Core Viewpoint - The article discusses the innovative strategies employed by Xingyin Wealth Management to adapt to the changing landscape of wealth management, particularly in response to declining bank wealth management yields. It emphasizes the importance of multi-asset investment strategies and a systematic approach to asset allocation to meet the investment goals of clients [1]. Summary by Sections Investment Strategy and Client Needs - Clients of wealth management products typically have low risk tolerance and seek to preserve wealth while achieving returns that outpace deposit rates and inflation. They also require liquidity [3]. - Xingyin Wealth Management's innovation team offers various product lines, including options + wealth management products, quantitative + wealth management products, and multi-asset + wealth management products, all aimed at enhancing returns while ensuring absolute returns [3]. Strategic Asset Allocation - Unlike traditional bank wealth management, Xingyin Wealth Management retains control over key asset allocation during product design, which is crucial for achieving desired returns [5]. - The first layer of asset allocation focuses on low correlation among assets, including bonds, stocks, gold, and quantitative neutral strategies [6]. - The second layer emphasizes market neutrality and macro neutrality, allowing the asset combination to adapt to various market conditions [7]. Industrialized Production Model - Xingyin Wealth Management employs an industrialized production model for multi-asset investment, where each strategy functions as a component that is assembled through top-level asset allocation and undergoes regular quality checks [9]. - This approach enables the management of a wider range of assets while minimizing the amplification of individual investment styles [9]. Product Lines and Innovations - The options + wealth management products provide a defined risk and potential upside, ensuring a basic return even in extreme market conditions [12]. - The quantitative + wealth management products utilize quantitative signals for asset timing and alpha stock selection, aiming for a more uniform return distribution compared to traditional public funds [12][14]. - The multi-asset + wealth management products represent a new product form that focuses on strategic asset allocation, adapting to changing market environments while providing clear return expectations [16]. Tactical Asset Allocation - Tactical asset allocation adjustments are informed by a historical database that tracks asset performance during various market conditions, allowing for proactive risk management [19]. - The strategy includes avoiding significant drawdowns during high inflation and capitalizing on assets with favorable valuations [19]. Team Structure and Strategy Development - The investment team is structured to ensure dual-driven strategies, where each manager has relevant investment experience and can manage both proprietary accounts and outsourced strategies [28]. - The team has developed approximately 15 main strategies, each with sub-strategies, ensuring a comprehensive approach to asset management [27]. Conclusion - Xingyin Wealth Management's systematic and industrialized approach to multi-asset investment, combined with a focus on strategic and tactical asset allocation, positions it well to meet the evolving needs of clients in a challenging investment environment [33].

Core Viewpoint - The "Action Plan" for promoting the high-quality development of public funds marks a significant reform in the public fund industry, shifting the focus from scale to investor-centric goals, indicating a new phase in the industry's evolution [1] Group 1: Floating Management Fee Model - The "Action Plan" introduces a performance-linked floating management fee model, addressing previous criticisms of fixed fees regardless of fund performance [3] - The new model allows for differentiated management fees based on the fund's performance relative to a benchmark, with three tiers of fees depending on the annual excess return [3][4] - This model aims to ensure that fund products are accountable to each new investor, promoting long-term holding of fund products [4] Group 2: Benchmark Selection - The Huazhong Fund has chosen the CSI 800 index as the performance benchmark for its floating fee products, which offers broader coverage and a more balanced representation of both value and growth styles compared to other indices [6] - The CSI 800 index includes both undervalued blue-chip stocks and growth companies, reflecting a combination of past and future economic structures [6] Group 3: Fund Manager Profile - Fund manager Luan Chao, known for his balanced growth investment approach, combines top-down industry allocation with bottom-up stock selection, focusing on sustainable profit growth [8] - Luan Chao emphasizes a cyclical perspective, identifying investment directions based on macro, industry, and company cycles [8] - His investment strategy includes a focus on industries with upward trends and companies with strong competitive advantages, leading to a selective stock pool [8][10] Group 4: Research and Investment Platform - Huazhong Fund is recognized as a leading growth investment platform, having pioneered industry chain investment strategies and being an early investor in key sectors like 5G and electric vehicles [12] - The fund's research team has a global perspective, leveraging insights from international markets to identify growth opportunities in the technology sector [12][13] - The strong research capabilities of the team are expected to support Luan Chao's potential for excess returns, aligning the interests of fund managers and investors [13]

Core Viewpoint - The article emphasizes the investment philosophy and performance of Zhou Yun, a prominent fund manager, highlighting his ability to achieve consistent returns through a value investment approach and a focus on long-term performance [1][3][20]. Investment Performance - Zhou Yun has been recognized in the "TOP 100 Fund Managers" list for four consecutive years, outperforming the Wind偏股基金指数 for three years [2][3]. - The fund managed by Zhou Yun, 东方红新动力混合A, has shown remarkable performance, with a cumulative return of over 398.35% from its inception on January 28, 2014, compared to the benchmark return of 66.11% [10][25]. - The fund has only underperformed the 沪深300 index in 2019, achieving positive annual returns in 8 out of 10 years from 2015 to 2024 [5][10]. Investment Philosophy - Zhou Yun believes that successful investing is driven by probability, aiming to eliminate luck from the equation to achieve stable profits [1][9]. - His investment framework is rooted in value investing, focusing on purchasing companies based on their free cash flow and maintaining a low valuation to ensure high returns [12][18]. - Zhou emphasizes the importance of a safety margin in investments, allowing for potential misjudgments in valuation [13][14]. Adaptation and Evolution - Since 2020, Zhou has adapted his investment strategy to include a focus on small-cap growth stocks, reflecting changes in market conditions and improving the performance of his fund [22][23]. - Zhou's approach has evolved to prioritize portfolio management based on odds and win rates, enhancing the fund's resilience against market fluctuations [23]. Long-term Strategy - Zhou Yun's long-term investment strategy is characterized by a commitment to value investing principles, which he believes are fundamentally sound and effective over time [19][20]. - The article highlights that Zhou's ability to maintain a consistent investment philosophy while adapting to market trends is key to his success [21][22].

Core Viewpoint - The article discusses the importance of understanding value investing and critiques common Wall Street theories, particularly focusing on the misleading nature of terms like EBITDA, EMH, and Beta, as emphasized by investment legends like Buffett, Graham, and Fisher [1][3][9]. Summary by Sections Investment Philosophy - The article begins by highlighting the insights of Yang Yuebin, a fund manager who recently attended the Berkshire Hathaway shareholder meeting, emphasizing the essence of value investing through the "duck-rabbit illusion" [1][6]. - It references Graham's warnings about the dangers of superficial knowledge in investing and the misleading theories that can arise from it [2][3]. Critique of Wall Street Theories - The author critiques the Efficient Market Hypothesis (EMH), Beta, and EBITDA, arguing that these concepts mislead investors and undermine the foundations of modern portfolio theory [3][4]. - Buffett's repeated criticisms of these theories are noted, suggesting they challenge the prevailing investment philosophies in both Western and emerging markets [4][7]. Risk and Return Analysis - The article stresses that investment decisions should be based solely on risk and return analysis, without unnecessary complications [4][5]. - It discusses the psychological aspect of investing, using the "duck-rabbit illusion" to illustrate how different perspectives can lead to varying interpretations of risk and return [5][6]. Misinterpretation of EBITDA - The article delves into the pitfalls of using EBITDA as a measure of profitability, arguing that it ignores essential costs like depreciation, which can lead to significant misjudgments about a company's financial health [11][12]. - Buffett's disdain for EBITDA is highlighted, with examples illustrating how it can mislead investors regarding a company's true earnings potential [11][12][19]. Conclusion and Future Outlook - The article concludes by emphasizing the need for investors to be wary of misleading financial jargon and to maintain a clear understanding of risk and return to avoid falling into the "duck-rabbit illusion" [23][24]. - It reflects on Buffett's legacy and the importance of his teachings in guiding future investors [26][27].

Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the interests of fund holders, shifting the industry focus from scale to user returns [1] Group 1: Industry Development - Since 2020, public funds have experienced rapid growth, particularly in equity funds, but overall investor experience has been lacking [1] - The new plan is expected to stimulate positive changes in the public fund ecosystem, allowing managers who prioritize long-term benefits for holders to stand out [1] Group 2: Investment Strategy of Yuan Wei - Yuan Wei, a fund manager, emphasizes creating absolute returns even during adverse market conditions by dynamically managing a high-margin safety stock portfolio [2][3] - His investment philosophy is rooted in value investing, assessing a company's worth over its entire lifecycle, which differs from the market's focus on short-term trends [2][3] Group 3: Investment Framework - Yuan Wei's investment framework consists of three parts: understanding a company's long-term return rate, constructing a portfolio that meets client risk-return requirements, and trading to keep the portfolio aligned with optimal targets [12][17] - The focus is on the "total score" of a company's lifecycle value rather than short-term profit changes, which is a departure from mainstream market strategies [19][21] Group 4: Case Studies and Examples - Yuan Wei's early investments in sectors like new energy vehicles and artificial intelligence demonstrate his ability to identify long-term value before market trends catch up [26][27] - His approach to real estate investment focuses on companies with strong cash reserves, ensuring their survival during downturns, contrasting with the market's emphasis on growth metrics [28][29] Group 5: Performance and Risk Management - The performance of Yuan Wei's managed fund, "Anxin Value-Driven Three-Year Holding," has achieved over 70% returns since its inception, attributed to strict adherence to investment rules and continuous optimization of strategies [14][15][20] - The fund's strategy includes a focus on non-popular assets and diversification to reduce volatility, which has led to consistent net asset value growth [33][34]

Core Viewpoint - The core viewpoint emphasizes the integration of passive investment automation and active investment systematization, focusing on providing returns to investors regardless of the investment management style [1][11][15]. Group 1: Active Automation of Index Investment - Active definition of beta involves proactively creating index products that identify profitable beta directions for investors, such as participating in A50 and A500 indices and iterating dividend indices based on market changes [2][12]. - Active selection of actions is crucial during the passive product's construction, component adjustment, and large redemption periods, where fund managers collaborate with research teams to optimize operations [2][20]. - Active choice of inaction is also important; the company does not provide redundant liquidity, ensuring that product activity reflects genuine customer demand and social responsibility [2][18]. Group 2: Systematization of Active Quantitative Investment - The establishment of a closed-loop management quantitative research platform integrates all factor research, strategy formation, model building, and trading instructions, enhancing team collaboration [3][35]. - The investment research process is defined by data and scientific methods, focusing on hypothesis testing and objective analysis rather than subjective opinions [3][40]. - A multi-asset and multi-strategy manual is created and implemented within the system, transforming individual insights into shared wisdom within the investment process [3][39]. Group 3: Cultural Aspects - The company promotes a culture of openness, inclusivity, and teamwork, which is essential for building a robust systematic investment approach and empowering fund managers [3][44][50]. - The culture encourages diverse perspectives and provides support for fund managers facing performance pressures, fostering a stable investment environment [46][51]. Group 4: Investment Strategy Insights - Long-term profitability is viewed as the realization of belief, mid-term profitability as the realization of understanding, and short-term profitability as the realization of technique, highlighting the importance of identifying suitable investment windows [4][48]. - The company believes that in a rapidly evolving market, the speed of discovering beta and returning alpha has increased, necessitating greater effort from investors to adapt [10][37]. Group 5: Future Market Outlook - The company sees significant opportunities in the Hong Kong stock market and emphasizes the importance of innovative pharmaceuticals and dividend themes as key investment directions [37][38].

导读：过去几年我们一直在思考：投资者真正需要什么样的基金产品？从投资理财的第一原理出 发，获得正回报是每一个投资者最朴素的需求。 然而，没有一种单一资产能在所有时间段都能提供绝对回报。以中美两地权益资产为例，纳斯达 克100指数经历了2023（53.81%）和2024 (24.88%) 连续两年的大涨，当时很多人觉得纳指仍 有投资价值，但今年以来纳斯达克100指数下跌了-6.86%。 （数据来源：Wind，截至2025.4.30） 进入2025年，我们又在4月遭遇了美国关税政策触发的全球股市调整，今年以来沪深300指数的 回报率为-4.18%。 （数据来源：Wind，截至2025.4.30） 相比之下，截至1季末，摩根资产管理中国旗下的多只FOF产品都在波动的市场环境中为投资人 带来了可观的回报。 （数据来源：基金和业绩比较基准回报来自摩根资产管理相关产品2025年一季报，排名和最大回撤数据来自银河证 券，年化波动率数据来自万得，截至2025.3.31。摩根尚睿混合FOF A基金成立日期为2018-08-15，过去1年回报 15.47%，在银河同类混合型F0F基金(权益资产60%-95%)中排名前7/82。） ...

导读：绝对回报正在成为基金产品越来越重要的投资目标。 根据中国证券基金业协会的数据，截至2025年3月底公募基金总规模达到32.22万亿元，连续两个月站稳32万亿大关。其中 具有理财替代属性的货币基金和债券基金分别达到了13.3万亿和6.41万亿，成为了过去一年公募基金规模增量的重要来 源。 对于大众理财来说，公募基金已经成为了主要的投资渠道。与此同时，理财替代下的绝对收益也成为了投资者最重要的投 资目标。无论是买股票型基金、股债混合基金、货币基金还是QDII基金，持有人都希望实现财富的保值增值。 另一方面，满足大众理财目标的难度也在提高。特别是随着债券收益率的下行，纯债类资产能提供的收益变得有限，股票 权益又天然具有高波动的属性，再加上过去传统的相对收益考核方式。作为产品生产方的基金公司，又如何满足用户的需 求呢？ 数据来源：有知有行《2024中国大类资产投资年报》 从长期年化收益率的角度看，债券+股票搭配而成的"固收+"组合确实能带来比纯债更高的收益回报。然而，由于股票权益 的高波动特点，会导致某些年份股债混合变成了"固收-"的结果。 对于购买"固收+"的投资者来说，他们是带着绝对收益的投资目标，希望通过 ...

导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到 基金经理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的 代码和信息，也必须来自基金经理的内容创作。 下面，我们分享来自景顺长城基金科技军团的5月思考。一直以来，景顺长城科技军团通过持续 深耕产业链，不断取得前沿、深度的投资洞见。他们也是买方基金公司中，少数提供持续观点分 享的投研团队，相信这一期的5月观点，也能帮助大家理解景顺长城科技军团的投研思考。 最后，也欢迎大家持续给我们投稿！可以发送邮件到：azhu830@yeah.net 杨锐文：看好内需、自主可控和反内卷方向 资机会。同时医药板块长期受益于人口老龄化，而且估值消化的比较充分，具备中长期配置价 值。 周寒颖：关注自主可控和信创、内需标的、被错杀的出海品种、贵金属板块 中美之间的关税对抗对市场情绪的影响已经接近修复，中美博弈的走向和对内政策决定了未来的 操作思路。基于我们对中美关税战结果的乐观预期，关注自主可控和信创板块、长期受益的内需 标的、被错杀的出海品种及贵金属板块方面的投资机会。未来中国的政策将围绕降低储蓄率和扩 大内需做文章 ...