银华鑫禾拟任基金经理和玮：舍弃锐度 追求长期稳健收益

Core Viewpoint - The investment philosophy of Yin Hua Fund emphasizes long-term absolute returns, focusing on stable holding experiences for investors rather than maximizing short-term net value gains [1][2]. Investment Style and Strategy - The team led by He Wei integrates absolute return concepts into their relative return-focused public funds, aiming for balanced investment styles that provide excess returns while controlling maximum drawdowns [2][3]. - He Wei's investment framework prioritizes stocks with strong fundamental trends and safety margins, emphasizing price at entry, win rates, potential returns, valuation, and trading crowding [3][4]. Performance Metrics - The Yin Hua Hu Shen Stock Connect Fund, managed by He Wei, achieved a three-year unit net value growth rate of 24.08%, ranking in the top 3% of its category, with an annual excess return of 3-12 percentage points from 2022 to 2024 [3][10]. Market Outlook - The Chinese capital market is viewed as undervalued, with strong fundamentals in manufacturing, technology, and pharmaceuticals, and is expected to benefit from foreign capital inflows in the future [7]. - The A-share market is anticipated to experience volatility due to structural changes, but the long-term outlook remains positive [7][8]. Sector Preferences - The long-term investment value in the non-ferrous metals sector is highlighted, with commodities like gold, copper, and aluminum expected to maintain favorable supply-demand dynamics [8]. - The financial sector, particularly bank stocks and brokerages, is seen as having reasonable valuations and potential for recovery as market conditions improve [8]. New Fund Launch - The upcoming Yin Hua Xin He Mixed Securities Investment Fund will adopt a floating management fee structure, aiming to build a long-term relationship with investors through steady returns [6]. - This new fund will include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities compared to A-shares [6].