● 大成基金管理有限公司总经理 谭晓冈 当前，我国经济正处在迈向高质量发展的关键时期。中央金融工作会议鲜明提出要做好金融"五篇大文 章"，系统擘画了建设金融强国的宏伟蓝图。新"国九条"的发布，为资本市场深化改革与稳健发展注入 了强劲动力。《推动公募基金高质量发展行动方案》的出台，系统校正行业发展定位，突出投资者回报 导向，为行业高质量发展指引了方向。在一系列顶层设计的引领下，高质量发展是公募基金行业持续健 康发展的必由之路，是回报投资者信任的内在要求，更是服务国家战略的根本体现。面对这场深刻的价 值观重塑，大成基金系统谋划、精准发力，全面推进一系列落实工作，力求在高质量发展新征程上走 稳、走实、走远，共筑行业高质量发展新生态。 深刻理解"长期主义"的丰富内涵，以恒心立恒业 资产管理之道，不在朝夕之功，而在长远之绩。大成基金深刻认识到，"长期主义"是一种融入血脉的投 资理念，是一种对于稳定投资风格的长期坚持，更是一种敢于包容短期波动的战略定力。 投资研究的长期视角：深度研究，摒弃浮躁。大成基金的投研理念是"长期回报、超额收益、产业视 角"，排在第一的就是"长期回报"。长期回报是指以长期为客户创造收益为目标，要求 ...

Core Insights - The financial industry is focusing on accelerating digital and intelligent transformation, with a significant emphasis on financial technology innovation during the "14th Five-Year Plan" period [1] - By 2025, artificial intelligence (AI) technology is expected to be deeply integrated into every core aspect of the public fund industry, enhancing efficiency, professionalism, and alignment with investor needs [1] Research and Investment System Reconstruction - AI technology is becoming a key variable in transforming the investment research capabilities of public funds, moving from traditional reliance on individual experience to intelligent data mining and human-machine collaboration [2] - Notable advancements include the deployment of the DeepSeek financial model by Nuon Fund, marking a new era of technology-driven business empowerment [2] - Southern Fund is leveraging cloud-native technology to enhance its investment research capabilities and service efficiency [2] Product Layout Innovation - The commercialization of AI technology is driving innovation in product layouts within public funds, with a focus on AI-themed products supported by government policies [4] - The approval of 16 hard technology products, including AI ETFs, signifies a strong commitment to supporting strategic emerging industries [4] - Active equity funds with high exposure to AI-related industries have shown significant profitability, with some funds achieving over 190% returns year-to-date as of November 26, 2025 [5] Marketing and Service Upgrades - The increasing diversification and personalization of wealth management demands are challenging traditional models, prompting a shift towards technology-enhanced service efficiency and customer experience [6] - The award-winning intelligent wealth management platform by CITIC Securities demonstrates a successful digital transformation model for the public fund industry [6] Risk Control and Compliance - The transition from experience-based risk control to intelligent risk management is enhancing precision and timeliness in risk assessment [8] - AI is enabling a dual-dimensional monitoring system for risk control, incorporating macroeconomic factors to mitigate systemic risks [9] - The use of AI in simulating extreme market conditions allows for precise risk assessment and informed decision-making in fund management [9] Future Outlook - The integration of AI with alternative data sources is expected to deepen insights into innovative enterprises, enhancing the transparency and controllability of AI models [10] - AI is positioned as a critical tool for building core competitiveness in quantitative investment, promising more stable excess returns and improved risk management for investors [10]

Core Viewpoint - The release of the white paper "Driving Green Transformation of Listed Companies through ESG Governance" marks a significant step in the collaboration between the securities and public fund industries in promoting ESG practices and sustainable development in the capital market [1][3]. Group 1: White Paper Overview - The white paper is based on local practices in China and presents a comprehensive content system, detailing the evolution of green transition policies and the progress of A-share listed companies in areas such as environmental governance and climate action [2]. - It highlights the significant achievements in China's green finance development, including the leading position in green credit and bond scale globally, and the transition of ESG information disclosure from voluntary exploration to a standardized phase [2]. Group 2: Institutional Collaboration - National Securities and Harvest Fund have committed to deepening their cooperation in the green finance sector, aiming to further implement ESG governance concepts across various industries [3]. - The white paper serves as a guide for listed companies' green transformation and injects new vitality into the ESG ecosystem in the capital market, showcasing the financial industry's commitment to sustainable development [3].

11月26日，深成指、创业板指双双低开高走，创业板指盘中一度涨超3%。板块方面，医药、零售、CPO等板块涨幅居前，军工装备、林业、游戏等板 块跌幅居前。全市场超3500只个股下跌。沪深两市成交额1.78万亿元，较上一个交易日缩量288亿。 | 证券代码 | 证券简称 | 单日净值增长率(%) | 近1周回报(%) | 今年以来回报(%) | 基金经理(现任) | 基金规模(亿元) | | --- | --- | --- | --- | --- | --- | --- | | 010807.OF | 融通稳信增益6个月持有A | 2.08 | 1.54 | 32.57 | 何龙,张彩婷 | 0.81 | | 004888.OF | 财通资管鑫逸A | 1.53 | 0.25 | 21 | 李晶石玉山 | 0.41 | | 014625.OF | 财通资管稳兴丰益六个月持有A | 1.37 | 1.29 | 6.37 | 宫志芳,李晶 | 0.92 | | 006972.OF | 金鹰民安回报一年定开A | 0.96 | 0.11 | 16.02 | 林龙军 | 12.04 | | 008541.OF | 西部利 ...

Core Insights - The article emphasizes the importance of understanding and addressing the needs of the elderly population, highlighting the efforts of Nuoan Fund in providing financial education and support to seniors in both urban and rural settings [2][8][9] Group 1: Urban Initiatives - In urban areas, many elderly individuals feel a sense of loss as they transition from active roles to more passive ones, yet they still wish to contribute to their families and maintain their self-worth [2][3] - Nuoan Fund has launched a systematic financial education program called "Silver-haired Financial Course," which includes six online classes and one offline practical session, aimed at simplifying complex financial knowledge for seniors [2][3] - The program addresses essential topics such as basic financial concepts, asset allocation, market volatility response, and fraud prevention, thereby building a comprehensive financial knowledge system for the elderly [2][3] Group 2: Rural Support - In rural areas, elderly individuals face more specific challenges due to limited resources and the absence of their children who often work away from home, leading to feelings of isolation and neglect [5][6] - Nuoan Fund has organized medical outreach programs, providing consultations to elderly patients who often endure pain silently to avoid burdening their children, thus clarifying their medical conditions and treatment options [6] - The establishment of community kitchens funded by Nuoan Fund has improved the quality of life for many elderly individuals, providing not only meals but also a sense of community and connection [6][7] Group 3: Sustainable Community Engagement - Nuoan Fund has facilitated the creation of a "responsibility system" for volunteer services in villages, ensuring that support for the elderly is organized, sustainable, and replicable [7] - Training programs for over 280 elderly care workers have been implemented to enhance the quality of care provided to seniors, ensuring that assistance is both scientific and compassionate [7] - The initiative also includes capturing moments for elderly individuals through photography, allowing them to cherish their memories and feel valued [7][9] Group 4: Financial Empowerment - The concept of financial empowerment for the elderly is framed as a critical societal issue, with Nuoan Fund exploring ways to make financial knowledge accessible and applicable to seniors [8] - The dual approach of combining public welfare with financial education aims to address the specific needs of the elderly, ensuring they can manage their finances effectively in retirement [8][9] - The article concludes that the true essence of elderly care lies in understanding their stories and needs, with Nuoan Fund committed to providing long-term support and companionship [9]

2025年5月7日，证监会正式发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），标 志着我国公募基金行业进入深化改革、提质增效的新发展阶段。《行动方案》明确提出"大力提升公募 基金权益投资规模与占比，促进行业功能发挥"。 面对政策引导与市场转型的新常态，以固收见长的银行系公募基金，其破局关键在于主动优化业务布 局，着力构建平台化、体系化的权益投研能力，从而完成从传统"资金管理"向新时代"资本赋能"的功能 升级。 11月中旬，原中航基金副总经理兼首席投资官邓海清已正式离职，其从业资格在中航基金显示已注销。 据了解，邓海清拟出任中加基金首席经济学家、首席投资官。这位在宏观、固收与权益领域均有深厚积 淀的金融老将的加盟，也是中加基金落实《行动方案》推动业务转型升级的新行动。 公开资料显示，邓海清拥有复旦大学金融学博士学位，曾在宏源证券（000562）、中信证券、九州证券 等机构担任首席分析师、首席经济学家，并具备多年资产配置与投资管理经验。 权益业务系统化建设 从中加基金的发展现状来看，此次人才引进背后蕴含着清晰的战略考量。在固收领域，中加基金已形成 显著的竞争优势，成为公司规模增长的核心支柱。然而， ...

Group 1 - The integration of finance and technology is evolving from simple support to a mutually beneficial relationship, creating an "innovative dual engine" for future development [1] - Financial support is becoming a key force in overcoming technological barriers in high-end manufacturing and other advanced technology sectors [1] - Capital plays a significant role in economic development, influencing resource allocation and production, and is increasingly viewed as a "stabilizer" for technological innovation [1] Group 2 - The deep integration of technology and finance faces challenges, particularly in valuation, as high-end equipment companies exhibit characteristics of high investment, high R&D, high technical barriers, and niche markets [2] - The exit mechanism for capital investment in hard technology companies is a critical concern, especially if these companies cannot answer key questions about product potential and growth [2] - AI is a major battlefield for technological innovation, rapidly narrowing gaps between companies and individuals [2] Group 3 - The emergence of AI has sparked innovation within public funds, enhancing research structures and delivering tailored content to clients [3] - AI also presents new challenges for financial institutions, particularly in terms of the potential for misuse and the need for improved discernment [3] - There is a caution against over-reliance on AI, emphasizing the necessity of human oversight in decision-making processes [3]

Core Insights - The public fund management scale has surpassed 36 trillion yuan, marking a significant shift from a focus on scale to prioritizing quality in the industry [1] - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" signifies the end of a long-standing growth model that emphasized scale over returns, prompting a reevaluation of core values across the industry [1] Industry Evolution - The public fund ecosystem is undergoing a profound transformation against the backdrop of changes in household wealth allocation, with a decline in the proportion and growth rate of money market funds reflecting an upgrade in investor demand towards stable and value-added returns [4] - The continuous increase in the proportion of equity assets not only indicates the maturity of the capital market but also reflects a return of investor trust in professional asset management capabilities [4] Investment Strategies - A complementary relationship between active and passive investments has emerged, breaking the long-standing debate of either-or within the industry, indicating a shift from meeting singular financial needs to covering comprehensive asset allocation scenarios [6] - The true value of the 36 trillion yuan milestone lies not in the number itself but in its representation of the industry's responsibility as a core link between household wealth and the real economy, which is essential for high-quality development [6] Innovation and Upgrades - Policy guidance acts as a directive for industry transformation, while product innovation and research upgrade serve as dual engines driving high-quality development, with their deep collaboration reshaping the core competitiveness of public funds [9] - The promotion of floating fee rate funds establishes a binding mechanism between managers and investors, representing a fundamental reform of traditional fee structures [9] Research and Development - The transition away from a star manager dependency model is crucial for the industry's maturity, as reliance on star fund managers has led to performance instability and a vicious cycle of talent loss and scale shrinkage for smaller institutions [13] - Industrialized research and development driven by leading firms aims to convert individual capabilities into sustainable core competitiveness for institutions, ultimately protecting investor interests [13] Challenges and Solutions - High-quality development is not without challenges, as the industry faces multiple issues, including a misalignment between investor behavior and fund performance, which highlights a lack of investor service [18] - Fund companies have historically focused too much on product sales while neglecting post-investment support, making it difficult for investors to establish a long-term investment mindset [20] - Risk management challenges are escalating due to global geopolitical uncertainties and asynchronous policy cycles, necessitating a proactive approach to risk management that integrates risk forecasting into the entire research process [22] Future Outlook - The high-quality development of the public fund industry must ultimately return to the core of creating value for investors, with product innovation, research upgrades, and investor service optimization centered around this principle [24] - The 36 trillion yuan milestone is not an endpoint but a new starting point for industry transformation, where only those institutions that adhere to professionalism, prioritize investor interests, and possess risk control capabilities will thrive in the long term [24]

在"人工智能+"被正式写入2025年政府工作报告，"数字金融""普惠金融"被写进"金融五篇大文章"的背 景下，公募基金行业正迎来一场技术变革。 "轻首发、重持营、重服务"成为公募基金行业趋势，公募基金与销售渠道不再是简单的产品代销关系， 而是转向策略共创、能力互补、生态共建的深度合作伙伴关系。近日斩获"2024年度金融科技发展奖"一 等奖的天弘基金，通过AI技术赋能渠道合作，为行业智能化转型提供了新思路。 渠道协同共通高质量发展 随着公募基金总规模站上36.25万亿元，行业发展的核心命题已从规模扩张转向高质量发展。而"基金赚 钱，基民不赚钱"的痛点、费率改革对收入结构的冲击，以及客户需求的个性化升级等问题，早已超出 单一机构的解决能力，倒逼公募基金与销售渠道打破壁垒，构建协同共生的生态体系。（数据来源：基 金业协会，截至2025.9.30） 从行业趋势来看，公募与渠道的协同正从传统的产品合作，向策略共建、服务共创、技术共享的全链条 延伸。业内普遍认为，未来行业竞争的核心将是"生态能力"的竞争，公募基金的投研与产品能力，需与 渠道的客群触达、场景运营能力深度融合，才能真正提升服务效率与客户体验。 炒股就看金麒麟 ...

Core Viewpoint - The public fund industry in China is undergoing a transformation aimed at high-quality development, with Shenzhen leading the charge through comprehensive reforms and initiatives to enhance the industry’s ecosystem and investor protection [1][2]. Group 1: Industry Reform and Development - The key to high-quality development in the public fund industry lies in reshaping the industry ecosystem and establishing a robust investor interest community among investors, fund managers, sales institutions, and evaluation agencies [2]. - Shenzhen has implemented a systematic work plan covering pre-emptive guidance, mechanism construction, and post-evaluation to promote comprehensive reforms in the industry [1][2]. - As of September, Shenzhen public fund companies have issued 14 floating fee rate products with a total scale of 148.72 billion, and the self-purchase of existing funds reached 219.81 billion, reinforcing the investor interest community [2][3]. Group 2: Fee Reduction and Investor Engagement - Since the fee rate reform in July 2023, 31 public fund companies in Shenzhen have significantly reduced management and custody fees, resulting in over 6 billion in benefits to investors [3]. - The industry is enhancing investor satisfaction through improved customer service systems and educational platforms, with 7 pilot fund advisory companies serving approximately 363,700 clients and managing assets of 15.41 billion [3]. Group 3: Long-term Investment and Research Capability - Shenzhen is focusing on enhancing long-term capital inflow and institutional research capabilities to create a new value ecosystem, with a collaborative mechanism established among various regulatory and financial bodies [4][5]. - As of September, the scale of pension products managed by Shenzhen public fund companies exceeded 2 trillion, growing over 10% from the previous year [5]. - The equity fund scale in Shenzhen reached 2.13 trillion, with a year-to-date growth of 23%, while index funds grew by 31% this year, indicating a robust investment environment [5]. Group 4: Product Innovation and Strategic Alignment - Shenzhen public fund companies are actively innovating products to support national strategies, focusing on technology innovation, pension products, and green finance [7][8]. - By the end of September, the number of technology-themed funds reached 495, with a total scale of 506.09 billion, reflecting a 60.94% increase from the previous quarter [7]. - The scale of green-themed funds reached 112.33 billion, with a quarter-on-quarter growth of 22.33%, demonstrating a commitment to sustainable development [8]. Group 5: Future Directions and Regulatory Focus - Moving forward, Shenzhen's regulatory bodies emphasize risk prevention, strong regulation, and promoting high-quality development while enhancing institutional governance and compliance [9][10]. - The industry aims to continue contributing to the construction of a financial powerhouse by focusing on long-term investments and deepening investor protection [10].