专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 责任编辑：石秀珍 SF183 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, with a focus on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1] Group 1: Compliance Culture and Development - The company recognizes the importance of cultivating a Chinese financial culture, emphasizing the principles of honesty, integrity, prudence, innovation, and legal compliance [2] - A systematic internal compliance training and integrity culture education system has been established, utilizing AI technology to enhance training effectiveness and promote active employee participation [3] Group 2: Compliance System and Regulations - Compliance management is viewed as the cornerstone of long-term development, with the company committed to building a comprehensive and scientific compliance system that covers all branches and operational aspects [4] - The company has developed practical compliance guidelines and an employee compliance manual to support business operations and ensure adherence to regulations [4] Group 3: Technological Empowerment in Compliance - The company is embracing financial technology to enhance compliance management quality and efficiency, including the development of automated review tools for promotional materials [5] - A digital infrastructure for information disclosure has been established to improve data accuracy and reduce operational risks, with plans to further explore AI applications in compliance [6]

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 为充分发挥金融机构在投资者保护与国民金融素养提升中的主体责任，深入落实"公募基金高质量发展 在行动"及"一司一省一高校"专项工作部署，工银瑞信投教基地携手公司人力资源部先后走进清华大 学、北京大学、中国人民大学，开展"明辨风险守护财富，践行价值筑基人生"主题活动，为高校学子精 准输送前沿行业信息与专业职业规划指导，传递金融安全意识与理性投资理念，为学生未来发展注入有 益动能。 活动中，人力资源部首先系统介绍了公司的发展历程、业务布局及行业定位，帮助同学们全面厘清金融 机构基本架构与行业发展脉络。详细阐述基金投资从宏观研判、标的筛选到组合构建的全过程，让学子 们直观了解基金投研体系的运作机制。针对当下金融科技化、数字化深度融合的趋势，勉励学子主动拥 抱金融科技浪潮，为其职业规划提供前瞻性指引。 与此同时，投教基地工作人员向学生们发放了基金基础知识、ETF、防非等主题宣传手册和单页，助力 提升学子金融素养，工作人员提醒大家远离校园贷、套路贷等非法金融活动，养成理性消费习惯，树立 正确的人生观与价值观。 现场互动环节气氛热烈，同学们围绕就业前景、岗位能力 ...

Group 1 - The core theme of the event is "New Era, New Fund, New Value," focusing on the high-quality development of public funds and investor education in Beijing [1][3] - The company organized a series of investor education activities, including a significant event at Pugongying Middle School, which serves migrant children, to enhance financial literacy [1][2] - The educational activities included a systematic explanation of fund basics, operational principles, and investment risks, aimed at establishing a foundational financial knowledge framework for students [2] Group 2 - The event featured interactive group discussions where students actively engaged in sharing ideas on "how to conduct classified investments," demonstrating their interest in financial knowledge [2] - A simulation operation session allowed participants to understand the processes of fund subscription and redemption, enhancing their grasp of investment procedures and risk management [2] - The company plans to deepen its collaboration with Pugongying Middle School, focusing on integrating party-building initiatives with public welfare and financial education [3] Group 3 - The company emphasizes its commitment to high-quality development in public funds, guided by the principles of "finance for the people" and exploring new paths for integrating party-building, investor education, and public welfare [3]

品种观点 报告日期：2025 年 9 月 26 日 申银万国期货研究所 首席点评：公募基金规模首破 36 万亿 中基协发布数据显示，我国公募基金规模首次突破 36 万亿元大关，截至 8 月底 达到 36.25 万亿元，单月猛增 1.18 万亿元。股债跷跷板效应下，债券基金规模 小幅下降 285 亿元。商务部发布公告，决定将扁平地球管理公司等 3 家美国实体 列入出口管制管控名单，决定对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 美国第二季度 GDP 增速上修至 3.8%，创近两年新高，PCE 物价指数 2.6%，显示 出通胀压力比之前评估的更为顽固。美国上周首申人数大幅回落至 21.8 万人， 为 7 月以来最低。市场对 10 月降息预期有所降温。美股三大指数三连跌，2 年 期美债收益率回升，黄金、原油价格上涨。 重点品种：股指、原油、玻璃 股指：美国三大指数下跌，上一交易日股指继续反弹，传媒板块领涨，纺织服饰 板块领跌，市场成交额 2.39 万亿元。资金方面，9 月 24 日融资余额增加 140.82 亿元至 24141.23 亿元。整体上而言 9 月走势相对 7 月和 8 月更为波折，我们认 为是进入了 ...

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 the importance of investor-centric principles and the need for industry transformation [1] Group 1: Industry Transformation - The public fund industry in China is shifting from a scale-oriented approach to one that prioritizes investor interests, addressing issues such as short-term focus and lack of diverse investment strategies [2] - Regulatory reforms are guiding the industry towards a "triple transformation": from scale orientation to prioritizing holder interests, from homogenized expansion to specialized development, and from channel business to active management [2] - The top ten fund companies control approximately 40% of the total market size, creating a competitive landscape where smaller firms must find differentiated paths to survive [2] Group 2: Challenges and Opportunities - The core change driven by the action plan is the establishment of a performance-linked floating management fee mechanism, incentivizing fund companies to align their interests with those of investors [3] - The action plan mandates that at least 80% of the assessment weight for fund performance should focus on medium to long-term returns, linking key personnel compensation to fund performance [3] - The rapid expansion of passive funds is pushing for enhanced active management capabilities, necessitating a deeper understanding of macroeconomic and industry trends [3] Group 3: Company Practices - The company is focusing on "fixed income plus" products, which combine stable fixed income assets with equity investments to enhance returns and provide a reliable investment option for investors [4][5] - The company has successfully built a diverse and rigorous "fixed income plus" product system, achieving significant growth in both scale and performance since 2025 [5] Group 4: Governance and Risk Management - The company integrates party leadership into its governance structure, emphasizing the importance of political, organizational, and ideological construction to enhance governance effectiveness [6] - The company promotes a culture of compliance and risk awareness among employees, aiming to create a transparent and disciplined environment [6] Group 5: Investor Education - The company is transforming its investor education approach from a one-size-fits-all model to a more tailored strategy that addresses the specific needs of different investor segments [7] - The company engages in social welfare initiatives, particularly in education and poverty alleviation, to enhance financial literacy and support disadvantaged groups [7] Group 6: Future Outlook - The company aims to align its development with national strategies and the real economy, focusing on "fixed income plus" products and enhancing its product offerings to meet diverse investor needs [8] - The company seeks to play a role in optimizing industrial structures and supporting the real economy's high-quality development, contributing to national economic goals [8]

Group 1 - The core theme of the initiative is "New Era. New Fund. New Value," aimed at promoting the transformation and upgrading of the public fund industry in Beijing [1] - The initiative involves over 40 public fund managers, sales institutions, evaluation agencies, and mainstream media, focusing on enhancing the service capabilities of the public fund industry to the real economy [1] - The activities will last for more than a month and include multi-level and multi-form promotions and interactions [1] Group 2 - Dongfang Fund actively participates in the initiative, showcasing a systematic, scenario-based, and digital strategic layout in investor education [1] - The company has developed a comprehensive investor education system that covers multiple groups and scenarios, integrating online and offline approaches [1] - Online, Dongfang Fund collaborates with major internet platforms to launch a series of courses, reaching over 20,000 users on leading platforms [1] Group 3 - Offline, Dongfang Fund explores a new model that integrates investor education with industry research, helping investors understand investment concepts through tangible industry insights [1] - Looking ahead, Dongfang Fund plans to deepen digital empowerment and utilize big data for precise matching of educational content [2] - The company aims to enhance multimedia interaction and explore AI technology applications to improve content production efficiency and distribution accuracy [2]

Core Viewpoint - The article discusses the increasing trend of public fund managers transitioning to private equity, driven by changes in incentive mechanisms, a shift away from star managers, and a bullish market environment since 2025 [1]. Group 1: Public to Private Transition - As of September 19, 2023, a total of 307 public fund managers have left their positions this year, marking a five-year high, with several star managers rumored to join private equity firms [1]. - Notable managers who have transitioned include Zhou Haidong from Huashang Fund and Bao Wuke from Invesco Great Wall, both reportedly joining Hillhouse Capital's Lingren Investment [1]. Group 2: Performance of Transitioned Managers - Among the 859 former public fund managers, those who have moved to private equity have shown strong performance, with average returns of 28.26%, 57.63%, and 58.89% over the past year, three years, and since the beginning of the year, respectively [1]. - The top-performing managers in the current year include Wang Penghui from Wangzheng Asset, who leads with an average return of ***% [2][4]. Group 3: Top Managers by Performance - In the current year, the top 10 "public to private" fund managers have a performance threshold of ***%, with 9 being from subjective private equity and only 1 from quantitative private equity [2]. - Wang Penghui from Wangzheng Asset ranks first, with an average return of ***% across three products [4]. - The only quantitative manager in the top ranks is Nie Shouhua from Hanrong Investment, with an average return of ***% [5]. Group 4: Yearly and Three-Year Performance - In the past year, Zeng Weijiang from Beijing Zhenke Private Equity achieved the highest average return of ***%, with 8 out of the top 10 managers being from subjective private equity [6][7]. - Over the past three years, Zeng Weijiang also leads with an average return of ***%, with Wang Penghui and Lu Hang appearing in the top ranks multiple times [9][10].

Group 1 - The event aims to promote high-quality development of public funds and enhance financial literacy among students at Central University of Finance and Economics [1][12] - The initiative involves collaboration among seven institutions, including Yin Hua Fund and Dongfang Fund, to bridge the gap between industry practice and academic knowledge [1][12] - The focus is on addressing the professional characteristics and cognitive challenges faced by finance students through practical case studies and industry insights [4][12] Group 2 - The lecture on "Cognitive Biases in Investment Behavior" discusses the history and key measures of the public fund industry, particularly the impact of the "Action Plan for Promoting High-Quality Development of Public Funds" [5][6] - Common investment biases such as "herding behavior" and "loss aversion" are explained through relatable examples, highlighting their effects on investment decisions [5][6] - The importance of rational review and setting investment discipline is emphasized as a method to correct cognitive biases [6] Group 3 - The "Happy Retirement Starts Now" lecture aims to reshape the misconception that retirement planning is distant for young people, introducing the three-pillar system of domestic pension security [9] - International comparisons, such as the U.S. IRA and Japan's pension systems, are used to illustrate the benefits of early retirement planning [9] - The advantages of target date funds and target risk funds are discussed, guiding students on how to choose suitable retirement investment products based on their career plans and risk tolerance [10] Group 4 - The event reflects a collaborative approach among regulatory bodies, associations, institutions, media, and the public to foster high-quality development in the public fund sector [12] - Future initiatives will continue to promote financial education in more finance and comprehensive universities, aiming to cultivate a new generation of professionals with rational thinking and professional vision [14] - The goal is to integrate investor education into the national education system, supporting the public fund industry in contributing to the real economy and wealth growth [14]

Core Viewpoint - The article emphasizes the importance of cultivating a distinctive financial culture in China, as highlighted by General Secretary Xi Jinping, and outlines the commitment of Guoshou Anbao Fund to integrate this culture into its operations for high-quality development [1][2]. Group 1: Cultural Foundation - The company adheres to the core values of compliance, integrity, professionalism, and stability, aiming to build a cultural system that resonates with its strategy, employee development, and customer expectations [1][2]. - A clear core value and mission vision serve as the foundation for the company's culture, enhancing employee cohesion and alignment with the company's goals [2][3]. Group 2: Integration of Culture and Business - The company integrates cultural requirements into its governance and operational processes, ensuring that cultural values are reflected in performance assessments and decision-making [2][4]. - The management team leads by example, promoting a culture of compliance and ethical behavior, thereby fostering a positive organizational atmosphere [2][4]. Group 3: Business Development and Cultural Synergy - The company promotes a culture of long-term, value, and responsible investment, focusing on fundamental research to achieve sustainable returns [4][6]. - Risk management and compliance are emphasized as essential components of the company's operations, with a strong focus on cultivating a proactive risk management culture among all employees [4][6]. Group 4: Customer-Centric Approach - The company prioritizes investor interests, enhancing customer service through transparent communication and collaboration across departments, which improves brand reputation and customer loyalty [5][6]. Group 5: Cultural Communication and Talent Development - The company actively promotes its culture through various activities and communication channels, ensuring that cultural values are internalized by employees and effectively communicated externally [7][8]. - Talent recruitment and development are aligned with the company's cultural values, fostering a supportive work environment that enhances employee satisfaction and retention [7][8]. Group 6: Future Directions - The company plans to continue promoting Chinese financial culture and deepen its cultural framework, integrating it with strategic and operational management to maintain competitiveness in the market [8].