穿越牛熊的投资实力，是怎样炼成的？

Core Viewpoint - The active equity fund industry is facing challenges due to the rise of passive investment tools, making it crucial to continuously generate alpha in a complex macro and market environment [1][2] Group 1: Performance and Rankings - As of September 30, 2025, ICBC Credit Suisse Fund ranks 3rd in absolute returns among 13 large equity fund companies over the past 7, 5, and 3 years [1][10] - The excess return rankings for the same periods are 2nd for 7 years, 3rd for 5 years, and 2nd for 3 years [1][10] Group 2: Investment Team and Research Model - The success of active investment performance is attributed to ICBC Credit Suisse Fund's integrated research and investment model, which fosters collaboration and growth within the team [2] - The "platform-type" mechanism facilitates the transfer of knowledge between seasoned and new investors, enhancing the team's overall effectiveness [2][6] Group 3: Insights from Fund Managers - Fund managers emphasize the importance of continuous learning, teamwork, and specialization in their respective fields to achieve stable excess returns [3][4][5] - The team operates cohesively, akin to a caravan, ensuring collective progress and stability in uncertain markets [6] Group 4: Future of Active Equity Products - Active equity products are expected to thrive as they play a vital role in supporting innovation and resource allocation in capital markets [7] - The long-term development prospects for active equity investment are promising, given the low allocation of household financial assets to equities in China [8] Group 5: Understanding Active Investment - Investors should select fund managers and platforms that align with their investment styles for better outcomes [9] - A focus on deep specialization in specific sectors is crucial for achieving sustained success in active investment [9]