Heavy interview!Huaxia Fund Li Yimei: Play the "Five Characters" in the high -quality development of the fund industry

China Fund reporter Li Shichao

From 2.8 trillion to the latest 27 trillion yuan ten years ago, the public fund industry has gone through the "golden decade" for development; from less than 40 million households ten years ago to the end of 2021 It has become an important choice for public financial management.

As the head fund company of the public fund industry, Huaxia Fund focuses on the requirements of high -quality development in the new period, adheres to the interests of investors, and carry out cultural construction from the four major aspects, focus on improving the core capabilities of investment research, and better practice long -term value Investment concept. Recently, a reporter from the China Fund interviewed Li Yimei, the general manager of Huaxia Fund. She deeply analyzed the institutional innovation and development of the fund industry in the past 10 years, and said that the fund industry turned to higher quality development after high -speed development: better serving the capital market Reform and develop, better serve residents' wealth management needs, better serve the real economy and national strategy.

In the above background, Huaxia Fund will continue to move forward, continue to move towards high -quality development, and do a good job in direct financing providers of the real economy, the wealth manager of the residents, the stable investors of the capital market, the vibrant competitors of the financial system, and the strict supervision benefits. By.

In Li Yimei's view, the public fund industry is found through value discovery, which is conducive to the market's full use of the resource allocation function. The real economy. On the other hand, public funds also act as the role of "main force" in China's pension management. In the future, they will also be promising in participating in the third pillar construction of pensions and contribute to the value preservation and appreciation of pensions.

The number of investors increased 17 times in 10 years

Fund becomes one of the most important mass financial management choices

China Fund Reporter: In the past 10 years, the entire Chinese economy has developed greatly. In terms of the fund industry, what is the biggest change and achievements in the past 10 years?

Li Yimei: We feel that we can focus on the changes and achievements of these aspects:

One is the innovation of the Chinese capital market systems in the past ten years, such as the implementation of the registration system, the establishment of the science and technology board, the establishment of the Bei Stock Exchange, etc. The Chinese capital market adheres to the marketization, rule of law, and internationalization of the Chinese capital market. The hierarchical capital market, deepening reform and opening up, laid a solid foundation for the development of the public fund industry.

The second is that with the various reforms of the capital market, the continuous innovation and improvement of the public fund industry in products and services. For example, the industry returns to actively managing the origin, the FOF, the accelerated development of the elderly target fund, the fund investment consulting business, the continuous development of public REITs, and so on. Through continuous accumulation and innovation, the public offering industry continues to conform to the development of the times, and actively plays a role in serving national strategies, promoting innovation -driven development and economic transformation and upgrading, and promoting common prosperity.

The most important thing is that the professional value of public funds has been fully reflected in the past ten years. With a comprehensive system, standardized operation and professional investment management capabilities, public funds have achieved generous investment returns for investors. Under empowerment, the value of inclusive finance in public funds has been widely recognized and accepted by investors.

One side confirms that the number of public fund holders has continued to rise. The "2021 Securities Investor Service and Protection Report" released by the China Securities Industry Association shows that as of the end of 2021, my country's fund investors have exceeded 720 million. Ten years ago, the number of fund households was less than 40 million. In ten years, the number of public fund investors increased by 17 times.

Focusing on high -quality development requirements

Good practice "long -term value investment"

China Fund Reporter: In April this year, the China Securities Regulatory Commission issued the "Opinions on Accelerating the Public Fund Industry High -quality Development", which put forward specific requirements for the high -quality development of the fund industry. High -quality development requirements? What areas will they be in the future?

Li Yimei: The "Opinions on Accelerating the High -quality Development of the Public Fund Industry" issued by the China Securities Regulatory Commission has drawn a future blueprint for public funds, which is a milestone for the high -quality development of the capital market, especially the public fund.

The "Opinions" proposes to effectively improve the ability of the public fund industry to serve capital market reform and development, serve the wealth management needs of residents, and the ability to serve the real economy and national strategy. As an important participant in the capital market, public funds play an important role in serving the capital market reform and development, the needs of residents' wealth management, serving the real economy and national strategy.

Taking the Huaxia Fund as an example, in recent years, the company has been strengthening pricing capabilities and trading capabilities, thereby promoting the value discovery function of the capital market, promoting capital elements to gather towards outstanding enterprises, and accelerate the survival of the industry. At the same time, actively fulfill the rights of shareholders, give play to the role of professional buyers, promote the improvement of the quality of listed companies, and allow ordinary people to continue to benefit from China's economic development.

In the next step, the Huaxia Fund will take the Opinions as the guide to the action, adhere to the interests of investors, and strive to improve the core capabilities of investment and research, strengthen the systemic, long -term and platform construction of the investment research team, help the capital market reform and development, and the development of the capital market. Serving residents' wealth management needs and supporting the real economy and national strategy. At the same time, the starting point is to meet the needs of residents' wealth management, so as to measure the risks and controlled risks, strengthen the effective protection of investors, and increase product and business innovation, especially in terms of pension financial services, public offering REITs, equity investment and other aspects Continue to make efforts, practice social responsibility, truly achieve the same growth and development of the company and the industry, improve and advance with investors' interests, and contribute to thousands of households. China Fund Reporter: In the field of capital management, compared with other asset management products, public funds directly face the majority of investment groups. What do you think of domestic fund investors in investing in financial management? How to better implement the concept of "long -term value investment" to investors in the future?

Li Yimei: In the past ten years, in the big trend, value investment, long -term investment, rational investment, and asset allocation concept have gradually become popular, and the ESG concept has been increasingly promoted. Specifically, whether it is an individual investor or an institutional investor, the acceptance of investment management with professional institutions continues to increase. Ten years ago, few individual investors had more recognition of the asset management industry and knowledge, and institutional investors also rarely formed a systematic outsourced layout; now individual investors have financial management experience and capital market cognition The proportion has increased significantly, and the requirements of institutional customers' requirements for account performance and risk characteristics are more clear.

The "Opinions on Accelerating the High -quality Development of the Public Fund Industry" issued by the CSRC issued a multi -strategy to give me the direction for how the fund company better practiced "long -term value investment".

For example, encourage fund companies to professional, platform, and systematic construction, build a long -term investment system on the bottom, and cultivate long -term investment and value investment culture; encourage the proportion of long -term funds on the liabilities and products, and emphasize the need to do a good job of personal care for personal care. Gold investment public fund policy has been implemented to develop fund products that adapt to long -term investment in individual pensions; improve the evaluation weight of long -term factors from the perspective of incentive constraints, weaken the impact of short -term and short -term performance rankings in assessment. These will encourage the industry to adhere to long -term business philosophy and adhere to the direction of long -term investment in value investment.

Huaxia Fund has been starting from long -term, encouraging investment researchers to adhere to long -term investment, actively deploy long -term investment products, and strive to provide investors with full cycle services.

The essence of the personal pension business is to form an investment fund with considerable long -term attributes through the account system. Huaxia Fund is very concerned about the medium and long -term funds brought by the personal pension business. , Not only established an institutional framework suitable for pension management, equipped with senior investment managers, drawing on international advanced asset allocation concepts, accumulating rich FOF management experience, and building a complete product line to provide investors with rich pension products Choose, pay more attention to continuous development of investor education, and pass the concept of pension planning as soon as possible.

In terms of product design, in recent years, the Huaxia Fund has launched a series of holding funds in accordance with the development of the times and investors' financial management needs. By optimizing product design, it has helped investors better practice long -term investment, rational investment, and shared long -term investment income.

Huaxia Fund also focuses on increasing the guidance of long -term investment behavior and other long -term investment behavior. This year, Huaxia Fund launched a series of fixed investment group activities. Many of its fund managers opened and disclosed the fixed investment plan to help investors understand and understand the fixed investment more clearly. Through the fund, through the fund The demonstration and companionship of the manager guides more investors to start fund -made investment to better implement long -term investment.

Guide capital investment and serve the national strategy

Public funds better serve the real economy

China Fund Reporter: The structure of investors in the A -share market has gradually changed to institutionalization. The proportion of public funds has increased significantly. What do you think of the important role of public funds in the capital market?

Li Yimei: We believe that the important role of public funds in the capital market is on the one hand to gather public funds to participate in the capital market investment, providing continuous development funds for social and economic development; on the other hand, it is Resource allocation capabilities help the macro industry to accelerate the transformation and improve the quality of economic development. At the same time, individual investors have also fully shared the development of China's economy through public funds, realizing the value preservation and appreciation of wealth, and helping the society's common prosperity.

China Fund Reporter: What important role does the public fund industry play in the development of the real economy? Can you give an example?

Li Yimei: As an important participant in the capital market, public funds have always been an important force for serving the real economic growth. In April of this year, the CSRC issued the "Opinions on Accelerating the High -quality Development of the Public Fund Industry", which also clearly required that fund companies to increase product and business innovation and effectively improve the ability of public funds to serve the real economy and customer needs.

We believe that public funds mainly serve the development of the real economy from the following two aspects:

First, according to professional, persistent, and in -depth research, public funds help discover the value of the capital market, and for the market to give full play to the function of resource allocation, guide more financial resources to the direction of growth potential in the real economy, and provide funds for enterprise development. Support, help high -quality companies be stronger and bigger. By actively selecting enterprises that benefit from the national key support and development, public funds guide capital investment and serve the national strategy. Second, public funds can actively help listed companies to improve the level of governance of the company in combination with their own professional advantages. For example, in recent years, fund companies attach importance to the practice of ESG investment concepts and guide listed companies to transform in responsible sustainable directions. Specifically, public funds to help listed companies better develop, which is mainly reflected in the role of information supervision, improving the quality of information disclosure of listed companies and reducing information asymmetry. Standardize operations to provide professional suggestions, promote the high -quality development of listed companies, and help the capital market to better serve the real economy.

Just like the emphasis on the high -quality development opinions issued by the CSRC issued by the CSRC, product innovation is an important point for public funds to serve the real economy. In recent years, public funds have always attached importance to product and business innovation, and strive to guide financial resources to the real economy, and flow to innovative enterprises with more growth potential, such as the launch of the science and technology innovation board theme fund of small and medium -sized innovation companies, the theme funds of science and technology entrepreneurship, and the theme fund, and the theme fund of science and technology innovation and entrepreneurship. The theme fund of the Beijing Stock Exchange, the public offering REITs that broaden the social capital investment channel, and is committed to regional ETF products for the adjustment of central enterprises' structural adjustment.

Taking the highway REITs as an example, my country's highway industry has a heavy debt burden, and the high degree of securitization of the highway industry is low. Previously, the highway industry was mainly based on debt financing, especially bank loans, and the financing method was relatively single. The highway industry urgently needs to further expand financing channels and achieve more stable and high -quality development through diversified investment and financing methods. The emergence of public offer REITs gives a good solution.

The launch of highway REITs is of great significance to further innovate the investment and financing model of the highway industry: First, the public offer REITS provides a standardized exit channel for the high -quality assets of the enterprise, which can be effective for enterprises to activate the stock assets, realize the return of funds, reduce debt risk , Can also increase the proportion of direct financing, reduce leverage, and achieve light asset operation. Second, public offer REITs are conducive to innovative asset management models and improve industry management levels. For enterprises, the public offer REITs will reconstruct the business model and promote the business model of infrastructure enterprise business from "investment-construction" to "investment-construction-refund-investment". ROE level, open up asset -liability restrictions, and embark on the path of sustainable development.

China Fund Reporter: Looking forward to the development of China's capital market in the future, what changes do you think are worth looking forward to?

Li Yimei: In the future, the reform of the entire market registration system, the continuous deepening opening cooperation, and the digitalization of digitalization are worth looking forward to the promotion of industry transformation and upgrading. Huaxia Fund will continue to move forward, continue to move towards high -quality development, and do a good job of direct financing providers of the real economy, the wealth managers of the majority of residents, the steady investors of the capital market, the dynamic competitors of the financial system, and the strict supervision beneficiaries.

China's pension management "main force"

Public funds contribute professional forces for pension value preservation and value -added

China Fund Reporter: What contributions did the public fund industry make in the three pillars of the three pillars such as social security, corporate annuity, and occupational annuity, and what achievements have they achieved? What important role will the future personal pension business play an important role?

Li Yimei: In terms of China's pension management, public funds have always played the role of the main force, and strive to contribute to the value preservation and appreciation of pensions. Among the three pillars of my country's pension, public funds have played an important role.

At present, among 18 national social security funds entrusted investment managers, public offering funds occupy 16 seats; 14 of the 21 investment managers of the first pillar basic endowment insurance fund are public funds (accounted for more than 66%); Among the 22 investment managers, 11 are public funds, occupying half of the country. As of the end of 2021, the national social security fund, basic pension insurance funds, corporate annuity and occupational annuities that fund companies entrusted to manage exceeded 3.9 trillion yuan, accounting for about 58%of my country's pension entrusted investment operation scale. Statistics show that public funds help the National Social Security Fund, Basic Pension Insurance Fund, and Enterprise annuity to achieve an average annual investment rate of 8.3%, 6.5%, and 7.2%respectively.

At the same time, public funds are actively participating in the third pillar construction of the elderly, and actively explore market -oriented and sustainable operating mechanisms for my country's pension system reform, which is also of great significance for the introduction of long -term funds and optimizing the structure of investors in the capital market. Data show that since the establishment of the first pension target fund on September 13, 2018, it has started steadily, has a good overall operation, and has a good service connection with the third pillar of personal pension. As of the end of August this year, more than 180 pension target funds have been established, with a duration of more than 100 billion yuan, and the number of holders exceeds 3 million households.

In the future, there are still many things to persist in helping the construction of pension reserves and the construction of the pension system. First of all, the public fund industry should further promote product innovation suitable for personal pension investment. It can further optimize product design suitable for personal pensions in terms of investment scope, investment type, fixed investment and dividend mechanism. Secondly, the public fund industry should play its own advantages in equity investment and research to help individual pensions achieve long -term value preservation and appreciation. Thirdly, the public fund industry should play an advantage of inclusive finance and enhance personal care for personal care financial management in the process of practicing investor education. Taking the interests of investors as the core

Cultural construction in the four aspects

China Fund Reporter: The securities fund industry has placed cultural construction in a more prominent position. What are the progress and achievements in cultural construction?

Li Yimei: Huaxia Fund takes the industry culture of "compliance, integrity, professional, and stable" industry culture as the general outline of the securities fund industry, integrates industry culture into the corporate culture concept, and then integrates the entire process of company management and management. In compliance management, a business culture with compliance as the core, an employment culture with integrity as the core, professional investment and research culture with professional as the core, and stable development culture.

In the process of corporate culture, we pay special attention to the following points:

The first is to practice inclusive finance with investors' interests.

The purpose of the Huaxia Fund is to "reward for trust". We always put the interests of investors in all work, and always have a heart to be grateful to investors. Trust the trust into responsibility, turn responsibility into motivation, create performance with your own actual actions, realize his solemn commitment, and dedicate a satisfactory return to investors. Huaxia Fund adheres to the interests of investors as the core, and improves and advances with investors' interests. By serving the wealth management needs of residents, ordinary people continue to benefit from China's economic development.

The second is to adhere to professional and long -termism and enhance investors' sense of gain.

A healthy and good corporate culture is the cornerstone of the company's long -term steady development. Through value investment and long -term investment, public funds can optimize resources to promote high -quality development on the one hand. The results of growth and the growth of high -quality enterprises have promoted common prosperity. Under the big goal of serving the common prosperity, whether it is responsible investment and value investment, it will eventually hope that it can give investors a long -term stable return.

The third is to serve the development of green economy and focus on fulfilling social responsibilities.

Huaxia Fund pays attention to promoting listed companies to improve corporate governance, improve business quality, and perform social responsibility. The company has established an ESG investment and research framework to provide an institutional guarantee for the specific practice of ESG investment. At the same time, the company has established an ESG investment research team to complete the ESG research framework for industries including real estate, finance, building materials, transportation, Internet, and big consumption. On the other hand, based on the in -depth research on responsible investment and corporate governance, the company actively communicates with listed companies to promote listed companies to pay attention to ESG and improve corporate governance through regular exchanges and voting of shareholders' meeting.

Fourth, there are targeted investment in teaching and long -term companionship.

With the continuous development and growth of the public fund industry, the number of customers in service has increased rapidly, and the types and demand of customers are becoming increasingly diverse. Investor education is to help investors understand and understand risks, and learn to evaluate their own risk tolerance ability. At the same time, it guides investors to establish correct financial management concepts, rationally treat market fluctuations, adhere to value investment and long -term investment. Huaxia Fund continues to promote investment and education, and is committed to improving investors' financial literacy and investment level, and creating a good capital market ecological environment such as rational investment and long -term investment.

In the future, Huaxia Fund will continue to make more meaningful efforts and explorations in guiding investors' rational investment and value investment, to serve the wealth management needs of residents, promote the high -quality development of the public fund industry, deepen direct financing, serve the real economy continuously Contribution fund power.

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