编者按 强大的专业能力是金融服务实体经济的前提和保障。大成基金认为，对于公募基金而言，卓越的投研能 力、科学的风控体系以及与之相匹配的资产管理规模，共同构成了服务实体经济的"硬实力"。没有持续 提升的管理规模作为根基，服务实体经济就会流于空谈。 近年来，公募基金行业正主动开展一场深刻的自我变革：积极推动"平台式、一体化、多策略"投研体系 建设，全面推进中长期考核激励机制，持续强化业绩比较基准的重要作用，不断夯实合规风控管理举 措。这一系列扎实的内功修炼，推动公募基金管理规模持续提升，也直接转化为服务实体经济的强大动 能。 为深入学习贯彻党的二十届四中全会精神，中国证券报联合中国证券投资基金业协会推出"学习贯彻四 中全会精神"专栏，邀请部分有代表性的基金管理公司，围绕全会作出的重大战略部署，分享公司组织 学习、深化认识的心得体会，探讨将全会精神转化为服务实体经济、推动基金行业高质量发展具体实践 的思路与规划，努力为全面建设社会主义现代化国家贡献基金力量。 党的二十届四中全会围绕推进中国式现代化作出全面部署，明确提出坚持把发展经济的着力点放在实体 经济上，并就加强建设金融强国进行了专门部署，对金融工作提出更高要求 ...

Core Viewpoint - The article emphasizes the importance of aligning the public fund industry with the strategic directives from the 20th Central Committee of the Communist Party of China, focusing on serving the real economy and promoting high-quality development in the fund industry [2][8]. Group 1: Service to the Real Economy - The public fund industry is tasked with the mission of supporting the real economy, which is essential for its own sustainable growth [3]. - Dachen Fund recognizes the need to enhance the quality and effectiveness of its services to the real economy, aiming to direct financial resources towards innovative and growth-oriented sectors [3][4]. - The company aims to integrate the service to the real economy into its development strategy and daily operations, aligning with the construction of a modern industrial system [3][4]. Group 2: Strengthening Professional Capabilities - Strong professional capabilities are deemed essential for financial services to effectively support the real economy, including excellent research and investment capabilities, a scientific risk control system, and a matching asset management scale [4]. - Dachen Fund has been actively transforming its operations by developing a comprehensive investment research system and enhancing compliance and risk management measures [4]. - The company has seen its total management scale for equity products reach 300 billion yuan, doubling over the past three years, and its fixed-income products reach 400 billion yuan, also nearly doubling [4]. Group 3: Strategic Focus on Key Areas - Dachen Fund is committed to focusing on key strategic areas such as technology finance, green finance, and pension finance, aligning its investment practices with national strategic goals [6][7]. - The company has increased its asset allocation in the information technology sector, with a growing proportion of its public funds directed towards this area [6]. - In green finance, Dachen Fund has integrated ESG factors into its investment decision-making process and has seen its assets in green finance-related funds nearly double over the past three years [6][7]. Group 4: Product Innovation - Product innovation is identified as a crucial approach for public funds to enhance their service to the real economy, addressing the diverse and complex financing needs of market participants [7]. - Dachen Fund has developed a range of innovative products, including ETFs focused on technology and green finance, to better meet the financing demands of strategic sectors [7]. - The company has actively participated in the development of multi-layered capital markets, launching various funds and engaging in new stock issuances and refinancing activities [7]. Group 5: Future Outlook - Looking ahead, Dachen Fund plans to continue its commitment to the principles outlined in the 20th Central Committee's directives, focusing on enhancing professional investment capabilities and innovating practices to contribute to the real economy and national strategies [8].

Core Viewpoint - The article emphasizes the importance of public funds in supporting the real economy and highlights the commitment of Dachen Fund to align its operations with national strategies for high-quality economic development [1][2]. Group 1: Service to the Real Economy - Dachen Fund recognizes that serving the real economy is a fundamental mission of public funds, essential for their own prosperity and development [2]. - The company aims to enhance the quality and effectiveness of its services to the real economy, leveraging its market power to guide financial resources towards innovative and growth-oriented sectors [2][3]. - Dachen Fund's management of various equity products has reached a total scale of 300 billion, doubling in size over the past three years, which enhances its ability to support corporate financing [3]. Group 2: Professional Capability Enhancement - Strong professional capabilities are deemed essential for financial services to the real economy, with Dachen Fund emphasizing the importance of excellent research and investment capabilities, a scientific risk control system, and a matching asset management scale [2][3]. - The company has been actively transforming its investment research system to improve its service quality and adapt to the evolving market demands [3]. Group 3: Strategic Focus and Innovation - Dachen Fund is committed to focusing on key strategic areas, aligning its investment practices with national strategic deployments, and accurately seizing opportunities in the financial sector [3][4]. - The company has significantly increased its investment in technology sectors, with the proportion of assets allocated to information technology rising continuously over the past three years [4]. - Dachen Fund has developed a range of innovative financial products, including ETFs focused on technology and green finance, to better meet the diverse financing needs of the market [5]. Group 4: Future Outlook - Looking ahead, Dachen Fund plans to continue its commitment to serving the real economy, enhancing its professional investment capabilities, and contributing to national strategies and the growth of residents' wealth [6].

Core Insights - The forum hosted by Zhongtai Securities focused on the high-quality development of wealth management and the ETF ecosystem, emphasizing the need for public funds and securities companies to undergo deep transformations in their operational philosophy, marketing models, and research paradigms to better serve residents' wealth management needs [1][2]. Group 1: Transformation Strategies - The collaboration between public funds and securities firms is entering a phase of iterative upgrade, focusing on three major transformations: shifting from a product-centric to a customer-centric approach, moving from single product sales to comprehensive asset allocation solutions, and aligning research paradigms with national strategic directions [2][3]. - The operational philosophy should prioritize customer differentiation and provide customized asset allocation advice, while the marketing model should evolve to enhance long-term investor satisfaction by transitioning from "selling products" to "managing accounts" [2][3]. Group 2: Key Focus Areas for Wealth Management - Key drivers for high-quality wealth management development include investment advisory services, artificial intelligence technology, and a multi-tiered product system [3]. - The investment advisory business should adopt a "buyer advisory" model, linking income to long-term asset appreciation, thereby strengthening industry trust [3]. Group 3: ETF Market Development - The explosive growth of the ETF market presents opportunities for public funds and securities firms to establish a comprehensive cooperation model, focusing on product development, ecosystem operation, and asset allocation [4]. - Collaborative efforts should include creating a strategy-driven, intelligent ETF toolkit, enhancing liquidity services, and developing diversified ETF solutions to convert product advantages into long-term client value [4].

- The six-cycle model is introduced to describe China's macroeconomic state based on three dimensions: monetary, credit, and growth. Currently, the economy is in stage 2, characterized by loose monetary policy, credit expansion, and growth recovery. The monetary factor is in a 14% easing range, credit expansion is identified using the three-month difference in medium-to-long-term loan pulses, and growth is assessed through PMI indicators [1][10][17] - Style rotation strategy is proposed based on the six-cycle framework. Growth style dominates in stages 1-2 due to credit expansion and economic recovery, quality style prevails in stages 3-4 as liquidity tightens, and value style performs better in stages 5-6 during economic slowdown and monetary easing. Growth style uses ChiNext ETF, quality style uses free cash flow ETF, and value style uses dividend low-volatility ETF [2][11][13] - Multi-asset rotation strategy is designed under the six-cycle framework. Different asset classes exhibit distinct performance across stages: equities and commodities excel in stages 1-3, bonds perform defensively in stages 4-6, and gold acts as a transitional asset in stages 5-6. Specific ETFs are allocated for each stage, such as ChiNext ETF for growth, free cash flow ETF for quality, and dividend ETF for value [17][18][19] - Strategy design ①: Risk parity is applied across all six stages without predicting economic cycles, inspired by Bridgewater's All Weather approach. The strategy achieves an annualized return of 11.5%, annualized volatility of 6.9%, maximum drawdown of 11.2%, and a Sharpe ratio of 1.66 since 2014 [3][20][23] - Strategy design ②: A multi-asset ETF rotation strategy based on the six-cycle model achieves an annualized return of 23.0%, annualized volatility of 11.3%, maximum drawdown of 12%, and a Sharpe ratio of 2.0 since 2014. Monthly win rate is 72%, and annual turnover is 2.4 times. As of October 2023, the strategy's absolute return is 23.2%, with a drawdown of 4.4% [3][26][29] - Strategy design ③: A volatility-constrained version of the multi-asset ETF rotation strategy limits volatility to around 3%. This strategy achieves an annualized return of 9.4%, annualized volatility of 3.2%, maximum drawdown of 3.4%, and a Sharpe ratio of 2.88 since 2014. As of October 2023, the strategy's absolute return is 5.4% [3][31][34]