Core Viewpoint - Guolian Minsheng Securities has completed the integration of research operations, aiming to enhance its research capabilities and move towards becoming a top-tier investment bank in the industry [1][3]. Group 1: Research Integration - The newly formed research institute is led by Hu Youwen, featuring over 30 research teams and multiple sales teams, achieving comprehensive coverage across all industry research areas [1][2]. - The research institute has established a complete research system, with key figures such as Chief Economist Tao Chuan providing top-level logical support, and other executives focusing on macro and cyclical research [2]. Group 2: Performance and Growth - In 2024, despite a 34.74% decline in overall commission revenue in the industry, Guolian Minsheng Securities reported a significant increase of 347.73% in its research business commission revenue, reaching 463 million yuan, with a market share of 4.22% [3]. - The merger has led to a notable improvement in rankings, with the combined entity moving from 17th and 38th positions to 6th in the industry [3]. Group 3: Strategic Direction - The research institute aims to drive growth through a dual strategy of local industry empowerment and international expansion, engaging with markets along the Belt and Road Initiative [4]. - The company plans to enhance its research capabilities and maintain a strong position in the industry by optimizing team structures and improving report quality [3][4].

Core Insights - The public fund management scale has surpassed 36 trillion yuan, marking a significant shift from a focus on scale to prioritizing quality in the industry [1] - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" signifies the end of a long-standing growth model that emphasized scale over returns, prompting a reevaluation of core values across the industry [1] Industry Evolution - The public fund ecosystem is undergoing a profound transformation against the backdrop of changes in household wealth allocation, with a decline in the proportion and growth rate of money market funds reflecting an upgrade in investor demand towards stable and value-added returns [4] - The continuous increase in the proportion of equity assets not only indicates the maturity of the capital market but also reflects a return of investor trust in professional asset management capabilities [4] Investment Strategies - A complementary relationship between active and passive investments has emerged, breaking the long-standing debate of either-or within the industry, indicating a shift from meeting singular financial needs to covering comprehensive asset allocation scenarios [6] - The true value of the 36 trillion yuan milestone lies not in the number itself but in its representation of the industry's responsibility as a core link between household wealth and the real economy, which is essential for high-quality development [6] Innovation and Upgrades - Policy guidance acts as a directive for industry transformation, while product innovation and research upgrade serve as dual engines driving high-quality development, with their deep collaboration reshaping the core competitiveness of public funds [9] - The promotion of floating fee rate funds establishes a binding mechanism between managers and investors, representing a fundamental reform of traditional fee structures [9] Research and Development - The transition away from a star manager dependency model is crucial for the industry's maturity, as reliance on star fund managers has led to performance instability and a vicious cycle of talent loss and scale shrinkage for smaller institutions [13] - Industrialized research and development driven by leading firms aims to convert individual capabilities into sustainable core competitiveness for institutions, ultimately protecting investor interests [13] Challenges and Solutions - High-quality development is not without challenges, as the industry faces multiple issues, including a misalignment between investor behavior and fund performance, which highlights a lack of investor service [18] - Fund companies have historically focused too much on product sales while neglecting post-investment support, making it difficult for investors to establish a long-term investment mindset [20] - Risk management challenges are escalating due to global geopolitical uncertainties and asynchronous policy cycles, necessitating a proactive approach to risk management that integrates risk forecasting into the entire research process [22] Future Outlook - The high-quality development of the public fund industry must ultimately return to the core of creating value for investors, with product innovation, research upgrades, and investor service optimization centered around this principle [24] - The 36 trillion yuan milestone is not an endpoint but a new starting point for industry transformation, where only those institutions that adhere to professionalism, prioritize investor interests, and possess risk control capabilities will thrive in the long term [24]

Core Viewpoint - The Chinese public fund industry is entering a critical new stage of high-quality development, with a comprehensive reshaping of its development path as it transitions towards high-quality economic structure [1] Group 1: Industry Transformation - The public fund industry is shifting from a scale expansion model to a comprehensive upgrade focused on "core investment research, specialized services, and distinctive development" [1] - Regulatory policies are guiding the industry back to its asset management roots, addressing issues such as "funds making money while investors do not" [1] - The competitive landscape is optimizing, with clearer strategic positioning between leading and smaller institutions [1] Group 2: Strategic Positioning - The high-quality development of public funds is closely aligned with national strategies and the needs of the real economy [2] - The company positions itself as a "catalyst" for state-owned enterprise (SOE) reform, an "incubator" for industrial upgrades, and a "national team" for wealth management [2] - The goal is to leverage professional asset management capabilities to contribute uniquely to the high-quality development of the capital [2] Group 3: Collaborative Ecosystem - The company has established a collaborative mechanism with shareholders and various industrial groups, providing multi-dimensional support for development [3] - This ecosystem offers valuable industry insights and guides forward-looking layouts for product innovation [3] - The collaborative effect is creating value by attracting long-term institutional investors and optimizing equity structures for SOEs [3] Group 4: Research and Development - Enhancing core investment research capabilities is essential for sustainable competitiveness in the asset management industry [4] - The company is building an integrated research platform that is "research-driven, platform-operated, and deeply collaborative" [5] - The platform is designed to provide high-quality research resources tailored to different product lines, ensuring efficient linkage between macro, industry, credit evaluation, and investment decisions [5] Group 5: Talent Development - The importance of talent in the high-quality development process has been elevated, with a focus on creating a healthy development ecosystem that nurtures long-termism and professional capabilities [7] - The company emphasizes a "cultural leadership" talent strategy, aiming to attract and retain top talent through a platform that aligns personal and organizational values [7][8] - A long-term assessment mechanism and deferred payment incentives are implemented to bind team interests with those of investors [7] Group 6: Client-Centric Approach - The principle of "putting investors' interests first" is being integrated into all operational processes, reflecting a shift from scale-oriented to client experience-oriented practices [9] - The company has established a rapid response mechanism to market fluctuations, ensuring timely communication with investors [10] - By aligning the interests of shareholders, executives, and fund managers with those of investors, the company aims to build trust and long-term partnerships [10] Group 7: Future Outlook - The future of the public fund industry will see deep differentiation, with both "large and comprehensive" and "small and beautiful" models coexisting [11] - The company aims to focus on distinctive paths, becoming an irreplaceable boutique asset management institution in specific fields [11] - The vision for high-quality development includes depth in research, warmth in service, and robustness in corporate culture, ensuring resilience against market challenges [11]