Core Viewpoint - Morgan Stanley Fund aims to create a "boutique winery" in the public fund industry, focusing on producing high-quality investment products that withstand the test of time [1][10]. Company Overview - Morgan Stanley Fund officially became a wholly foreign-owned public fund company in July 2023, marking its second anniversary [1]. - The company has established a collaborative development mechanism with its global team, enhancing its research and investment capabilities [1][6]. Leadership Background - Zhou Wenzhi, the General Manager and Chief Investment Officer, has a 26-year career spanning both domestic and international markets, with significant experience in investment management [2][4]. - Zhou emphasizes the importance of understanding market rules and the need for a systematic investment framework [2][3]. Investment Strategy - The company focuses on diversifying and clarifying its investment team and strategies, aligning product risk-return characteristics with fund manager styles to avoid style drift [7][8]. - Zhou advocates for a long-term perspective in investment, emphasizing the importance of active management in the Chinese market, where institutional investors can create excess returns [16]. Research and Development - The investment research team has been strengthened, incorporating talents with diverse backgrounds to enhance investment strategies [8][9]. - The company has established a global research collaboration mechanism, leveraging Morgan Stanley's extensive resources to provide a broader investment perspective [8][12]. Product Development - Morgan Stanley Fund is committed to managing existing products throughout their life cycles rather than merely increasing the number of new products [11][12]. - The company has successfully launched several QDII products and is focusing on sectors with long-term growth potential, such as AI and pharmaceuticals [12][13]. Market Positioning - Zhou describes the company's strategy as akin to a "boutique winery," emphasizing quality over quantity in product offerings [10][11]. - The firm aims to create differentiated investment products that meet investor needs, leveraging global resources to enhance local insights [11][12]. Industry Challenges - The public fund industry in China is undergoing a transformation, facing challenges such as talent retention and product homogenization [16][17]. - Zhou highlights the need for investor education to improve the overall experience and align investor expectations with product performance [17]. Future Outlook - The company sees significant growth potential in active management within the Chinese capital market, particularly in sectors like AI, consumer upgrades, and pharmaceutical innovation [15][16]. - Zhou believes that the current market environment presents unique opportunities for institutional investors to capitalize on structural market characteristics [15][18].

Core Viewpoint - Morgan Stanley Fund aims to create a "boutique winery" in the public fund industry, focusing on producing high-quality investment products that withstand the test of time [2][12][13]. Group 1: Company Overview - Morgan Stanley Fund officially became a wholly foreign-owned public fund company in July 2023, marking its second anniversary [2][8]. - Zhou Wenzhi joined Morgan Stanley Fund in October 2023 as Chief Investment Officer and became General Manager in May 2024, bringing extensive cross-market experience [4][6]. Group 2: Investment Research and Strategy - Investment research is considered the "ballast" and "first productivity" of the fund company, with a focus on diversifying and clarifying investment strategies [9][10]. - The company emphasizes a long-term performance assessment, aligning fund manager styles with product risk-return characteristics to avoid style drift [9][10]. - Morgan Stanley Fund has established a collaborative mechanism with global teams, enhancing local investment insights with international perspectives [10][11]. Group 3: Product Development and Market Positioning - The fund aims to develop a unique global multi-asset allocation strategy, focusing on competitive returns with manageable risks [14]. - The company is committed to long-term themes in sectors like AI and pharmaceuticals, ensuring resource allocation aligns with sustainable competitive advantages [14][15]. - The fixed income team has consistently ranked among the top in the industry, with a strong focus on risk and return balance [15]. Group 4: Market Outlook and Challenges - The public fund industry in China is undergoing a transformation, with opportunities arising from structural market characteristics [19][20]. - Zhou Wenzhi identifies three core challenges: rediscovering the value of active management, improving industry talent retention, and enhancing investor education [20][21]. - The company sees significant potential in the A-share market, emphasizing stock selection over index fluctuations, particularly in sectors like AI, consumer upgrades, and pharmaceutical innovation [21][22].