CEIBS: Responding to the requirements of high-quality development of the industry, we will build a professional, industrialized, and digitally intelligent modern investment and research system

Recently, CEIBS Fund held the 2024 Investment Strategy Conference in Shanghai with the theme of "Seeing", which is also the third consecutive year that CEIBS Fund has focused on the theme of "Seeing" and exported professional insights. At this investment strategy meeting, Dou Yuming, Chairman of the Board of Directors of the Company, Zhou Weiwen, Chairman of the Equity Investment Decision-making Committee, and Shao Kai, Chairman of the Fixed Income Investment Decision-making Committee, joined hands with the investment research team and CEIBS Wealth, not only sharing their macroeconomic outlook for 2024 and various asset investment strategies, but also giving their thinking answers on how to build a professional, industrialized and digitally intelligent modern investment research system.

In his opening speech, Dou Yuming said that CEIBS Fund will continue to focus on active investment and achieve long-term performance. "In order to better meet the increasing investment needs of customers, CEIBS will continue to increase resource investment in the '1+1+N' product line in the future, enhance its core investment and research capabilities, and actively respond to the requirements of high-quality development of the industry. At present, the company has built a diversified product line of '1+1+N' - among them, the first '1' refers to 'based on equity', the second '1' refers to 'enhanced fixed income', and in 'N', what CEIBS Fund is currently doing is to upgrade multi-asset and quantitative investment, and incubate more diversified product lines. ”

Dou Yuming pointed out that on the one hand, the company's investment research team will continue to do a good job in the construction of the investment research system of "4P (team, concept, process, platform) + 1C (culture)", benchmark the world's top asset management companies, and constantly iterate and upgrade, and establish a professional, industrialized and digital intelligent modern investment research system; Expert response and other links upgrade investment advisory services based on customers' asset allocation needs.

In the subsequent keynote speeches and roundtable discussions, the investment research team of CEIBS Fund and CEIBS Wealth shared their practical experience in building a professional, industrialized and digitally intelligent modern investment and research system.

Specialization: Anchoring long-term value, professional division of labor, and active investment

Zhou Weiwen, Chairman of the CEIBS Equity Investment Committee, said in his keynote speech that with the increase in the proportion of institutional investors in the A-share market and the increase in the number of listed companies, the short-term pricing of the market has become more effective, and it is becoming more and more difficult to obtain active investment returns.

According to Zhou Weiwen, CEIBS Fund has an active equity investment research team of more than 90 people, including 29 active equity fund managers with an average experience of more than 13 years, an equity research team covering the whole industry in the research field, and a basic research and investment support team that provides various internal and external data support (data source: compiled by CEIBS, data as of 2023.11.30), and has formed a complete professional talent echelon led by senior veterans and emerging from the Mesozoic and new generations.

In the equity roundtable session, Li Shuai, Luo Jiaming and Cheng Yuxuan, three Mesozoic equity fund managers, reviewed the investment gains and losses in 2023 and looked forward to the investment opportunities in 2024 from a professional perspective. They believe that it is important to rebuild confidence at a time when investment confidence is relatively weak, and that China has a group of excellent and hard-working entrepreneurs who can manage companies that can maintain relatively good competitiveness while navigating the cycle. At a time when valuations are relatively low, it also provides an opportunity for the three fund managers to carefully select some good companies in the fields of technological innovation, manufacturing and consumption.

This strategy meeting is also the first appearance of Shao Kai, chairman of the fixed income investment decision committee of CEIBS, after joining him. At the strategy meeting, this fixed-income investment veteran, who entered the mutual fund industry in 2000, analyzed the core driving factors affecting the bond market trend in 2024 from different cycle perspectives such as long-cycle, medium-cycle and short-cycle. "In the long-cycle perspective, the focus is on demographic changes and the restructuring of the global supply chain system, in the medium-cycle perspective, real estate and fiscal expansion are the key influencing factors, and in the short-cycle perspective, the focus is on domestic and foreign monetary policy and liquidity. Shao Kai concluded that the risk of the bond market in 2024 will be relatively limited, but the investment difficulty will also be relatively large, mainly reflected in the impact of interest rate differential pressure brought about by the overseas high interest rate environment and the domestic demand for the governance of capital idling on the autonomy of domestic monetary policy and the liquidity environment. Therefore, he believes that in terms of investment, it is necessary for the fixed income investment research team to rely on professional capabilities and be more proactive in paying attention to and grasping the allocation and trading opportunities after the long-term interest rate may rise under the disturbance of fiscal expansion.

Industrialization: Creating a systematic investment process Deliver solutions with clear goals and a clear style

The strategy session featured a roundtable discussion on multi-asset and solutions, in which team members Huang Hua, Hua Licheng and Xu Wenxing shared their practical experience in shifting from the "handicraft" model of a single fund manager to the "industrialized" production model of multiple fund managers.

Huang Hua, head of the multi-asset and solutions team of CEIBS, said that in recent years, the macro environment at home and abroad has become increasingly complex and changeable, and the multi-asset and solutions team will rely on the "professional, industrialized and digitally intelligent" investment and research platform to create a systematic investment operation process, and strive to achieve explainable, replicable and sustainable investment returns. "We hope to be able to provide investors with a 'well-defined and well-styled asset allocation solution', like a lighthouse that always guides the ship in the dark night, accompanying and guarding investors. ”

Huang Hua said that what the CEIBS Multi-Asset & Solutions team is trying to do is not only "industrialization" in the production model, but also "solutionization" in the product form. "From emphasizing individual ability to teamwork to win, on the basis of clear investment objectives, through asset allocation, diversified strategies and risk control attribution, we can obtain stable and clear absolute returns, rather than blindly pursuing high returns under high volatility. ”

It is understood that in the multi-asset and solution team of CEIBS, there are not only fund managers Hua Licheng who is good at large-scale asset allocation, but also fund manager Xu Wenxing who grasps equity investment strategies, Zhang Xueming, who focuses on strategy development and asset allocation platform construction, and Xiang Aixu, an investment manager who focuses on risk control and performance attribution. Huang Hua said metaphorically, "I hope that everyone will focus on their own professional subdivisions, and build a 'lighthouse' of residents' wealth management through teamwork, goal-oriented, and risk-oriented." ”

Digital intelligence: technology and data empowerment to improve the quality and speed of investment and research decision-making

Since the beginning of this year, with the rapid development of AI technology, the power of technology has also continued to empower investment. At the strategy meeting, Qu Jing, head of the quantitative investment team of CEIBS Fund, and Zheng Yan, general manager of CEIBS Wealth, shared specific cases of digital intelligence applied to the investment side and the investment advisory side respectively.

Qu Jing, head of the quantitative investment team of CEIBS Fund, said that for quantitative investment, CEIBS Fund adheres to the investment method driven by fundamental logic and empowered by various data, and strives to minimize the interference of irrational factors and improve the winning rate of investment decisions. "Starting from the fundamental research logic, we extract the in-depth data of the fundamentals of various industries through alternative data and natural language models, find the unique logic in the industry, and use artificial intelligence to build quantitative models. ”

At the end of the strategy meeting, Zheng Yan, General Manager of CEIBS Wealth, introduced the help of robo-advisors in improving investment advisory services in combination with the just-released "White Paper on the Development of Fund Investment Advisory Business on the Fourth Anniversary of the Pilot Project 2023".

According to the white paper, in the face of a sluggish market environment, fund robo-advisors still play an active role in improving users' investment experience and optimizing investment behavior. Zheng Yan believes that with the intensification of market volatility, users have clearer expectations for the service value of fund investment advisors. "Through big data and intelligent means, CEIBS Wealth Management can match each person with more suitable investment advisory services, solve problems in asset allocation, fund selection, account diagnosis, etc., thereby reducing account volatility and harvesting a more stable investment experience. ”

Funds are risky and should be invested with caution. The above content is for informational purposes only and is not indicative of future performance and is not intended as investment advice. The opinions and forecasts expressed herein are current and are subject to change. Please do not quote or reprint without permission.

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