从底仓到增强：解码杨冬团队“主观+量化”工具化配置策略

Core Viewpoint - The A-share market has shown a structural differentiation in the first 11 months of this year, with new economy sectors like artificial intelligence and innovative pharmaceuticals leading the market, while traditional sectors like liquor have underperformed, creating a stark contrast [2][3]. Investment Strategy - The significant differentiation between new and old market drivers has become a key factor in investment success this year. The rapid expansion of ETF management scale and the issuance of floating fee rate funds have led public funds to focus more on performance benchmarks, resulting in clearer investment styles and directions [3][4]. Core and Satellite Strategy - The "core + satellite" strategy is recommended for investors as a stable allocation method. Core assets should be balanced and historically stable with low drawdowns, while satellite assets should target emerging industries with greater return elasticity. This approach is essential for funds to generate excess returns across different market conditions [4]. Performance of Fund - The Guangfa Multi-Factor Fund (002943) has shown impressive long-term performance, with a net value growth rate of 376.1% from early 2018 to November 28, 2025, translating to an annualized return of 21.82%. It has consistently outperformed major indices during bull and bear markets [5][8][9]. Fund Management - The fund is managed by experienced professionals, including Yang Dong, who has 19 years of experience in investment management. The fund's holdings are well-diversified across 30 industries, and it employs a dynamic adjustment strategy based on a "macro four-cycle" framework to capture excess returns [10][11]. Sector Allocation - The fund has effectively managed its exposure to the electronics sector, increasing its allocation significantly in 2024 and adjusting it based on market performance. This strategic allocation has allowed the fund to maintain a competitive edge [12]. Satellite Asset Tools - The Guangfa team has developed Smart Beta and thematic enhancement products to provide investors with tools for enhanced returns. These products aim to achieve stable excess returns through a combination of strategies, catering to various investor preferences [17][18]. New Product Launch - The Guangfa Quality Selection Fund, utilizing a "PB-ROE" strategy, has been launched to adapt to changing market preferences, focusing on quality and valuation. This strategy aims to identify undervalued companies with strong profitability potential [23][24].