高质量发展行动方案

Search documents
盛谈公募行业高质量发展之三|长盛郭堃:中型公司投研体系建设 需走“集中资源、有效转化、精品化突破”道路
Xin Lang Ji Jin· 2025-09-24 08:01
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a "High-Quality Development Action Plan" aimed at enhancing the investment research system of public funds, emphasizing a "platform-based, integrated, multi-strategy" approach to address industry challenges and improve investor returns [1][2]. Group 1: Industry Challenges and Solutions - The reliance on "star fund managers" is being addressed by transitioning to a platform and integrated approach, which aims to convert individual capabilities into systematic company strengths, ensuring sustainable and stable investment research outcomes [2]. - The issue of a fragmented "research-investment" process is being tackled by creating a closed-loop system that integrates research-driven investment and investment feedback into research, thereby improving decision-making efficiency and accuracy [2]. - To combat the problem of investment style drift, the industry is encouraged to adopt diverse investment strategies (such as balanced, growth, value, and quantitative strategies) to meet varying market conditions and provide differentiated asset allocation options for investors [2]. Group 2: Current State of the Investment Research System - The investment research system has evolved from individualistic approaches to collaborative platform-based models, with digital intelligence becoming a key infrastructure [3]. - The industry is characterized by a "spindle-shaped" structure, where large comprehensive wealth management institutions coexist with specialized asset management firms, each focusing on their strengths [3]. - While a few leading firms have begun to establish the required "platform-based, integrated, multi-strategy" systems, many smaller firms are still transitioning and face challenges in optimizing their research and investment processes [3]. Group 3: Pathways for Non-Head Fund Companies - Non-head fund companies should focus on "concentrating resources, effective transformation, and boutique breakthroughs" rather than blindly adopting the heavy asset models of leading firms [4]. - Establishing a mutual trust discussion mechanism among research and investment personnel is crucial for effective resource concentration and decision-making [4]. - A multi-layered, three-dimensional discussion framework should be designed to ensure depth and timeliness in research outcomes, facilitating effective investment transformation [4]. - Boutique product development is emphasized as a feasible strategy for non-head public funds to differentiate themselves in the market [4]. Group 4: Best Practices from Changsheng Fund - Changsheng Fund has developed a structured investment research discussion mechanism over the past five years, including weekly report discussions, monthly simulation portfolio meetings, and quarterly investment committee meetings [5][6]. - Weekly report discussions involve in-depth analysis of a specific report, fostering comprehensive understanding among team members regarding long-term potential and competitive dynamics [5]. - Monthly simulation portfolio meetings allow researchers to present their simulated portfolios and review past performance, enhancing communication of research insights to fund managers [6]. - Quarterly investment committee meetings bring together all investment personnel to discuss strategies and provide guidance for the company's overall investment direction [6].