中国资产管理行业正经历前所未有的扩容。如今，公募基金资产管理规模已然突破33万亿元。然 而，"资管大航海"在驶向深蓝之际，却遭遇了核心挑战：当管理规模呈几何级膨胀，传统依赖基金经理 单打独斗的"手工作坊"模式，能否承载时代托付的财富管理重任？ 中欧基金董事长窦玉明在接受中国证券报记者采访时坦言："公募基金作为普惠金融的典型代表，要为 大众理财，势必面临大规模资金的管理难题。"学习海外万亿美金资管巨头的成熟经验，中欧基金近年 来一直致力于打造"专业化、工业化、数智化"的投研体系，构建可复制的投研能力，争取在更复杂的市 场环境中，实现长期可持续的业绩表现。 窦玉明认为，通过向"专业化、工业化、数智化"的转型，中欧基金投研团队有望实现从"个体"向"体 系"的进化，构建一个长期可持续产生阿尔法的组织，从而为广大投资人提供更好的产品和服务。 破局之道： 用工业化思维打造资管"新基建" 近年来，居民财富管理需求如潮水般涌来，推动公募基金行业规模快速增长，但窦玉明点明了残酷的业 内现实情况：单靠基金经理个人能力存在天然瓶颈。"一个基金经理能深度研究的股票可能只有20至50 只，但管理百亿规模的基金通常需要覆盖几百只标的，这 ...

□本报记者 魏昭宇 中国资产管理行业正经历前所未有的扩容。如今，公募基金资产管理规模已然突破33万亿元。然 而，"资管大航海"在驶向深蓝之际，却遭遇了核心挑战：当管理规模呈几何级膨胀，传统依赖基金经理 单打独斗的"手工作坊"模式，能否承载时代托付的财富管理重任？ 中欧基金董事长窦玉明在接受中国证券报记者采访时坦言："公募基金作为普惠金融的典型代表，要为 大众理财，势必面临大规模资金的管理难题。"学习海外万亿美金资管巨头的成熟经验，中欧基金近年 来一直致力于打造"专业化、工业化、数智化"的投研体系，构建可复制的投研能力，争取在更复杂的市 场环境中，实现长期可持续的业绩表现。 窦玉明认为，通过向"专业化、工业化、数智化"的转型，中欧基金投研团队有望实现从"个体"向"体 系"的进化，构建一个长期可持续产生阿尔法的组织，从而为广大投资人提供更好的产品和服务。 破局之道： 用工业化思维打造资管"新基建" 更深层次来看，工业化锻造出的是一张紧密交织的共生网，极大增强了团队的稳定性。窦玉明用了一个 生动的比喻：有的基金经理如同精密的光刻机，但其巨大价值只有在完整的芯片生产线上才能充分释 放；反之，生产线若缺失了核心设备，其 ...

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: Industry Overview - The public fund industry is experiencing new opportunities for development due to favorable external and internal factors, including the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC [1] - The macroeconomic environment shows positive trends, with GDP growth rates of 5.4% in Q1 and 5.2% in Q2, leading to a cumulative growth of 5.3% in the first half of the year [3] - The contribution of domestic demand to GDP reached 66.8%, with final consumption expenditure contributing 52%, highlighting the importance of domestic consumption in economic development [3] Group 2: Company Strategy - The company has established three main business strategies: "Global Sci-Tech Family," "Index Family," and "Fixed Income Family," which are in the early stages of development [1] - The company is optimizing its product strategy by launching new products and upgrading existing ones, focusing on niche strategies in various technology sectors and enhancing index funds [2] - The company is enhancing its talent acquisition and development by combining internal team building with external talent recruitment, focusing on key areas such as technology innovation and new fixed income strategies [2] Group 3: Market Dynamics - Long-term capital is seen as an effective counter-cyclical stabilizer that reduces market volatility and boosts investor confidence, with state investments diversifying into various indices [4] - The investment scope of state-backed funds has expanded to include strategic emerging industries such as semiconductors and AI computing power, improving market structure and reducing speculative trading [4]