"十五五"规划建议明确提出，推动各类金融机构专注主业、完善治理、错位发展。公募基金行业经过二 十多年的发展，已成为资本市场重要的专业机构投资者，在服务实体经济、促进共同富裕、维护金融稳 定等方面承担着重要使命。 ● 本报记者 徐金忠 纲举目张。展望"十五五"，提升投资者获得感将是行业发展的绝对主线，公募基金将进一步夯实投研能 力，更好服务投资者，让投资者切实感受到长期投资的价值，真正承接好居民财富管理的新需求，分享 经济发展成果。 迈步新征程。公募基金机构表示，将以客户需求为导向，不断创新产品和服务，提升专业能力，助力居 民实现财富稳健增长，共同推动社会经济高质量发展。 近年来，随着行业系列重磅改革落地，公募基金以投资者利益为中心，落地实施了基金费率改革、业绩 比较基准强化、投研体系重塑等系列工作，成效明显。 降费让利，直接关系投资者利益。"近年来，国泰基金旗下多只产品降费让利。公募行业费率结构调整 有助于降低持有人的长期投资成本，让利投资者。除了降费之外，公司着力提高投资者陪伴，提升投资 者体验，为投资者提供更高质量的服务和多元化的产品。通过打造产品线清晰、投资风格稳定、人才梯 队完整的平台化投研机构，更好 ...

Core Viewpoint - The article emphasizes the growing preference for "fixed income+" products in a market characterized by volatility, highlighting a significant structural shift in investor behavior towards lower-risk, more stable investment options [1][2]. Market Trends - By the end of Q3 2025, the total scale of "fixed income+" funds reached 2.47 trillion yuan, with a quarterly increase of over 520 billion yuan [1]. - Historical trends from Japan and the U.S. indicate that the pursuit of absolute returns in low-interest environments leads to a rise in fixed income products [1]. Institutional Response - Institutions with forward-looking perspectives and systematic capabilities are better positioned to navigate the evolving landscape of "fixed income+" products, which have transformed into multi-asset allocation solutions requiring collaborative research and risk management [1][2]. Case Study: China Universal Fund - China Universal Fund has been a pioneer in the "asset management industrialization" approach, exemplified by its MARS factory investment research system, which aims to make the investment process clearer and more controllable [2][3]. - The MARS factory has evolved through three stages, enhancing its investment strategies and risk management capabilities over the past decade [2][3][21]. Performance Metrics - The China Universal Fund's flagship product, Zhongou Jintong A, has achieved a return of 72.8% since its inception, significantly outperforming its benchmark of 24.1% [2][3][27]. - The fund has maintained a maximum drawdown of only -3.5%, showcasing its effective risk management [2][3]. Investment Philosophy - The fund's core objective is to achieve "absolute returns" with a focus on low volatility, aiming for a high probability of annual positive returns [7][8]. - The investment strategy emphasizes disciplined asset allocation, maintaining a stable equity position even during bullish market years [8][12]. Risk Management - The fund employs a proactive risk management system that emphasizes early detection of potential issues rather than reactive measures [12][13]. - The risk control framework has evolved from a reactive approach to a more dynamic, real-time monitoring system [12][13]. Product Design and Client Experience - The introduction of a quarterly evaluation and dividend distribution mechanism has enhanced investor experience, with cumulative dividends reaching 148 million yuan [13][24]. - The focus on client experience is integral to the fund's strategy, ensuring that investment returns translate into real benefits for investors [24][25]. Future Outlook - The multi-asset team is committed to building a comprehensive "solution ecosystem" that aligns with evolving investor needs and market conditions [21][23]. - The industry is shifting towards a model that prioritizes client returns over mere product performance, indicating a more sustainable future for asset management [25][26].

的十年稳健样本 中欧基金在"多资产+多策略"领域的实践积累，带来了在"固收+"领域的迅猛突破，中欧多资产团队打造 了多个低波策略绩优产品，中欧瑾通是其中翘楚。 数据显示，中欧瑾通A成立于2015年11月17日，近十年经历多轮牛熊，截至2025年9月底，成立以来收 益率72.8%，高于同期业绩基准24.1个百分点。持有人户数从2018年底319户增长至2025年6月底的51.9 万户，增长超1600倍。 2025年以来，"固收+"产品如潮水般涌入大众视野，迅速崛起为资产管理行业不容忽视的第二增长曲 线。数据显示，今年三季度末，全市场"固收+"基金规模达2.47万亿元，单季增长超5200亿元。 在这一行业趋势下，头部公募纷纷厉兵秣马，大力发展"固收+"业务。需要意识到的是，如今"固收+"的 内涵已发生本质跃迁：它早已超越债券打底、股票增强的简单配方，进化为一种高度依赖投研协同、流 程分解与风险精细管理的多资产配置解决方案。这就向基金公司提出了全新的核心命题——必须构建一 套可规模复制的"工业化"输出体系。 中欧基金作为较早践行"资管工业化"的机构，其多资产团队在过去十年间完成了从1.0阶段"资产配置统 筹股债"， ...

Core Insights - The report highlights a significant shift in fund flows, with active funds experiencing net redemptions while "fixed income plus" funds have gained popularity due to declining bond yields [1][2][20] Fund Type Analysis - Active funds such as ordinary equity, mixed equity, flexible allocation, and balanced mixed funds saw a net decrease in shares, indicating a trend of investors opting for capital preservation amidst a rising market [1] - "Fixed income plus" funds, particularly secondary bond funds, saw a substantial increase of 374.3 billion shares, representing a growth rate of 56.7%, as investors sought higher returns in a low-yield environment [2][3] - The total shares for various fund types in Q3 2025 showed notable changes, with money market funds increasing by 3.3%, secondary mixed bond funds by 56.7%, and passive index funds by 9.26% [3] Company Performance - Top fund companies capitalized on the "fixed income plus" trend, with notable growth in assets under management. For instance, Invesco Great Wall and Fortune Fund doubled their sizes, while E Fund, China Merchants Fund, and GF Fund saw increases exceeding 10 billion [5][6] - China Universal Fund emerged as a surprising player in the "fixed income plus" space, with a growth of 28.8 billion, nearly doubling its size, indicating a shift from its traditional focus on active equity [5][6] - The "China Universal Fengli" fund demonstrated exceptional growth, increasing from 52.77 billion to 314.89 billion in just three quarters, marking a 497% increase, outperforming its peers [8][10] Investment Strategy and Trends - The "China Universal" fund's success is attributed to its diversified asset allocation strategy, which includes a significant allocation to Hong Kong stocks, contributing to its high returns [10] - The report notes a trend of new investors entering the market with a low-risk appetite, primarily investing in "fixed income plus" products, validating the strategy of using these funds as a gateway to the market [20] - The "China Universal" fund's multi-asset investment approach, characterized by a systematic and industrialized process, has led to rapid growth while maintaining performance levels [16][17]

Core Insights - The asset management industry faces dual challenges from low interest rates and technological advancements, necessitating an upgrade in investment research capabilities to meet client needs sustainably [1][2] Group 1: Challenges in Asset Management - Insurance asset management institutions are under pressure due to the rigid cost of liabilities and rapidly declining asset yields in a low interest rate environment [2] - High-yield assets that can cover liability costs are diminishing, with non-standard fixed income assets experiencing a decline in both volume and price, complicating asset allocation [2] - The expected annual return for insurance companies from equity assets is around 8%-10%, while major indices like CSI 300 and CSI 800 have underperformed with annualized returns of only 6.4%, 5.6%, and 4.5% since 2017 [2][3] Group 2: Investment Strategies and Solutions - To enhance returns while reducing volatility, the company suggests actively seeking high-quality long-duration assets during debt restructuring and exploring new tools like REITs and ABS [4] - The shift from broad market indices to Smart Beta products that align with the risk-return characteristics of insurance funds is recommended, focusing on style factors such as dividends, value, and quality [4] - The company emphasizes the need for "asset management industrialization" to address issues like unclear positioning and unstable excess returns, moving from reliance on individual capabilities to a more systematic approach [5] Group 3: Implementation of Industrialization and Digitalization - The company has developed a "10+10" investment research training system to cultivate experienced fund managers, with over 240 professionals and more than 90 experts with over 10 years of experience [5][6] - The "MARS Factory" model is being implemented to streamline the investment research process into four core workshops, enhancing efficiency and decision-making [6] - The integration of AI and machine learning in investment processes, particularly in convertible bond pricing, is highlighted as a means to improve efficiency and quality [6]

Core Insights - The article highlights the strong performance of public funds, particularly active equity funds, which have generated substantial excess returns over the long term, with notable figures such as 160.79% and 114.6% returns for active stock and mixed funds respectively over the past decade [1][2] - The article emphasizes the success of China Universal Asset Management, which has multiple "Double Ten Funds" that have achieved annualized returns exceeding 10% since their inception [1][2] Group 1: Fund Performance - Active equity funds have outperformed stock ETFs over the past decade, with returns of 160.79% for active stock funds compared to 82.07% for ETFs [1] - China Universal Asset Management has seven funds classified as "Double Ten Funds," with annualized returns of 14.02%, 10.63%, 12.87%, 16.27%, 10.78%, 11.92%, and 10.53% respectively [1] Group 2: Investment Strategy - The investment strategy of China Universal Asset Management, particularly under the management of Zhou Weiwen, focuses on balanced allocation, combining growth and value investments [3][4] - Zhou Weiwen's approach includes a diversified portfolio that captures both market hotspots and undervalued sectors, demonstrating a long-term investment philosophy [3][4] Group 3: Research and Development - The company has established a robust investment research system, termed "China Universal Manufacturing," which emphasizes professional, industrialized, and intelligent investment strategies [7][8] - The investment team consists of over 240 professionals, with more than 90 having over 10 years of experience, ensuring a comprehensive coverage of various sectors [8] Group 4: Market Adaptation - The shift in China's economic drivers from infrastructure to new productivity necessitates a new investment paradigm, focusing on sustainable long-term returns rather than short-term performance [5][9] - The evolving market environment and regulatory changes emphasize the need for a systematic approach to investment, moving away from chasing hot sectors [6][9]

今年以来，公募基金收获颇丰。国泰海通证券数据显示，截至今年三季度末，主动股票开放型基金、主 动混合开放型基金近十年收益率分别为160.79%、114.6%，远超股票ETF近十年收益率82.07%。 其中，交出亮眼长期业绩答卷的"双十基金"（成立满10年且成立以来年化回报率超10%）数量并不多。 截至今年三季度末，中欧基金公司旗下7只产品成为 "双十基金"，其中，中欧新蓝筹A、中欧价值发现 A、中欧新动力A、中欧价值智选回报A、中欧成长优选回报A、中欧行业成长A、中欧潜力价值A成立 以来年化回报率分别为14.02%、10.63%、12.87%、16.27%、10.78%、11.92%、10.53%，为持有人创造 了出色的长期业绩回报。 整体实力出众 长跑能力出色 不仅拥有多只"双十基金"，中欧基金公司中长期投资能力持续领跑行业。国泰海通证券统计显示，在13 家权益类大型基金公司绝对收益榜中，中欧基金主动权益投资业绩近1年排名第二，近10年排名第三。 在近3年、5年、7年、10年等不同维度上，尽管市场经历经济周期波动等严峻挑战，中欧基金旗下"双十 基金"保持了优异表现。 其中，中欧新蓝筹混合E近5年在同类中排名第 ...

Core Insights - Public funds have achieved significant returns by the end of Q3 2025, with active equity funds showing resilience through market cycles, accumulating substantial excess returns [1] - The "Double Ten Funds" (those established for over 10 years with an annualized return exceeding 10%) are rare, with seven products from China Europe Fund qualifying as such [1] Group 1: Performance Metrics - Active stock open-end funds and active mixed open-end funds have recorded returns of 160.79% and 114.6% respectively over the past decade, significantly outperforming stock ETFs at 82.07% [1] - The seven "Double Ten Funds" from China Europe Fund have annualized returns of 14.02%, 10.63%, 12.87%, 16.27%, 10.78%, 11.92%, and 10.53% respectively [1] Group 2: Investment Strategy - China Europe Fund has demonstrated strong long-term investment capabilities, ranking second in absolute returns over the past year and third over the past decade among 13 large equity fund companies [2] - The "Double Ten Funds" have maintained excellent performance despite market fluctuations, with specific funds ranking highly in their respective categories over various time frames [2] Group 3: Fund Management - Zhou Weiwen, a veteran manager at China Europe Fund, has managed the China Europe New Blue Chip Mixed A fund for over 14 years, achieving a cumulative return of over 535% and an annualized return of 13.74% [3] - Zhou's investment style emphasizes balanced allocation, combining growth and value, and focuses on long-term stable returns rather than short-term performance spikes [3] Group 4: Investment Philosophy - Balanced investment requires extensive industry research and foresight, with the ability to identify undervalued opportunities while considering industry cycles [4] - Zhou summarizes his investment approach as multi-perspective validation and seizing undervalued opportunities, which contributes to superior long-term performance [4] Group 5: Market Dynamics - The shift in China's economic drivers from infrastructure to new productivity necessitates a new investment paradigm, emphasizing quality over speed in GDP growth [5] - The complexity of the market environment has made the traditional model of individual star fund managers less effective, highlighting the need for a systematic investment research approach [6] Group 6: Research and Development - China Europe Fund's success in producing multiple long-term high-performing funds is attributed to its evolving investment research system, branded as "China Europe Manufacturing" [7] - The investment research strategy focuses on specialization, industrialization, and digitization to enhance the quality and sustainability of investment products [8] Group 7: Regulatory Environment - The establishment of the "China Europe Manufacturing" system aligns with regulatory expectations for sustainable returns, as outlined in the recent guidelines from the China Securities Regulatory Commission [9]

Core Insights - The public fund market in China has become active again, with the total scale of public funds exceeding 35 trillion yuan by July 2025, indicating a robust recovery compared to the previous year's market frenzy [2] - The current market rally shows a more stable and less volatile upward trend in A-shares and H-shares compared to the previous year [2] - There is a notable structural differentiation in the market, with high-growth sectors like technology and innovative pharmaceuticals performing well, while traditionally strong sectors like real estate and consumer goods are relatively weak [3] Company Strategy - China Europe Fund has introduced the "asset management industrialization" concept to fundamentally change the way funds are manufactured, aiming for clearer positioning and more stable styles in their products [4][5] - The fund's research and investment system upgrade focuses on three key aspects: specialization, industrialization, and digital intelligence, to enhance efficiency and decision-making [6][7] - The fund's approach includes a structured process involving design, production, assembly, and testing to ensure a comprehensive investment strategy that meets client needs [8][9] Performance Metrics - As of June 2025, the China Europe Convertible Bond A fund achieved a net value growth rate of 20.92%, outperforming its benchmark by 9.43 percentage points [7] - Other funds under China Europe Fund also showed strong performance, with the China Europe Digital Economy A fund growing by 93.07%, significantly exceeding its benchmark of 35.40% [12][13]

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" signals a systemic transformation in the industry, pushing public funds towards a new development trajectory [1]. Group 1: Systemic Transformation - The industry is undergoing a critical transformation, with a focus on building a "platform-based, integrated, multi-strategy" investment research system to enhance core investment capabilities [3]. - A consensus is emerging that true competitiveness lies in returning to an investor-centric approach, which is essential for maintaining long-term competitiveness amid market reshuffling [2][3]. - The need for long-term stable returns is emphasized, as investors prioritize wealth preservation and growth over short-term performance [3]. Group 2: Service and Client-Centric Approach - Establishing a client-centered full-cycle service culture is identified as a core competitive advantage for top investment institutions [4]. - Institutions are encouraged to adopt a value-driven culture that prioritizes investor interests and actively engages in social responsibility [4]. - The shift from individual reliance to a systematic approach in production is necessary for adapting to market complexities and achieving sustainable growth [5]. Group 3: Differentiation and Functional Positioning - The industry must transition from scale-oriented growth to value creation, focusing on differentiation based on institutional strengths and positioning [6]. - The emphasis on enhancing asset management and comprehensive wealth management capabilities is reshaping the competitive landscape [7]. - Institutions are encouraged to either build comprehensive capabilities or specialize in niche areas to achieve high-quality development [7]. Group 4: Structural Transformation and Industry Dynamics - Fee reforms are changing industry dynamics, promoting a shift towards long-termism and enhancing service value for clients [10]. - The competition is expected to evolve from product strength to service strength, with a focus on optimizing operational philosophies and investment behaviors [11]. - The industry is likely to see a "Matthew Effect," where leading institutions leverage brand and scale advantages, while smaller firms seek differentiation through niche strategies [11][12]. Group 5: Future Outlook and Strategic Focus - Future transformation priorities include enhancing industrialized systems, optimizing product structures, and improving investor experience [11]. - Institutions are urged to focus on long-term performance and client satisfaction as key drivers of value creation [12]. - The promotion of innovative product areas, such as pension-targeted funds, is expected to be a focal point for future development [12].