以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | AI生图 今年的市场高光，在那些有锐度和进攻性的基金经理之上。这是由于科技板的巨大上涨所带来。由此，成长风格基金经理因此业绩翻身，重仓 AI算力、创新药的基金中，已经出现多个年内收益翻倍的产品。 而深度价值型的基金经理通常是风险厌恶型的。他们非常注重安全边际，基本不买热门股，通过挖掘低估值、竞争力足够强、格局足够稳的行业 和公司，来强化投资的安全性。其收益的特征是牛市里涨得少，熊市里更抗跌，长期下来收益往往不比多数成长风格基金经理差。 过去三年熊市里，深度价值基金经理普遍表现较好，管理规模上了百亿的也不少。其中鲍无可、丘栋荣更是成了行业顶流，功成名就后觉得公募 庙小，已经离开了公募行业。 今年的牛市里，深度价值基金经理基本都跑输了行业平均水平。 截止9.24日，主流的深度价值基金经理如徐彦，姜诚、赵晓东等，在管产品大多年内收益在20%以下，能超过30%的产品凤毛麟角。而中证主动 偏股基金指数年内收益达到了34 ...

Core Viewpoint - The investment landscape in the AI sector is shifting, with fund managers adopting two distinct styles: one focusing on long-term potential in niche segments and the other emphasizing strict performance verification [1][5]. Group 1: Investment Style and Strategy - Fund manager Jiang Na from Dongfanghong Asset Management prioritizes companies in the "performance explosion" phase, focusing on financial data quality such as cash flow and balance sheets [2][4]. - Jiang Na emphasizes the importance of accurately identifying industry cycle positions, particularly favoring sectors transitioning from introduction to growth phases, which present richer investment opportunities [2][4]. - The investment approach is characterized by a "platform-type" strategy, leveraging team resources and insights to capture opportunities in rapidly changing industries [3]. Group 2: Stock Selection Criteria - Jiang Na employs a "three new" principle for selecting growth stocks: new cycle, new customers, and new products, with a focus on AI-driven demand as a clear new cycle [4][6]. - The selection process involves assessing the strength and authenticity of market demand, supported by three years of deep tracking and cross-validation of major industry trends [4][6]. Group 3: Market Outlook - The outlook for the market suggests a potential shift from value to growth style, with AI, gaming, and internet sectors being highlighted as key areas of interest [5][6]. - The gaming sector is expected to benefit from favorable policies such as normalized licensing and relaxed reviews, while top internet companies may have underestimated AI application potential [6]. - Companies expanding internationally, particularly in culturally rich sectors like gaming and new consumer brands, are also seen as promising investment opportunities [6].

Group 1 - The article highlights the investment strategies of fund managers entering the AI sector, distinguishing between those focused on long-term potential and those with strict performance requirements [2] - The shift from value to growth investment styles is anticipated this year, with AI being a significant trend and other sectors like gaming and consumer also presenting investment opportunities [2][6] Group 2 - The investment approach emphasizes the importance of financial data, with a focus on companies in their "performance explosion" phase, ensuring that financial metrics are robust [3] - Identifying industries transitioning from introduction to growth phases is crucial, as these often present richer investment opportunities [3] Group 3 - The "three new" principles for selecting growth stocks include new cycles, new customers, and new products, with a strong emphasis on the authenticity and strength of market demand [5] - The PCB sector has shown strong performance due to AI-driven demand, with specific companies already being significant holdings in managed products [5] Group 4 - The outlook for the market suggests that equity assets may perform well under a moderately loose monetary policy, with a focus on concentrated industries and diversified individual stocks to manage risks [6] - Key sectors to watch include AI, gaming, and internet, with the latter benefiting from favorable policies and the potential of AI applications [6][7] Group 5 - Companies expanding internationally are gaining attention, particularly those in cultural sectors with lower trade friction risks, such as gaming and new consumer brands [7] - There is also interest in sectors like chemicals, new energy, and consumer goods that may experience a bottom reversal, highlighting the importance of independent judgment in volatile markets [7]

Core Viewpoint - The investment landscape in the AI sector is shifting, with a potential transition from value to growth style, highlighting significant long-term opportunities in AI and related industries [1][5]. Investment Style - Two distinct investment styles have emerged among fund managers entering the AI space: one focusing on long-term sector potential and the other emphasizing strict performance verification [1]. - The investment approach of the fund manager from Dongfanghong Asset Management, Jiang Na, is characterized by a high demand for financial data and a focus on companies in their "performance explosion" phase [2]. Financial Analysis - Jiang Na prioritizes companies with strong financial metrics, including cash flow and balance sheet quality, and regularly updates financial models for the companies in her portfolio [2]. - The investment strategy includes a keen assessment of industry cycles, particularly favoring sectors transitioning from low penetration to growth phases, which present richer investment opportunities [2]. Resource Integration - Jiang Na leverages her extensive experience and team collaboration to identify and capitalize on investment opportunities, emphasizing the importance of collective intelligence over individual efforts [3]. Stock Selection Criteria - The selection of stocks is guided by the "three new" principles: new cycle, new customers, and new products, with a focus on the AI-driven demand explosion in the PCB sector [4]. - The emphasis on customer perspective and management foresight in identifying strong companies is crucial for building competitive advantages [4]. Market Outlook - The outlook for the market suggests a favorable environment for equity assets, with a potential shift towards growth styles aligning with Jiang Na's investment focus [5][6]. - Key sectors to watch include AI, internet, gaming, and companies expanding internationally, particularly those with cultural attributes and lower trade friction risks [6]. - The chemical, new energy, and consumer sectors are also highlighted for potential bottom reversals, with a focus on maintaining independent judgment amid market consensus [6].

Group 1 - The report indicates that the weak U.S. non-farm data supports the Federal Reserve's decision to cut interest rates in September, which is expected to boost global market risk appetite [4][14][15] - Following the "9·3" military parade, there is an increased expectation for domestic policy to stabilize growth, with three key areas of focus: promoting service consumption, addressing "involution" competition, and maintaining ample liquidity in monetary policy [5][16][17] Group 2 - The report emphasizes the importance of maintaining a strong position in high-elasticity sectors, suggesting that there is no need for a "high cut low" strategy. Historical analysis shows that strong sectors typically outperform during growth cycles [6][18][35] - The military industry experienced a decline of over 10% recently, but the report predicts that the upward trend in this sector is not over, especially as the ChiNext index continues to show strength [7][30][31]

Core Viewpoint - The article highlights the investment performance and strategies of Liu Jianwei, a fund manager at E Fund, particularly focusing on the E Fund Kairong Mixed Fund (006533) and E Fund Kexun Mixed Fund (110029), which have achieved annualized returns exceeding 20% and 17% respectively [1][9][10]. Group 1: Fund Performance - As of Q2 2025, the total management scale of Liu Jianwei's funds reached 9.41 billion yuan, with both E Fund Kairong and E Fund Kexun achieving returns of over 1.6 times their initial investment [9][10]. - Liu Jianwei's funds have significantly outperformed the CSI 300 Index, with total returns reaching 165.8%, surpassing the index by 158.2 percentage points [10][11]. Group 2: Investment Strategy - Liu Jianwei employs a dual framework of "top-down industry analysis and bottom-up stock selection," focusing on industries with high growth potential and favorable supply-demand dynamics [17][19]. - He emphasizes investing in stocks during the "1-10" growth phase, where companies benefit from rapid demand growth, leading to high performance and potential valuation increases [17][18]. Group 3: Risk Management - Liu Jianwei prioritizes risk control, reflecting his conservative personality, which influences his investment decisions and helps mitigate volatility in growth stocks [21][28]. - His investment approach includes maintaining a diversified portfolio and ensuring that no single industry is overly exposed, allowing for sufficient margin of error [24][26].

Group 1 - The core viewpoint of the article highlights the investment strategies and asset allocations of Fund of Funds (FOF) as revealed in the second quarter of 2025, showcasing a shift in focus towards different asset classes [1] Group 2 - As of the end of Q2 2025, the Huaan Gold ETF emerged as the most heavily weighted fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan, a decrease from 1.414 billion yuan at the end of Q1 2025 [3] - Bond assets remain the primary focus for FOFs, with the Hai Fu Tong Zhong Zheng Short Bond ETF having a total market value held by FOFs exceeding 1.643 billion yuan, held by 57 FOFs, making it the highest valued fund among FOFs [3] Group 3 - Many FOF managers are adopting a steady yet progressive investment approach, with a notable focus on growth-oriented thematic ETFs, such as the Industrial Bank Rui Zhi Jin Qi FOF, which has achieved a return rate of 21.64% year-to-date [4] - The Bohai Huijin Preferred Progress 6-Month Holding Mixed FOF has also performed well, with a return rate exceeding 20% this year, heavily investing in thematic ETFs related to Hong Kong innovation and technology [4] - The Guotai Industry Rotation Stock FOF-LOF has reported a return rate close to 20%, diversifying its investments across various sectors including military, gold, animation games, real estate, and rare earths [4]

Core Insights - The performance of various funds managed by Invesco Great Wall has been highlighted, showcasing their strong returns in the equity market as of June 30, 2025 [1][2] Group 1: Fund Performance - Invesco Great Wall's equity funds have shown exceptional performance, ranking 1st out of 13 and 2nd out of 13 in excess returns over the last three and ten years respectively [1] - Six of their actively managed equity funds ranked in the top 10 of their category over the past year, with 19 in the top 20% and 28 in the top third [1] - The growth style funds have particularly excelled, with several funds managed by veteran manager Yang Ruiwen ranking in the top 7 of their category over the past year [1] Group 2: Manager Highlights - Yang Ruiwen's funds, including Invesco Great Wall Preferred and Corporate Governance, ranked 15th out of 144 and 5th out of 552 respectively over the past three years [1] - Other notable managers include Nong Bingli, whose fund ranked 2nd out of 1595 over the past two years, and Zhang Zhongwei, whose fund ranked 6th out of 324 [1] - The performance of the funds managed by Jiang Shan and Dong Han also stood out, with Jiang's fund ranking 2nd out of 108 and Dong's fund in the top 13% [1] Group 3: Diverse Strategies - In addition to growth funds, Invesco Great Wall's funds in other styles have also performed well, with manager Zou Lihua's fund ranking 5th in its category over the past two and three years [2] - The quant strategies have gained traction in the current structural market, with several quant funds showing strong performance, including Li Haiwei's fund ranking 32nd out of 344 over the past year [2] - The company emphasizes its commitment to active management and aims to optimize investment strategies for better investor experiences [2]

Group 1 - The core viewpoint of the news is that the A-share market is experiencing a growth trend, driven by sectors such as AI, semiconductors, and innovative pharmaceuticals, with the launch of the Morgan Wisdom Preferred Mixed Fund aimed at capturing growth investment opportunities [1] - The Morgan Wisdom Preferred Mixed Fund will officially launch on July 7, featuring a growth-oriented active quantitative investment strategy, with 60%-95% of its assets allocated to stocks [1] - The fund's investment strategy involves three steps: constructing a dynamic stock pool using factor models, selecting high-quality stocks with long-term growth potential through quantitative models, and continuously tracking and optimizing the investment portfolio to achieve returns that exceed the CSI A500 index [1] Group 2 - The fund will be managed by Hu Di, the director of the Index and Quantitative Investment Department at Morgan Asset Management, and emerging fund manager Han Xiu, with Hu Di having over 17 years of experience in the securities industry, including more than 8 years in investment management [2] - Hu Di anticipates significant breakthroughs in domestic AI model technology by early 2025, which could create new growth opportunities across various industries, supported by national policies encouraging the development of new productive forces [2] - The outlook for the A-share market is optimistic, with expectations for a growth trend in the future [2]

Investment Rating - The report maintains an "Overweight" rating for the financial products sector [1]. Core Viewpoints - The market is expected to experience a "volatile upward" trend, with a focus on investment timing [5][18]. - The macro model for the Wande All A Index turned positive on June 24, indicating a potential turning point for upward movement, although fluctuations were noted later in the week [18]. - The risk level for the Wande All A Index is currently at 82.99, suggesting limited upward space despite a favorable trend [18]. Summary by Sections A-share Market Overview (June 23-27, 2025) - Major broad-based indices showed varied performance, with the top three being Wande Micro-Pan Daily Equal Weight Index (6.94%), North Certificate 50 (6.84%), and ChiNext Index (5.69%) [10]. - The top three style indices were Growth (CITIC) (5.21%), Giant Small Cap (4.25%), and Small Cap Growth (4.13%) [12]. - The top three Shenwan first-level industry indices were Computer (7.70%), National Defense and Military Industry (6.90%), and Non-bank Financials (6.66%) [15]. A-share Market Outlook (June 30 - July 4, 2025) - The report anticipates a volatile upward market, with a recommendation for balanced ETF allocation [5][18]. - The growth style is favored, particularly in sectors like communication, computer, and electronics, with communication showing the highest trend risk [18]. - The report suggests that the banking sector may rebound after the end of June, influenced by mid-year reporting [20]. Fund Allocation Recommendations - The report advises a balanced ETF allocation strategy, considering the current market conditions and expected volatility [5][18].