据了解，兴证全球在个人养老金业务的发展方面，积累了以下三个方面的宝贵经验： 一是起步早，投入大。 蓝鲸新闻12月22日讯（记者 祁和忠）2022年11月25日，个人养老金制度在国内36个城市（地区）试点，并自2024年12月15日起，在全国实 施。针对个人养老金业务，公募基金设立了基金Y份额。各大基金公司在Y份额基金的过程中，积累了大量正反两方面的经验与教训，成为生 动的"活教材"。 一方面，少数公司发生的教训比较深刻。近两年来，鹏华、创金合信等多家基金公司都出现了旗下养老目标基金清盘的案例，其中，鹏华长乐 稳健养老Y份额去年5月清盘时，基金净值低于1元。 个人养老金制度是强制性的长期投资。投资者在申购Y份额基金后，人未老，基金却早早清盘，这会影响投资者的信心。 个人养老金基金的发展，是价值投资和长期投资的"试金石"。鹏华、永赢等基金公司通过押注式投资，吸引了巨大的流量和资金，但它们旗下 养老目标基金Y份额的规模都很小，其中，鹏华基金合计约2亿元，永赢基金只有约57万元。 另一方面，一些公司取得的经验弥足珍贵。截至2025年三季度末，全市场个人养老金基金Y份额合计规模约151亿元，其中，华夏、易方达、 兴证全 ...

Core Insights - The article discusses the action plan for promoting high-quality development of public funds, emphasizing the need to strengthen core research and investment capabilities within fund companies [1] - It highlights the comprehensive upgrade of the investment research system at Xingzheng Global Fund, which has led to superior performance in absolute returns across various time frames compared to peers [1][2] - The article also explores the importance of talent development, cross-group collaboration, and long-term assessment in enhancing investment decision-making and capturing market opportunities [2][4][7] Group 1: Investment Research System - Xingzheng Global Fund has implemented a platform-based, professional, and systematic research support structure to enhance investment decision-making [1][2] - The fund has expanded its research team since 2018, focusing on specific industries and establishing specialized groups to improve research efficiency [2][3] - The performance of Xingzheng Global Fund's equity funds has ranked first among 13 large equity fund companies in terms of absolute returns over the past year, two years, and three years [1] Group 2: Talent Development - The company emphasizes the importance of talent development and the organic connection between research and investment teams to enhance decision-making effectiveness [2][6] - Experienced research leaders play a crucial role in guiding junior researchers and aligning research priorities with investment needs [3][10] - The company encourages a culture of mentorship, where senior fund managers share their experiences and insights with junior colleagues to foster long-term growth [10][11] Group 3: Cross-Group Collaboration - The article highlights the significance of cross-group collaboration in identifying new investment opportunities, especially during significant market shifts [4][5] - Researchers from different sectors collaborate to explore emerging trends, such as AI and innovative pharmaceuticals, enhancing the depth of analysis [5][6] - The integration of research and investment teams is essential for recognizing subtle market changes and capitalizing on potential opportunities [6][9] Group 4: Long-Term Assessment and Strategy - Xingzheng Global Fund adopts a long-term assessment approach for fund managers, allowing them to develop their investment philosophies over time [7][8] - The company encourages fund managers to prepare for various market conditions by building a robust foundational capability in long-term research and value pricing [8][9] - The emphasis on long-term value and individual investment styles fosters a diverse range of investment strategies within the firm [7][9]

Core Insights - The article discusses the comprehensive upgrade of the investment research system at Xingzheng Global Fund, emphasizing the importance of a platform-based, integrated, and multi-strategy research framework to enhance investment decision-making [1][2][3] Group 1: Research System Development - Xingzheng Global Fund has established specialized research teams focusing on manufacturing, cycles, consumption, technology, and pharmaceuticals, enhancing research efficiency and investment decision support [2][3] - The fund's research teams have shown significant performance, with their equity funds ranking first among 13 large equity fund companies in absolute returns over the past year, two years, and three years [1][2] Group 2: Talent Development and Collaboration - The company emphasizes the importance of talent development, with a focus on creating a seamless connection between research and investment to effectively support decision-making [2][3] - Cross-group collaboration is highlighted as a mechanism to quickly mobilize research resources when significant market opportunities arise, allowing for a more comprehensive analysis of emerging trends [4][5] Group 3: Long-term Investment Philosophy - The company promotes a long-term investment philosophy, encouraging fund managers to develop their investment methodologies over extended periods, which allows for a deeper understanding of market dynamics [7][8] - Fund managers are given the freedom to explore different investment strategies, fostering an environment conducive to personal growth and the development of unique investment approaches [7][8] Group 4: Cultural Transmission and Mentorship - The company values the "old brings new" mentorship approach, where experienced fund managers share their insights and experiences with junior team members, enhancing the overall talent pool [9][10] - The emphasis on learning from past successes and failures is integral to the company's culture, encouraging continuous improvement and adaptation in investment strategies [9][10]