Core Insights - The article emphasizes the importance of enhancing core research and investment capabilities in public funds, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" [1] - The article highlights the successful iterative upgrade of the investment research system at Xingzheng Global Fund, which has led to superior performance in equity fund management [1][2] - The article discusses the significance of talent development and cross-group collaboration in identifying investment opportunities, particularly in emerging sectors like AI and innovative pharmaceuticals [3][4][5] Group 1: Investment Research System - Xingzheng Global Fund has established a platformized, professional, and systematic research support structure to enhance investment decision-making [1] - The fund's equity funds have achieved the highest absolute returns among 13 large equity fund companies over the past year, two years, and three years [1] - The fund has implemented a series of reforms to its research team, focusing on deepening industry expertise and improving research efficiency through specialized groups [2] Group 2: Talent Development - The company emphasizes the importance of long-term talent cultivation, allowing fund managers to explore various investment philosophies and methods [6][7] - The "old brings new" mentorship approach is highlighted as a unique aspect of talent development, fostering knowledge transfer and experience sharing among team members [8] - Fund managers are encouraged to regularly communicate their investment frameworks to research analysts to enhance collaboration and understanding [5] Group 3: Cross-Group Collaboration - The article illustrates the effectiveness of cross-group collaboration in identifying new investment opportunities, particularly in sectors like renewable energy and AI [3][4] - Research teams are organized into specialized groups, allowing for efficient sharing of insights and findings across different sectors [2] - The integration of research and investment functions is crucial for recognizing subtle market changes and capitalizing on emerging trends [5] Group 4: Long-Term Investment Philosophy - The company promotes a long-term investment perspective, encouraging fund managers to develop robust strategies that can adapt to varying market conditions [7] - The emphasis on long-term performance and value-based decision-making is seen as essential for protecting investors' interests [7] - Fund managers are given the freedom to explore and refine their investment methodologies, fostering a culture of continuous improvement [6]

截至今年8月底，各类中长期资金合计持有A股流通市值约21.4万亿元，较"十三五"末增长32%；保险资 金投资股票和权益类基金超5.4万亿元，余额较"十三五"末增长85%……"十四五"期间，特别是去年9月 份以来，中长期资金入市规模持续提升，助力资本市场稳定健康发展。 在近期国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清表示，将 更好发挥中长期资金"压舱石""稳定器"作用，持续强化长周期考核，不断提高跨境投融资便利度，吸引 更多源头活水，努力让更多全球资本投资中国、共享成长。 打通入市卡点堵点 中长期资金是资本市场重要的专业投资力量，也是维护市场平稳健康运行的关键支柱。近年来，金融管 理部门聚焦打通中长期资金入市卡点堵点，推出了一系列针对性举措，为实现"长钱长投"创造了更有利 的制度环境。 去年9月份以来，在中央金融办的指导下，证监会会同相关部门联合印发推动中长期资金入市的指导意 见和实施方案，推动各类中长期资金完善长周期考核机制、提高权益投资规模和占比等，加快推进中长 期资金入市。 今年6月份，人社部公布一季度全国企业年金数据，首次将"当期收益率"改为"近三年累计收益率"；7 ...

Core Viewpoint - The article emphasizes the significant increase in medium- and long-term capital entering the A-share market, which is crucial for stabilizing and promoting the healthy development of the capital market during the "14th Five-Year Plan" period [1][2]. Group 1: Medium- and Long-term Capital Inflow - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase compared to the end of the "13th Five-Year Plan" [1]. - Insurance capital invested in stocks and equity funds exceeded 5.4 trillion yuan, with a balance that has grown by 85% since the end of the "13th Five-Year Plan" [1]. - The China Securities Regulatory Commission (CSRC) aims to enhance the role of medium- and long-term funds as a stabilizing force in the market, focusing on long-term assessments and improving cross-border investment convenience [1][2]. Group 2: Policy Measures and Institutional Support - Financial regulatory authorities have implemented a series of measures to facilitate the entry of medium- and long-term funds into the market, creating a favorable institutional environment for long-term investments [2]. - The CSRC, in collaboration with relevant departments, has issued guidance to improve long-term assessment mechanisms and increase the scale and proportion of equity investments [2]. - The Ministry of Human Resources and Social Security has shifted the focus of enterprise annuity data reporting from current yield to three-year cumulative yield, promoting a long-term investment perspective [2]. Group 3: Growth of Public Funds and ETFs - As of the end of August, the total management scale of public funds in China reached 36.25 trillion yuan, with equity funds nearing 10 trillion yuan, making them the largest professional institutional investors in the A-share market [4]. - The number of exchange-traded funds (ETFs) listed in China has increased from 370 to 1282, with total assets growing from 1.1 trillion yuan to over 5 trillion yuan, establishing China as the largest ETF market in Asia [4]. - Central Huijin Investment Co., Ltd. actively supported market stabilization by investing in ETFs during market volatility, holding a total ETF market value of 1.28 trillion yuan as of June 30, which is a 22.63% increase from the end of the previous year [4]. Group 4: Impact of Long-term Capital Inflow - The increase in medium- and long-term capital inflow is expected to stabilize the market, as long-term funds have lower turnover rates and can effectively counteract short-term speculative capital [5]. - Long-term capital is anticipated to lead to value investing and improve market pricing efficiency by focusing on the fundamentals and long-term value of companies [5]. - Long-term funds are likely to enhance corporate governance and investor protection by actively participating in company operations, contrasting with the behavior of retail investors [5]. Group 5: Market Ecosystem and Corporate Quality - To attract more long-term capital, a suitable market ecosystem and reasonable returns are essential [6]. - Regulatory bodies are enhancing the quality and investment value of listed companies through improved supervision and information disclosure [7]. - Encouragement for share buybacks, increases in dividends, and overall corporate governance improvements are being emphasized to create a favorable environment for long-term investments [7][8].

Core Viewpoint - A pension insurance company has issued an investment guideline to its asset managers, requiring a reduction in growth-style holdings and a review of existing positions to ensure compliance with the new directive [1][2]. Group 1: Investment Guidelines - The guideline emphasizes the need for asset managers to reassess their current holdings and reduce the proportion of growth-style investments to a lower level [2]. - The adjustment must be completed within two trading days, specifically by November 17, 2025, to meet the set requirements [2]. - The directive is aimed at stabilizing year-end performance and improving market ranking through optimized portfolio structure [2]. Group 2: Market Implications - The guideline reflects a broader trend of guiding long-term investments and enhancing the interaction between pension funds and capital markets [3]. - Analysts suggest that recent market trends indicate a shift in investment styles, with increased interest in previously popular sectors like consumption and new energy [5]. - There is an expectation that market styles may rebalance, moving away from a technology growth focus towards a more diversified structure [5].

Core Viewpoint - The "Action Plan for Promoting the High-Quality Development of Public Funds" serves as a guiding framework for the transformation and upgrading of the industry, emphasizing the implementation of a long-term assessment mechanism for fund investment returns, which is crucial for fostering sustainable development and returning to the essence of value [1] Group 1: Multi-faceted Approach to Long-term Assessment - The "Action Plan" proposes multiple measures to enhance the industry's high-quality development, including the establishment of a comprehensive long-term assessment and incentive mechanism, focusing on performance assessment, classification evaluation, industry awards, and compensation management [2] - Fund companies are required to establish a performance assessment system centered on fund investment returns, with a weight of no less than 50% for management and 80% for fund managers, while long-term performance assessments for funds should have a weight of no less than 80% for periods exceeding three years [2] - The classification evaluation will increase the scoring weight for long-term performance, self-purchase of equity funds, investment behavior stability, and growth in equity investments by 50%, with a total weight of no less than 80% for "service to investors" [2] - The industry evaluation and awards system will be revised to focus on long-term performance over five years, optimizing indicator weights to eliminate unreasonable short-term performance rankings [2] Group 2: Quality Improvement and Efficiency - The implementation of long-term assessment policies is expected to lead to profound changes in the public fund industry, enhancing its ability to serve the real economy and support high-quality economic development [4] - The shift towards long-term investment principles will allow fund managers to focus more on the fundamentals and long-term growth potential of companies, rather than being influenced by short-term market fluctuations [4] - Improved evaluation systems and media focus on long-term performance will help investors reduce frequent trading due to market volatility, thereby lowering liquidity risks and enhancing fund management efficiency [4] - The long-term orientation will encourage fund managers to invest in research and talent development, transitioning the industry from a "scale-driven" to a "capability-driven" model, thereby enhancing research depth and investment stability [4] Group 3: Collaborative Pathway for Long-term Assessment Implementation - The successful implementation of long-term assessments requires collaborative efforts from all market participants to transition from "policy guidance" to "grounded execution" [5] - Fund managers need to restructure internal governance and incentive mechanisms, de-emphasizing short-term rankings while enhancing research capabilities [5] - Sales institutions should focus on investor education to cultivate long-term and value investment philosophies, improving customer holding experiences and guiding rational asset allocation [5] - Third-party evaluation agencies are working to develop a comprehensive evaluation system that reflects long-term returns, risk control, and strategy stability, aiming to better represent the true management capabilities of funds [5] Conclusion - The long-term assessment mechanism represents not only a shift in evaluation methods but also an upgrade in industry development philosophy, serving as a solid institutional support for the high-quality development of the public fund industry [6]

Core Viewpoint - The implementation of the "Guiding Opinions" has significantly increased the scale and proportion of long-term funds entering the market, supporting a stable and positive capital market environment [1][5]. Group 1: Policy Implementation and Progress - The "Implementation Plan" was jointly issued by several regulatory bodies to address barriers to long-term fund entry into the market, introducing specific measures to facilitate this process [2]. - Long-term performance evaluation mechanisms for public funds and state-owned commercial insurance companies have been established, alleviating previous institutional barriers [2][3]. - As of August 2023, long-term funds held a market value of 21.4 trillion yuan in A-shares, reflecting a 28% increase since the beginning of the year [1]. Group 2: Investment Trends and Fund Growth - Insurance funds have increased their equity investment scale, with a total of 3.07 trillion yuan in stock holdings by insurance companies, marking a 26.38% increase from the previous year [5]. - Public fund management scale exceeded 36 trillion yuan, with equity funds surpassing 10 trillion yuan, making public funds the largest professional institutional investors in the A-share market [5]. - The number of stock ETFs reached 1,043, with a total scale of 3.63 trillion yuan, showing growth of 24.36% and 25.61% respectively since the end of last year [5]. Group 3: Enhancing Company Value and Market Environment - Regulatory measures have been taken to improve the quality and investment value of listed companies, including stricter controls on market entry and exit, and support for mergers and acquisitions [7]. - The introduction of guidelines for market capitalization management aims to enhance the quality of listed companies and promote reasonable market valuations [7]. - There is a need for improved corporate governance structures and incentive mechanisms to attract long-term investments [8]. Group 4: Attracting Foreign Investment - The regulatory authorities are focused on enhancing the attractiveness of the A-share market to foreign capital, with foreign investment currently holding a market value of 3.4 trillion yuan [8]. - Efforts are being made to expand the mutual recognition of funds between mainland China and Hong Kong, addressing tax issues and improving connectivity with global financial centers [9].

Core Viewpoint - The article discusses the launch of the "Beijing Public Fund High-Quality Development Series Activities," emphasizing the importance of aligning the interests of investors and fund companies to enhance investor protection and promote sustainable development in the public fund industry [1] Group 1: Constructing Investor and Fund Company Interest Binding Mechanism - The "Action Plan" introduces a floating management fee mechanism that links fund management fees directly to fund performance, aiming to reform the operational model of fund management [2] - When fund performance is below the benchmark, management fees will automatically decrease, and conversely, they will increase when performance exceeds expectations, promoting a win-win value-sharing concept [2] - The policy emphasizes long-term performance assessments, linking fund manager compensation to three-year investment performance, which is expected to curb short-term speculative behavior [2] Group 2: Optimizing Investor Fund Advisory Service Supply - The traditional fund sales model relies heavily on transaction commission sharing, leading to issues such as excessive marketing during bull markets and a lack of ongoing investor education during bear markets [3] - The "Action Plan" aims to establish regulations for securities fund investment consulting, promoting the transformation of fund sales institutions into advisory service providers [3] - Tools like AI financial assistants are being developed to provide personalized services, helping investors make rational investment decisions and avoid market volatility [3] Group 3: Directly Reducing Fund Investor Holding Costs - The "Action Plan" guides the industry to steadily lower investor costs by regulating subscription fees and sales service fees for public funds [4] - It encourages the reduction of management and custody fees for large-scale index funds and money market funds, benefiting investors directly [4] - These measures aim to strengthen investor protection and reshape the industry ecosystem around long-term value creation, contributing to the high-quality development of the public fund sector [4]

Core Viewpoint - The article discusses the launch of a series of activities aimed at promoting the high-quality development of public funds in Beijing, emphasizing long-term value creation and investor education [1][5]. Group 1: Assessment Reform - The focus has shifted from short-term performance rankings to long-term assessments, with an emphasis on creating sustainable value for investors [1][2]. - The new evaluation framework includes metrics such as "3-5 year performance stability," "long-term investor retention rate," and "risk control compliance rate," prioritizing these over short-term results [2][3]. - The transformation aims to eliminate the anxiety associated with short-term rankings, allowing fund managers to concentrate on long-term investment strategies [2][4]. Group 2: "Fixed Income Plus" Strategy - The "Fixed Income Plus" strategy is defined as a combination of stable returns and enhanced flexibility, focusing on capital preservation and predictable income [3][5]. - The approach emphasizes avoiding credit risks and conducting thorough credit research on bond issuers to protect investor interests [3][4]. - The strategy also involves investing in sectors with stable returns, such as consumer staples and public utilities, which are less volatile and suitable for a broad range of investors [3][5]. Group 3: Long-term Value Creation - The performance of "Fixed Income Plus" products has been stable during market fluctuations from 2022 to 2024, attributed to the new assessment mechanisms and investment logic [3][5]. - The company aims to shift the market focus from scale competition to value competition, emphasizing the importance of sustainable returns over short-term gains [5][6]. - Future initiatives include enhancing research assessments by incorporating "investor satisfaction" and developing differentiated products tailored to specific investor needs, such as retirement and education [5][6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced an action plan to promote the high-quality development of public funds, emphasizing a long-term performance evaluation mechanism for fund companies [1][2]. Policy Background - The public fund industry in China has rapidly developed, with a management scale exceeding 34 trillion yuan and over 12,000 products as of June 2025. However, issues such as misaligned operational philosophies and insufficient investor satisfaction have emerged, hindering high-quality growth [2]. - The long-term evaluation policy aims to reverse the short-term investment behavior in the public fund industry and establish a more aligned incentive mechanism between fund managers and investors [2]. Core Policy Content - The long-term performance evaluation mechanism includes requirements such as: - A minimum of 80% weight on medium to long-term returns over three years - Long-term performance over five years becoming the core of evaluations and awards - At least 50% weight on fund performance metrics in executive evaluations - Introduction of comprehensive indicators like investor profit and fund profitability - Reduction of weight on short-term operational metrics like scale and ranking [3]. - Fund managers are required to establish incentive and restraint mechanisms that align with long-term evaluations, including deferred performance compensation and clawback provisions [3]. Industry Impact - Fund managers will experience a significant shift in investment decision-making, allowing them to focus on long-term growth rather than quarterly rankings [4]. - Fund companies are adjusting their product lines to emphasize long-term hold products, with a focus on index-enhanced funds and retirement target funds, as well as industry theme funds aligned with national strategic directions [4]. - There will be an increased emphasis on investor engagement and service to foster a long-term investment mindset among investors [4]. Future Outlook - The implementation of the long-term evaluation policy is expected to lead to profound changes in the public fund industry, refocusing on investment management capabilities and enhancing the role of institutional investors in supporting high-quality economic development [5]. - As policies are gradually implemented, the public fund industry is anticipated to enter a new phase of high-quality development, creating more value for investors and improving their satisfaction [5].

Core Viewpoint - The article discusses the performance and structure of enterprise annuity funds in China, highlighting a decline in the three-year cumulative return and the importance of long-term investment strategies for pension funds [1][2][11]. Summary by Sections Fund Performance - As of the end of Q2 2025, the accumulated fund for enterprise annuities reached 3.84 trillion yuan, with a net investment asset value of 3.81 trillion yuan. The cumulative return over the past three years (July 1, 2022, to June 30, 2025) was 6.27%, down from 7.46% in the previous quarter [1][2]. - The performance of equity-based portfolios was lower than that of fixed-income portfolios, with fixed-income portfolios yielding a cumulative return of 10.20% and equity portfolios yielding 5.76% over the same period [2][3]. Portfolio Composition - Among 5,987 portfolios, equity-based portfolios dominated. The total scale of fixed-income portfolios was 540.3 billion yuan, while equity portfolios accounted for 3.27 trillion yuan [2][3]. - The performance of equity portfolios was closely linked to the capital market's performance, with major stock indices showing weaker performance in the recent three-year period compared to the previous one [2]. Management Performance - The article notes significant disparities in performance among investment managers. For fixed-income portfolios, several managers achieved returns exceeding 12%, while some equity portfolios had negative returns over the same period [4][6][7]. - Leading trustees in terms of management scale included China Life Pension and Ping An Pension, managing over 882 billion yuan and 559 billion yuan, respectively [4]. Long-term Investment Strategy - The Ministry of Human Resources and Social Security is working on guidelines to enhance long-term assessment mechanisms for pension fund investments, emphasizing the need for stable long-term returns while managing risks [11]. - The trend towards longer assessment periods is expected to encourage higher returns and better alignment of interests between pension fund trustees and beneficiaries [11].