Core Viewpoint - Zhongjia Fund is seen as undergoing a "second entrepreneurship" by continuously improving its product system, with the first success being the significant growth in fixed income business, achieving a management scale from zero to 100 billion [1][7]. Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new phase of reform and efficiency enhancement in the public fund industry [2]. - The plan emphasizes increasing the scale and proportion of equity investments in public funds to enhance industry functionality [2]. - The public fund industry is transitioning towards a more diversified and tool-oriented product ecosystem, driven by declining interest rates and increasing competition [6]. Group 2: Company Strategy - Zhongjia Fund's strategic adjustment focuses on consolidating its competitive advantage in fixed income while systematically building a product matrix that includes equity, diversified assets, and pension-type financial products [7]. - The company aims to enhance its equity investment capabilities by aligning with national strategic layouts and focusing on key industries such as artificial intelligence and strategic national infrastructure [8]. - The introduction of Deng Haiqing as Chief Economist and Chief Investment Officer is a significant step in advancing Zhongjia Fund's business transformation and upgrading its equity investment capabilities [4][2]. Group 3: Performance and Market Position - As of the end of Q3 2025, Zhongjia Fund's management scale reached 136 billion, with non-cash products at 117.9 billion, indicating a heavy reliance on fixed income products compared to equity [6]. - Recent performance of equity products has garnered market attention, with notable net value growth rates for specific funds, such as 52.17% for the Zhongjia Specialized and New Quantitative Stock Selection Fund and 108.04% for the Zhongjia Technology Innovation Mixed Fund over the past year [10][13]. - The shift from relying on "star fund managers" to a "fishing net model" emphasizes the need for a systematic and tool-oriented product matrix to cover market opportunities comprehensively [10][12].

Core Insights - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," marking a new phase of reform and efficiency enhancement in the public fund industry [1] - The plan emphasizes the need to significantly increase the scale and proportion of equity investments in public funds, promoting the industry's functional capabilities [1] Group 1: Company Strategy and Development - The recent departure of Deng Haiqing, former Deputy General Manager and Chief Investment Officer of AVIC Fund, to become Chief Economist and Chief Investment Officer at Zhongjia Fund, reflects a strategic move to enhance equity investment capabilities in line with the new action plan [1][2] - Zhongjia Fund aims to address its shortcomings in equity investment by building a systematic and platform-based research and investment capability, transitioning from traditional "capital management" to "capital empowerment" [1][3] Group 2: Market Context and Challenges - The public fund industry is entering a new development stage, with equity funds gaining unprecedented strategic significance as they serve as engines for industrial transformation and long-term vehicles for wealth appreciation [4] - As of the end of Q3 2025, Zhongjia Fund's total management scale reached 136 billion yuan, with non-monetary assets at 117.9 billion yuan, indicating a significant reliance on fixed-income products over equity products [4] Group 3: Product Development and Innovation - Zhongjia Fund is actively participating in building a favorable ecosystem for equity funds, focusing on long-term strategies and creating a diverse, complementary, and collaborative equity research and investment platform [5][6] - The company plans to enhance its equity investment capabilities by focusing on strategic industries such as major national infrastructure and artificial intelligence, while also developing a multi-asset product matrix to meet diverse client needs [6] Group 4: Performance and Market Trends - Several equity products from Zhongjia Fund have shown impressive performance, with the Zhongjia Specialized and Innovative Quantitative Stock Mixed Fund achieving a net value growth rate of 52.17% since its inception, and the Zhongjia Technology Innovation Mixed Fund reaching a growth rate of 108.04% over the past year [7][9] - The shift from reliance on "star fund managers" to a "fishing net model" emphasizes the need for a systematic and tool-based product matrix that allows investors to choose products based on their needs rather than depending solely on individual managers [7][8]