编者按 当前，我国公募基金行业正处在转型提质关键期。在证监会出台的《推动公募基金高质量发展行动方 案》引领下，深圳聚合多方力量，纵深推进全链条改革，推动公募基金行业发展迈上新台阶。中国证券 报联合深圳证监局今起推出"固根基·创价值·利长远——深圳公募基金高质量发展在行动"系列报道，通 过署名文章、专访等形式，展现深圳公募行业转型探索与实践，为推动全行业高质量发展贡献智慧与力 量。 南海之滨，风劲潮涌。当前，我国公募基金行业正处在改革深化、提质增效关键期。深圳公募基金市场 活力足，创新实力强，机构数量与管理规模均居全国前列，在改革中迈上发展新台阶。 自证监会印发《推动公募基金高质量发展行动方案》以来，深圳证监局制定覆盖事前理念引导、事中机 制建设、事后成效评估的系统性工作方案，统筹推进行业全链条改革，引导行业紧扣"服务实体经济、 守护投资者利益"核心，探索符合区域特色和行业规律的高质量发展路径，积极为金融强国建设贡献"圳 能量"。 全链条发力 筑牢投资者利益共同体 公募基金高质量发展的关键，在于重塑行业生态，筑牢投资者、基金管理人、销售机构、评价机构等各 方深度绑定的投资者利益共同体。 抓住这一关键要领，深圳统 ...

Core Insights - The company is focused on long-term value creation for shareholders through various opportunities [2] - The CEO provided an update on the progress made by the global team and expressed excitement about future prospects [2] Financial Overview - For the full year 2024, the company generated approximately $3.4 billion in global revenues [3]

Core Viewpoint - The call for the SEC to reconsider quarterly corporate reporting reflects a growing concern that such practices encourage short-term behavior at the expense of long-term value creation [3][4][5]. Group 1: Current Reporting Practices - Public companies typically engage in quarterly reporting, which may lead to a focus on short-term results rather than sustainable growth [2][4]. - The Long-Term Stock Exchange has proposed a shift to semiannual reporting, aiming to enhance long-term value creation [3][4]. - Historical context shows that the current quarterly reporting requirement was established in 1970, a time when the investment landscape was significantly different [5]. Group 2: Impact on Corporate Behavior - Research indicates that mandatory quarterly reporting negatively affects corporate managerial behavior, leading to reduced investment in R&D and operational adjustments to meet short-term targets [6]. - A study of Japanese firms revealed that quarterly reporting resulted in short-term manipulation, with initial performance boosts followed by declines [6]. Group 3: Changes in EPS Guidance - The practice of issuing quarterly earnings-per-share (EPS) guidance has decreased from 50% of S&P 500 companies in 2004 to 21% in 2024, highlighting a shift away from short-term performance metrics [8]. - Despite the decline in EPS guidance, many companies remain trapped in a quarterly reporting cycle, which is likened to a "hamster wheel" [8]. Group 4: Potential Solutions - Extending reporting periods could help companies escape the 90-day cycle, although it is not a complete solution [9]. - The SEC is encouraged to explore alternative reporting frameworks that prioritize long-term value creation while maintaining transparency and accountability [11]. - Options such as cumulative reporting or simplified reporting of key performance indicators (KPIs) could be considered [11]. Group 5: Long-term Focus - A shift to optional quarterly reporting could realign capital markets to better serve long-term investors, such as savers planning for decades ahead [12].

Core Insights - The performance of actively managed equity funds has significantly rebounded, particularly among small and medium-sized public funds, marking a shift from the dominance of larger funds in the market [1][2] - The resurgence in performance is attributed to a combination of market trends and competitive dynamics within the industry, with smaller funds demonstrating agility in adjusting their portfolios to capture market opportunities [6][9] Performance Highlights - Since September 24 of the previous year, the average net asset value growth rate for actively managed equity funds reached 40.77%, with 245 funds doubling their net value [2] - Among these "doubling funds," 133 are from small and medium-sized public funds, accounting for 54.3% of the total [2][6] - The top-performing funds include CITIC Securities' North Exchange Selected Two-Year Open A with a growth rate of 240.22%, and Debon Xin Xing Value A with a 221.47% increase [3] Competitive Landscape - A total of 245 "doubling funds" are managed by 77 different fund companies, with notable contributions from firms like Caitong Fund and E Fund [6] - The competitive advantage of smaller funds lies in their ability to quickly adjust their holdings and focus on high-growth sectors, unlike larger firms that face constraints due to their size [6][9] Investment Strategies - The trend towards "track-based" and "high-sharp" investment strategies among small public funds has become more pronounced, allowing for clearer style positioning and better performance predictability [8] - However, there is a caution against "betting-style" investments that may arise from focusing solely on specific sectors without adequate diversification [7][9] Future Outlook - The macroeconomic environment is expected to maintain a weak recovery, with a likelihood of continued focus on technology-driven growth in the stock market [9] - If there is an unexpected recovery in infrastructure, consumption, and investment sectors, larger equity funds may also see performance opportunities [9] - Long-term value creation and strengthening research capabilities remain essential for sustainable growth across both small and large fund management firms [9]

Core Viewpoint - The performance of actively managed equity funds has significantly rebounded, with small and medium-sized public funds showing remarkable improvement, marking a shift from the dominance of larger funds in the market [2][4]. Group 1: Market Performance - Since September 24 of last year, major A-share indices have risen sharply, leading to an average net value growth rate of 40.77% for actively managed equity funds, with 245 funds doubling their net value [4]. - Among the "doubling funds," 133 are from small and medium-sized public funds, accounting for 54.3% of the total [4]. Group 2: Fund Performance Highlights - The top-performing funds include: - CITIC Securities North Exchange Selection Two-Year Open A with a growth rate of 240.22% - Debon Xin Xing Value A at 221.47% - Yongying Advanced Manufacturing Smart Selection A at 205.63% - Other notable funds include Xin Ao Performance Driven A and Zhonghang Opportunity Navigation A, both exceeding 197% growth [5]. Group 3: Industry Dynamics - The success of small and medium-sized public funds is attributed to their ability to quickly adapt to market opportunities due to their smaller scale, allowing for more flexible portfolio adjustments compared to larger firms [6]. - The structural market conditions have favored small-cap stocks, which have seen significant price increases, benefiting smaller funds that can concentrate their holdings in these areas [6]. Group 4: Investment Strategies - The trend towards "track-oriented" and "high sharpness" strategies among small and medium-sized public funds has become more pronounced, allowing for clearer investment style positioning and potentially higher alpha returns for investors [8]. - However, there is a caution against "betting-style" investments that focus solely on specific sectors without a diversified approach [9]. Group 5: Future Outlook - The macroeconomic environment is expected to maintain a weak recovery, with liquidity remaining relatively abundant, suggesting that the stock market will likely continue to favor technology growth styles [9]. - If there is an unexpected recovery in infrastructure, consumption, and investment sectors by mid-next year, larger equity funds may also see performance opportunities [9]. Group 6: Long-term Perspective - The recent performance surge of small and medium-sized public funds is viewed as a temporary outcome of specific market conditions, emphasizing the importance of long-term value creation and robust research capabilities for sustainable growth [9].

Group 1 - The core viewpoint of the article emphasizes the importance of high-quality development in the public fund industry, focusing on investor interests and transitioning from scale to investor returns [1] - The China Securities Regulatory Commission released an action plan in May 2025 to promote high-quality development in the public fund sector, urging institutions to prioritize the best interests of investors [1] - Guo Xin Guo Zheng Fund Management Co., Ltd. has been committed to a culture of compliance, integrity, professionalism, and stability since its establishment in 2019 [1][2] Group 2 - The company advocates for a business philosophy centered on "integrity and compliance," ensuring the protection of investors' legal rights through robust internal governance and risk control systems [2] - The company focuses on enhancing service quality for the real economy and aims to contribute to the establishment of a high-quality capital market that aligns with a strong financial nation [2][3] - The company is actively developing a new investment research system that emphasizes long-term value creation and team collaboration [3] Group 3 - The company is expanding its product offerings, including various fixed-income products such as interest rate bonds and credit bond funds, to meet diverse investor needs [3] - A mechanism for regular communication and service maintenance with existing group and central enterprise clients has been established [3][4] - The company emphasizes the importance of talent development and ethical standards, aiming to build a high-quality professional financial workforce [4]

Core Viewpoint - The article emphasizes the importance of transforming the public fund industry from focusing on scale to prioritizing investor returns, aligning with national strategic directions and enhancing the role of public funds in supporting the real economy and wealth management needs of residents [1][9]. Investment Research and Development - The company is committed to enhancing its core investment research capabilities, focusing on long-term value creation through professional asset allocation and counter-cyclical strategies, as outlined in the regulatory action plan [1][2]. - A new decision-making framework, "1+3+5," has been established to improve investment research efficiency, integrating various asset classes and strategies to enhance collaborative efforts [2]. - The investment team is categorized by distinct styles and strategies, ensuring alignment between personnel, strategies, and products to meet diverse investor needs [2]. Performance Assessment - The company has shifted its performance evaluation focus towards long-term results, emphasizing three-year performance metrics and incorporating investor experience indicators to enhance the alignment of interests with investors [3]. - The introduction of floating fee rate products aims to strengthen the connection between the company and its investors, enhancing their overall experience [6]. Strategic Positioning - The company is actively expanding its equity investment offerings, particularly in sectors aligned with new production capabilities, to create value for clients during market fluctuations [4][5]. - A comprehensive product matrix has been developed to cater to various risk preferences and life cycles, ensuring timely investment opportunities for clients [4]. Investor-Centric Approach - The company prioritizes investor service and risk management, implementing a robust risk control framework and enhancing investor education initiatives to improve overall investor experience [7][8]. - The company has achieved significant milestones, including serving 92.9 million individual and institutional investors and distributing a total of 169 billion yuan in dividends to investors [6]. Commitment to Sustainable Development - The company remains dedicated to long-termism and sustainable development, aligning its operations with the regulatory action plan to enhance the public fund industry's quality and stability [9].

Core Viewpoint - Paramount is preparing a bid to acquire Warner Brothers, which may be announced soon, likely in cash rather than stock [1][2][3]. Bid Structure - The bid is expected to be primarily cash, as Warner Brothers' board is not inclined towards a stock-heavy offer [3][4][21]. - A potential bid price could be in the low $20s per share, which may attract Warner Brothers' board if it is cash-based [4][19]. Financial Considerations - Both Paramount and Warner Brothers are highly leveraged, with debt levels exceeding three times their earnings, raising questions about the feasibility of financing the bid [5][17]. - Significant cash infusion would be required from investors like Larry Ellison and Red Bird, which could lead to substantial dilution for Paramount shareholders [6][7]. Strategic Timing - Paramount's move to bid now may be strategic to avoid competition from larger tech companies like Apple and Amazon after Warner Brothers completes its planned split into separate business units [8][10][11]. - The split is expected to occur around April next year, potentially making Warner Brothers more attractive to buyers focused on studios and streaming [7][10]. Auction Considerations - Warner Brothers may need to consider an auction process if the bid is received, exploring interest from other major players in the industry [9][21]. - There is speculation about whether companies like Netflix, Apple, or Amazon would be interested in acquiring Warner Brothers as a whole, especially after the split [10][16]. Regulatory Environment - There is an expectation that if Paramount's bid is accepted, regulatory approvals could be obtained without significant hurdles [23][25]. - The current market dynamics and regulatory landscape may favor a swift transaction if the bid aligns with Warner Brothers' interests [24][25].

Core Insights - MSCI Inc. has consistently been a top focus for investment analysis, indicating strong market interest and potential for growth [1] Group 1: Company Overview - MSCI Inc. is recognized for its strong positioning in the market, making it a key player in investment strategies [1] Group 2: Investment Strategy - Triba Research aims to identify high-quality businesses that can deliver sustainable, double-digit returns over the long term, focusing on companies with competitive advantages and low debt levels [2]

Core Viewpoint - Mirae Asset Management has established itself as a benchmark enterprise in the global asset management field, leveraging nearly 200 years of history and focusing on sustainable and global investment strategies, particularly after obtaining QFII/RQFII qualifications from the China Securities Regulatory Commission [1] Group 1: Equity Investment - The company focuses on "long-term value creation" in equity investments, emphasizing three key capabilities: capital allocation, balance sheet health, and cash generation ability [3] - Capital allocation capability is crucial for long-term growth potential, with a preference for companies that invest in high-potential areas, such as technology firms with forward-looking R&D plans [3] - Balance sheet health serves as a core barrier against risks, with a focus on companies with low debt ratios and sufficient cash reserves to maintain stability during market fluctuations [3] - Cash generation ability is directly linked to investor returns, prioritizing companies with stable revenue and strong cash flow, such as consumer goods firms [3] - The company constructs a highly concentrated equity portfolio, focusing on a few high-quality companies rather than diversifying broadly [3] Group 2: Fixed Income - Mirae employs an "unconstrained strategy" in fixed income, allowing flexibility to adjust portfolios in response to market changes [5] - The team quickly adjusts holdings based on interest rate expectations, reducing long-term bond holdings when rates are expected to rise and increasing them when rates are expected to fall [5] - ESG factors are deeply integrated into fixed income analysis, prioritizing issuers with strong environmental practices and governance, which reduces default risk and enhances portfolio returns [5] Group 3: Private Assets - Private asset investment is a key differentiator for Mirae, focusing on three areas: real estate, agriculture, and lifestyle & consumption [7] - In real estate, the company has launched three distinctive projects, including the Grand Paris project, sustainable city projects, and a real estate club trading project, aimed at providing stable cash flow and capitalizing on urban development opportunities [8] - In agriculture, Mirae collaborates with specialized firms to invest in modern planting technologies and efficient breeding facilities, addressing global population growth and rising agricultural demand [8] - The lifestyle & consumption sector targets innovative companies in digital technology and consumer upgrades, aiming to capture market trends and provide differentiated returns [8] Group 4: Strategic Support - The investment strategy of Mirae is supported by its core values and team collaboration mechanisms [9] - The company emphasizes independent thinking and collaboration, ensuring diverse perspectives are considered in investment decisions to enhance accuracy [9] - ESG principles are integrated throughout the investment process, promoting improvements in ESG practices among portfolio companies to achieve both investment returns and social responsibility [9] - With nearly 200 years of experience, Mirae's strategies in equities, fixed income, and private assets reflect a deep understanding of market dynamics and a commitment to long-term and responsible investing [9]