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 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].

Group 1 - The national carbon market is accelerating its development with a central document outlining a roadmap for the next decade, aiming for full industrial coverage by 2027 and market stabilization by 2030 [3] - The biomass power generation sector is expected to benefit significantly, with an estimated total installed capacity of approximately 16.88 million kilowatts by the end of 2023, generating a reduction of about 15 million tons of emissions annually [3] - The unification of the electricity market settlement cycle is set to relieve cash flow pressures for enterprises, as the National Energy Administration has published basic rules for electricity market measurement [3] Group 2 - The national carbon emissions trading market has established a multi-level regulatory framework, with plans to enhance market elements and price governance mechanisms while maintaining risk management [4] - The national surface water quality has improved, with the proportion of good water quality exceeding 90% for the first time, achieving a 1.0 percentage point increase year-on-year [5] - The photovoltaic industry is undergoing a cleanup of backward production capacity, which may continue until 2026, as the sector aims for high-quality development through policy guidance and market restructuring [5] Group 3 - Eight carbon-neutral ETFs on the exchange have achieved a cumulative transaction volume of 111.858 billion yuan, with an average daily transaction volume of 154 million yuan [6] - The ESG disclosure focus among enterprises is increasing, with a call for integrating ESG principles into the initial stages of innovation to enhance long-term value creation [6][7] - The integration of ESG factors into financial markets is seen as essential for supporting green industry development and improving pricing capabilities related to environmental factors [6][7]

Core Viewpoint - The carbon-neutral ETFs launched by the Shanghai Environment and Energy Exchange have been operating smoothly for three years, with active trading and significant capital inflow into low-carbon sectors [1][5]. ETF Performance - Eight carbon-neutral ETFs have a cumulative trading volume of 111.858 billion yuan, with an average daily trading volume of 1.54 million yuan as of July 18, 2025 [2]. - The ETFs include various fund managers, with the highest cumulative trading volume recorded by the "Double Carbon ETF" managed by Yingguozhangguan at 31.16712 billion yuan [2][5]. - The average turnover rate for the ETFs varies, with the "Double Carbon ETF" showing a turnover rate of 3.05%, indicating good liquidity [2][5]. Fund Structure - The carbon-neutral ETFs are linked to the Shanghai Environment and Energy Exchange's carbon-neutral index, which was developed in collaboration with the Shanghai Stock Exchange and China Securities Index Co., Ltd. [4][5]. - The index utilizes a unique carbon reduction model, allowing for a broad industry inclusion and alignment with carbon neutrality pathways [4][5]. Investment Impact - The carbon-neutral ETFs have attracted over 250,000 fund holders, demonstrating significant investor interest in low-carbon investment products [6]. - The sample stocks of the carbon-neutral index have shown a significant reduction in carbon emission intensity, with an average annual decrease of 32.87% from 2016 to 2024 [6]. Industry Distribution - The weight of the ETFs is primarily concentrated in the industrial, materials, and utilities sectors, accounting for a total of 86.7% [10].