证券时报记者 安仲文 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"上，南方基金党委书记陈莉在发表主 题演讲时表示，公募行业未来投资和产品设计将全面聚焦现代化产业体系建设和扩大内需两个战略支 点，充分体现"投资于物"和"投资于人"两大主线，借助AI等数字化转型的深度赋能，塑造服务国家战略 和居民财富管理需求的核心能力。 陈莉认为，公募基金做好"投资于物"和"投资于人"的关键在于锻造系统性投研能力，建立基于国家重点 战略方向的长期投研框架，这不仅体现在资产配置的广度，更体现在对国家战略意图的深刻理解。陈莉 强调，基金公司需要不断加强平台化、一体化、多策略投研体系建设，聚焦前沿科技、新型消费、绿色 低碳、区域协调、民生保障等重点领域，形成更具深度的产业洞察力和对一线需求的感知力，更好识别 技术革新的爆发点。 陈莉表示，公募基金服务民生的关键在于全面围绕投资者最佳利益谋篇布局，融入公募基金行业全业务 链条，进一步彰显金融服务的适配性、可及性。比如，主动型产品需要具有鲜明的投资风格和提升客户 体验的创新设计；被动型产品需要注重高质量指数研发和高跟踪精度把控，提供丰富完善的指数产品 库；配置型产品需要 ...

陈莉认为，基金行业的数字化转型是一个漫长持续的过程，需要持续投入资源，不断创新迭代。目前头 部基金公司的数智化建设主要聚焦在平台建设和AI场景应用方面，未来既需要进一步提升平台的广度 和质量，也需要强化AI的全方位应用，力争做到覆盖业务更加全面、使用体验更加智能、场景融合更 有深度，实现更高层次的业务和科技融合。 陈莉认为，公募基金做好"投资于物"和"投资于人"的关键在于锻造系统性投研能力，建立基于国家重点 战略方向的长期投研框架，这不仅体现在资产配置的广度，更体现在对国家战略意图的深刻理解。陈莉 强调，基金公司需要不断加强平台化、一体化、多策略投研体系建设，聚焦前沿科技、新型消费、绿色 低碳、区域协调、民生保障等重点领域，形成更具深度的产业洞察力和对一线需求的感知力，更好识别 技术革新的爆发点。 陈莉表示，公募基金服务民生的关键在于全面围绕投资者最佳利益谋篇布局，融入公募基金行业全业务 链条，进一步彰显金融服务的适配性、可及性。比如，主动型产品需要具有鲜明的投资风格和提升客户 体验的创新设计；被动型产品需要注重高质量指数研发和高跟踪精度把控，提供丰富完善的指数产品 库；配置型产品需要注重产品的收益风险特征， ...

Summary of Key Points from the Conference Call Industry Overview - The discussion primarily revolves around the banking sector and its investment dynamics in the context of both the U.S. and Chinese markets [2][4][7]. Core Insights and Arguments - U.S. mutual funds show a significant overweight in financial stocks compared to the S&P 500 index, with dividend-paying blue-chip funds holding over 20% in financial stocks, while growth-oriented funds hold less than 3% [4][5]. - Domestic investment behavior in China is influenced by declining real estate prices, leading investors to adopt a Sharpe ratio-based asset allocation strategy, which emphasizes stable long-term investments [2][6][7]. - The real estate market attracts investors due to its relatively stable returns and lower drawdown risks, while the appeal of non-standard products like trusts has diminished, prompting a search for new investment opportunities, particularly in ETFs and passive products [2][9]. - The price-to-book (PB) ratio of bank stocks is currently below 1, indicating that future returns are less than the opportunity cost of holding these stocks. The increase in PB from 0.5 to 0.7 is attributed to a decrease in the opportunity cost of holding bank stocks as other sectors show reduced vigilance [2][12]. - The decline in return on equity (ROE) is slower than the decrease in opportunity costs, explaining the current ROE of 0.7 compared to a previous 0.5, suggesting that bank stocks are not overvalued [2][13][15]. Additional Important Insights - The increase in passive investment could impact the market capitalization of bank and non-bank financial stocks, although this trend may not directly mirror the U.S. situation due to differing market conditions and investor behaviors [10][11]. - The long-term trend of bank stocks' market share in A-shares remains consistent despite short-term fluctuations, as the overall market capitalization of financial stocks remains high [11]. - The relationship between asset quality and valuation pressures can be understood through the PB ratio, where a PB less than 1 indicates negative future cash flow expectations, but recent increases in PB suggest a reduction in opportunity costs [12][14]. - The static view of a 0.7 PB ratio does not indicate overvaluation, as the valuation is influenced by changes in required returns and opportunity costs, which have decreased [15][16]. This comprehensive analysis highlights the current state of the banking sector, investment behaviors, and the implications for future investment strategies.