专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 北京作为全国金融创新与发展的核心枢纽，公募基金行业的高质量发展既是服务实体经济转型升级的关 键支撑，也是满足居民财富管理需求的核心抓手。在此背景下，京东肯特瑞基金销售有限公司（以下简 称：京东肯特瑞）积极响应北京公募基金高质量发展行动，以"强化核心投研能力建设"为核心突破口， 通过构建先进投研体系与深度技术应用，为公募基金行业高质量发展注入新动能。 京东肯特瑞的核心投研能力建设，既是自身发展的必然要求，也是服务北京公募基金行业高质量发展的 重要实践。 对公募基金公司而言，京东肯特瑞的投研体系与技术应用，能助力其更精准地把握投资者需求、优化产 品策略、提升产品竞争力，推动行业从"产品供给"向"价值服务"转型；对投资者而言，更专业的投研服 务能帮助其树立理性投资理念、提升投资决策质量，让公募基金真正成为居民财富保值增值的"利器"。 同时，针对不同投资者的风险偏好、投资周期与目标，京东肯特瑞打造"多策略"投研矩阵：覆盖权益、 固收、混合、指数等多类型基金的研究与策略开发，实现投研服务与市场需求的精准匹配，助力公募基 金产品与服务更好地对接多元化投资需求。 ...

Core Insights - The report highlights the "Cost-Effectiveness Ratio" (费效比) as a key metric for evaluating management efficiency, indicating the profit generated per unit of labor cost [3][29] - Shenzhen's listed companies demonstrated a revenue growth of 5.73%, reaching a total revenue of 83,765 billion yuan, while labor costs increased by 8.86%, outpacing net profit growth of 3.7% [5][8] - The report categorizes Shenzhen's listed companies into three tiers based on their performance: leading companies show strong momentum, mid-tier companies are stabilizing, and long-tail companies have potential for improvement [19][20] Overview of Shenzhen Listed Companies - A total of 549 companies are listed in Shenzhen, with 423 on A-shares and 126 on H-shares, where private enterprises constitute 61.93% of the total [6][8] - The average revenue per company in Shenzhen is 152.58 million yuan, with an average net profit of 12.53 million yuan [5][6] Human Capital Investment - The increase in labor costs exceeding revenue growth by 3.13 percentage points indicates a belief among Shenzhen companies that investing in human capital will accelerate value release [8][19] - The 90th percentile cost-effectiveness ratio is 1.15, significantly higher than the industry median of 0.19, highlighting the impact of human resource management on net profit [12][19] Revenue and Profit Distribution - Shenzhen's listed companies achieved a total revenue of over 8.3 trillion yuan, with private enterprises contributing 42.3% [22][24] - Private enterprises also accounted for 42.7% of the total net profit, demonstrating their significant role in the local economy [24][27] Cost-Effectiveness Rankings - The top companies in terms of cost-effectiveness include Ping An Bank with a ratio of 2.33 and BYD with a strong focus on labor efficiency [28][73] - The report emphasizes the importance of measuring cost-effectiveness to ensure that contributions exceed costs, which is crucial for business incentives [29][31] Sector-Specific Insights - The report identifies leading companies in various sectors, such as Tencent and BYD, showcasing their ability to leverage high salaries for high returns [31][85] - The analysis reveals that companies with high labor costs can still achieve high efficiency through strategic investments in talent and technology [31][70] Future Outlook - The report suggests that Shenzhen's listed companies are well-positioned for future growth, with potential for enhanced efficiency through digital transformation and organizational restructuring [19][70] - The emphasis on human capital and strategic management practices indicates a robust framework for sustaining competitive advantages in a complex economic environment [19][31]

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].