● 本报记者 王鹤静 《推动公募基金高质量发展行动方案》提出，要强化核心投研能力建设，引导基金公司持续强化人力、 系统等资源投入，加快"平台式、一体化、多策略"投研体系建设。 近年来，兴证全球基金投研体系全面迭代升级，通过专业研究小组搭建、跨组协作、"老带新"人才梯队 建设等系列机制，为公司投资决策提供平台化、专业化、体系化的研究支持，为公司上千亿的权益基金 管理运作提供了有力支撑。 人才建设是资产管理行业的核心，如何让团队有机衔接，对投资决策形成有效助力，兴证全球基金正在 不断探索完善一条自己的路径。 "这个过程就像手工艺人慢慢开始操纵精密仪器，通过体系化、流程化来提高效率，但是这个过程需要 循序渐进，要尽可能为投研人才留出空间。"兴证全球基金副总经理、研究总监、基金经理谢治宇如是 总结道。 近年来，兴证全球基金投研团队启动了一系列变革。"首先体现在研究的加法。"兴证全球基金投资总 监、基金经理乔迁介绍，"我们需要研究员能在一些值得持续投入研究的行业扎根，去积累未来三五年 的事情。" 这一迭代效果也初步体现在收益率曲线之上。根据国泰海通基金研究中心数据，截至9月末，兴证全球 基金近一年、近两年、近三年权益类 ...

Core Viewpoint - Qingyin Wealth Management demonstrates strong performance stability and compliance ability, with a 100% compliance rate for 3-6 month and 6-12 month products, and a 97.83% compliance rate for 1-2 year products, significantly outperforming industry averages [1] Product Innovation and Design - Qingyin Wealth Management actively innovates product design to adapt to significant changes in asset and investor landscapes, focusing on low-volatility products and enhancing product types to meet diverse investor needs [2][3] - The company has launched a "Fixed Income + Equity" series, offering various equity asset allocation options to cater to different risk preferences among investors [3] Investment Strategy and Research Capability - The company emphasizes a robust investment strategy supported by a comprehensive research framework, utilizing quantitative models and market sentiment analysis to identify structural investment opportunities [4][5] - Qingyin Wealth Management focuses on dynamic asset allocation, adjusting the ratio of equity to debt based on macroeconomic conditions and market trends to optimize returns [5] Differentiated Development Path - The company aims for sustainable performance through differentiated, high-quality development, planning to enhance product innovation and customer service tailored to various client segments [7] - Qingyin Wealth Management is committed to building a top-tier research team and improving its investment research capabilities across multiple asset classes [7] Channel Expansion and Digital Transformation - The company is exploring new performance assessment models and enhancing digital marketing tools to improve channel management and customer engagement [8][9] - Qingyin Wealth Management is advancing its digital transformation strategy to create a comprehensive intelligent information technology ecosystem that supports all business operations [9] Commitment to National Strategy - The company is dedicated to aligning with national financial policies and enhancing its strategic transformation to contribute to high-quality financial development [10]

Core Viewpoint - The article emphasizes the importance of enhancing research and investment capabilities in public funds, aligning with the regulatory push for high-quality development in the industry. It highlights the shift from individualistic investment approaches to a more systematic and team-oriented model, aiming to reduce reliance on "star fund managers" [1][2]. Group 1: Investment Research System - The China Securities Regulatory Commission (CSRC) has mandated the establishment of a fund company research capability evaluation system to strengthen core investment research capabilities [1]. - Changsheng Fund exemplifies a robust investment research framework, focusing on collective decision-making and high-frequency discussions among investment managers and researchers to adapt to market changes [1][2]. - The firm has developed a vertical and horizontal system among investment teams and managers, ensuring thorough discussions on investment targets, including market styles and competitive advantages [2]. Group 2: Mechanisms and Processes - Changsheng Fund has implemented a three-tiered fixed investment research discussion mechanism, including weekly deep report discussions, monthly simulated portfolio meetings, and quarterly investment committee meetings to maintain information freshness and industry dynamics [3]. - The firm also conducts daily morning meetings and ad-hoc industry discussions to create a closed-loop from research output to investment conversion, enhancing team collaboration and responsiveness to market changes [3]. Group 3: Strategic Focus - In the context of high-quality industry development, mid-sized fund companies like Changsheng Fund are concentrating resources to achieve effective transformation and breakthrough in their investment research systems [2]. - The focus is on establishing a mutual trust discussion mechanism and a multi-layered discussion framework to ensure both depth and timeliness in research, ultimately aiming to enhance investment experiences and outcomes [2].

Core Insights - The enhancement of investment research capabilities is essential for public funds to implement the "investor-centric" philosophy and is fundamental to the industry's survival [1] - The China Securities Regulatory Commission (CSRC) has mandated the strengthening of core investment research capabilities, emphasizing the establishment of an evaluation system for fund companies' research capabilities [1] - Longsheng Fund exemplifies a robust investment research system, focusing on a "platform-based, integrated, multi-strategy" approach, moving away from reliance on "star fund managers" to a more systematic and team-oriented model [1][2] Investment Research System - Longsheng Fund has developed a vertical system from teams to fund managers, alongside a parallel system among fund managers with different styles [2] - The investment team conducts in-depth discussions on each investment target, covering market styles, industry patterns, competitive advantages, and shareholder structures [2] - In fixed income, the focus is on absolute returns, supported by a comprehensive risk control system to monitor the fundamentals of bond-issuing companies [2] Collaborative Decision-Making - Longsheng Fund is pursuing a "concentrated resources, effective transformation, and boutique breakthroughs" approach in its investment research system [2] - A mutual trust discussion mechanism is established to leverage collective intelligence for key decision-making [2] - A multi-layered, three-dimensional discussion framework is designed to ensure both depth and timeliness in research outcomes, enhancing investment effectiveness [2] Structured Research Mechanisms - Longsheng Fund has implemented a three-tiered fixed investment research discussion mechanism, including weekly report discussions, monthly simulated portfolio meetings, and quarterly investment committee meetings [3] - Weekly discussions maintain the freshness of information, while monthly meetings help capture industry dynamics [3] - The quarterly investment committee focuses on macro and micro comparisons, complemented by daily morning meetings and ad-hoc industry discussions to complete the research-to-investment conversion loop [3]

Core Viewpoint - Public fund managers are accelerating the trend of "de-executivization," focusing more on investment management rather than administrative roles [1][4]. Group 1: Executive Changes in Fund Management - E Fund has seen significant executive changes, with four core fund managers resigning from their vice president roles to concentrate on investment management [2][4]. - Zhang Qinghua, a long-time investment manager, has a managed fund scale of 47.938 billion yuan, with a notable return rate of 266.78% for his fund [2][3]. - Other notable fund managers, such as Zhang Kun, Chen Hao, and Xiao Nan, have also stepped down from executive positions to focus on their investment roles, with managed fund scales exceeding 200 billion yuan for some [3][4]. Group 2: Industry Trends - The trend of "performance leads to promotion" in the public fund industry is shifting, with many fund managers opting to return to their investment roots due to the dual pressures of executive responsibilities and investment performance [4][7]. - Regulatory bodies, such as the China Securities Regulatory Commission, are encouraging fund companies to strengthen their core investment research capabilities, promoting a more integrated and team-based investment management approach [7].

Core Viewpoint - The issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" serves as a timely initiative to lay the foundation for the long-term development of the public fund industry, particularly emphasizing the enhancement of core investment research capabilities [1] Group 1: Existing Research and Investment System Issues - The investment research capability is deemed the "lifeline" of public fund companies, crucial for standing out in a competitive market and creating value for investors [2] - Some fund companies overly rely on star fund managers, leading to performance volatility and challenges in managing numerous listed companies and a complex market [2] - There is a lack of systematic and refined management, with talent assessment and incentive mechanisms not aligning with platform-based concepts, necessitating a digital transformation of the investment research platform [2] Group 2: Key Measures for Digital Transformation of Research and Investment System - Establishment of a "Quantitative Finance Laboratory" by Yimin Fund Management, which collaborates with the Ministry of Science and Technology to create a mechanism for rational allocation of personnel across departments [3] - Application of intelligent investment research tools, utilizing Natural Language Processing (NLP) technology to automate the classification, summarization, and sentiment analysis of vast amounts of reports and news, significantly enhancing efficiency [4] - Development of digital talent through internal training in big data, artificial intelligence, and quantitative investment, alongside the introduction of external digital talent and the establishment of incentive mechanisms to encourage innovation [5] Group 3: Challenges and Responses in Transformation - Fund companies face challenges such as technical difficulties, data security risks, and organizational restructuring during the transformation process [6] - Significant investment in funds and human resources is required for system development and maintenance, alongside the need to keep pace with new technological advancements [6] - A comprehensive data security management system must be established to address data security risks, including data encryption, access control, and security audits [6] - To adapt to digital transformation, it is essential to break down departmental barriers, promote cross-departmental collaboration, and establish management mechanisms suited for digitalization [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing investor-centric development and enhancing core research capabilities, which aligns with the strategic direction of Huitianfu Fund [1][2] Group 1: Company Strategy and Development - Huitianfu Fund has a strong reputation for active stock selection and has implemented various reforms that align with the CSRC's action plan, reinforcing the company's strategic determination and confidence in development [1][2] - The company is celebrating its 20th anniversary, and the action plan provides clear guidance for optimizing reform measures and enhancing research and service levels, marking a new chapter in high-quality development [1][2] - In the past year, Huitianfu has seen significant performance in active equity funds, with five funds doubling their performance, the highest increase exceeding 200%, and 20 funds achieving over 70% growth [1][12] Group 2: Research and Investment System - The action plan calls for strengthening core research capabilities and establishing evaluation metrics for fund companies, encouraging continuous investment in human and system resources [3] - Huitianfu has developed a unique vertical integrated research system, conducting in-depth research and forward-looking layouts through regular overseas industry inspections [3][4] - The company emphasizes a collaborative research model that fosters sharing and efficient cooperation among research teams, creating competitive barriers in long-term growth industries [3][4] Group 3: Team Building and Management - Huitianfu has consistently focused on team building, nurturing talent while also attracting stable and high-performing investment managers to create a diversified investment team [4][5] - The company promotes a culture of simplicity, focus, and collaboration, enhancing team stability and research efficiency [4][5] - A data science team has been established to support the investment management process, ensuring comprehensive performance attribution, risk analysis, and investment decision oversight [4][7] Group 4: Client-Centric Approach - Huitianfu emphasizes the alignment of client needs with product positioning and investment strategies, ensuring that investment managers' strengths match client demands [5][6] - The company is committed to a multi-strategy investment system centered around its core fund managers, allowing for precise matching of product configurations to investment capabilities [5][6] - Huitianfu aims to enhance investor satisfaction and experience by providing tailored solutions based on thorough analysis of market conditions and client needs [9][10] Group 5: Fee Structure and Performance Evaluation - The action plan highlights the need for optimizing fund operation models and establishing performance-linked fee structures to better align with investor interests [7] - Huitianfu has proactively reduced management and custody fees for active equity funds and launched investor-benefit funds, focusing on enhancing investor returns [7][8] - A comprehensive evaluation system based on product positioning and performance benchmarks has been established to assess fund managers' abilities to generate excess returns [7][8]

Group 1 - As of July 2025, the total net asset value of public funds in China has surpassed 35 trillion yuan, marking a significant milestone in the public fund market [1] - The number of public fund management institutions in China stands at 164, including 149 fund management companies and 15 asset management institutions with public qualifications [1] - The public fund scale has shown remarkable growth this year, returning to 32 trillion yuan by the end of February, surpassing 33 trillion yuan by the end of April, and reaching 34.39 trillion yuan by the end of June [1] Group 2 - The number of fund products has also reached a new high, increasing to 13,000 by the end of July, up by 109 products from the previous month [1] - The combined scale of mixed and equity funds reached 8.75 trillion yuan by the end of July, an increase of over 330 billion yuan from the end of June [1] - In contrast, the scale of bond funds has decreased, with the number of shares and scale falling to 5.95 trillion shares and 7.24 trillion yuan, respectively [1] Group 3 - The growth in equity fund scale is closely linked to the rise in net value, with the mixed equity fund index and stock fund index increasing by 5.94% and 5.59% respectively in July [2] - The public fund industry is presented with new development opportunities as the stock market rises, with expectations for improved investor trust if fund performance continues to be strong [2] - The China Securities Regulatory Commission has emphasized the need for high-quality development in the public fund industry, advocating for enhanced core investment research capabilities and the establishment of evaluation systems for fund companies [2]

Core Insights - The article highlights the significant growth and strategic transformation of Rongtong Fund since its merger with China Chengtong Group, with total assets reaching 339.8 billion yuan as of June 30, 2023, an increase of 107.9 billion yuan compared to before the merger [1] Group 1: Business Strategy and Development - Rongtong Fund has established a "dual-driven" development strategy focusing on state-owned capital operations and resident wealth management, creating a business model that integrates domestic and international operations [1] - The fund has actively participated in the capital operation framework of China Chengtong Group, supporting the development of various indices and thematic funds, including the China Chengtong Central Enterprise Dividend Index and the China Chengtong Central Enterprise ESG Index [1] - The company has successfully launched multiple thematic ETFs and funds, enhancing its product matrix to include diverse offerings such as thematic ETFs, bond funds, and actively managed equity funds [1] Group 2: Performance Metrics - As of June 30, 2023, Rongtong Fund's equity excess return ranked 48 out of 156 in the industry, placing it in the top 30% [2] - The fund's fixed income excess return ranked 35 out of 151, positioning it in the top 20% [2] - Notable performance includes the Rongtong Industry Trend Selection fund, which achieved a return of 39.60% over the past year, ranking in the top 10% among 344 standard equity funds [2] Group 3: Research and Investment Team - Since merging with China Chengtong Group, Rongtong Fund has focused on enhancing its research and investment capabilities by establishing a cross-asset allocation investment committee [4] - The investment team comprises experienced fund managers with over 20 years in the industry and mid-career managers with around 10 years of experience, fostering a stable and innovative team structure [4] - The company aims to strengthen its integrated and multi-strategy research system to better serve state-owned capital operations and resident wealth management [4]