一、外资公募发展现状及面临的共性挑战
One、The Current Status of Foreign-Invested Public Fund Development and Common Challenges Faced

自2020年4月1日取消基金公司外资股比限制以来，多家海外资管巨头通过新设或股权变更两种方式“跑步”进入中国公募市场。截至2025年，中国已有9家外商独资公募基金公司。其中，贝莱德基金、路博迈基金、富达基金、施罗德基金等为新设立公募基金；宏利基金、摩根资产管理和摩根士丹利基金为中外合资公募通过股权转让方式变为外商独资公募基金。
Since April 1, 2020, when the foreign shareholding limit for fund companies was lifted, multiple global asset management giants have entered the Chinese public fund market through new establishment or shareholding changes. By 2025, China has already seen the establishment of 9 foreign-owned public fund companies. Among them, BlackRock Fund Management, Lombard Odier Fund Management, Fidelity International Fund, and Schroder Fund are newly established public fund companies; Manulife Fund, Morgan Asset Management, and Morgan Stanley Fund have become foreign-owned public fund companies through shareholding transfers.

进入中国市场后，外资公募仍在持续增资，通过新设或股权转让方式进入中国市场，并在产品线拓展、本土化运营和跨境投资等领域逐步发力。尽管外资公募普遍看好中国资产的长期价值（如高股息、科技和消费领域），但其发展仍面临以下共性的挑战：
After entering the Chinese market, foreign public funds continue to increase their capital, entering the Chinese market through new establishment or shareholding transfers, and are gradually focusing on product line expansion, localized operations, and cross-border investment. Although foreign public funds generally have a positive outlook on the long-term value of Chinese assets (such as high dividends, technology, and consumption sectors), their development still faces the following common challenges:

挑战一：未充分利用自身优势找到与本土公募的差异化发展路径，本土化能力不足，战略定位模糊
Challenge One: Failing to fully leverage their advantages to find a differentiated development path from domestic public funds, with insufficient localization capabilities and unclear strategic positioning

因管理规模受限，挣扎于盈亏平衡的边缘。多数外资公募未达到机构合作准入的门槛，为快速扩大规模而被迫转向债基等“本土化”策略（外资固收产品占比超60%）。反而在被动投资（如ETF）和养老产品领域的国际经验未能充分在中国市场落地。整体来看，出现了规模增长乏力的现象，战略定位模糊与摇摆，未找到符合自身特色的发展路径。
Due to size limitations, they are struggling to break even. Most foreign-owned public funds have not met the criteria for institutional cooperation access and are forced to adopt localized strategies (over 60% of foreign fixed-income products) to quickly expand their scale. However, their international experience in passive investments (such as ETFs) and pension products has not been sufficiently implemented in the Chinese market. Overall, there is a phenomenon of weak scale growth, unclear strategic positioning, and a lack of a development path that aligns with their unique characteristics.

挑战二：权益类产品竞争力薄弱，对于公司声誉带来不利影响
Challenge two: Weak competitiveness in equity products, which is detrimental to the company's reputation

在用人方面，纯外资背景的基金经理业绩并不突出，而本土的头部基金经理则难挖角，毕竟外资无法带来足够大的规模。投研团队依赖“海归派”，对A股高波动性、政策敏感度适应不足，同时由于投研团队人员不足，外资风控限制较多，产品策略与国内市场脱节；
In terms of personnel, pure foreign-background fund managers have not performed outstandingly, while top local fund managers are hard to attract, as foreign companies cannot offer sufficient scale. The research and investment team relies on "sea turtles" (returnees from overseas), who are not well adapted to the high volatility and policy sensitivity of the A-share market. Additionally, due to a shortage of research and investment team members, foreign companies face more stringent risk controls, leading to product strategies that are out of sync with the domestic market.

部分主动权益类基金表现不佳，如贝莱德中国新视野自2021年成立以来亏损超36%，对于公司声誉带来不利影响；
Some actively managed equity funds have performed poorly, such as BlackRock China Vision, which has lost over 36% since its inception in 2021, which is detrimental to the company's reputation.

相反例如Citadel（城堡投资）、桥水等另类策略的外资产品更受欢迎（但目前多以私募运行）。
Conversely, foreign products with alternative strategies such as Citadel (Citadel Investment) and Bridgewater are more popular (but currently mostly operate as private funds).

挑战三：战略连贯性与管理稳定性不足
Challenge Three: Insufficient Strategic Continuity and Management Stability

贝莱德、摩根等机构高管频繁变动，导致投研策略反复调整，战略执行的稳定性与连贯性受到影响，阻碍了业务发展的进度。
Fidelity and other institutional executives frequently change, leading to frequent adjustments in research and investment strategies, which affects the stability and continuity of strategic execution, hindering the progress of business development.

挑战四：政策与市场竞争壁垒
Challenge Four: Policy and Market Competition Barriers

海外资管公司风控流程较为严格，未与中国国内的政策监管形成合力，各类型投资管理资格获取受限。比如QDII等跨境工具缺失，未能发挥全球化配置优势，错失全球化资产配置需求红利；
Foreign asset management companies have stricter risk control processes, have not formed a synergy with China's domestic policy supervision, and are limited in obtaining various types of investment management qualifications. For example, QDII and other cross-border tools are missing, failing to leverage the advantages of global asset allocation and missing out on the benefits of global asset allocation demand;

养老金业务受限于成立年限、规模门槛（如养老FOF需非货基规模超200亿元），无法在国内开展布局；
Pension business is restricted by establishment years and scale thresholds (such as for pension FOFs, non-money market fund scale needs to exceed 200 billion yuan), making it impossible to layout domestically;

ETF赛道竞争激烈，已被本土公募垄断（华夏、易方达市占率超50%），外资在此赛道上起步晚，发展艰难。
The ETF market is highly competitive, dominated by domestic public funds (with market share over 50% by companies like Huaxia and Yifangda), and foreign players have started late in this market, making development difficult;

挑战五：渠道与品牌信任危机
Challenge five: Channel and brand trust crisis

外资公募在中国国内渠道方面缺乏前期的积累和贡献。因为对于新成立的公募而言，销售费用通常是创业过程中的一大难点，外资公募起步较晚而缺乏积累，未获得头部代销渠道（如银行、券商）的准入，销售依赖第三方平台，与国内中大型公募基金“相比竞争力不足；
Foreign publicly offered funds lack prior accumulation and contribution in domestic channels in China. For newly established public funds, sales expenses are often a major challenge during the startup process. Foreign publicly offered funds started later and lack accumulation, failing to gain access to leading distribution channels (such as banks and securities firms), and rely on third-party platforms for sales, making them less competitive compared to domestic mid-to-large-sized public fund companies;

品牌形象受业绩拖累（如贝莱德主动权益产品亏损引发“弃楼”传闻）。
Their brand image is affected by poor performance (such as the "abandoning the building" rumors triggered by losses in BlackRock's active equity products).

挑战六：规模与排名压力
Challenge Six: Scale and Ranking Pressure

头部外资机构普遍管理规模受限，较难达到机构客户的准入门槛，机构客户的展业较为困难，规模扩大受阻。
Leading foreign institutions generally have management scale limitations, making it difficult to meet the entry thresholds of institutional clients, and the promotion of institutional clients is challenging, thus hindering the expansion of scale.

二、重点外资公募发展现状分析
Two. Analysis of the Current Status of Key Foreign-Invested Public Fund Management Companies

摩根基金
Morgan Fund

管理规模与市场地位
Management Scale and Market Position

截至2024年，摩根基金管理规模达1635.76亿元，行业排名第41位，但权益类产品规模持续萎缩，股票型与混合型基金规模较2021年缩水超50%。
As of 2024, Morgan Fund's management scale reached 163.576 billion yuan, ranking 41st in the industry, but the scale of equity products has continued to shrink, with the scale of stock and mixed funds shrinking by over 50% compared to 2021.

产品线布局相对完善
Product line layout is relatively complete

在产品端，摩根基金融合了国际视野与本土经验，专注于“权益类、固定收益、ETF指数基金、全球资产配置”等核心产品线的拓展与优化，尤其是转型为外商独资公司后，发力ETF产品和全球资产配置产品，产品线相对完善。在多元发展的基础上，公司还建立了跨团队的经验分享机制，促进不同投资风格之间的交流与合作，并实现跨资产类别和跨市场的观点分享，打造了内部的买方研究平台和研究驱动的主动投资文化。
In terms of product development, Morgan Fund has integrated international perspectives with local experience, focusing on the expansion and optimization of core product lines such as equity, fixed income, ETF index funds, and global asset allocation. After transforming into a wholly foreign-owned company, the company has particularly emphasized the development of ETF products and global asset allocation products, resulting in a relatively complete product line. On the basis of diversified development, the company has also established a cross-team experience sharing mechanism to promote exchanges and collaborations among different investment styles, and to share views across asset classes and markets. This has helped to build an internal buy-side research platform and a research-driven active investment culture.

ETF：2023年11月推出的“摩根标普港股通低波红利ETF”，其首发募资达到13.63亿元，吸引了近17000名有效认购者，这一成绩远超其过往ETF产品的募集规模。2024年，摩根基金进一步借鉴海外经验，为ETF产品引入分红制度，于3月份推出了首只设置季度强制分红机制的ETF——摩根中证A50ETF，并随后推出采用相同分红机制的摩根中证A500ETF，进一步丰富了公司的ETF产品系列。
ETF: The "Morgan S&P Hong Kong Connect Low Volatility Dividend ETF" launched in November 2023 attracted 13.63 billion yuan in initial fundraising and nearly 17,000 effective subscribers, significantly surpassing the fundraising scale of its previous ETF products. In 2024, Morgan Fund further drew on overseas experience to introduce a dividend mechanism for ETF products, launching the first ETF with a quarterly mandatory dividend mechanism, the "Morgan CSI A50 ETF" in March, and subsequently launched the "Morgan CSI A500 ETF" using the same dividend mechanism, further enriching the company's ETF product range.

固收：形成了覆盖利率债、信用债、可转债、总回报和固收增强等横跨海内外的固收产品线。发行的绿色债券基金受到较多关注，此外，摩根基金还增加了对固定收益投研的投入，在固收产品发行方面取得了较大进展。
Fixed income: A comprehensive fixed income product line has been formed, covering interest rate bonds, credit bonds, convertible bonds, total return, and fixed income enhancement products both domestically and internationally. The green bond fund has received significant attention, and Morgan Fund has also increased its investment in fixed income research, achieving significant progress in the issuance of fixed income products.

互认基金：摩根基金在互认基金市场一直占据重要地位。2025年，互认基金机制安排升级，摩根基金把握机会积极准备，拟与摩根资产管理海外合力推出新的互认基金产品。
Mutual Recognition Funds: Morgan Fund has always held an important position in the mutual recognition funds market. In 2025, with the upgrade of the mutual recognition funds mechanism arrangement, Morgan Fund seized the opportunity and actively prepared, planning to launch new mutual recognition funds products in collaboration with Morgan Asset Management overseas.

虽重整权益团队，但难以扭转主动权益产品业绩不佳的困境
Although the equity team was restructured, it was unable to reverse the poor performance of active equity products.

投研体系优化调整：过去两年重整权益团队，摩根基金希望提振业绩、重回行业前列的决心清晰可见。例如，从外部引入了多名基金经理，夯实公司的价值风格投资板块；将投资团队分为成长、均衡成长、均衡与价值三个小组，各小组配备代表性基金经理，并设置不同的考核维度要求；把相对于业绩基准的“跟踪误差”纳入考核，并对于不同风格的基金经理给予不同跟踪误差的风险预算等等。
Optimization and Adjustment of Research and Investment System: Over the past two years, Morgan Fund has restructured its equity team to boost performance and return to the forefront of the industry. For example, it brought in several fund managers from outside to strengthen the company's value-oriented investment sector; divided the investment team into three groups: growth, balanced growth, and balanced and value, each group equipped with representative fund managers and setting different performance evaluation criteria; included "tracking error" relative to the performance benchmark in the evaluation, and allocated different levels of risk budget for fund managers with different styles.

权益类产品困境：旗下近50只主动权益基金中，成立满三年的基金近三年业绩全线亏损，近六成的产品亏损幅度超过了30%，且多数在同类产品在排名靠后。代表性产品“摩根整合驱动混合A”成立十年累计亏损近60%，管理费争议引发投资者信任危机。
Dilemma of Equity Products: Among the nearly 50 active equity funds under its management, all funds that have been operating for three years or more have suffered losses over the past three years, with nearly 60% of the products experiencing losses exceeding 30%, and most ranking at the bottom in their respective categories. The representative product "Morgan Integrated Driving Mixed A" has suffered losses of nearly 60% over its ten-year tenure, and management fee controversies have triggered a crisis of investor trust.

品牌宣传方面重视渠道宣传和客户服务
In terms of brand promotion, emphasis is placed on channel promotion and customer service.

2023年，摩根在品牌更名后正式推出《环球市场纵览—中国版》报告，汇集了摩根全球投研智慧，为投资者深入浅出地分析全球经济和各类资产的最新趋势。2024年，公司正式启动《环球市场纵览-摩根中国行》巡讲活动，举办了500余场分享会，走进了40多个城市，与近2万投资者及理财顾问面对面交流。2025年初，摩根资产管理中国正式推出“洞察者”系列策略会，与更多客户和合作伙伴共享摩根资产管理的专业视角与前瞻洞察。
In 2023, after renaming, Morgan officially launched the "Global Market Review - China Edition" report, which gathers Morgan's global research wisdom and provides investors with an in-depth and easy-to-understand analysis of the latest trends in the global economy and various types of assets. In 2024, the company initiated the "Global Market Review - Morgan China Tour" lecture tour, hosting over 500 sharing sessions in more than 40 cities, and engaging in face-to-face exchanges with nearly 20,000 investors and financial advisors. At the beginning of 2025, Morgan Asset Management China officially launched the "Insight Series" strategy meetings, sharing Morgan Asset Management's professional perspectives and forward-looking insights with more clients and partners.

战略挑战
Strategic Challenges

2023年股权变更后，外籍董事长Daniel Watkins上任，但近年来管理层频繁变动，投研策略频繁切换，导致业绩波动较大。此外，子公司尚腾资本因多年未推出新产品而注销，反映出战略执行的不连贯性；
Following equity changes in 2023, Daniel Watkins, an expatriate chairman, took office, but there has been frequent management changes in recent years, leading to frequent switching of research strategies, which has resulted in significant fluctuations in performance. Additionally, Subtant Capital, a subsidiary, was dissolved due to the lack of new product launches over many years, reflecting the inconsistency in strategic execution.

近几年，摩根基金旗下存续的基金数量虽不断增加，2024年末基金数量突破100只，但管理规模不及2021年末水平。其中，股票型基金和混合型基金近三年逐年萎缩，两种基金截至2024年末的规模均不及2021年的一半，且收入与净利润连续两年下滑，净利润告负。
In recent years, the number of funds under Morgan Fund has continued to increase, with the number of funds exceeding 100 by the end of 2024, but the managed scale is still below the level at the end of 2021. Among them, equity and hybrid funds have shrunk annually over the past three years, with the scale of both types of funds at the end of 2024 being less than half of that in 2021, and income and net profit have declined for two consecutive years, with net profit turning negative.

富达基金
Fidelity Fund

业绩亮点
Performance Highlights

权益类产品表现突出，如“富达传承6个月”2024年内涨幅15.65%，通过加仓消费、信息技术及港股实现超额收益；
Equity products performed outstandingly, such as "Fidelity Legacy 6 Months" with a 15.65% increase in 2024, achieving excess returns by increasing holdings in consumption, information technology, and Hong Kong stocks;

数字化渠道成效显著，互联网渠道保有量居外资同业前列；
Digital channels have shown significant results, with internet channels having a leading share among foreign peers;

2025年1月推出旗下首只FOF—富达任远稳健三个月持有混合，在券商端首发并提前结束募集。
In January 2025, the first FOF under its name, Fidelity Renyuan Steady Three Months Holding Mixed, was launched, and it was initially sold through securities firms and its fundraising was completed ahead of schedule.

本土化短板
Localisation shortfalls

管理规模未到百亿，固收产品占比超70%，尚未推出QDII等全球化配置工具；
Management scale has not reached 10 billion, with over 70% of products being fixed income, and no QDII or other global allocation tools have been launched yet;

2024年，除了一只红利主题的偏股混合基金，发行的其他基金均为债券型产品；
In 2024, apart from a dividend-themed equity-oriented hybrid fund, all other issued funds are bond products;

虽海外市场养老基金方面拥有较为丰富的经验，但受限于中国国内养老目标基金政策门槛（非货基规模需超200亿元），海外养老经验难以落地。
Although overseas pension funds have rich experience in the international market, their experience cannot be implemented due to the policy 门槛 of China's domestic pension target funds (non-money market fund scale must exceed 200 billion yuan).

未来布局
Future Planning
发行养老FOF产品，探索养老市场，但需突破公司整体非货规模限制。
Issue pension FOF products to explore the pension market, but need to overcome the company's overall non-money market fund scale limit.

贝莱德基金
BlackRock Fund

贝莱德基金是国内首家外资全资控股的公募基金公司。2024年，贝莱德基金积极布局中国市场，5月份发行了贝莱德卓越远航偏股混合基金，之后又发行了两只债基；11月，发行了一只沪深300指数增强基金；12月，贝莱德中证同业存单AAA指数7天持有期基金发行，最终募集资金50亿元人民币。虽尝试在各类型产品线上积极布局，但作为全球ETF的先驱，贝莱德至今仍未在中国市场布局ETF指数基金。
BlackRock Fund is the first wholly foreign-owned public offering fund company in China. In 2024, BlackRock Fund actively laid out the Chinese market, issuing the BlackRock Excellent Voyage Equity Fund in May, followed by two bond funds; in November, it issued an SSE 50 Index Enhanced Fund; in December, the BlackRock CSI Interbank Deposit Note AAA Index 7-day Hold Fund was issued, ultimately raising 5 billion RMB. Although it has tried to actively layout in various types of products, as a pioneer in global ETFs, BlackRock has yet to enter the Chinese market with ETF index funds.

业绩与规模压力
Performance and Scale Pressure

首只主动权益产品“中国新视野”成立以来亏损近40%，混合型基金普遍跑输基准，管理规模仅123亿元（2025年），品牌信任度受业绩拖累；
The first active equity product "China New Vision" has lost nearly 40% since its inception, and hybrid funds generally underperformed benchmarks, with a management scale of only 12.3 billion RMB (as of 2025), and brand trust was affected by poor performance.

依赖债基与指数基金支撑规模，如2024年发行的“沪深300指数增强基金”募资50亿元，但固收类产品表现分化，部分债基仍亏损。
Relying on bond funds and index funds to support scale, such as the "CSI 300 Index Enhancement Fund" which raised 5 billion yuan in 2024, but fixed income products have shown mixed performance, with some bond funds still incurring losses.

战略摇摆与信任危机
Strategic Uncertainty and Trust Crisis

高管频繁变动（如2023年董事长汤晓东离职），投研团队稳定性不足；
Frequent changes in senior management (such as Chairman Tang Xiaodong's departure in 2023), insufficient stability in the research and investment team;

被动投资优势未发挥（未布局ETF），转向主动管理后“水土不服”。
Passive investment advantages not fully utilized (no ETFs 布局), "culture shock" after shifting to active management.

跨境及其他尝试
Cross-border and other attempts

重启QDLP项目，计划推出全球债券与股票多空产品，但进展缓慢；
Restarting the QDLP project, planning to launch global bond and stock long-short products, but progress has been slow;

2025年计划深化ESG投资，同时即将推出全球债券和股票多空的产品。融合本土智慧与国际视野，为中国投资者带来更多的投资产品，满足多样化的投资需求，提升和培育贝莱德品牌的长期价值；
Plans to deepen ESG investment in 2025, while also launching global bond and stock long-short products soon. Integrating local wisdom with international perspective, bringing more investment products to Chinese investors, meeting diversified investment needs, and enhancing and nurturing the long-term value of the BlackRock brand;

尝试机构业务拓展，目前已拥有超过20家机构客户。
Attempting to expand institutional business, currently having over 20 institutional clients.

三、外资公募未来发展建议
Future Suggestions for Foreign-Invested Public Mutual Funds

主动权益投资方面深化本土化能力建设
Deepen localization capabilities in active equity investment

投研团队本土化：引入熟悉A股市场的基金经理（如贝莱德增聘神玉飞后部分产品业绩改善），结合政策周期（如“新质生产力”“设备更新”）调整行业配置；
Localize the research and investment team: introduce fund managers familiar with the A-share market (such as BlackRock's addition of Shen Yufei, which improved some product performance), and adjust industry allocation based on policy cycles (such as "New Quality Productivity" and "Equipment Upgrading");

策略适配性优化：避免照搬海外模型，结合中国政策周期（如新质生产力、设备更新政策）调整投资框架，例如摩根基金可聚焦财政政策驱动的家电、汽车产业链；
Optimize strategy adaptability: avoid simply replicating overseas models, and adjust the investment framework based on China's policy cycles (such as new quality productivity and equipment upgrading policies), for example, JPMorgan funds can focus on the home appliance and automobile supply chains driven by fiscal policy

强化主动管理能力:借鉴富达传承基金的成功经验，通过灵活调仓和行业轮动提升权益类产品收益，减少对被动产品的依赖。
Strengthen active management capabilities: Drawing on the successful experience of Fidelity's legacy funds, enhance the returns of equity products through flexible portfolio adjustments and industry rotation, reducing dependence on passive products.

发挥全球化资源配置优势，探索出既符合国际标准又适应中国市场的新模式
Leverage global resource allocation advantages to explore new models that meet international standards while adapting to the Chinese market.

加速布局跨境产品：在较低利率的环境下，多资产配置的重要性凸显，外资公募凭借其全球网络和经验，在分析全球各类资产的机会和风险、及时传递海外市场动态、为投资者提供多元资产配置方案等多方面具有一定的优势。建议推出QDII、互认基金（如摩根拟与海外团队合作开发互认基金），满足投资者全球化配置需求；
Accelerate the layout of cross-border products: Given the low interest rate environment, the importance of multi-asset allocation has become more prominent. Foreign asset management companies, with their global networks and experience, have certain advantages in analyzing opportunities and risks of various global assets, promptly conveying market dynamics overseas, and providing investors with diversified asset allocation solutions. It is recommended to launch QDII and mutual recognition funds (such as Morgan's planned collaboration with overseas teams to develop mutual recognition funds), to meet investors' global asset allocation needs.

深耕ESG与主题投资：依托海外经验，布局绿色债券、气候主题基金，响应国内“双碳”战略，如路博迈发行国内首只ESG主题债券基金（募资21.94亿元）。同时布局ESG、AI算力、人形机器人等前沿领域，如贝莱德加码贝斯特（人形机器人供应链）；
Deepen engagement in ESG and thematic investments: Leverage overseas experience to layout green bonds and climate-themed funds, responding to China's "dual carbon" strategy, such as Legg Mason issuing the first ESG-themed bond fund in China (raising 2.194 billion yuan). At the same time, layout in frontier areas such as ESG, AI computing power, and humanoid robots, such as BlackRock increasing its investment in Best (humanoid robot supply chain).

数据与技术赋能：引入AI和大数据分析优化选股模型，如贝莱德利用全球数据资源增强行业研究，摩根将自身业务与摩根大通全球运营平台融合，利用集团的全球化网络扩宽投研视野；
Data and Technology Empowerment: Introducing AI and big data analysis to optimize stock selection models, such as BlackRock leveraging global data resources to enhance industry research, and Morgan integrating its business with the Morgan Stanley global operations platform to expand investment research perspectives through the group's global network;

机构客户拓展：通过QFII/RQFII资格吸引海外养老金、主权基金等长线资金，提升A股配置比例；
Expansion of Institutional Clients: Attracting long-term funds from overseas pension funds and sovereign wealth funds through QFII/RQFII qualifications, increasing the allocation to A-shares;

多元资产解决方案：将集团经过时间验证的投资理念和多元化的投资策略、全球领先的风险管理体系、人才培养机制等引入本土市场，并结合对中国市场的洞察，为中国投资者提供更多元化的投资解决方案。
Diversified Asset Solutions: Introducing the group's time-tested investment philosophy, diversified investment strategies, global leading risk management systems, talent cultivation mechanisms, and combining them with insights into the Chinese market to provide more diversified investment solutions for Chinese investors;

优化产品结构与收费模式
Optimization of Product Structure and Fee Models

差异化竞争策略：
Differentiated competitive strategy:

聚焦另类投资（如REITs）、Smart Beta策略，避开宽基ETF红海竞争；
Focus on alternative investments (such as REITs) and Smart Beta strategies, avoiding the red ocean competition of broad-based ETFs;

发展细分主题基金（如AI算力、人形机器人供应链）。
Develop specialized thematic funds (such as AI computing power, supply chain of humanoid robots).

管理费改革：对长期亏损产品引入“业绩分成”机制，或降低费率重建信任（如摩根旗下亏损产品管理费争议）。此外，外资公司对于基金考核方面会有所不同，相较国内公募主要采用相对价值的办法考核基金经理，外资公司则会采用比较多元的方法，这会给国内公司带来新的考评思路。
Management fee reform: Introduce a "performance-based fee" mechanism for long-term loss products, or reduce fees to rebuild trust (such as Morgan's controversy over management fees for loss-making products). Additionally, foreign companies have different approaches to fund performance evaluation compared to domestic public funds, which mainly use relative value methods to assess fund managers. Foreign companies, however, will use more diverse methods, which will bring new evaluation ideas to domestic companies.

强化渠道与品牌价值
Strengthen channel and brand value

数字化营销深化：借鉴富达电商渠道经验，通过直播、投教内容普及ESG、高股息等投资理念，增强客户粘性；
Deepening digital marketing: Drawing from Fidelity's e-commerce channel experience, promoting ESG and high-dividend investment concepts through live streaming and educational content to enhance customer loyalty;

品牌形象重塑：定期发布中英文双语报告，解释调仓逻辑与市场观点（如贝莱德首席经济学家对中国科技创新的分析），提升业绩透明度与专业形象；
Brand image reshaping: Regularly releasing bilingual reports in Chinese and English to explain portfolio rebalancing logic and market views (such as BlackRock's chief economist's analysis of China's technological innovation), enhancing performance transparency and professional image;

和中资渠道方紧密合作：例如施罗德与交通银行、贝莱德与建设银行等多年的“交情”；通过理财子公司为中国个人养老金投资需求提供养老金解决方案和产品。通过iShares进入养老金管理账户，推出中国版的目标日期产品，提供多资产、一站式的养老金解决方案的投顾服务；
Close cooperation with domestic channel partners: For example, Schroders' long-term relationship with China Merchants Bank and BlackRock's partnership with China Construction Bank; providing pension solutions and products for individual pension investment needs through wealth management subsidiaries. Entering pension management accounts through iShares, launching China-specific target date products, and offering advisory services for multi-asset, one-stop pension solutions.

把握发行的时间窗口：尤其是在市场风格轮动较快、政策密集出台的环境下进行产品布局与扩充。
Seize the issuance time window: particularly in an environment where market styles are rapidly rotating and policies are being 密集出台, to layout and expand product offerings.

政策协同与生态合作
Policy Synergy and Ecosystem Collaboration

参与养老金第三支柱：联合银行、保险机构设计目标日期基金，突破政策限制（如富达计划发行养老FOF，可借鉴海外401k经验，联合银行渠道推出目标日期基金，逐步满足国内养老需求），同时例如富达等机构参与中国养老金体系建设，通过产品创新、投资者陪伴等，夯实民众长期养老储备；
Participate in the third pillar of the pension system: collaborate with banks and insurance institutions to design target date funds, breaking policy restrictions (such as Fidelity's plan to issue pension FOFs, which can draw on overseas 401k experience, jointly launching target date funds through bank channels to gradually meet domestic pension needs), and institutions like Fidelity are involved in building China's pension system, through product innovation, investor education, and other means, solidifying long-term pension savings for the public;

与本土机构互补：通过投研共享（如贝莱德与建信理财合作）、渠道联动（如贝莱德建信理财与建设银行合作）降低展业成本。
Complement local institutions: through research and investment sharing (such as BlackRock's collaboration with Jianxin Wealth Management) and channel synergy (such as BlackRock Jianxin Wealth Management's collaboration with the Industrial and Commercial Bank of China), reducing business expansion costs.

风险管理与合规优化
Risk Management and Compliance Optimization

设计对冲工具：针对地缘政治风险和汇率波动，设计对冲工具（如外汇衍生品）以稳定跨境产品收益；
Design Hedging Tools: Develop hedging tools (such as foreign exchange derivatives) to stabilize the returns of cross-border products against geopolitical risks and exchange rate fluctuations;

强化风控体系：借鉴路博迈风险平价模型，科学化分散投资以规避回撤。
Strengthen Risk Control System: Learn from the Nikko AM Risk Parity model, scientifically diversify investments to avoid drawdowns.

四、总结与展望
Four, Summary and Prospects

外资公募在华的困境源于战略模糊、本土化不足及政策适应滞后，但其全球资产配置经验、ESG专业能力与品牌底蕴仍具潜力。未来需以“本土化+全球化”双轮驱动：
The challenges faced by foreign public funds in China stem from unclear strategies, insufficient localization, and delayed policy adaptation, but their global asset allocation experience, ESG expertise, and brand heritage still hold potential. The future requires a dual-driver approach of "localization + globalization":

短期破局：聚焦高股息、科技主线，通过灵活调仓与细分产品突围；
Short-term breakthrough: focus on high-dividend and technology themes, breaking through through flexible portfolio adjustments and specialized products;

长期布局：依托跨境工具（如QDII）、养老与ESG主题，构建差异化竞争力。
Long-term planning: leverage cross-border tools (such as QDII), pension, and ESG themes to build differentiated competitiveness.

唯有在投研体系、产品创新与渠道合作上持续深耕，外资公募方能在竞争激烈的中国资管市场中占据一席之地。未来，外资公募将继续发挥桥梁作用，帮助海外投资者更好配置中国资产，助力中国投资者实现全球资产配置。
Only by continuously deepening in research and investment systems, product innovation, and channel cooperation can foreign public funds secure a place in the fiercely competitive Chinese asset management market. In the future, foreign public funds will continue to play a bridging role, helping overseas investors better allocate Chinese assets and assist Chinese investors in achieving global asset allocation.