Core Viewpoint - The establishment of ICBC Credit Suisse Asset Management (工银瑞信基金) marked a significant milestone in China's asset management industry, contributing to the growth of the public fund sector and the overall capital market [1][2]. Group 1: Historical Context and Growth - ICBC Credit Suisse was the first bank-affiliated fund company in China, founded on July 5, 2005, which initiated a wave of similar establishments by major state-owned banks [1]. - The company has witnessed the Chinese stock market evolve from a nascent stage to the world's second-largest capital market, with the number of retail investors growing from millions to over a hundred million [2]. Group 2: Investment Performance - The flagship fund, ICBC Core Value Mixed Fund, launched in July 2005, has achieved a cumulative return of 855.07% as of Q2 2025, outperforming its benchmark by 529.72% [4][5]. - ICBC Credit Suisse has consistently ranked first in excess returns among large equity fund companies over various time frames, showcasing its strong performance in active equity investment [5]. Group 3: Long-term Investment Philosophy - The company's success is attributed to a long-term investment philosophy, characterized by a stable governance structure and a focus on research-driven investment strategies [6][7]. - ICBC Credit Suisse has developed a comprehensive research system covering macro, industry, and company levels, enhancing its investment decision-making process [7]. Group 4: Talent Development - The company emphasizes internal talent cultivation, with a structured career path for researchers and fund managers, resulting in a cohesive and experienced investment team [8]. - Over 220 investment professionals have been trained, with an average of over 12 years of industry experience, and more than 70% of fund managers are internally developed [8]. Group 5: Global Positioning and Diversification - ICBC Credit Suisse ranked 96th in the "2025 Global Asset Management 500" list, reflecting its growing influence and diversified business capabilities [9]. - The company has established a strong presence in enterprise annuity management, with nearly 315.12 billion yuan in assets under management, and has consistently outperformed peers in fixed-income and equity combinations [10]. Group 6: Product Offerings and Market Reach - The company has developed a wide range of passive investment products, including index funds that cover various sectors and markets, demonstrating its adaptability to market trends [11]. - ICBC Credit Suisse has also expanded its overseas investment capabilities, offering QDII products that provide access to international markets, including Hong Kong, Japan, India, and the United States [12]. Group 7: Future Outlook - The journey of ICBC Credit Suisse from a "pioneer" in 2005 to a global asset management powerhouse reflects the maturation of China's asset management industry, with potential for further growth and innovation [13].

Core Viewpoint - The article discusses the evolution and achievements of ICBC Credit Suisse Asset Management (工银瑞信基金) over the past 20 years, highlighting its strengths in equity investment, fixed income management, and pension finance, while also addressing the challenges posed by industry transformation [2][3][13]. Equity Investment - Active equity investment remains a core competitive advantage for public funds, with ICBC Credit Suisse demonstrating significant performance in this area. The company launched its first product, the ICBC Core Value Mixed Fund, in August 2005, which has since achieved a cumulative return of 879.29% and an excess return of 560.06% over its benchmark [3]. - ICBC Credit Suisse has been recognized as a leading "active equity powerhouse," with its active equity products ranking first in excess returns over the past five and seven years among large equity companies [3]. Fixed Income Management - Fixed income investment is crucial for stabilizing fund assets and reducing investment risks. ICBC Credit Suisse's fixed income team has excelled in complex market conditions, with 33 of its funds ranking in the top 25% of their categories [5]. - The team consists of experienced investment managers and researchers who utilize diversified investment portfolios to optimize asset allocation and mitigate risks [5]. Pension Finance - With the aging population in China, pension finance has become increasingly important. ICBC Credit Suisse has prioritized pension business as a key long-term strategy, managing 263 corporate pension portfolios with assets totaling 299.7 billion yuan, ranking it among the top in the industry [7]. - The company has developed a series of target date and target risk funds to meet the diverse pension needs of different age groups, enhancing its offerings in the personal pension market [8]. Diversification and Global Expansion - ICBC Credit Suisse has actively explored overseas business and index investment, achieving notable performance in passive investment. Its products have been recognized for their strong performance in various categories, including the ICBC National Index Hong Kong Stock Connect Technology ETF [10]. - The company has established a comprehensive index product lineup, providing effective investment tools for investors to navigate different market conditions [10]. Support from Shareholders - The growth of bank-affiliated fund companies like ICBC Credit Suisse is supported by strong shareholder backing and a stable governance structure, which facilitates seamless strategic decision-making and resource allocation [12]. - The company's commitment to compliance and risk management has been a cornerstone of its operational strategy, ensuring high-quality development [12].