（3/14），这意味着无论是追求进攻的权益资金，还是偏好求稳的固收资金，在这家机构的产品线上都 能找到清晰的坐标。 在风格频繁切换的2025年，公募基金行业经历了罕见的剧烈轮动：权益端，人工智能、人形机器人、创 新药等主题此起彼伏，阶段性行情此起彼落；固收+产品则在利率中枢下移、资产配置再平衡的背景 下，重新成为各类资金的重要压舱石。在这样的市场环境里，单一赛道的短期爆款并不稀奇，真正高门 槛的是在股债两端同时拿得出持续成绩，并在多周期维度保持比较优势。 从这一视角回看截至2025年底的行业数据，中欧基金无疑是一家很有代表性的样本。权益方面，中欧基 金近十年在权益类大型基金公司绝对收益榜中位列第一（1/13），在同规模阵营中长期业绩拔尖；固收 方面，中欧基金近三年在固收类中型基金公司绝对收益榜排名第一（1/14）、近七年位居前三 更具可观察性的，是这种股债双优并非依靠一两只明星产品支撑，而是通过系统化的投研平台、较为完 备的产品矩阵和多年打磨的中欧制造体系来实现。科技主题方面，中欧基金科技战队在2025年延续了高 景气，搭建数字经济、信息科技、智能制造等多个细分方向的产品线；稳策略方面，中欧基金也搭建起 较为 ...

Core Viewpoint - The public fund industry in China has shown significant growth in bond fund assets, with China Europe Fund's bond fund scale reaching 166.96 billion yuan by the end of Q3 2025, marking an increase of nearly 50 billion yuan since the beginning of the year and achieving growth for eleven consecutive quarters [1][4]. Group 1: Fund Performance - China Europe Fund ranks first in fixed income investment capability across various time frames, including 1 year, 2 years, 3 years, and 7 years, according to Guotai Haitong Securities [3]. - The fund's short-term bond strategy, China Europe Short Bond A, has achieved positive returns for seven consecutive years and has won the Star Fund Award for two consecutive years, with a combined scale of 5.335 billion yuan by the end of Q3 [3]. - The China Europe Pure Bond E, managed by Yan Peixian, has a one-year yield of 3.73%, ranking in the top 5% among similar long-term pure bond funds [3]. Group 2: Product Line and Strategy - The asset structure shows that by the end of Q3, the bond fund scale of China Europe Fund has increased by 73.53% year-on-year, accounting for 37.11% of the company's non-money market fund scale [4]. - The product line includes cash management, interest rate strategies, credit strategies, and enhanced fixed income strategies, catering to different risk preferences of investors [4]. Group 3: Market Outlook - Looking ahead to Q4, China Europe Fund anticipates stable domestic economic performance, with traditional economic momentum and price signals requiring time to improve [4]. - The company expects policy measures to be implemented, which will help stabilize the return on equity (ROE) of listed companies, and the weak dollar trend will further support AH assets, leading to a positive outlook for investment opportunities in the equity market [4].

Core Insights - The pharmaceutical sector has shown unexpected strong performance in 2023, with the China Securities Pharmaceutical Index rising over 13% and the Oriental Fortune Innovation Drug Index increasing by more than 59% year-to-date [1] - The China Europe Fund's healthcare fund has also performed well, with a one-year increase of 34.71% and a year-to-date increase of 25.45%, significantly outperforming both its peers and the CSI 300 Index [1] - Despite the recent recovery in core products, the overall situation for China Europe Fund's equity products remains concerning, with significant reductions in fund sizes compared to their peaks in 2021 [2][5] Fund Performance - As of July 7, 2023, the mixed fund size of China Europe Fund was 1,647.99 billion yuan, down from a peak of 3,368.29 billion yuan in 2021, a decrease of over 1,700 billion yuan [2][5] - The stock fund size also declined from a peak of 477.96 billion yuan in 2021 to 256.34 billion yuan in Q2 2023, a reduction of over 200 billion yuan [2][5] - Overall, the combined reduction in mixed and stock funds exceeds 1,900 billion yuan in recent years [2] Company Background - China Europe Fund was established in July 2006 and initially struggled due to management's unfamiliarity with the A-share market, missing opportunities during the 2006-2007 bull market [3] - A significant turnaround occurred in 2008 with the appointment of Liu Jianping as general manager, leading to rapid growth and the establishment of a unique employee stock ownership structure [4] Shift in Business Focus - Despite the decline in equity business, the overall scale of China Europe Fund has increased to 6,160 billion yuan as of July 22, 2023, up from 5,711.06 billion yuan during the peak of its equity business in 2021 [6] - The growth is primarily driven by fixed-income and money market funds, with bond fund sizes increasing from 696 billion yuan in Q3 2020 to 1,463 billion yuan in Q2 2023, effectively doubling [6] - The company has shifted its focus from equity to fixed-income products, attracting talent from the fixed-income sector to strengthen its offerings [6][7] Performance of Fixed-Income Products - Several fixed-income products from China Europe Fund have performed well, with notable rankings in their respective categories [7] - The company ranked TOP1 among 14 mid-sized fixed-income companies in the past year, indicating strong performance in this segment [7] Challenges Ahead - The shift towards fixed-income products may negatively impact profitability, as management fees for mixed funds are generally higher than those for bond funds [8] - The focus on fixed-income may lead to the potential loss of key fund managers, as evidenced by the departure of notable figures like Cao Mingchang [8]