Core Insights - The article discusses the transformation of Tianhong Fund's investment research system through the TIRD platform, which aims to address the challenges faced by the public fund industry and enhance investor returns [1][3][4]. Group 1: Industry Challenges - The public fund industry is facing five major pain points: reliance on individual fund managers, lack of systematic research management, inadequate management skills among star managers, misalignment of talent assessment mechanisms, and insufficient training for digital research talent [2][3]. - The traditional model of the public fund industry has led to a negative cycle that harms investor experience and restricts long-term healthy development [2]. Group 2: Regulatory Changes - The issuance of the "Action Plan" in May 2023 marks a systemic reform in the public fund industry, shifting focus from scale to investor returns [3]. - The plan emphasizes three key linkages: fund performance must align with shareholder interests and actual investor experiences, equity fund operations should be measured against performance benchmarks, and the evaluation of fund management companies should consider the overall development of equity funds [3]. Group 3: TIRD Platform Development - The TIRD platform was developed to create a scientific investment system characterized by process standardization, platform-based decision-making, and intelligent key nodes [4][5]. - The platform aims to enhance communication between research and investment, improve efficiency, and ensure rigorous quality control of fund products [5][6]. Group 4: Future Directions - The TIRD platform is expected to evolve by expanding asset categories, deepening AI applications, and implementing modular data governance [6]. - The company aims to integrate investment research with wealth management services, providing continuous client support and education [6][7]. Group 5: Investment Philosophy - The company emphasizes a "knowing when to stop" mentality and a "craftsmanship spirit," advocating for responsible growth and a focus on long-term investment strategies rather than short-term gains [7]. - The integration of modern technology with traditional investment practices is seen as essential for breaking the industry's reliance on luck and achieving high-quality development [7].

Core Viewpoint - The article emphasizes the transformation of the Chinese public fund industry from scale expansion to high-quality development, highlighting the importance of digital research and decision-making platforms in optimizing asset allocation and enhancing investment strategies [1][2]. Group 1: Tianhong Fund's Digital Transformation - Tianhong Fund's Vice President Nie Tingjin has developed a digital research platform called TIRD (Tianhong Intelligent Research and Decision) to address the industry's reliance on star fund managers and to provide a new model for industrial transformation [5][6]. - The TIRD platform successfully issued a "sell" alert in March 2025 based on multiple overheat signals, allowing the fund to avoid significant losses during a market downturn [5][6]. - Nie describes the public fund industry as being in a "farming civilization" stage, facing challenges such as over-reliance on individual managers and a lack of systematic research and investment integration [7][8]. - The TIRD platform aims to create a process that is traceable, replicable, and predictable, moving the industry towards an "industrial civilization" through a digital decision-making framework [9][10]. - The platform integrates research, investment, and risk control, ensuring that all decisions are documented and based on quantifiable data, thus enhancing accountability and efficiency [10][11]. - Future iterations of the TIRD platform will expand into fixed income and wealth management, aiming to create a comprehensive ecosystem for research and investment [12][13]. Group 2: Minsheng Jianyin Fund's Investment Strategy - Minsheng Jianyin Fund's manager Yin Tao adopts a balanced portfolio approach, focusing on companies with strong innovation capabilities and the ability to control their own destinies [14][16]. - Yin emphasizes the importance of independent companies that can thrive without relying on external factors, reflecting a shift towards a "winner-takes-all" market dynamic [17][18]. - His investment strategy includes a focus on high-dividend stocks as a safety net and a dynamic approach to asset allocation based on market conditions [20][21]. - Yin is optimistic about the market's risk appetite increasing, noting that sectors like AI and innovative pharmaceuticals have seen significant fund inflows, indicating a growing confidence in growth stocks [22][24]. Group 3: Guangfa Fund's Multi-Asset Strategy - Guangfa Fund's manager Cao Jianwen highlights the strategic value of multi-asset allocation in a volatile global economic environment, emphasizing the need for in-depth research across various asset classes [25][27]. - The multi-asset framework is built on a factor-based approach, allowing for more precise management and comparison of different assets [28][29]. - Cao's strategy focuses on constructing a resilient portfolio that can adapt to different market conditions, aiming for consistent performance through diversified investments [30][31]. - He identifies the importance of monitoring global economic trends and adjusting asset allocations accordingly, particularly in light of uncertainties in U.S. trade policies and potential geopolitical risks [32][33].

Core Viewpoint - The article discusses the challenges faced by the public fund industry, emphasizing the need for a more integrated and systematic investment research approach to enhance investor satisfaction and achieve sustainable excess returns [1][10]. Group 1: Pain Points and Solutions - The traditional investment research model in the asset management industry suffers from issues such as a lack of collaboration, fragmented processes, and insufficient quality control, which hinder the ability to deliver consistent performance [1][3]. - Tianhong Fund has introduced the TIRD platform, which aims to integrate investment research processes and leverage digital technology to transform subjective experience into quantifiable processes, thereby making investment decisions more scientific and replicable [1][4]. Group 2: TIRD Platform Features - The TIRD platform incorporates a closed-loop management process that includes documentation, feedback, review, and iteration across all stages of research, decision-making, investment, trading, and performance analysis [4]. - It provides an intelligent dashboard for fund managers, offering real-time insights into portfolio characteristics and suggesting adjustments based on various market scenarios, thus enhancing decision-making efficiency [4][6]. - The platform standardizes communication through a "pricing odds table," allowing for a more efficient and accurate interaction between researchers and fund managers, ultimately leading to a more predictable investment experience for clients [4][6]. Group 3: Impact on Research Efficiency - The TIRD platform has significantly improved research efficiency by automating the monitoring of key industry indicators and providing timely alerts to the research team, which helps in capturing critical market movements that may otherwise be overlooked [6][7]. - It enhances internal information exchange by ensuring that all research interactions are documented, making the process traceable and iterative, thus improving overall communication efficiency within the team [7]. Group 4: Future Directions - The TIRD platform is set to expand its capabilities beyond active equity strategies to include index-enhanced areas and fixed income, indicating a comprehensive digital transformation across all business lines [9]. - Future developments include the introduction of specialized AI-driven research assistants that can independently track multiple stocks, enhancing the research capabilities of human analysts [9]. - The platform aims to evolve into a digital assistant for fund managers, further integrating advanced technologies to maintain a competitive edge in the asset management industry [9].

Core Viewpoint - Tianhong Fund's digital investment research platform TIRD has successfully navigated the overheating signals in the robotics sector by issuing a "sell" alert, showcasing the platform's practical application in avoiding significant market corrections [1] Group 1: Industry Challenges - The public fund industry is described as being in a "farming civilization" stage, facing challenges such as reliance on individual fund managers, disconnection between research and investment, and a lack of systematic management [2][3] - A cyclical problem exists in the public fund industry characterized by dependence on market conditions, concentrated bets, high expansion, performance decline, and investor losses [2] Group 2: Digital Transformation - The TIRD platform aims to transition the public fund industry from a "farming civilization" to an "industrial civilization" through a scientific investment research system that is process-oriented, platform-based, and intelligent [3] - The platform seeks to standardize the investment research process, ensuring that all decisions are traceable and replicable, thereby enhancing accountability and performance predictability [4] Group 3: Implementation of TIRD - TIRD is designed to convert subjective judgments into quantifiable data points, integrating research, investment, and risk control into a seamless process [4] - The platform emphasizes a collaborative approach where research recommendations and investment decisions are interconnected, ensuring that all actions are documented and verifiable [4][5] Group 4: Future Directions - Future iterations of the TIRD platform will expand into fixed income areas and incorporate AI research assistants to enhance collaboration with fund managers [7] - The platform is envisioned to evolve into a comprehensive ecosystem that integrates research management, investment decision-making, and risk control across various asset classes [7][8] Group 5: Strategic Vision - Tianhong Fund aims to cultivate "craftsman-type" fund managers who are adept at utilizing modern technology, moving away from the traditional reliance on star fund managers [8] - The TIRD platform is positioned as a foundational infrastructure for reconstructing investment research processes, aiming to combat randomness and enhance productivity through knowledge accumulation [8]

Core Insights - The public fund industry in China is undergoing a significant transformation from a star-driven model to a platform-based operation, with total assets reaching 33.74 trillion yuan by May 2025, marking a historical high [1] - The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development in public funds, emphasizing the need for a "platform-based, integrated, multi-strategy" research and investment system [1] Industry Challenges - The active equity investment research system faces five core pain points: over-reliance on individual fund managers, lack of systematic management mechanisms, ineffective management tools for star managers, misalignment of talent assessment and incentive mechanisms, and absence of digital talent training [3] - The industry is challenged by market volatility and intense competition, leading to instability in excess returns, prompting a shift towards reducing dependence on individual capabilities for sustainable operations [3] Transformation Initiatives - Fund companies are responding to the CSRC's action plan by leveraging AI and big data to build research and investment platforms, initiating a wave of "three transformations" (professionalization, standardization, and digitalization) [4] - Companies like China Europe Fund are integrating industrialization concepts into their research systems, focusing on specialized roles and standardized processes to enhance efficiency [4] Technological Advancements - Emerging technologies such as AI and big data are becoming the foundation for building next-generation research and investment platforms [5] - For example, Fortune Fund has developed an intelligent research system that integrates data, algorithms, and computing power, significantly improving research efficiency and reducing the time for investment decision-making [5]

Group 1 - The public fund industry, especially leading fund companies, is embarking on a new journey of digital intelligence, with increasing investment in digitalization, integration, and intelligence across all operational aspects [2][3] - Financial technology and digitalization are reshaping the competitive landscape of the financial industry, with traditional investment methods expected to be replaced by intelligent platforms over time [2][3] - The Chinese government and regulatory bodies are supporting the digital transformation of financial institutions, emphasizing the integration of digital technologies in various operational processes [3] Group 2 - The public fund industry faces challenges in active equity investment, including reliance on individual managers' capabilities and a lack of systematic management and empowerment mechanisms [4] - To enhance client experience and achieve better returns, companies must focus on creating traceable, replicable, and predictable excess returns through scientific investment and digital construction [4][5] - Leading companies are actively exploring paths for evolution, with initiatives to strengthen financial technology and improve research and decision-making efficiency [5][6] Group 3 - Companies like Jiashi Fund and Huazhong Fund are implementing digital platforms to enhance research capabilities and operational efficiency, focusing on AI and big data applications [6][7] - Tianhong Fund is developing an integrated research platform to improve decision-making processes and reduce reliance on subjective judgment [8][9] - The industry is witnessing a shift towards AI-human collaboration in active equity investment, with the potential for traditional investment methods to be completely replaced [10]