从市场空间看，海外市场的重要性持续上升。对车企而言，"出海"不仅是推动销量扩张的必经之路，更 是改善盈利结构、增强抗风险能力的关键选择。实践证明，布局国内与国际"双市场"的车企，经营稳定 性和盈利弹性更强。未来，谁能在海外市场率先站稳脚跟、形成体系化布局，谁就更有可能在新一轮竞 争中占据主动。 政策环境仍将是支撑行业运行的重要力量。新能源汽车在经历早期补贴推动后，已逐步转向市场驱动， 但消费端政策的引导和托底作用仍不可或缺。在使用和流通领域，二手车交易、跨区域流转、新业态发 展等方面仍存在不少堵点。若这些问题得到有效解决，汽车作为耐用消费品的流动性将显著提升，从而 形成更具韧性的内需循环。 ■刘钊 刚刚过去的2025年，中国汽车产业在深度调整中持续前行。价格竞争、技术升级、消费分化与全球化进 程相互交织，推动行业从高速扩张阶段迈入以质量和结构升级为主导的发展新阶段。站在2026年的崭新 起点，如何在不确定性中稳定预期、在激烈的竞争中夯实能力，成为摆在整个行业面前的现实课题。 从竞争格局看，随着市场由增量竞争转向存量竞争，企业间的分化日益明显。规模偏小、技术积累不 足、产品竞争力有限的企业，面临的生存压力不断加 ...

Core Viewpoint - The implementation of the "Asset Management Trust Management Measures (Draft for Comments)" represents a significant transformation for the trust industry, focusing on moving away from traditional non-standard business models towards a more compliant and research-driven approach [1][5] Group 1: Transformation Directions - The reform emphasizes three major shifts: 1. Business logic shift from reliance on non-standard operations to active management and net value operations, aligning with new asset management regulations [1] 2. Regulatory guidance shift from mere scale control to a refined regulation that balances compliance and investment capability across the entire lifecycle of trust products [2] 3. Competitive logic shift from low-barrier homogeneous competition to building differentiated and ecological core competencies [1][2] Group 2: Business Boundaries and Investor Protection - The Measures delineate clear business boundaries and regulatory requirements, including: 1. Prohibition of channel and fund pool businesses, and restrictions on non-standard debt investments and structured product leverage [2] 2. Enhanced investor protection through improved sales suitability management and detailed information disclosure requirements [2] 3. Emphasis on comprehensive risk control, requiring thorough oversight of underlying assets and clear responsibilities for management [2] Group 3: Optimization of Trust Companies - Trust companies are encouraged to optimize their operations, talent, and risk control through: 1. A three-step approach to build differentiated advantages, focusing on standard asset management and active management products [3] 2. Strengthening talent reserves by attracting professionals from various investment fields and fostering a culture of investment thinking [3] 3. Upgrading risk control systems to encompass a broader range of risks beyond credit risk, ensuring compliance with regulatory requirements [3] Group 4: Challenges in Implementation - The industry faces several challenges during the implementation of the new regulations, including: 1. Difficulty in accurately matching investor risk profiles and assessing the risks of non-standard assets [4] 2. Challenges in valuing non-standard assets due to a lack of active trading markets and subjective valuation models [4] 3. Balancing the need for detailed information disclosure with the protection of commercial secrets [4] Group 5: Future Outlook - The long-term transformation of the trust industry will require addressing dual challenges: competing with similar institutions and reducing reliance on traditional non-standard business models [4] - By enhancing research capabilities and fostering collaboration across asset management and wealth management, trust companies can transition from a scale-oriented approach to one prioritizing quality and efficiency [4]

Core Viewpoint - Liu Gesong, a prominent fund manager at GF Fund, has stepped down from managing the GF Multi-Dimensional Emerging Stock Fund, which achieved a return of 140.03% during his tenure, marking it as the best-performing fund under his management [1][4][7]. Fund Management Changes - The change in management is officially termed as "dismissal of the fund manager," with Zhou Zhishuo taking over sole management responsibilities [5]. - The announcement emphasizes that Liu Gesong will remain with GF Fund, indicating that this is a "normal work adjustment" [1][7]. Performance Context - Despite the strong performance of the GF Multi-Dimensional Emerging Stock Fund, questions arise regarding the rationale behind the dismissal of the best-performing fund, especially in light of industry pressures and fee reforms [4][8]. - Liu Gesong continues to manage five other funds with a total scale of 29.463 billion yuan, maintaining a focus on key stocks such as Siasun, Shengbang, Yiwei Lithium Energy, and Sunshine Power [7]. Market Speculation - The management change has led to speculation about whether the scale of 29.463 billion yuan has become overwhelming for Liu, as larger fund sizes complicate asset allocation and rebalancing [8]. - The industry is witnessing a trend of star fund managers stepping down or leaving, with several notable managers transitioning to private equity [9]. Industry Trends - The public fund industry is experiencing a shift from "license dividends" to "capability competition," with a notable decline in the personal brand value of star managers, while platform value is becoming more prominent [9]. - The ongoing management pressures in the industry suggest that while "reducing burden" may alleviate short-term stress, optimizing portfolio strategies and enhancing the performance of remaining products are crucial for maintaining investor trust [9].

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].