如何尝鲜首批浮动费率基金？“冠军”基金经理：买对行业是前提

Core Viewpoint - The first batch of innovative floating rate funds represents an important step in the high-quality development of the public fund industry, with notable fund managers leading the charge [1][4]. Group 1: Fund Performance and Management - Wang Xiaochuan, the fund manager of Yinhua Growth Smart Mixed Fund, achieved a 50% return in 2024, making it the champion among actively managed stock open-end funds [2][4]. - The fund's investment strategy emphasizes "buying the right industry" as a key premise for achieving excess returns, focusing on sectors with strong economic performance [4][5]. - The Yinhua Digital Economy A fund, managed by Wang, has shown a strong correlation with benchmarks and high elasticity in performance [2][4]. Group 2: Investment Strategy - Wang's investment approach involves selecting 8-10 sub-industries with upward economic trends from a broader market of 30 major industries and 200 sub-industries [5][6]. - The selection process includes filtering out anomalies and focusing on companies with consistent profit growth over several quarters, while also considering valuation metrics [6]. - Wang adjusts stock positions dynamically based on profit expectations and market conditions, indicating a flexible investment strategy [4][5]. Group 3: Market Outlook - The upcoming year is anticipated to be a flourishing period for "hardware + Agent" technologies, with AI expected to become a strong investment theme [7][8]. - Current A-share valuations are relatively low, with major indices showing low price-to-book (PB) ratios, while the price-to-earnings (PE) ratios are slightly above average [7][8]. - The Chinese government's policies are expected to support technological innovation and self-reliance, particularly in AI and semiconductor sectors, providing a long-term boost to the tech industry [8].