近年来，A股市场呈现显著的结构化行情特征，易方达平衡精选（025920）在投资中将注重平衡企业价 值和成长性，既关注企业的未来成长空间，也兼顾对企业估值的判断，精选优质标的进行投资，力争在 控制风险的前提下追求可持续的超额回报。 近日，易方达平衡精选混合（025920）启动首发，该产品将采取与持有期限及持有期间年化收益率表现 挂钩的新型浮动管理费模式，拟由基金经理杨嘉文掌舵，通过均衡投资助力投资者穿越市场波动。 据了解，拟任基金经理杨嘉文拥有14年证券从业经验，其中8年投资经验，以均衡风格和逆向策略著 称，注重结合公司估值和未来成长空间，寻找各行业内最具性价比的优质公司逆向布局，努力获取长期 可持续超额收益。目前杨嘉文在管4只主动权益基金，从历史业绩来看，这4只产品在其任期均跑赢同期 业绩比较基准，以其管理时间最长的易方达科瑞为例，数据显示，自2017年12月上任以来截至2025年 末，该产品复权净值增长率为117.20%，大幅跑赢同期业绩比较基准22.47%的收益率，年化收益率达 10.16%，年化波动率仅16.73%。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 近日，易方达平衡精选混合（025920）启动首发，该产品将采取与持有期限及持有期间年化收益率 表现挂钩的新型浮动管理费模式，拟由基金经理杨嘉文掌舵，通过均衡投资助力投资者穿越市场波动。 据了解，拟任基金经理杨嘉文拥有14年证券从业经验，其中8年投资经验，以均衡风格和逆向策略 著称，注重结合公司估值和未来成长空间，寻找各行业内最具性价比的优质公司逆向布局，努力获取长 期可持续超额收益。目前杨嘉文在管4只主动权益基金，从历史业绩来看，这4只产品在其任期均跑赢同 期业绩比较基准，以其管理时间最长的易方达科瑞为例，Wind数据显示，自2017年12月上任以来截至 2025年末，该产品复权净值增长率为117.20%，大幅跑赢同期业绩比较基准22.47%的收益率，年化收益 率达10.16%，年化波动率仅16.73%。 近年来，A股市 ...

新年伊始，新型浮动费率基金再上新。近日，易方达平衡精选（025920）启动首发，该产品将采取与持 有期限及持有期间年化收益率表现挂钩的新型浮动管理费模式，拟由基金经理杨嘉文掌舵，通过均衡投 资助力投资者穿越市场波动。 基金合同显示，这是一只新型浮动费率产品，将根据每笔份额的持有期限与持有期间年化收益率确定管 理费。若持有份额达到一年及以上，将根据持有期间的年化超额收益水平，适用三档不同管理费率： （原标题：以均衡投资穿越波动 易方达平衡精选（025920）首发） 若持有期间年化收益率为正且跑赢业绩比较基准超6%，管理费率为1.5%/年； 通过对持有一定周期的投资者实现"千人千面"的差异化收费，投资者能够直观地感受到"多赚多付、少 赚少付"，有助于实现基金管理人与投资者之间利益共担；同时在差异化费率设计中引入满足一定持有 期限的条件，有利于引导投资者坚持长期投资。 中国基金报：报道基金关注的一切 据了解，易方达平衡精选（025920）的拟任基金经理杨嘉文拥有14年证券从业经验，其中8年投资经 验，以均衡风格和逆向策略著称，注重结合公司估值和未来成长空间，寻找各行业内最具性价比的优质 公司逆向布局，努力获取长期可 ...

新年伊始，新型浮动费率基金再上新。近日，易方达平衡精选（025920）启动首发，该产品将采取与持 有期限及持有期间年化收益率表现挂钩的新型浮动管理费模式，拟由基金经理杨嘉文掌舵，通过均衡投 资助力投资者穿越市场波动。 基金合同显示，这是一只新型浮动费率产品，将根据每笔份额的持有期限与持有期间年化收益率确定管 理费。若持有份额达到一年及以上，将根据持有期间的年化超额收益水平，适用三档不同管理费率： 若持有期间年化收益率为正且跑赢业绩比较基准超6%，管理费率为1.5%/年； 若持有期间年化收益率跑输业绩比较基准3%或更多，管理费率为0.6%/年； 其他情形下，管理费率为1.2%/年。 通过对持有一定周期的投资者实现"千人千面"的差异化收费，投资者能够直观地感受到"多赚多付、少 赚少付"，有助于实现基金管理人与投资者之间利益共担；同时在差异化费率设计中引入满足一定持有 期限的条件，有利于引导投资者坚持长期投资。 据了解，易方达平衡精选（025920）的拟任基金经理杨嘉文拥有14年证券从业经验，其中8年投资经 验，以均衡风格和逆向策略著称，注重结合公司估值和未来成长空间，寻找各行业内最具性价比的优质 公司逆向布局，努 ...

新年伊始，新型浮动费率基金再上新。近日，易方达平衡精选（025920）启动首发，该产品将采取 与持有期限及持有期间年化收益率表现挂钩的新型浮动管理费模式，拟由基金经理杨嘉文掌舵，通过 均衡投资助力投资者穿越市场波动。 基金合同显示，这是一只新型浮动费率产品，将根据每笔份额的持有期限与持有期间年化收益率确定 管理费。若持有份额达到一年及以上，将根据持有期间的年化超额收益水平，适用三档不同管理费 率： 通过对持有一定周期的投资者实现"千人千面"的差异化收费，投资者能够直观地感受到"多赚多付、 少赚少付"，有助于实现基金管理人与投资者之间利益共担；同时在差异化费率设计中引入满足一定 持有期限的条件，有利于引导投资者坚持长期投资。 据了解，易方达平衡精选（025920）的拟任基金经理杨嘉文拥有14年证券从业经验，其中8年投资 经验，以均衡风格和逆向策略著称，注重结合公司估值和未来成长空间，寻找各行业内最具性价比的 优质公司逆向布局，努力获取长期可持续超额收益。 目前杨嘉文一共在管4只主动权益基金，根据历次基金定期报告，这4只产品的前十大持股比例主要 在30%-50%之间，集中度较低，且重仓个股持股比例也较低，整体呈现 ...

Core Viewpoint - The article emphasizes the importance of maintaining a balanced investment strategy and the significance of managing drawdowns alongside seeking returns, as articulated by Qian Ruinan, a seasoned fund manager at Huisheng Fund [2][6][12]. Investment Philosophy - Qian Ruinan has developed a systematic investment framework that aligns with his personality, focusing on a balanced approach that combines top-down and bottom-up strategies [8][11]. - The investment strategy prioritizes managing drawdowns, as reducing drawdowns significantly enhances investors' experience [9][12]. Industry and Stock Selection - Qian prefers to maintain a balanced exposure across approximately 10 industries, leveraging sector allocation to achieve excess returns [3][13]. - The focus is on growth sectors, particularly those with high ROE, favorable valuation, and positive market sentiment, such as electronics, electrical equipment, and consumer healthcare [3][14]. - Qian avoids investing in the most expensive stocks and the cheapest stocks, favoring those with reasonable growth prospects and valuations [3][16]. Market Adaptation - The investment approach is adaptable to market cycles, with an emphasis on maintaining a balanced portfolio to avoid extreme exposure to any single sector [20]. - Qian's strategy includes monitoring market conditions, such as valuation levels, policy changes, and fundamental shifts, to make informed investment decisions [11][20]. Future Market Outlook - The outlook for the A-share market remains positive, with expectations of increased liquidity and a broader range of investment opportunities emerging from various sectors, including new energy and technology [22][24]. - Industries such as chemical and energy are highlighted as areas of potential growth due to structural changes and increasing domestic demand [23][24].

Group 1 - The core viewpoint of the articles highlights the resilience of the Chinese economy and the strong performance of the A-share market, with major indices reaching new highs despite external uncertainties [1][4] - The technology sector, particularly AI, has shown significant growth, with the Sci-Tech 50 Index rising over 42% year-to-date, and specific funds achieving remarkable returns, such as a 95.05% yield for a fund managed by the company [2][3] - The innovation drug sector is also emphasized, with increasing transaction volumes and values indicating a transition to a new phase of innovation, despite recent market adjustments [2][3] Group 2 - The cyclical stocks have gained attention due to global market fluctuations, with a fund focused on cyclical stocks achieving over 54% returns year-to-date, driven by monetary easing and domestic economic policies [3][4] - International investors are showing interest in the A-share market, with discussions indicating a potential influx of overseas capital, particularly in high-end manufacturing sectors [4][5] - The company emphasizes a balanced investment approach, focusing on growth potential rather than specific sectors, with attention to demand, supply, technological advancements, and price effects [5][6] Group 3 - The fourth quarter is seen as a time to explore investment opportunities in emerging sectors such as AI, new consumption, and new pharmaceuticals, with discussions among fund managers highlighting the importance of identifying new growth drivers [6][7] - Specific strategies for the fourth quarter include focusing on high-cost performance assets in the technology sector, as well as a diversified approach that balances investments in financials and innovative sectors [7][8] - The company is particularly interested in high-end equipment sectors, including military equipment, and aims to identify companies with strong growth potential and high technological barriers [7]

Core Viewpoint - The recent fluctuations in the market, particularly after the Shanghai Composite Index reached a ten-year high above 3900 points, have prompted discussions on investment strategies for the fourth quarter, focusing on sectors like AI, non-ferrous metals, and innovative pharmaceuticals [1][2]. Group 1: AI Sector - The long-term logic of the AI sector remains solid despite recent adjustments, providing a favorable valuation window for investment [2]. - Investment in AI is primarily focused on computing power and application, with significant attention on demand from major clients like Nvidia and Google, as well as the impact of North American electricity supply on investment [2][3]. - The AI application landscape is evolving, with large models absorbing many functionalities, indicating that leading internet companies with advanced models and computing power are more favorable for investment [3]. Group 2: Non-Ferrous Metals - The non-ferrous metals sector is characterized as "cyclical growth," driven by energy transition, defense spending, and AI demand, moving it away from traditional real estate and infrastructure ties [3]. - The current economic cycle is at a strategic low, with expectations of a recovery starting by the end of this year or early next year, lasting approximately two years [3]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector is transitioning from a phase of broad increases to a focus on selective stock picking, with particular interest in areas such as immunotherapy, oral GLP-1 drugs, and long-acting ophthalmic medications [4]. - Chinese pharmaceutical companies are becoming preferred partners for multinational firms due to their clinical efficiency and domestic market support [4]. Group 4: New Generation Fund Managers - New generation fund managers emphasize the importance of identifying structural opportunities in new technologies and consumption trends, particularly in the renewable energy and storage sectors [5]. - The solid-state battery industry and advancements in photovoltaic technology are highlighted as key areas of investment due to their potential for significant returns [5]. Group 5: Balanced Investment Strategy - A balanced investment strategy is recommended to navigate market volatility, focusing on growth and valuation equilibrium, investment duration balance, and diverse sources of investment opportunities [8][9]. - Key sectors for investment include energy storage and electrical equipment, driven by increasing demand for renewable energy and favorable economic conditions [9]. Group 6: Specific Investment Recommendations - Investment strategies should include a "barbell" approach, combining defensive assets with growth sectors, particularly in financials and power equipment [10]. - Structural opportunities in consumer sectors, especially those catering to younger demographics and emerging consumer trends, are also highlighted as areas of potential growth [10][11]. Group 7: Overall Market Outlook - The overall market outlook suggests that despite challenges such as US-China trade tensions and structural shifts in industries, the fundamental logic of global easing and domestic new momentum remains intact [13]. - Investment focus should be on sectors with global competitiveness, such as energy storage, electrical equipment, and consumer electronics, while being mindful of valuation and policy changes [13].

Core Viewpoint - The article discusses the investment strategies and opportunities in the context of recent market fluctuations, particularly after the Shanghai Composite Index reached a ten-year high, emphasizing the importance of a balanced investment approach in the face of volatility [1][2]. Group 1: Investment Opportunities in Key Sectors - The article highlights three major sectors: AI, non-ferrous metals, and innovative pharmaceuticals, asserting that their long-term investment logic remains solid despite recent adjustments [3][5]. - AI investments are focused on computing power and applications, with a notable emphasis on the demand from major clients like NVIDIA and Google, as well as the energy constraints affecting computing investments [3][4]. - The non-ferrous metals sector is characterized as "cyclical growth," driven by energy transition, defense spending, and AI, indicating a shift from traditional industries to growth-oriented sectors [4]. Group 2: Insights from Emerging Fund Managers - Emerging fund managers emphasize the importance of new technologies and consumption trends, identifying structural opportunities in the new economy [6][7]. - The renewable energy sector is expected to experience a "profit inflection point" and technological breakthroughs, particularly in energy storage and solid-state battery technology [6]. - The AI sector is seen as a catalyst for a "productivity revolution," with significant advancements in efficiency across various industries, including gaming and customer service [7]. Group 3: Balanced Investment Strategies - The article advocates for a balanced investment strategy to navigate market volatility, focusing on growth and valuation equilibrium, investment duration balance, and diverse sources of investment opportunities [9][10]. - Key areas for investment include energy storage and power equipment, driven by the increasing demand for renewable energy and grid upgrades [10][11]. - The article also notes the importance of technological advancements, such as improvements in photovoltaic technology, which are expected to enhance profitability in the solar industry [11]. Group 4: Specific Investment Recommendations - The article suggests a "barbell strategy" for portfolio allocation, combining defensive and growth assets, particularly in sectors like finance and power equipment [14]. - It highlights structural opportunities in consumer sectors, particularly those catering to younger demographics and emerging consumer trends [14][15]. - The military industry is identified as a growth area, with increasing demand for military exports and the importance of data capabilities in modern warfare [15][16]. Group 5: Overall Market Outlook - The article concludes that despite the challenges posed by U.S.-China trade tensions and structural shifts in the economy, the overarching themes of global easing and domestic new momentum remain intact [16]. - Investors are encouraged to adopt a long-term perspective, focusing on sectors with strong fundamentals and avoiding short-term speculative behaviors [16].

Core Insights - The article highlights the strong performance of public funds, particularly active equity funds, which have generated substantial excess returns over the long term, with notable figures such as 160.79% and 114.6% returns for active stock and mixed funds respectively over the past decade [1][2] - The article emphasizes the success of China Universal Asset Management, which has multiple "Double Ten Funds" that have achieved annualized returns exceeding 10% since their inception [1][2] Group 1: Fund Performance - Active equity funds have outperformed stock ETFs over the past decade, with returns of 160.79% for active stock funds compared to 82.07% for ETFs [1] - China Universal Asset Management has seven funds classified as "Double Ten Funds," with annualized returns of 14.02%, 10.63%, 12.87%, 16.27%, 10.78%, 11.92%, and 10.53% respectively [1] Group 2: Investment Strategy - The investment strategy of China Universal Asset Management, particularly under the management of Zhou Weiwen, focuses on balanced allocation, combining growth and value investments [3][4] - Zhou Weiwen's approach includes a diversified portfolio that captures both market hotspots and undervalued sectors, demonstrating a long-term investment philosophy [3][4] Group 3: Research and Development - The company has established a robust investment research system, termed "China Universal Manufacturing," which emphasizes professional, industrialized, and intelligent investment strategies [7][8] - The investment team consists of over 240 professionals, with more than 90 having over 10 years of experience, ensuring a comprehensive coverage of various sectors [8] Group 4: Market Adaptation - The shift in China's economic drivers from infrastructure to new productivity necessitates a new investment paradigm, focusing on sustainable long-term returns rather than short-term performance [5][9] - The evolving market environment and regulatory changes emphasize the need for a systematic approach to investment, moving away from chasing hot sectors [6][9]