来源：小基慢跑 张晖反复强调的一个核心理念是 "规则化投资" 。他认为，解决行业乱象的办法是采用规则化的投资思 维：一方面坚持投资理念和原则；另一方面严格基金产品的比较基准。 "规则化的终极目标不是束缚，而是通过科学手段拓展人类理性的边界，让投资能力在可解释、可追溯 的框架中持续进化、迭代升级。" 中小基金公司或许无法复制汇添富的规模，但完全可以借鉴其对规律的理解和对长期主义的坚持。 作为公募基金行业的年度保留节目，汇添富基金总经理张晖每年春节后致员工的信，总能引起业内广泛 关注。这些信件不仅是对内部员工的动员，也成为外界观察这家头部基金公司治理思路的重要窗口。 2026年新春首个交易日，汇添富基金全体员工再次收到了公司总经理张晖的"一年一度家书"。这封题为 《变化的世界，我们到底要坚持什么》的信件，在信中，张晖以"行到水穷处，坐看云起时"开篇，直面 行业面临的挑战与机遇。 在头部效应日益加剧的资管行业，中小基金公司该如何突围？ 张晖多年的思考或许能提供一些启示。 正视行业浮躁，回归投资本源 张晖曾在信中直言行业的浮躁现象： "投资者行为短期化、基金经理投资极端化、产品设计迎合流 量。" 他指出，市场中盛行景 ...

导读："行到水穷处，坐看云起时。"王维的诗句，被张晖写进了汇添富2026年的开年信。 这句诗用来形容公募行业近年来的境况，恰如其分。过去几年，市场剧烈波动、信任遭遇考验、旧范式与新逻辑激烈碰撞，公募基金行业面临 较大挑战；但"云起"之机，往往就蕴藏在"水穷"之处，刚刚过去的一年，主动权益回暖，身边咨询买什么基金的朋友又多了起来。 变化的洪流正在重塑资管行业，也催生着新的可能。面对快速流变的世界，我们该如何自处？ 这也是张晖在信中所试图回答的问题。作为汇添富基金总经理，张晖亲自执笔的开年信，一直受到市场的高度关注，因为这不仅是一次对公司 员工的内部动员，也逐渐成为外界观察行业风向的一个切口。在这个AI技术狂飙突进，大家普遍焦虑的时代，张晖在今年的信中，希望探讨 一个朴素却核心的问题：在变化的世界中，我们到底要坚持什么？ 围绕这一主线，张晖的思考层层递进：第一部分聚焦投研本源，详细拆解了汇添富的投资理念、垂直一体化投研体系、规则化投资以及"以人 为核心"的多策略体系；第二部分直面变化，从对"结构性非弹性"市场特征、AI浪潮的冲击到客户需求转型的论述，展现对于时代之变的认知 和思考；第三部分则回归价值观，以"正直、 ...

Core Insights - The article emphasizes the strong performance of the Huatai-PineBridge Tian Tian Le Shuang Ying fund, which has achieved a cumulative net value increase of 18.50% since its inception in February 2023, outperforming its benchmark of 12.98% [1][4] - The fund has maintained a maximum drawdown of only 1.56% over its operational period, indicating effective risk management [1][4] Fund Performance - As of September 30, 2025, the fund's net value has shown stable growth with a focus on low volatility, making it suitable for conservative investors [4][5] - The fund's asset allocation is approximately 80% in bonds and 20% in equities, with a consistent stock market value around 10% of total assets since 2024 [5][6] Investment Strategy - The fund is managed by Cai Zhiwen and Chen Sixing, who employ a "deep value" investment style, focusing on undervalued stocks and maintaining a low average price-to-earnings ratio [6][7] - Cai Zhiwen prioritizes risk control by selecting stocks with low valuations and strong fundamentals, while Chen Sixing emphasizes a stable bond investment approach, focusing on high credit quality AAA-rated bonds [8][9] Research and Development - Huatai-PineBridge is recognized for its integrated investment research system, which enhances its active investment capabilities across various asset classes, including equities and fixed income [10][11] - The company promotes a culture of sharing and collaboration among its investment teams, facilitating knowledge exchange and enhancing investment decision-making [11] Product Offering - The fund is part of a broader "fixed income plus" product line that includes various strategies tailored to different risk appetites, aiming to meet diverse investor needs [4][10] - The company has developed a range of products under the "fixed income plus" category, indicating a robust pipeline of investment options for conservative investors [11]

Core Viewpoint - Huatai Fuhua has established itself as a leader in active equity investment, known for its strong stock-picking capabilities, and has successfully expanded into the fixed income plus (固收+) sector, achieving significant growth and scale [1] Group 1: Investment Strategy and Performance - The company emphasizes enhancing investor satisfaction by meeting the needs of medium to low-risk investors for stable yet non-boring returns, maintaining a consistent investment philosophy amid market fluctuations [1] - Huatai Fuhua's fixed income plus products have shown impressive performance over the past year, with various products achieving significant growth in share size, attracting both institutional and individual investors [1] - The company has developed a range of fixed income plus products with clear and stable styles, achieving notable returns while controlling drawdowns [2] Group 2: Research and Team Structure - Huatai Fuhua's investment philosophy is rooted in in-depth fundamental analysis, focusing on high-quality securities for long-term investment returns, which has become a core dependency for performance growth [3] - The company has established a vertically integrated research system, covering various industries and styles, fostering efficient collaboration among team members [4] - The culture of sharing within the company enhances collaboration between equity and fixed income teams, facilitating a rich exchange of ideas and insights [4] Group 3: Rule-Based Investment Approach - The company has increasingly emphasized a rule-based approach to create a multi-strategy product system centered around human resources, aligning investment personnel, strategies, products, and client needs [6] - Huatai Fuhua has developed a clear and stable multi-strategy product system by strictly defining and executing fund product benchmarks, ensuring a diverse range of fixed income plus products [8] - The investment team adheres to strict principles in portfolio construction, focusing on risk control and diversification to enhance risk-adjusted returns for investors [9] Group 4: Performance Metrics and Achievements - Specific products have demonstrated strong performance, such as the Huatai Fuhua Baoxin, which achieved a return of 5.49% against a benchmark of 4.24%, with a maximum drawdown of -1.01% [2] - The Huatai Fuhua Shiye Bond product recorded a return of 16.49%, closely aligning with its benchmark of 16.76%, showcasing the effectiveness of the company's investment strategies [2] - The company has implemented a dedicated research data science team to ensure that investment portfolios align with macro strategies, enhancing the overall investment process [10]

Core Viewpoint - The article emphasizes the proactive equity investment strategy of Huatai Fuhua, highlighting its early and rapid development in the fixed income plus (固收+) sector, aiming to meet the stable yet non-ordinary return demands of medium to low-risk investors [1][4]. Investment Performance - Huatai Fuhua's fixed income plus products have shown impressive performance over the past year, with various products achieving significant growth in share size and returns while maintaining strict control over drawdowns [1][2]. - Specific product performance includes: - Huatai Fuhua Baoxin: 5.49% return, benchmark 4.24%, max drawdown -1.01% - Huatai Fuhua Multi-Asset Income: 13.89% return, benchmark 4.28%, max drawdown -0.92% - Huatai Fuhua Industrial Bond: 16.49% return, benchmark 16.76%, max drawdown -3.29% [2]. Investment Philosophy - The company has established a consistent investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities for long-term investment to achieve stable growth [4]. - The investment approach emphasizes bottom-up asset pricing capabilities rather than top-down macroeconomic judgments, fostering a culture of continuous learning and sharing among team members [5][6]. Research and Development System - Huatai Fuhua has developed a vertically integrated research and investment system, covering various industries and styles, which enhances collaboration and knowledge sharing among team members [5][6]. - The company promotes a culture of sharing, allowing for open discussions and exchanges of ideas across different teams, which is crucial for the proactive equity investment that empowers fixed income plus management [5][6]. Rule-Based Investment Strategy - The company has increasingly emphasized a rule-based approach to stabilize investment styles and make strategies more replicable, creating a multi-strategy product system centered around human resources [7][9]. - This rule-based approach includes strict adherence to asset allocation requirements and risk control measures, ensuring that investment strategies align with client needs [10][11]. Dynamic Monitoring and Evaluation - Huatai Fuhua has established a dedicated data science team to preemptively evaluate investment behaviors and ensure that the risk-return profile of investment portfolios aligns with macro strategies [12]. - The company has optimized its investment management processes, including withdrawal management and performance evaluation, to enhance overall investment effectiveness [12].

Core Viewpoint - The company has successfully leveraged its expertise in equity investment to enhance its performance in mixed equity and bond products, achieving significant recognition in the market through structured investment strategies and risk control measures [1][2][3] Performance Highlights - The company's high-wave product, Huatai Fuhua Industrial Bond A, achieved a net value increase of 18.21% over the past three years, ranking 2nd among 217 similar products [2] - The medium-wave product, Huatai Fuhua Stable Earnings, saw a net value increase of 11.05% over three years, placing it in the top 10% of its category [2] - The low-wave product, Huatai Fuhua Stable Return Bond A, recorded a net value increase of 8.64% in the past year, ranking in the top 20% of similar products [2] Growth in Scale - The company experienced organic growth in its mixed equity and bond products, with the total share of Huatai Fuhua Xinxiang Six-Month Holding increasing by over ten times in the second quarter [3] - The competitive landscape in the public fund industry necessitates unique strategies based on the company's strengths to establish long-term competitiveness [3] Team Structure and Investment Strategy - The company has restructured its stable income investment team into five specialized groups, each focusing on different aspects of investment management to enhance performance [4][5][6] - The investment strategy emphasizes a systematic approach, incorporating rules-based investment processes to ensure clarity in risk-return profiles and effective drawdown control [6][7] Risk Management and Performance Evaluation - The company has implemented a comprehensive drawdown management mechanism, including early warning systems and defined responsibilities to optimize risk management [6][7] - Performance evaluation is tailored to different product types, assigning varying weights to absolute returns, maximum drawdowns, and relative performance metrics [7]

Core Viewpoint - Current 10-year Chinese government bond yields have fallen below 2%, leading to a new normal of "low interest rates, low spreads, and high volatility" in bond investments. In this context, rule-based investing may be a key path to overcoming yield challenges [1] Group 1: Systematic Investment Approach - Rule-based investing transforms active research capabilities into replicable strategy systems, establishing certainty in chaotic markets [1] - In bond investments, systematic decision-making can reduce subjective interference and enhance scientific and precise investment practices, including systematic asset allocation and disciplined decision-making [1] Group 2: Systematic Asset Allocation - The investment strategy distinguishes between allocation and trading positions, with allocation positions focusing on long-term trends and avoiding major losses, while trading positions are more flexible and can capitalize on short-term market adjustments [2] Group 3: Risk Control - In a low-interest environment, controlling drawdowns is crucial. Rule-based investing sets clear risk control indicators to maintain stability amid market fluctuations [3] - The strategy emphasizes diversification in credit bond holdings to mitigate individual credit risks and liquidity risks [3] Group 4: Disciplined Decision-Making - Rule-based investing minimizes emotional influences on investment decisions through systematic processes, allowing for dynamic adjustments based on win rates and odds [4] - The approach encourages proactive engagement in the market, even in unfavorable conditions, to avoid inaction and loss of momentum [4] Group 5: Quantitative Decision Support - Quantitative methods are employed to construct sentiment indicators, helping to align with market trends and investor behavior [5] Group 6: Strategic Advantage - A scientifically adaptable rule-based system is believed to help investors navigate low-interest cycles and prepare for more complex market environments in the future [6]

Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the interests of fund holders, shifting the industry focus from scale to user returns [1] Group 1: Industry Development - Since 2020, public funds have experienced rapid growth, particularly in equity funds, but overall investor experience has been lacking [1] - The new plan is expected to stimulate positive changes in the public fund ecosystem, allowing managers who prioritize long-term benefits for holders to stand out [1] Group 2: Investment Strategy of Yuan Wei - Yuan Wei, a fund manager, emphasizes creating absolute returns even during adverse market conditions by dynamically managing a high-margin safety stock portfolio [2][3] - His investment philosophy is rooted in value investing, assessing a company's worth over its entire lifecycle, which differs from the market's focus on short-term trends [2][3] Group 3: Investment Framework - Yuan Wei's investment framework consists of three parts: understanding a company's long-term return rate, constructing a portfolio that meets client risk-return requirements, and trading to keep the portfolio aligned with optimal targets [12][17] - The focus is on the "total score" of a company's lifecycle value rather than short-term profit changes, which is a departure from mainstream market strategies [19][21] Group 4: Case Studies and Examples - Yuan Wei's early investments in sectors like new energy vehicles and artificial intelligence demonstrate his ability to identify long-term value before market trends catch up [26][27] - His approach to real estate investment focuses on companies with strong cash reserves, ensuring their survival during downturns, contrasting with the market's emphasis on growth metrics [28][29] Group 5: Performance and Risk Management - The performance of Yuan Wei's managed fund, "Anxin Value-Driven Three-Year Holding," has achieved over 70% returns since its inception, attributed to strict adherence to investment rules and continuous optimization of strategies [14][15][20] - The fund's strategy includes a focus on non-popular assets and diversification to reduce volatility, which has led to consistent net asset value growth [33][34]

Core Insights - Oriental Securities released its 2024 annual report, highlighting the performance of its affiliate, Huatai Fund, which achieved operating revenue of 4.828 billion yuan, main business profit of 2.047 billion yuan, and net profit of 1.547 billion yuan for the year [1] - As of December 31, 2024, Huatai Fund reported total assets of 14.353 billion yuan and net assets of 10.778 billion yuan [1] - Huatai Fund aims to enhance its business quality in 2024, adhering to a long-term operational philosophy and prioritizing customer value [1] Business Performance - Huatai Fund's total asset management scale reached approximately 1.16 trillion yuan, growing over 9% from the beginning of the year, with public fund scale (excluding money market funds) at around 500 billion yuan, increasing by about 10% [2] - The fund launched 32 new public funds during the reporting period and received approval for the first medical warehousing logistics REIT in the country [2] Strategic Initiatives - The company plans to deepen the construction of a rule-based investment system, enhance customer service and operations, and innovate in personal pension services, public REITs, and international business [3] - Huatai Fund is committed to improving compliance risk management, business digitalization, and team effectiveness to drive high-quality development [3]