Core Viewpoint - The article highlights the investment strategy of Shen Kun, a fund manager who emphasizes balanced investment and risk control while pursuing quality growth and reasonable valuations [4][9]. Investment Strategy - Shen Kun adopts a GARP (Growth at a Reasonable Price) investment strategy, focusing on selecting growth companies that are reasonably valued or undervalued [4][9]. - The investment approach involves a balanced allocation across multiple industries, such as computing power, consumer electronics, new consumption, and lithium batteries, to mitigate risks associated with over-concentration in a single sector [6][9]. - The fund manager emphasizes the importance of holding quality growth stocks and avoiding chasing market trends, which can lead to poor performance [5][9]. Performance Metrics - Shen Kun's fund, the Fuanda Advantage Growth Mixed Fund, has achieved over 90% returns in the past year, attributed to a forward-looking approach in selecting individual stocks [7]. - The maximum drawdown for the funds managed by Shen Kun has remained below 20% over the past year, showcasing effective risk management [9]. Market Outlook - The article discusses the positive performance of Chinese assets in 2023, driven by advancements in technology and increased government support for the capital market [11]. - Shen Kun believes that the AI sector is poised to lead the fourth industrial revolution, presenting numerous investment opportunities in the coming years [11].

Core Viewpoint - Chinese hard technology assets are becoming essential in global asset allocation, surpassing traditional investment categories [1] Group 1: Industry Insights - The development path of China's technology industry is characterized by a large domestic market that provides unique scale advantages, facilitating rapid growth across various sectors such as home appliances, mobile devices, and new energy vehicles [1] - Continuous support from national policies is a significant driving force behind the growth of China's technology sector [1] - The innovative capabilities and dedicated efforts of Chinese engineers are crucial for driving technological breakthroughs, exemplified by companies like DeepSeek, which achieved competitive model capabilities through algorithm innovation [1] Group 2: Investment Opportunities - In the hard technology sector, semiconductor equipment, specialty processes, and advanced packaging are particularly promising areas, with quality enterprises successfully converting policy benefits into technological advantages [2] - These companies have established significant positions in the global supply chain, gaining certification from top international clients through differentiated technological advantages and cost-effectiveness [2] - The dual development model of these enterprises, leveraging both domestic market stability and international client services, enhances their resilience against market fluctuations and fosters sustainable business models [2] Group 3: Future Outlook - The expectation is for China's technology industry to gradually shift towards a "innovation-driven profitability" model, where companies achieve excess returns through technological innovation [3] - Establishing a healthy and sustainable business model is key for the long-term stability of Chinese tech stocks, with a focus on converting innovation advantages into profitability [3] - Over the next 5 to 10 years, the hard technology sector in China is anticipated to produce a number of world-class companies, offering sustainable long-term returns for investors [3]

Core Viewpoint - The article emphasizes the importance of early retirement planning for young people, advocating for a systematic and diversified approach to pension investment through a "four-step method" [1][2]. Group 1: Trends in Retirement Investment - Young individuals are moving away from traditional retirement frameworks and are increasingly embracing smart retirement and diversified protection models [1]. - The expansion of personal pension funds is likely to make them a preferred choice for young people's retirement investments, offering tax advantages, low fees, and a closed mechanism that aligns with long-term financial goals [2]. Group 2: Four-Step Method for Asset Allocation - The first step involves calculating the required retirement savings, estimating that retirees will need 70% of their pre-retirement income, adjusted for a 3% annual inflation rate [3]. - The second step focuses on determining the risk tolerance to establish the investment ratio between equities and fixed income [4]. - The third step is about selecting specific investment vehicles, including personal pension funds, regular funds, REITs, gold ETFs, and short-term bond funds [4]. - The fourth step emphasizes the importance of regular portfolio adjustments, recommending that individuals review their investment ratios annually and aim to increase pension contributions to over 8% of their salary before age 30 [4]. Group 3: Integration of Advisory Services - The article suggests that combining investment advisory services with retirement planning can provide young investors with new options, allowing for a dual-track approach that balances locked-in investments with flexible adjustments [4].

优化投顾投资方法论 公开数据显示，截至今年8月末，中欧财富旗下主动权益类组合中，潜力全明星、优势行业全明星近一 年收益均超50%，同期回撤在14%左右，超级股票全明星、均衡偏股全明星，净值也分别涨逾40%、 30%；其行业、主题类投顾组合"带你投"系列的风险偏好相对更高，比如带你投硬科技近一年收益接近 80%，回撤约20%。 投顾策略的迭代更新，是其兼顾回撤与业绩的主要原因。经历了2022年的市场环境后，中欧财富投顾团 队优化了权益类投顾组合的投资方法，以基本面为投资核心的底层理念未变，但在主观判断之外，也使 用更多的量化工具和客观数据形成相对标准化的指标对判断结果做验证，同时结合市场交易情绪、微观 资金情况等多方面进行综合考量，研究规范化程度及工具使用水平显著提升。 积小胜为大胜 帮投资者"拿住"收益 ——访中欧财富投顾投资经理李波 ◎记者 朱妍 随着市场回暖，权益类投顾展现出了较强的配置与服务能力。据开源证券统计，今年以来，除4月外， 市场上各家股债混合型投顾组合单月均获得正收益。中欧财富投顾投资经理李波在接受上海证券报记者 采访时表示，他的团队已将投顾的投资方法从早期的"主观判断"转向"基本面+标准化" ...

Group 1 - The core viewpoint is that a positive cycle of fund issuance driven by performance is gradually emerging, with an increase in the number of funds sold out in one day and those ending fundraising early [1][2] - The issuance of equity funds has significantly rebounded this year, with performance improvement being the strongest driving force behind this trend [2] - As of September 18, the average returns for actively managed stock and mixed equity funds over the past year were 57.75% and 56.76%, respectively, while passive index funds had slightly stronger returns of 60.72% [2] Group 2 - From January to September 19, 2023, a total of 1,116 new funds were issued, approaching the annual totals of 1,280 and 1,136 for 2023 and 2024, respectively [2] - The proportion of stock and mixed funds among newly issued funds reached 49.37%, a significant increase compared to 25.70% and 27.03% in 2023 and 2024 [2] - The share of bond funds among new issuances has decreased from over 70% in the past two years to 44% [2] Group 3 - During the week of September 8 to September 14, 39 new public fund products were launched, with equity funds accounting for 66.67% of the total [3] - The resurgence of "daylight funds" is noted, with several funds ending their fundraising early due to high demand [4] - New funds are emerging in sectors such as renewable energy and consumer goods, while some are focusing on themes like dividends and satellite industries [4]

Core Viewpoint - Dividend assets have become a stable mainstay in the equity market since 2022, providing steady cash flow and reasonable valuations, and are expected to maintain long-term allocation value despite a shift towards growth styles by 2025 [3][4]. Group 1: Changes in Dividend Asset Allocation Value - The allocation value of dividend stocks has not weakened but rather complements growth sectors due to a diverse market style and active structural opportunities [4]. - Dividend assets provide a stable foundation for investment portfolios, optimizing risk-return structures and enhancing long-term compounding returns [4][5]. Group 2: Long-term Performance and Demand for Dividend Assets - The demand for dividend assets is expected to rise as companies increase their dividend payout ratios following a peak in capital expenditures, supported by ample liquidity in the market [5]. - The market is transitioning to a "dividend+" era, where dividend assets will show significant differentiation based on specific industry and company conditions [5][6]. Group 3: Strategies for Achieving Flexibility and Excess Returns - A balanced approach combining "core-satellite" strategies with cash-rich, stable-profit assets is recommended to adapt to market rotations [6]. - Value investment should not be narrowly defined; it should include identifying quality businesses at reasonable or low prices while adapting to market and fundamental changes [6][7]. Group 4: Value Investment in a Rotating Market - A deep value investment philosophy should guide the entire investment process, distinguishing between "value" and "price" based on ROE, cash flow, and governance [7][9]. - A diversified and balanced portfolio strategy is essential to manage high market volatility and avoid excessive risk exposure to individual stocks or sectors [7][8]. Group 5: Identifying Truly Undervalued Stocks - The selection of stocks should consider both willingness and ability to distribute dividends, focusing on governance and free cash flow [9][10]. - Long-term competitive strength and cash generation capabilities are critical in distinguishing between genuinely undervalued stocks and those that merely appear cheap [10]. Group 6: Investment Opportunities in the Current Market - Future investment opportunities in cyclical dividend assets are anticipated, particularly in sectors like coal, engineering machinery, and consumer goods, as they recover from low profitability [11]. - The focus should also be on stable cash flow sectors such as utilities, highways, and essential consumption, alongside opportunities driven by new policies and external demand [11][12]. Group 7: Evaluating the "Dumbbell Strategy" of Small and Dividend Stocks - The combination of stable dividend assets and small-cap stocks can reduce portfolio volatility while providing both defensive and offensive characteristics [12][13]. - The economic recovery may impact dividend assets and small-cap stocks differently, necessitating a focus on dividend stability and cash flow resilience in the former, while emphasizing profitability and governance in the latter [13].

民生加银基金周帅： 运用量化工具 打造专精特新投资利器 ◎记者 陈玥 过去两年，当"专精特新"成为市场一大热门主题的同时，如何从一个边界并不清晰的概念中挖掘超额收 益，对基金经理的投资能力提出了考验。经过一系列整合和摸索，周帅打造出了一套"攻略"。 "当前沪深两市的国家级'专精特新企业'数量超1000家，大部分企业市值在100亿元以下；在板块分布 上，近80%企业属于创业板、科创板等科技成长板块；行业主题上分布在新一代信息技术、高端装备制 造、新材料、节能环保、生物产业、新能源等战略性新兴行业。企业数量多、行业主题跨度大、市值相 对较小，较为适合我们通过量化的方式去挖掘主题内的阿尔法收益。在投资策略上，我们将量化策略与 基本面研究相结合，去发掘市场中的投资机会。"周帅说。 周帅表示，通过对专精特新企业风格特征的分析，表明其具备较为清晰的小盘、成长、科技主题特征， 因此从这两个方向去寻找超额收益，最终搭建了小盘价值、科技成长优选两套子策略。 对于科技成长优选策略，周帅表示，主要从行业逻辑出发选择科技成长板块长期选股效果更佳的基本面 因子，同时纳入高频量价及机器学习类因子，单独搭建科技成长板块选股策略。小盘价值策 ...

年内超800家私募注销登记 超半数主动离场 ◎记者 马嘉悦 中国证券投资基金业协会（下称"中基协"）公示信息显示，截至9月19日，今年以来超800家私募注销登 记，其中主动注销登记的管理人数量占比超过50%。值得一提的是，去年同期私募注销登记数量超1200 家，但主动注销登记的占比不足35%。 在业内人士看来，主动注销登记私募占比提升，是行业生态持续净化的体现。近年来，随着监管逐步细 化，越来越多私募从"不敢违规"转为"不想违规"，私募业自律水平进一步提升。 ■私募新观察 主动注销登记私募占比提升 近日，中基协发布公告称，北京华软金宏资产管理有限公司等2家机构不能持续符合管理人登记要求， 协会将注销2家机构的私募基金管理人登记。 截至9月19日，今年以来注销登记的私募基金管理人达851家。 "协会注销"和"主动注销"成为主要原因。具体而言，"主动注销""协会注销""12个月无在管注销"以及"依 公告注销"四种类型注销登记数量分别为449家、332家、67家和3家。 值得注意的是，从去年数据来看，私募业"劣币出清"曾以协会注销登记为主。中基协数据显示，去年同 期协会注销登记数量为705家，主动注销登记为406家 ...

Core Viewpoint - The recent notification from the National Development and Reform Commission aims to promote the normalization of public REITs in the infrastructure sector, enhancing market expansion and asset innovation [1][2]. Group 1: Market Expansion and Asset Types - The public REITs market in China has seen a steady increase in the number of listed products, reaching 74 as of September 18, with the market now leading Asia in product quantity [2]. - The types of underlying assets for public REITs have expanded to 10 categories, with the largest number being park-based assets, totaling 19, while transportation, consumption, and logistics assets each exceed 10 [2][3]. - The notification emphasizes the need to explore new asset types with significant potential for issuance, such as heating, water conservancy, data centers, and sectors like tourism and elderly care that currently lack issuance cases [3]. Group 2: REITs Size and Market Dynamics - Despite the quantity advantage, the average size of individual REITs in China is relatively small, with mainland REITs averaging $3.7 billion compared to $15.94 billion in Japan and $17.28 billion in Singapore [3][4]. - The notification encourages the issuance of larger-scale funds that can significantly impact the expansion of the infrastructure REITs market, aiming to establish leading REIT products to support steady market development [4]. Group 3: Fundraising and Expansion Mechanisms - The notification supports existing REITs in raising funds through expansion to acquire quality assets, simplifying the process for new project applications [5]. - Currently, only 6 REITs have undergone their first expansion, indicating a need for growth in this area compared to more mature markets like the U.S. and Singapore, where expansion significantly boosts market size [5][6]. - The notification introduces important changes to the expansion mechanism, reducing the expansion initiation period to 6 months and allowing for cross-industry and cross-regional asset integration, facilitating the transition of REITs into comprehensive asset operation platforms [6].

Group 1 - AI is transforming daily life by enabling seamless interactions, such as ordering food through voice commands and remembering user preferences, exemplified by the "Xiao Mei" agent and the "Street Ranking" feature from Gaode Map [1][2] - In the workplace, AI tools like Notion AI and Feishu are evolving from simple utilities to collaborative partners, significantly reducing the time and effort required for tasks such as report generation and data analysis [1][2] - In healthcare, AI is shifting from post-diagnosis assistance to pre-diagnosis support, with applications that help in patient triage, risk assessment, and follow-up care, thereby improving access to medical resources [2][3] Group 2 - The evolution of AI indicates a transition from passive tools to proactive intelligent agents capable of understanding and executing tasks across various sectors, including daily life, work, healthcare, and creative fields [3][4] - The competitive landscape is changing, with the focus shifting from product availability to the ability of AI to understand user needs, leading to a new data paradigm centered on behavioral preferences [4] - Investment opportunities in AI applications can be categorized into three stages: currently, AI agents are in the usable phase, with a focus on companies that can quickly implement applications; the next phase will prioritize comprehensive companies that integrate processes; and the final phase will emphasize companies that excel in traffic and operational management [4]