当前，我国公募基金行业正处在从规模扩张向质量提升转型的关键阶段。2025年5月，中国证监会印发 《推动公募基金高质量发展行动方案》，明确提出"强化核心投研能力建设，加快'平台式、一体化、多 策略'投研体系建设""鼓励基金公司加大对人工智能、大数据等新兴技术的研究应用"等工作要求，强调 力争用三年左右时间，扎实推动各项政策举措落地见效，形成行业高质量发展的"拐点"。 面对行业发展机遇和挑战，中欧基金通过构建"专业化、工业化、数智化"的投研体系，推动业务模式从 依赖超级个体向体系化转型，通过工业化标准流程实现可持续收益，专注提升核心投研能力，助力公募 基金行业高质量发展。 从实践情况来看，凭借投研体系工业化升级的先发优势，中欧基金实现了权益和固收业绩短期、长期均 领跑。国泰海通证券数据显示，截至2025年三季度末，在13家权益类大型基金公司中，中欧基金近十年 绝对收益业绩排名第3；在14家固收类中型公司中，中欧基金近三年和近七年维度的绝对收益业绩均排 名第1。 行业之问：规模增长下的获得感挑战 过去十年，公募基金行业实现了跨越式增长。中国证券投资基金业协会统计显示，行业管理规模从2015 年年末的8.4万亿元增长 ...

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][3] - China Securities Regulatory Commission aims to implement policies for high-quality development in the public fund sector over the next three years [1] - Despite significant growth in the public fund industry, challenges remain regarding investor satisfaction and the effective functioning of funds [2][3] Industry Growth and Challenges - The public fund industry has grown from 8.4 trillion yuan at the end of 2015 to 36.74 trillion yuan by September 2025 [1] - Challenges include misaligned operational philosophies, insufficient functionality, uneven development structures, and weak investor satisfaction [1][2] Investment Returns and Investor Experience - From 2020 to 2024, annualized returns for non-industry and industry stock funds were 6.67% and 3.68%, while actual investor returns were only 4.03% and -1.38% respectively, indicating a significant "scissors gap" [2] - High market volatility and unclear fund product positioning contribute to this disparity [2] Regulatory Developments - The China Securities Regulatory Commission released a draft guideline to clarify product positioning and enhance the quality of excess return assessments [3] - The guideline aims to improve investor satisfaction and address challenges faced by fund manufacturers [3] Research and Development Strategy - The company is focusing on a "professional, industrialized, and intelligent" investment research system to enhance core capabilities [4][5] - The investment research field is divided into over 80 sub-sectors, allowing for deep specialization and long-term research commitments [5][6] Industrialization and Efficiency - The industrialization of the investment process aims to improve collaboration and ensure consistent quality in investment outcomes [6][7] - The "MARS Factory" model exemplifies this approach by standardizing the management of multi-asset solutions [6] Digital Transformation - The company is leveraging digitalization and intelligent systems to manage large-scale social funds effectively [7] - AI integration is transforming research processes, enhancing data handling and predictive accuracy [7] Long-term Commitment to Investors - The company emphasizes a "long-termism" approach in both product development and client services, aiming to enhance investor satisfaction [8][9] - Initiatives include extensive offline engagement, diverse communication methods, and innovative product offerings tailored to investor needs [8][9]