【公募基金】华宝基金陈怀逸：以产业周期为舵，与时俱进动态优化

Investment Highlights - The article emphasizes the investment capabilities of Chen Huaiyi, highlighting his successful management of the Huabao Emerging Growth Fund, which has outperformed 96% of its peers since he took over in December 2021, achieving a cumulative excess return of 49.28% as of November 25, 2025 [6][7][8]. Fund Manager Information - Chen Huaiyi has a background in securities research and has been with Huabao Fund since September 2018, serving in various roles before becoming the fund manager of Huabao Emerging Growth in December 2021 [2][4][35]. - The Huabao Emerging Growth Fund has a total scale of 254 million yuan as of September 30, 2025 [6][35]. Investment Strategy - The investment framework is centered around "good industry, good company, good price," with a focus on technology manufacturing and a "beta-first" principle, capturing industries with strong upward trends over the next 2-3 years [3][14][36]. - The portfolio is divided into three parts: core positions in strong beta industries, alpha positions in undervalued companies during downturns, and a flexible portion for trading opportunities [3][14][36]. Performance Metrics - The fund has shown resilience during market downturns and has quickly rebounded during market recoveries, demonstrating a strong offensive capability [8][35]. - Performance metrics indicate a maximum drawdown of -37.38% and a Sharpe ratio of 0.44, reflecting a balanced risk-return profile [10][11]. Dynamic Optimization - Chen employs a dynamic optimization approach, maintaining high portfolio turnover and adjusting positions based on ongoing research and market conditions [28][30]. - The fund's high turnover rate, averaging 7-9 times, indicates an active management style focused on seizing emerging opportunities [30]. Stock Selection Characteristics - The investment strategy emphasizes matching valuation with fundamentals, favoring leading companies in niche markets while avoiding overvalued stocks [25][36]. - Chen's stock selection process involves deep research and expert consultations to identify better-positioned and higher-odds investment opportunities [25][36]. Conclusion - Overall, Chen Huaiyi is portrayed as a skilled fund manager adept at navigating the growth stock landscape in the manufacturing sector, utilizing a refined industry navigation and dynamic portfolio management approach to pursue excess returns [37].