鹏华基金袁航：好的主动管理产品应该源于基准、高于基准

Core Viewpoint - The active equity fund issuance market is experiencing a notable increase in activity, with fund companies and managers striving to highlight the advantages of active management in a volatile market environment [1] Group 1: Fund Management and Strategy - The Penghua Gongying Future Fund, managed by Yuan Hang, features an asymmetric design that enhances investor protection and aims to improve investor experience [1] - The fund's management fee is linked to its performance, decreasing when returns fall below a certain benchmark and increasing when excess returns are achieved, promoting active management without pushing it towards passive strategies [1] - Yuan Hang's investment focus includes major sectors such as consumer goods, finance, and manufacturing, aligning well with the weighted components of the CSI 300 index, which enhances his management of the new product [1] Group 2: Performance and Historical Data - Yuan Hang has 15 years of experience in the securities industry, with nearly 10 years in fund management, emphasizing a value growth and deep value investment style [2] - The Penghua Strategy Optimal Fund, under Yuan Hang's management, has achieved a net value growth of 58.04% over the past five years, significantly outperforming its benchmark of 14.33%, resulting in a historical excess return of 43.71% [2] - Since Yuan Hang took over management in 2015, the fund has generated positive excess returns relative to the CSI 300 index in 7 out of 9 complete natural years from 2016 to 2024 [2] Group 3: Market Outlook - The market is expected to have further upside potential, with opportunities outweighing risks, as policies are set to support high-quality economic development and mitigate key risks [3] - Anticipated fiscal and monetary policies are expected to become more accommodative, with additional supportive measures for industry development likely to be introduced [3] - Despite a slight increase in stock valuations, they remain relatively low, with opportunities to identify undervalued assets based on PE, PB, and dividend yield metrics [3]