3）越来越多基金公司正在构建平台层面的护城河，通过团队化分工和赋能，打造可预期、可复制的产品体系。 作为业内较早推出绝对收益目标"固收+"——招商"瑞"系列的基金公司，招商基金打造了一套 以持有人的利益为中 心，"市场端客群细分，产品端适配性设计，投资端风险预算管理"为闭环的多元资产管理体系。 在这套闭环体系中， 客群研究、产品设计、基金经理风格匹配度、投资管理的事前风控和过程管理等多个环节形成紧密衔接的管理流程，秉 持绝对收益理念，为持有人提供风险收益特征相对稳定、适配度高的多元资产产品线。 导读：每一次宏观范式的变革，都会带来一次基金特定产品类型的大爆发。 十年前的移动互联网浪潮，推动了标准化产品线上销售的爆发，货币基金的规模得以大幅增长，余额宝一度成为全球规 模最大的单一基金。2019年开始的优质企业集中度提高，带来了主动权益基金的规模大幅增长，多只主动权益基金规 模突破500亿甚至1000亿。而在新一轮低利率环境的时代中，多元资产的春天或已经来临。 当下的宏观环境，有三股长期力量在推动着多元资产的大发展： 1）中长期的低利率环境下，老百姓需要收益率更高的产品代替银行理财； 2）公募基金进入高质量发展元 ...

Core Viewpoint - The retirement of He Yanping, the general manager of Western Lide Fund, has drawn significant attention in the industry, marking the end of an era as the company transitions to new leadership under He Fang, the current chairman [1][3]. Group 1: Leadership Change - He Yanping retired on October 4, 2025, after nearly ten years as the general manager, during which the fund's public offering scale exceeded 100 billion yuan [1][6]. - He Fang, who has been with Western Securities and has served as chairman of Western Lide Fund since March 2019, will temporarily assume the role of general manager [1][5]. - The company is expected to conduct a formal selection process for a new general manager while He Fang serves in the interim [7]. Group 2: Company Performance - As of the end of the second quarter of this year, Western Lide Fund's public offering management scale reached 116.13 billion yuan, with a significant focus on bond funds, which accounted for over 700 billion yuan [1][9]. - The fund's product structure is heavily weighted towards bond-type funds, which made up over 65% of the total scale, with specific figures for various types of bond funds: 40.57 billion yuan for medium- and long-term bond funds, 23.27 billion yuan for mixed bond funds, 11.39 billion yuan for index bond funds, and 3.66 billion yuan for short bond funds [9]. Group 3: Challenges Ahead - The new management team will face challenges in continuing to grow the fund's scale and diversify its product offerings while also enhancing risk management practices [10]. - Recent issues related to personnel management and risk control have raised concerns, particularly following the detention of a fund manager due to gambling-related activities [9][10].

Core Viewpoint - The article emphasizes the importance of enhancing investor experience and trust in the public fund industry, aligning with the regulatory framework set by the China Securities Regulatory Commission (CSRC) to promote high-quality development of public funds [1][3]. Group 1: Company Philosophy and Strategy - Changxin Fund has established a core value of "customer interest first," focusing on customer needs, experience, and trust as the foundation of its operations [3][4]. - The company has integrated the absolute return philosophy into its management, product, and investment strategies since 2015, aiming to create a clear path for achieving this goal [3][5]. - The management mechanism respects customer needs and product positioning, ensuring that fund managers develop skills that align with these requirements [5][9]. Group 2: Systematic Construction - Changxin Fund's systematic construction is designed to be customer-centric, aiming to enhance customer experience and trust through comprehensive management and product strategies [8][9]. - The company has built a three-tiered structure encompassing management, product, and research, embedding compliance and risk control throughout the process [9]. Group 3: Research and Investment Practices - The quantitative team at Changxin Fund, established in 2008, has developed a comprehensive investment research platform that enhances the efficiency of transitioning research into investment [11][12]. - The team employs a three-layer factor architecture to create a factor library, ensuring that qualitative logic aligns with quantitative validation [11]. - Changxin Fund has successfully launched various index-enhanced products, achieving stable excess returns over the past five years, with several products ranking in the top 15% of their categories [12]. Group 4: Future Outlook - As the systematic construction continues to evolve, Changxin Fund anticipates broader implementation of its absolute return philosophy, ultimately enhancing customer experience and trust [13]. - The company aims to redefine the role of public funds as a means of inclusive finance, focusing on building trust and delivering real value to investors [13].

Core Viewpoint - The enhancement of investor satisfaction is a fundamental issue for the public fund industry, which is crucial for the long-term brand building of asset management companies [3][4][16]. Group 1: Investor Satisfaction - Investor satisfaction is the foundation of the fund industry and the core of asset management companies' long-term brand building [3]. - The industry has historically paid insufficient attention to investor satisfaction under the traditional relative return evaluation system, but this is changing with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" [4]. Group 2: Balancing Interests - The relationship between commercial interests and client interests is interdependent, akin to "fish and water," where the absence of investors would eliminate the platform and opportunities for managers [6]. - Ensuring client interests requires a combination of management capabilities and rigid mechanisms, rather than merely adjusting product strategies or service models [6]. Group 3: Investment Philosophy - The core of absolute return philosophy is to balance risk and return, focusing on investment win rates and stable returns [9]. - The asset management industry's primary function is to achieve asset preservation and appreciation through professional management, with absolute return assets directly reflecting this function [9]. Group 4: Professional Management - West China Fund emphasizes absolute return orientation, which aligns with matching client needs and being responsible for client trust [11]. - The sales process in the fund industry is ongoing, where the moment of purchase marks the beginning of service, necessitating professional guidance to help investors establish rational investment perspectives [11]. Group 5: Long-term Vision - The industry should integrate long-termism into daily operations, even at the cost of short-term scale expansion opportunities, as demonstrated by West China Fund's decision to limit purchases during high market sentiment [12]. - The regulatory framework aims to guide the industry towards a scientific, long-term, and professional development model [14]. Group 6: Institutional Development - The establishment of a first-class institution requires a correct understanding of the industry's development rules and cycles, along with the use of financial technology and robust risk management systems [14]. - Continuous diligence and review are essential for achieving excellence in asset management and research teams, emphasizing that investment is not merely a numerical transaction but also involves historical analysis and philosophical depth [14][16].

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the fixed income and equity markets, with a focus on investment strategies for 2025, including sectors like banking, AI, robotics, and new consumption. Core Points and Arguments 1. **Fixed Income + Strategy Performance**: The fixed income + strategy has shown better performance compared to pure bond funds in the first half of 2025, with overall returns exceeding the median of pure bond funds [2][1] 2. **Economic Conditions**: The current economic momentum is insufficient, leading to a preference for longer duration bonds and a buy-on-dip strategy. Equity markets are expected to experience wide fluctuations and structural trends [1][4] 3. **Sector Rotation**: 2025 has seen accelerated sector rotation, with significant rebounds in small-cap stocks and new consumption since April. Robotics and deep learning have led the growth trend earlier in the year [1][6] 4. **Banking Sector Stability**: The banking sector remains attractive due to improved asset quality from national debt management, with dividend yields still appealing compared to deposits. Insurance funds favor dividend stocks, supporting bank stock performance [1][7] 5. **Extreme Asset Allocation**: There is a noticeable trend towards extreme asset allocation in 2025, with a focus on dividend stocks like banks and growth assets in AI and robotics. New consumption sectors are also gaining traction [1][8] 6. **Quantitative Models**: Quantitative models are crucial for controlling drawdowns and optimizing investment strategies, allowing for effective management of equity and bond positions [4][5] 7. **Market Dynamics**: The bond market is less risky, and the pricing efficiency of bonds is faster than that of stocks, leading to a reduced stock-bond seesaw effect [12][11] 8. **Investor Behavior**: Changes in investor structure, such as the entry of insurance and social security funds, can elevate stock market valuations, indicating a potential bullish trend for 2025 [17][18] 9. **Future Predictions**: The outlook for the Chinese economy and financial markets remains stable, with no significant risks anticipated in the near term. The focus will be on maintaining high positions in bonds and rotating sectors in equities [29][28] Other Important but Possibly Overlooked Content 1. **Absolute Return Philosophy**: The absolute return philosophy emphasizes stable and continuous growth in net asset value, aiming for a Sharpe ratio of at least 1.5 to 2, with maximum drawdown being about twice the annual return [3][10] 2. **Challenges in Hedging**: Domestic public funds face challenges in using government bond futures for hedging due to regulatory constraints and market capacity issues [21][22] 3. **Sector Opportunities**: Current investment opportunities include the banking sector, small-cap stocks, AI applications, and new consumption trends like pet economy and trendy toys, with potential rebounds in these areas [23][24] 4. **Impact of US-China Tariff Discussions**: Positive developments in US-China tariff discussions could enhance the performance of stable cash flow stocks, particularly in the banking sector [25][26] 5. **Monetary Policy Effects**: The Chinese central bank's recent policies, including rate cuts, are expected to support the bond market, while the US Federal Reserve's actions will significantly influence market dynamics [27][28]