当公募基金行业告别简单规模扩张的初级阶段，迈入服务实体经济、满足居民财富管理的高质量 发展阶段，一个根本性的问题随之浮出水面：靠单个基金经理"聪明"是否足以应对复杂多变的市 场？在中欧基金董事长窦玉明看来，答案显然是否定的。要真正成为一家"用长期业绩说话"、长 期服务大众的基金公司，就必须从"靠个体"走向"靠体系"，完成一次深刻的生产方式变革。 除了人才，窦玉明还反复强调"长期导向""流程一致""团队协作"等关键词。 他并不急于在短期市 场波动中证明什么，而是更在意五年、十年甚至更久之后，中欧管理的基金产品能否持续跑赢基 准，整体业绩能否站在同行前列。 在窦玉明眼中，基金行业的终极竞争力不是短期业绩，而是能 否构建一个长期可持续产生投资洞见的组织。这也是走向"专业化、工业化、数智化"转型之路的 意义所在。 "专业化、工业化、数智化"转型之路 "中欧制造"的提出，是希望构建一个清晰、稳定、可复制的体系，让像中欧这样的公募基金公司 能更好地满足普罗大众的资产管理需求。在这样的目标下，依靠传统的"手工作坊"模式，显然是 难以为继的。 对此，中欧基金提出的解决方案是，通过"专业化、工业化、数智化"三化协同构建一个真正 ...

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 ...

【导读】资管工业化转型！中欧基金窦玉明谈"中欧制造"崛起——"专业化、工业化、数智化"转型之路 中国基金报记者 曹雯璟 当公募基金行业告别简单规模扩张的初级阶段，迈入服务实体经济、满足居民财富管理的高质量发展阶段，一个根本性的问题随之浮出水面：靠单个基金 经理"聪明"是否足以应对复杂多变的市场？在中欧基金董事长窦玉明看来，答案显然是否定的。要真正成为一家"用长期业绩说话"、长期服务大众的基金 公司，就必须从"靠个体"走向"靠体系"，完成一次深刻的生产方式变革。 中欧基金董事长 窦玉明 近年来，中欧基金投研体系大力推动"专业化、工业化、数智化"转型，并将其归结为"中欧制造"的核心理念。这不仅是对公募基金投研体系从理念到流程 的框架重构，更是对整个行业未来发展路径的深刻思考。"'中欧制造'不是一句口号，而是一套切实可落地、可复制的方法论，是中欧基金对自身投资能 力的底层构建。"在窦玉明看来，要想真正实现可持续的阿尔法，服务好大众投资者，靠的不是个体，而是需要一套能够持续产出"洞见"，并有效协作落 地的体系。 向"专业化、工业化、数智化"的转型则有望实现从"个体"向"体系"的飞跃，也是中欧基金在践行高质量发展过程中 ...

Core Viewpoint - The article emphasizes the transformation of the asset management industry towards a "professional, industrialized, and intelligent" model, termed "Zhongou Manufacturing," which aims to enhance the investment research system and better serve the public's asset management needs [5][8][28]. Group 1: Transformation Strategy - Zhongou Fund is focusing on a three-pronged approach: specialization, industrialization, and digital intelligence, to create a sustainable investment research system that can produce high-quality insights [9][11]. - Specialization involves building a knowledge-intensive team where each investment professional excels in specific areas, allowing for deeper insights and better market predictions [9][10]. - Industrialization aims to enhance organizational efficiency and the speed of insight delivery, ensuring that research findings translate effectively into investment decisions [10][11]. - Digital intelligence focuses on leveraging technology to convert human expertise into reusable data assets, enhancing the overall decision-making process [10][11]. Group 2: Long-term Focus and Team Collaboration - The company prioritizes long-term performance over short-term market fluctuations, aiming for sustained outperformance against benchmarks over five to ten years [6][12]. - A collaborative team structure is essential, as individual fund managers cannot independently manage extensive portfolios; a well-coordinated team is necessary for effective investment management [12][14]. - The emphasis on a decentralized organization allows for diverse perspectives and reduces the reliance on a single decision-maker, fostering a more inclusive decision-making environment [15][18]. Group 3: Challenges in Implementation - The most significant challenges in implementing the transformation are related to human factors, including selecting the right talent, nurturing their development, and fostering collaboration among intelligent individuals [20][21]. - The company recognizes that building a cohesive team requires time and patience, as well as a commitment to cultivating a shared understanding and methodology [22][24]. - The concept of "good product rate" is introduced as a key performance indicator, reflecting the effectiveness of the investment research system and the importance of long-term stability [24][25]. Group 4: Focus on Active Management - Zhongou Fund chooses to focus solely on active investment management, believing that it is essential to excel in one area rather than attempting to balance both active and passive strategies [28][29]. - The company argues that the success of active management relies on deep research and talent, contrasting with the cost-driven nature of passive investment strategies [28][29]. - The long-term vision is to establish a culture of professional excellence that prioritizes sustainable performance and the development of a robust investment philosophy [28][29].