与时代同行，广发基金杨冬团队打造适配全周期的工具箱

Core Viewpoint - The A-share market is entering a new phase characterized by rapid style rotation, with significant challenges for investors relying on single strategies. The domestic public fund industry is undergoing profound reforms aimed at high-quality development, focusing on sustainable investment returns and predictable excess returns [1]. Group 1: Market Environment and Strategy - The market has experienced various phases: value recovery in 2022-2023, a barbell strategy in 2024, and a growth bull market in 2025, each presenting challenges for single-strategy investors [1]. - The regulatory focus is shifting from scale-oriented to investor-benefit-oriented, emphasizing the need for more sustainable investment returns [1]. Group 2: Team and Leadership - Yang Dong, with nearly 20 years at GF Fund, leads a team of six experienced members, averaging over 10 years in the industry, focusing on multi-strategy and quantitative-driven active investment [2][6]. - The team aims to provide "all-weather" products that ensure stability and sustainability of excess returns amidst market fluctuations [1][6]. Group 3: Investment Strategy and Performance - Yang Dong's team has developed a "subjective + quantitative" investment strategy, combining active management with quantitative analysis to enhance robustness and adaptability to market changes [7][10]. - The team manages nine public funds, with notable performance metrics, such as the "GF Multi-Factor" fund achieving a 36.79% return, exceeding its benchmark by 23.70% [3][17]. Group 4: Product Offerings - The team offers two main types of products: core funds aimed at long-term holding and strategy-enhanced funds for more sophisticated investors [16]. - The "GF Multi-Factor" fund is highlighted for its consistent performance, having outperformed major indices for eight consecutive years, with a cumulative return of 285.96% from 2020 to 2024 [18]. Group 5: Future Developments - The upcoming "GF Research Smart Selection" fund will integrate the team's established investment framework with core research outcomes, aiming to enhance product flexibility and performance [22][24]. - The fund will utilize a combination of fundamental research, active quantitative analysis, and AI enhancements to optimize stock selection and improve overall investment outcomes [24].