Core Insights - The article discusses the transformation of China's public fund industry from scale growth to value creation, highlighting the unique strategies of Yongying Fund in achieving significant growth despite a challenging market environment [1][15]. Group 1: Company Strategy - Yongying Fund has experienced a remarkable increase in its active equity product scale, reaching 93.464 billion yuan, with a year-to-date growth of 76.6 billion yuan, the highest in the market [1][3]. - The management team at Yongying Fund recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area since 2018 [3][4]. - During the market downturn from 2022 to 2023, Yongying Fund made counter-cyclical investments by expanding its equity research team and launching ten new funds focused on new productivity and traditional industry upgrades [4][5]. Group 2: Investment Philosophy - Yongying Fund emphasizes that every fund manager should also act as a product manager, focusing on customer value and product positioning [5][6]. - The company has established a unique "product meeting" mechanism to facilitate collaboration among various departments, enhancing decision-making efficiency [6][10]. - The fund's product lines are clearly defined, with experienced managers overseeing foundational products while younger talent manages niche offerings [6][7]. Group 3: Market Positioning - Yongying Fund's "Smart Selection" product series has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [8][9]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [9][10]. - The rapid growth of the "Smart Selection" products, with one fund reaching 11.521 billion yuan by the end of Q3, illustrates the success of this strategy [9][10]. Group 4: Long-term Vision - Yongying Fund aims to build a platform-type asset management company with diverse product lines to mitigate the volatility of individual asset classes [11][12]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [12][13]. - The firm's approach serves as a reference for the industry, demonstrating that mid-sized fund companies can thrive through differentiated strategies and a focus on core competencies [13][14].

Core Viewpoint - The article discusses the transformation of the Chinese public fund industry from scale growth to value creation, highlighting the unique strategies of companies like Yongying Fund that have successfully navigated this change [1][18]. Group 1: Industry Landscape - The public fund industry has surpassed 36 trillion yuan, with leading firms establishing strong competitive advantages, leaving less space for mid-sized companies [2][18]. - Yongying Fund, a bank-affiliated company, has achieved remarkable growth, with its active equity product scale reaching 93.464 billion yuan, an increase of 76.6 billion yuan in the year, marking the highest growth in the market [2][18]. Group 2: Strategic Decisions - Yongying Fund's management recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area despite initial challenges [6][8]. - The company made significant investments in talent acquisition and launched ten new funds focused on innovative production capabilities and traditional industry upgrades during a market downturn [8][12]. Group 3: Organizational Innovation - The introduction of the concept that "every fund manager is also a product manager" has reshaped the investment culture at Yongying Fund, emphasizing the importance of understanding client needs and product positioning [9][10]. - A unique "product meeting" mechanism has been established to facilitate collaboration across departments, enhancing decision-making efficiency [10][12]. Group 4: Market Positioning - Yongying Fund's "Smart Selection" product line has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [12][19]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [13][19]. Group 5: Future Aspirations - Yongying Fund aims to evolve into a platform-based asset management company, emphasizing the importance of diverse product lines to mitigate market volatility [14][15]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [15][16]. Group 6: Industry Implications - Yongying Fund's success illustrates that mid-sized firms can thrive through differentiated strategies and a focus on core competencies [16][18]. - The shift towards tool-based products reflects a broader industry trend, raising questions about the evolving responsibilities of fund managers and investors [20][21].

Core Insights - The article discusses the transformation of China's public fund industry from scale growth to value creation, emphasizing the need for firms to seize opportunities and build lasting advantages in a high-quality development era [1] - Yongying Fund, a bank-affiliated company, has achieved remarkable growth in the competitive market, with its active equity product scale reaching 93.464 billion yuan, an increase of 76.6 billion yuan in the year, marking the highest growth in the market [1][2] Group 1: Strategic Decisions - Yongying Fund recognized the necessity of developing equity investments as a critical survival strategy, despite initial challenges and market fluctuations [2][3] - The management consensus emphasized that without investment in equity, the business would remain stagnant in five years, leading to a proactive approach during market downturns [3] Group 2: Talent and Product Development - The introduction of renowned fund managers has significantly upgraded Yongying Fund's research and investment capabilities, particularly with the recruitment of high-profile managers in 2023 [3][4] - The firm adopted a philosophy where every fund manager acts as a product manager, focusing on customer value and product positioning, which enhances the overall investment strategy [4][5] Group 3: Innovative Product Strategy - Yongying Fund's "Smart Selection" product line has gained traction by focusing on high-potential sectors like humanoid robots and innovative pharmaceuticals, avoiding uncertainty in investments [6] - The firm has developed a unique marketing strategy that prioritizes customer growth over sheer scale, aiming to build trust through genuine investment experiences [7] Group 4: Long-term Vision and Challenges - Yongying Fund aims to evolve into a platform-type asset management company, emphasizing a diverse product line to mitigate asset cycle volatility [9][10] - Despite achieving significant growth, the company acknowledges the need for further talent acquisition in key investment areas to enhance its competitive edge [10] Group 5: Industry Implications - Yongying Fund's approach demonstrates that mid-sized fund companies can thrive through differentiated strategies and a focus on core competencies, providing a reference for industry development [10][11]