深度解析泉果刚登峰，为何这时更需要关注他？

Core Viewpoint - The article emphasizes the importance of time in investment, highlighting that the longer the investment horizon, the greater the power of compound interest. It also discusses the evolution of fund manager Gang Dengfeng, showcasing his growth and investment philosophy over the years [1][2]. Group 1: Investment Philosophy - Gang Dengfeng's investment framework is characterized by a focus on quality growth with a mid-level industry perspective. He aims for sustainable growth rather than short-term speculative gains, emphasizing the importance of investing in companies with strong fundamentals and management [10][14]. - The investment approach includes a low turnover rate, indicating a long holding period for stocks. For instance, the turnover rates for the fund managed by Gang Dengfeng were 66.87% in 2023, 96.65% in 2024, and 115.48% in the first half of 2025, reflecting a strategy of holding quality stocks for extended periods [11][14]. Group 2: Stock Selection Criteria - Gang Dengfeng focuses on a limited number of high-quality companies, defined by strong financial metrics such as high Return on Equity (ROE) and excellent management teams. This selective approach aims to minimize trading losses and enhance overall returns [14][16]. - The concentration of holdings has increased over time, with the top ten holdings in his fund rising from 36.40% at the end of 2023 to 58.67% by the third quarter of 2025, indicating a strategy of focusing on fewer, high-quality investments [14][16]. Group 3: Market Context and Timing - The article suggests that the current market environment is favorable for actively managed equity funds, as historical data indicates that active management tends to outperform broad market indices during periods of structural growth opportunities. For example, the active equity index returned 28.06% in 2025, significantly outperforming the 14.30% return of the CSI 300 index [22][23]. - The shift in the Chinese capital market towards shareholder returns and dividends is highlighted, with total dividends reaching nearly 2.5 trillion yuan in 2025, indicating a growing demand for equity investments among retail investors [23]. Group 4: Industry Diversification - Gang Dengfeng's portfolio is diversified across various industries, including electric vehicles, internet, consumer electronics, and industrial metals. This broad industry coverage is designed to create multiple sources of excess returns and reduce maximum drawdowns for investors [17][23]. - The article notes that the fund's maximum drawdown was -13.76% over the past year, compared to -21.04% for the CSI 300 index, demonstrating the benefits of industry diversification in mitigating risks [17][23].