转自：经济参考网 善建财富，相伴成长。建信基金二十年的发展历程，是与投资者双向奔赴、共筑财富的成长之路。公司 以成为"可信赖的财富管理专家、资产管理行业的领跑者"为愿景，专注为每一位投资者创造可持续的长 期价值。恰逢《推动公募基金高质量发展行动方案》发布，这份方案是公募基金行业系统性、突破性的 改革纲领，致力于重塑行业生态，回归资管本源，不忘投资者利益最大化的行业初心，指引公司向高质 量发展稳步迈进。 资本市场复杂多变，资产管理业务风险管控的复杂度与日俱增。近年来，公司持续推动投资风险管理的 体系化建设、专业化进阶与智能化转型，联动集团协同优势，在多轮市场剧烈波动中主动化解风险、严 守风险底线，保障公司持续健康良性发展。 作为国有大行基金公司，建信基金传承大股东建设银行专业、稳健的基因，深知真正的风险管理不是规 避风险，而是在复杂市场中精准平衡风险与收益。经过二十年的深耕细作，公司已构建起成熟有效的投 资风险管理体系，为公司在复杂多变的市场中行稳致远保驾护航。 体系化建设日臻完善 公司高度重视投资风险管理工作，已建立健全各项规章制度，构建起日常管理与危机管理并重的风险管 理体系，严格执行重大风险管理决策进党委 ...

Core Viewpoint - The article emphasizes the commitment of the company to high-quality development in the public fund industry, aligning with the newly released "Action Plan for Promoting High-Quality Development of Public Funds" which aims to reshape the industry ecosystem and prioritize investor interests [1][10]. Group 1: Risk Management Framework - The company has established a comprehensive risk management system that balances daily management and crisis management, ensuring timely resolution of various investment risks [3][4]. - A "three lines of defense" risk control system has been implemented, where investment personnel are responsible for risk management, supported by risk control and compliance personnel, and audited by internal auditors [3][5]. - The company employs a "3+3" management model focusing on market, credit, and liquidity risks, alongside risk assessment for new investment products and performance attribution analysis [5][9]. Group 2: Professional Capability - The company adheres to the philosophy that "risk management creates value," enhancing its professional risk management capabilities and improving the foresight of risk management processes [4][12]. - The company has developed a robust investment risk management system that encompasses the entire investment process, from pre-investment to post-investment [4][5]. Group 3: Technological Advancement - The company has been advancing towards a systematic, quantitative, and intelligent risk management approach since 2016, significantly improving risk management efficiency [7][8]. - An upgraded intelligent risk control system (version 2.0) is being developed to enhance various risk management functions, promoting automation and precision in risk management [8]. Group 4: Collaborative Synergy - The company strengthens risk collaboration with its parent bank, China Construction Bank, leveraging shared resources and enhancing risk prediction capabilities [9]. - Strategic cooperation with its second-largest shareholder, a major U.S. financial services firm, has been established to enhance investment risk management practices [9]. Group 5: Commitment to High-Quality Development - The company actively responds to the industry's call for high-quality development by reforming its investment research system and promoting product innovation [10][11]. - A comprehensive risk compliance management framework is being reinforced, emphasizing a culture of compliance and proactive risk management [11][12].

Group 1 - The core theme of the event is "New Era, New Funds, New Value," aimed at enhancing investor education and protection while promoting the transformation and upgrading of the public fund industry [1] - The public fund industry is experiencing a significant transformation, with public fund scale surpassing bank wealth management for the first time in June 2023, becoming a key player in inclusive finance [2] - The "Action Plan for Promoting High-Quality Development of Public Funds" shifts the focus from scale and profitability to prioritizing the best interests of investors [2] Group 2 - Dongxing Fund is entering a critical year in 2025, transitioning from scale expansion to quality enhancement, focusing on safety, liquidity, and profitability [3] - The company is optimizing investment strategies to support technology and green finance, launching six equity products related to these sectors since 2024 [3] - Dongxing Fund is accelerating digital transformation to enhance digital finance, utilizing AI and NLP tools to upgrade its investment research platform and establish a comprehensive risk management system [3] Group 3 - Dongxing Fund aims to integrate industry culture with its 2.0 strategy, focusing on the "Five Major Articles" to align national needs with the capabilities of the fund [4]

Summary of Key Points from Conference Call Records Industry Overview - The recent market uptrend has been significantly driven by high-risk preference funds such as leveraged funds and private equity funds, while low-risk preference funds are focusing on structural opportunities [1][2][6]. Core Insights and Arguments - **Active Equity Funds**: There has been a marginal improvement in the issuance and redemption of active equity funds, with July's new issuance reaching 9.7 billion yuan, indicating a recovery from a previous low cycle [3][4]. - **ETF Performance**: Broad-based ETFs faced redemption pressure with a net outflow of 76.7 billion yuan in July, while industry-themed ETFs saw a net inflow of 31.7 billion yuan, particularly in sectors like cyclical, manufacturing, and finance [5]. - **Leverage Funds**: The inflow of leveraged funds has been rapid and significant since July, contributing to the bullish market sentiment [6]. - **Insurance Capital**: Insurance holdings increased significantly, reaching approximately 400 billion yuan in Q1, with the proportion of insurance capital in equity assets rising to 8.4%, the highest since 2022 [8][9]. - **Foreign Investment**: Foreign capital participation in A-shares has been increasing, with net inflows of nearly 20 billion yuan in July, indicating a recovery in market confidence [10]. - **Private Equity Funds**: The management scale and positions of private equity funds have increased significantly, marking them as a crucial source of incremental capital in the current market [11]. - **Retail Investor Participation**: Although the number of new accounts has risen, retail investor confidence remains slow to recover, with institutional investors primarily driving the current market uptrend [12]. - **IPO and Refinance Activity**: There has been a notable increase in IPO and refinancing activities among listed companies, but the pressure on market liquidity remains low compared to previous years [13]. Additional Important Insights - The issuance of floating management fee products has significantly contributed to the recovery of active equity fund issuance, with 22.7 billion yuan from these products in June [4]. - The market has seen three phases of industry-themed ETF growth in 2023, each associated with the TMT technology growth backdrop [5]. - The recent policies have facilitated insurance capital's entry into the market, with a notable increase in the number of stakes taken by insurance funds in listed companies [9].

Core Viewpoint - The article discusses the ongoing trend of deposit "migration" from traditional bank savings to asset management markets, driven by declining deposit interest rates and the increasing attractiveness of bank wealth management products [1][2][4]. Group 1: Market Trends - In the first half of 2025, bank deposit interest rates continued to decline, leading to an accelerated outflow of resident savings into the asset management market [2][4]. - By the end of June 2025, the scale of bank wealth management products reached approximately 31.3 trillion yuan, marking a year-on-year growth of 9.7% [1][6]. - The non-bank deposit scale reached a near ten-year high in May, reinforcing the trend of deposit migration [4]. Group 2: Wealth Management Product Dynamics - Fixed-income products have shown strong market demand due to their stable returns and controllable risks, becoming a key choice for absorbing migrating deposits [9]. - The market structure is evolving, with a notable increase in the scale of fixed-income products while cash management products are experiencing a contraction [9][10]. Group 3: Strategic Responses from Banks - Banks are accelerating strategic transformations to better meet investor needs, including optimizing product structures and enhancing competitive pricing strategies [13]. - Many wealth management subsidiaries are introducing innovative products, such as floating management fee rate products, which align the interests of managers and investors more closely [14][15]. - The introduction of floating fee structures has garnered positive market feedback, indicating a shift towards performance-oriented management and differentiation from public funds [16].