Group 1 - The core viewpoint of the news is that Yingjianke experienced a stock price increase of 5.24%, reaching 38.36 CNY per share, with a total market capitalization of 3.047 billion CNY as of the report date [1] - Yingjianke, established on December 3, 2010, specializes in the development and sales of architectural design software, providing comprehensive solutions covering the entire design process from modeling to output [1] - The revenue composition of Yingjianke includes software sales at 52.64%, technical development and services at 28.84%, other income at 9.94%, and software usage fees at 8.59% [1] Group 2 - Among the top circulating shareholders of Yingjianke, a fund under Dacheng Fund has increased its holdings by 54,300 shares, bringing its total to 657,700 shares, which represents 1.09% of the circulating shares [2] - The Dacheng Zhongzheng 360 Internet+ Index A fund, established on February 3, 2016, has a current scale of 754 million CNY and has achieved a year-to-date return of 8.63% [2] - The fund's performance over the past year shows a return of 43.71%, ranking 1186 out of 4290 in its category, and since its inception, it has returned 259.26% [2]

- The report does not contain any quantitative models or factors related to quantitative analysis[1][2][3]

【导读】春节前近50只产品"同台竞技"，超20只产品"箭在弦上" 从上周（2月2日—2月6日）新基金成立情况来看，FOF产品受到资金青睐。 | | | | 上周（2月2日-2月6日）部分新基金成立情况一览 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 名称 | 发行份额 ((图书) | 认购起始日期 认购天数 | | 基金成立日 | 投资类型 | 基金托管人 | | 1 | 南方稳嘉多元配置3个月持有A | 26.02 | 2026-02-02 | | 2026-02-04 | 混合型FOF基金 | 中国建设银行 | | 2 | 景顺长城盈景保守配置三个月持有A | 24.06 | 2026-02-04 | 1 | 2026-02-06 | 混合型FOF基金 | 招商银行 | | 3 | 发添益120天滚动持有A | 3.08 | 2026-02-02 | 3 | 2026-02-06 | 混合债券型一级基金 | 招商银行 | | 4 | 南方中证港股通互联网ETF联接A | 0.17 | 2026-02-02 | 2 | ...

在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军就是其中之一。十余年 淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是一种主动选择，在各类 风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于扎根深度研究提升选股盈利概率，用组合管理 抵御市场波动，在聚焦消费、医药、制造业赛道的同时，持续拓展能力圈边界。 戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总监，现任研究部总监、基金 经理。其管理的大成优选混合(LOF)获第22届基金业金牛奖"五年期开放式混合型持续优胜金牛基金"奖项。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延续一路上行态势，但几周 后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还没写完，就开始跌 了。"回忆起那段经历，戴军依然历历在目。 ...

Core Viewpoint - The 22nd Fund Industry Golden Bull Award results highlight the shift towards high-quality development in the public fund industry, emphasizing long-term performance and investor satisfaction as key themes [1]. Group 1: Fund Manager Insights - Dai Jun, the fund manager at Dacheng Fund, has been recognized for his long-term performance, managing the Dacheng Optimal Mixed Fund, which won the "Five-Year Open Mixed Continuous Excellence Golden Bull Fund" award [2]. - Dai Jun emphasizes a balanced investment approach, advocating for a flexible strategy that adapts to market changes while focusing on deep research to enhance stock selection profitability [2][3]. - His investment philosophy is rooted in the principle of avoiding extremes, combining value and growth styles to achieve resilience in various market conditions [4]. Group 2: Investment Strategy - Dai Jun's investment journey began with challenges, including a significant drawdown exceeding 40% shortly after he started managing funds, which led him to prioritize positive returns [3]. - He has developed a five-tier pricing mechanism for stock valuation, which includes asset pricing, earnings pricing, growth pricing, trend pricing, and bubble pricing, allowing for informed investment decisions [5][6]. - The focus on maintaining a high probability of profitability has resulted in a historical success rate of over 50% for the stocks he has traded [5]. Group 3: Portfolio Management - Dai Jun's portfolio management strategy involves a balanced approach across asset classes, industries, and styles, avoiding single-sided bets and maintaining a diversified portfolio [8][9]. - He primarily invests in consumer, pharmaceutical, and manufacturing sectors, which he believes can consistently create value [9]. - The "358" holding strategy is employed to manage risk and ensure a balance between safety and profitability, allowing for adjustments based on market conditions [10]. Group 4: Future Outlook - Looking ahead, Dai Jun anticipates that the period from 2025 to 2035 will be crucial for industrial upgrades, emphasizing the need for fund managers to enhance their capabilities to navigate complex market environments [11]. - His long-term investment philosophy focuses on maintaining a respectful attitude towards the market, aiming for sustainable returns rather than short-term gains [11].

戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总 监，现任研究部总监、基金经理。其管理的大成优选混合（LOF）获第22届基金业金牛奖"五年期开放 式混合型持续优胜金牛基金"奖项。 在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军 就是其中之一。十余年淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的 老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是 一种主动选择，在各类风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于 扎根深度研究提升选股盈利概率，用组合管理抵御市场波动，在聚焦消费、医药、制造业赛道的同时， 持续拓展能力圈边界。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延 续一路上行态势，但几周后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还 没写完，就开始跌了。"回忆起那段经历，戴军依然历历 ...

04基金画像 ...

Core Insights - The active equity fund industry in China has generated nearly 1 trillion yuan in profits over the past decade, with significant contributions from leading fund companies [2][4] - Among 29 fund managers managing over 20 billion yuan, only 11 have consistently outperformed benchmarks over 1, 3, and 5 years, indicating a notable divergence in management capabilities [1][6] Industry Performance - The total profit generated by active equity funds in the last ten years reached 9,459.84 billion yuan, with an annual profit of 10,759.88 billion yuan in 2025 [2][4] - The top ten fund management companies contributed nearly 40% of the total profits, with E Fund, Xingzheng Global Fund, and Fortune Fund leading the profit rankings [3][4] Fund Manager Analysis - E Fund achieved the highest total profit of 709.20 billion yuan over ten years, while Xingzheng Global Fund demonstrated high profitability relative to its size, with a profit-to-scale ratio of 48% [4][6] - A select group of fund managers, including Yang Dong and Liu Jianwei, have shown exceptional performance, with some achieving over 100% excess returns over various time frames [7][8] Future Industry Trends - The industry is entering a new phase where the focus is shifting from mere scale growth to long-term value creation efficiency and the ability to manage large funds effectively [9] - Developing a robust investment research system that is resilient to market style changes and nurturing talent capable of managing large-scale funds will be crucial for high-quality development in the future [9]

Core Insights - The active equity funds have generated nearly 1 trillion yuan in profits over the past decade, with significant contributions from leading companies [2][3][6] - The performance of top fund managers managing over 20 billion yuan has shown considerable differentiation, with only 11 out of 29 achieving sustained positive excess returns over various time frames [8][9] Industry Performance - As of the end of 2025, the total profit generated by active equity funds reached 9,459.84 billion yuan, with an annual profit of 10,759.88 billion yuan for the year 2025 [3][5] - The top ten fund companies contributed nearly 40% of the total profits, with E Fund, Xingzheng Global Fund, and Fortune Fund leading the profit rankings, each exceeding 40 billion yuan [5][6] Fund Manager Analysis - Among the 29 fund managers with assets under management exceeding 20 billion yuan, only 11 have consistently outperformed their benchmarks over the past year, three years, and five years [8][9] - Notable fund managers achieving high excess returns include Liu Jianwei from E Fund and Yang Dong from Guangfa Fund, with excess returns of 100.19%, 108.5%, and 114.9% over one, three, and five years respectively [10][12] Profitability Metrics - The "input-output ratio" indicates the efficiency of profit generation relative to fund size, with Jiao Yin Schroder Fund leading at 56%, significantly above the industry average of 25% [6][9] - The average profit per fund for Xingzheng Global Fund reached 20.59 billion yuan, nearly ten times the industry average of 2.12 billion yuan, showcasing strong research and investment capabilities [7][12] Future Industry Trends - The industry is entering a new development phase where the focus shifts from mere scale growth to long-term value creation efficiency and the ability to manage large-scale funds [12][13] - Building a research and investment system that is not reliant on market styles and can withstand market cycles will be crucial for high-quality development in the future [12]

Group 1 - The core logic driving gold prices remains intact, focusing on asset diversification and the ongoing trend of de-dollarization, as well as the expansion of U.S. government debt which complicates the execution of balance sheet reduction [2][5] - The supply-demand balance for cyclical commodities remains tight, and once market volatility decreases and stabilizes, the non-ferrous metals sector may present a more suitable entry point for investors [3][4] - The non-ferrous metals industry has shown strong profitability, with the sector outperforming others in the A-share market over the past three years, indicating a shift in investor perception towards more stable earnings in this sector [4][5] Group 2 - Recent adjustments in the A-share market were influenced by profit-taking after significant short-term gains and changes in external liquidity expectations, particularly concerns regarding the new Federal Reserve chair's potential hawkish stance [4][5] - The demand for copper is expected to remain robust due to strong global investment in electrical grids and strategic stockpiling plans in both China and the U.S., which supports higher copper prices [4][5] - The chemical industry has shown weak performance over the past two years, with potential for a rebound, but the supply-demand dynamics are not as favorable as those in the non-ferrous sector [6][7]