新规下的价值派突围：中欧蓝小康以39%超额收益重塑“高股息战略”，中欧红利优享近五年回报108%

Core Insights - The China Securities Regulatory Commission (CSRC) has implemented the "Action Plan for Promoting High-Quality Development of Public Funds," which ties fund manager compensation to long-term performance, shifting the industry focus from "scale expansion" to "performance-driven" strategies [1] - Fund manager Lan Xiaokang from China Europe Fund has gained market attention for his value investment approach, emphasizing the importance of systemic stability and the interconnectivity of industries for generating excess returns [1][5] Summary by Sections Policy Changes - The new policy aims to enhance the quality of public funds by linking manager compensation to sustained performance, promoting a culture of value investment [1] - This shift is expected to accelerate the transition of the public fund industry towards prioritizing performance over mere asset growth [1] Fund Performance - Lan Xiaokang manages four funds with a total scale of 11.912 billion yuan, with his flagship product, China Europe Dividend Enjoyment A, achieving a three-year return of 36.81%, significantly outperforming its benchmark by over 39% [1][3] - The fund has consistently ranked among the top in its category, with a five-year return of 107.56%, and has outperformed benchmarks by 103% over the same period [3] Investment Strategy - The investment strategy focuses on "safe assets," with significant holdings in banking, resources, and high-end manufacturing sectors [3] - The top ten holdings include major companies such as China Construction Bank and Sany Heavy Industry, reflecting a concentrated approach towards undervalued and high-dividend assets [4] Market Insights - Lan Xiaokang has expressed that Chinese banks are currently undervalued compared to their net assets, especially in contrast to U.S. banks, suggesting a potential systemic uplift in valuations [5] - He identifies key sectors such as technology, defense, and financial security as critical to China's long-term competitiveness, advocating for a focus on high-dividend investments and traditional industries [5][6] Challenges and Considerations - The new performance-linked compensation structure highlights the need for fund managers to balance policy benefits with market trends, presenting a long-term challenge for value-oriented fund managers [6]