriented operations, making them a key vehicle for wealth transfer to capital markets [2] Group 3 - To achieve high-quality development, public funds should focus on platform-based, integrated, and multi-strategy approaches [3] - Platform development involves creating a unified resource hub through investment research and technology, enhancing collaboration across departments [3] - Integrated operations aim to streamline decision-making processes by linking research insights directly to investment actions and risk assessments [3] - Multi-strategy integration allows fund companies to build diverse strategy toolkits, enabling dynamic asset allocation across different styles and cycles [3]

Investment Rating - The investment rating for the public fund industry is "Outperform the Market" (maintained) [1] Core Insights - Public funds in China have core advantages over bank wealth management subsidiaries and insurance asset management, including high specialization, flexible transparency, and market-oriented operation mechanisms. The long-term core competitiveness lies in active equity investment, supported by in-depth industry research and diversified strategy tools [2] - The governance of companies is improving, and increased dividends from listed companies are fostering long-term capital. Public funds are expected to become the core managers of long-term funds, which will enhance market resilience and risk resistance [2] - Public funds are advancing towards platform-based, integrated, and multi-strategy development to achieve high-quality growth. This includes the integration of IT systems for comprehensive data analysis and resource collaboration, enhancing decision-making efficiency [2] Summary by Sections 1. Industry Positioning - Public funds are positioned as the "vanguard" of the asset management industry, with a management scale of approximately 31.77 trillion yuan, ranking second in the industry [11] 2. Development Path - The overall scale of the public fund industry is stabilizing and recovering, with a compound annual growth rate (CAGR) of 17.1% from 2016 to 2024, compared to other asset management products [5] 3. Market Opportunities - The total assets of Chinese residents are estimated to be around 550 trillion yuan, with financial assets accounting for approximately 32%, indicating a growing trend towards capital market investments [4] 4. Structural Changes - As of the first quarter of 2025, the scale of money market funds and bond funds has expanded to 13.33 trillion yuan and 10.10 trillion yuan, respectively, while mixed funds have seen a decline of about 15% since the end of 2023 [15]