穿越牛熊的投资实力，是怎样炼成的？

Core Viewpoint - The article emphasizes the importance of active equity funds in generating excess returns through in-depth research and dynamic decision-making, especially in a market increasingly dominated by passive investment strategies [2]. Group 1: Performance of ICBC Credit Suisse Fund - As of September 30, 2025, ICBC Credit Suisse Fund ranked 3rd in absolute returns among 13 large equity fund companies over the past 7, 5, and 3 years [2]. - The fund's excess return rankings were 2nd for the past 7 years, 3rd for the past 5 years, and 2nd for the past 3 years [2][14]. Group 2: Integrated Research and Investment Model - The success of active investment performance is attributed to ICBC Credit Suisse Fund's integrated research and investment model, which fosters collaboration between seasoned professionals and newcomers [3]. - The "platform-type" mechanism encourages knowledge sharing and continuous evolution within the investment team [3]. Group 3: Insights from Fund Managers - Fund managers emphasize the significance of teamwork and continuous learning in enhancing investment success [5][6]. - Specialization in niche areas is highlighted as a key to achieving stable excess returns [7]. Group 4: Understanding the "Platform-Type" Research Mechanism - The team operates collaboratively, akin to a caravan, ensuring collective progress and stability [9]. - Effective research teams are characterized by broad coverage, hierarchical structure, and diverse styles, promoting growth through open communication [9]. Group 5: Future of Active Equity Products - Active equity products are expected to thrive as they play a crucial role in innovation and resource allocation in capital markets [11]. - The long-term development prospects for active equity investment are promising, given the low allocation of equity in household financial assets in China [11]. - Despite challenges in gaining market recognition, fund managers focusing on niche areas and delivering consistent excess returns are likely to be acknowledged by investors [11]. Group 6: Understanding Active Investment - Investors should select fund managers and platforms that align with their investment styles for better outcomes [13]. - A focus on long-term value creation is essential, as short-term performance may not be sustainable [13]. - Deep specialization is considered a vital quality for success in various fields, including technology [13].