穿越周期的多元力量：解码易方达四位基金经理的“投资性格”

Core Viewpoint - The A-share market in 2025 is experiencing a recovery after previous adjustments, with a notable performance led by technology, particularly in the ChiNext index, which rose by 50.48%, compared to the 17.90% increase in the CSI 300 index. The best-performing sectors include non-ferrous metals (+94.73%), telecommunications (+84.75%), and electronics (+47.88%) [1]. Investment Themes - The most significant topic in the global capital market for 2025 is the transformation of the AI industry chain. China is playing a crucial role as a "groundbreaker" and "enabler" in the global AI computing infrastructure and emerging market industrialization, leveraging its complete manufacturing system and low electricity costs [1]. - The A-share market, especially the technology sector, is becoming an important vehicle for the convergence of global technological advancements and domestic industrial advantages [1]. Fund Performance - Active equity funds have demonstrated their stock-picking advantages, with the Wind偏股混合基金指数 (885001) rising by 33.19%, outperforming the CSI 300 for the first time in three years. Over 95% of active equity funds are now positive return products, with more than 70 funds achieving "doubling" returns [1]. Top Performing Funds - The top 30 active equity funds in 2025 show significant returns, with the leading fund, 永赢科技智选A, achieving a return of 233.29%. Other notable funds include 中航机遇领航A (+168.92%) and 红十创新新兴产业A (+148.64%) [2]. Fund Manager Insights - 易方达基金 has showcased exceptional active management capabilities, leading the industry in the number of high-performing funds, particularly with 10 "doubling" funds [3]. - The success of 易方达基金 is attributed to its "big platform, small team" management model, which encourages fund managers to develop distinct investment styles while benefiting from shared research and resources [4]. Individual Fund Manager Strategies - 郑希 focuses on the global technology wave and has achieved significant returns in both A-share and overseas technology products, with his 易方达信息产业混合A rising by 108.05% in 2025 [6]. - 武阳 emphasizes "certainty" and "safety margin" in his investment approach, preferring to invest in industries at the acceleration stage of penetration, achieving a return of over 120% in 2025 with his 易方达瑞享I [13]. - 刘健维 prioritizes risk-reward ratios, focusing on high-growth sectors while maintaining a balanced portfolio, achieving a near 120% return in 2025 with his 易方达科融 [17]. - 祁禾 specializes in manufacturing, emphasizing supply-side research and long-term competitive advantages, with his 易方达环保主题A achieving a 57% return in 2025 [21]. Platform and Individual Synergy - The performance of 易方达基金 in 2025 validates its long-term investment research system, where the "big platform" ensures broad and deep research capabilities, while the "small team" fosters diverse investment styles [23]. - The successful fund managers share common traits, including long management tenures and a background in research, which contribute to their ability to adapt to market changes and generate long-term excess returns [24].