投资本质是"科学"与"艺术"的结合。量化负责 "科学" 市场有很多客观规律,比如买高股息、低 估值,这些规律长期有效,而主动负责"艺术",处 理无法量化的内容 查晓磊 | 华泰证券资管 基 金 经 理 英 雄 榜 第 5 7 8 期 以下，我们先分享一些来自查晓磊的投资"金句"： 1、投资的本源是每笔投资都想盈利，而非为排名。落实到动作上，就是对每个标的算账，通过研究提高盈利概率，控制回撤下限，追求向上收 益，无关排名和基准 从博时基金到浙商基金，再到如今执掌华泰证券资管权益投研，十余年的从业经历里，查晓磊见证了公募行业对"相对收益"的追逐，也亲历了市场 波动下持有人的无奈：当产品短期内回撤超30%，再亮眼的长期业绩也难掩持有体验的糟糕。正是这份共情与反思，让他在加入华泰证券资管后， 完成了一次关键的认知跃迁：投资的本源从不是超越基准，而是力争让每一笔交易都挣到钱。 可A股高波动的底色，向来是绝对收益的"拦路虎"。如何在控制回撤的同时留住收益弹性？如何让"买得便宜、卖得明白"不再是口号？查晓磊给出的 答案，是一套看似简单却极具穿透力的"三价打分体系"：买入价、极限底价、卖出价，这三个价格如同投资的"锚"，解决 ...

Group 1 - The core investment philosophy of the fund manager emphasizes "value investment + absolute return," focusing on valuation, cash flow, and fundamental certainty to achieve long-term stable returns [1][14] - The fund adopts a "core + satellite" allocation framework, avoiding trends and focusing on undervalued assets, with a balanced sector allocation to mitigate risks [1][14] - The fund manager has a strong track record, with a total return of 10.71% since taking over the fund, ranking in the top 28.96% among peers [2][23] Group 2 - The fund's asset allocation primarily consists of high-grade credit bonds, with a significant portion (50%-87%) allocated to credit bonds, and a recent increase in interest rate bonds to 21.33% [3][35] - The equity allocation remains below 20%, with an average historical stock position of 13.14%, focusing on large-cap, undervalued, and high-quality stocks [2][40] - The fund's industry allocation is heavily weighted towards electricity and public utilities, maintaining a proportion of 17.84%-28.06% from Q4 2023 to Q2 2025 [2][48] Group 3 - The fund has demonstrated strong performance in controlling drawdowns, with a maximum drawdown of -1.29%, significantly better than the peer average [2][24] - The probability of making a profit after holding the fund for three months is 92.41%, indicating a high success rate for investors [2][29] - The fund manager employs a dynamic stock selection strategy, focusing on large-cap stocks with low valuations and high quality, while maintaining a balanced growth style [2][40]

Core Viewpoint - The article emphasizes the importance of stable returns and effective risk management in the banking wealth management sector, particularly through the practices of Ping An Wealth Management, which aims to provide a robust investment experience for clients amidst market volatility [1][2][3]. Group 1: Investment Performance - As of the end of July this year, Ping An Wealth Management's fixed income and fixed income+ products achieved an average annualized return of 3.46% over the past three years, ranking among the top in the industry [2]. - The probability of positive returns for investors holding fixed income and fixed income+ products until maturity is 98% and 99%, respectively [2]. - The proportion of products with negative returns is only 0.55%, significantly lower than the industry average, indicating effective management of drawdowns [2][3]. Group 2: Risk Management Strategy - Ping An Wealth Management has established a strong focus on drawdown management, aiming to control net value fluctuations while maintaining competitive returns [3][4]. - The company has adopted an "industrialization + platformization" investment management model to enhance efficiency and consistency in risk-return characteristics across its product offerings [4][5]. Group 3: Product Development and Branding - The company has launched a new product system called "An+Xin Stable and Long-term," which includes four product series: "Anxin" for cash management, "Anwen" for absolute return fixed income products, "Anzhi" for multi-asset strategies, and "Anyuan" for mixed products aimed at long-term value appreciation [7]. - This product upgrade aims to better meet the increasingly diverse wealth management needs of investors by providing clearer product positioning and richer functional scenarios [7]. Group 4: Strategic Growth and Market Position - Ping An Bank is focusing on enhancing its asset management scale (AUM) through a strategic shift towards wealth management, particularly in basic wealth management products, which are seen as a reservoir for high-quality AUM growth [6]. - The bank is adjusting its structure to increase the proportion of basic wealth management products, aligning with trends in resident wealth allocation preferences and enhancing the resilience of its AUM structure [6].

Core Insights - The forum discussed the differentiated survival strategies for securities asset management in the context of evolving market demands and regulatory changes [1][5][6] - Key industry leaders emphasized the importance of absolute returns and tailored investment products to meet client needs [3][14][16] Group 1: Market Trends and Insights - The market has seen significant institutional investment, particularly from insurance funds, with expectations for new opportunities in the second half of the year [2][26] - The equity market is expected to continue its upward trend, supported by improving liquidity and economic fundamentals [21][26] - Four main investment themes are anticipated to drive market rotation: technology innovation led by AI, high-dividend stable assets, Chinese companies' overseas expansion, and domestic supply-demand reversals [21][22] Group 2: Differentiated Strategies - Securities asset management firms are shifting from a scale-oriented approach to one focused on investor interests, emphasizing research capabilities and long-term investment teams [10][12] - Companies are encouraged to develop unique product lines that provide absolute returns and meet specific investment goals, ensuring long-term viability [3][14] - The integration of quantitative and subjective investment strategies is seen as a way to enhance market understanding and improve investment outcomes [18][19] Group 3: Product Development and Client Focus - Firms are focusing on creating products that deliver value to clients, particularly in absolute return strategies and customized investment solutions [14][16] - The importance of a sales-driven approach in asset management is highlighted, with a need to educate clients on asset allocation and investment strategies [16][17] - The development of innovative financial products, such as ETFs and customized investment vehicles, is crucial for meeting diverse investor needs [12][13] Group 4: Future Outlook - The market is positioned for positive developments, with expectations of increased capital inflows and a favorable economic environment in the coming year [21][26] - Companies are advised to focus on sectors with reasonable valuations and strong competitive positions, particularly in technology and manufacturing [24][26] - The emphasis on long-term investment strategies and the cultivation of specialized research teams will be vital for future growth in the asset management industry [10][12]

Core Viewpoint - The discussion at the forum highlighted the evolving landscape of the private equity industry in China, emphasizing the importance of both quantitative and subjective investment strategies in navigating market cycles and identifying investment opportunities [1][2][5]. Group 1: Market Cycles and Investment Strategies - The capital market operates under various cycles, including not only bull and bear markets but also style rotation cycles [2][8]. - Quantitative investment can help stabilize volatility and discover value, while subjective investment allows for deeper industry insights [6][9]. - The current A-share market is characterized by friendly policies, ample liquidity, and reasonable valuations, suggesting that the bull market is progressing well [16]. Group 2: Value of Private Equity - The private equity industry plays a crucial role in enriching the financial market ecosystem and promoting long-term investment philosophies [4][5]. - Private equity is seen as a pioneer in product innovation within China's asset management sector, effectively meeting diverse investment needs [6]. - The industry attracts high-quality talent, which can lead to technological and service innovations, indicating a bright future for private equity [6]. Group 3: Investment Recommendations - Investors are advised to shift their mindset from bear to bull market thinking and avoid chasing past performance when selecting funds [14][15]. - Diversification across various asset classes is recommended to mitigate risks, and professional management should be sought for investment decisions [16]. - The importance of understanding market adjustments within a bull market is emphasized, suggesting that investors should be prepared for periodic corrections [15][16].

Core Insights - The article emphasizes the importance of absolute returns in the current investment landscape, particularly for bank wealth management products, which are heavily influenced by low-risk preferences [1][2][3] - Ping An Wealth Management has established a strong focus on managing drawdowns and achieving stable returns, with a notable average annualized return of 3.46% over the past three years for its fixed income products [1][3] - The company is transitioning towards a more industrialized and platform-based investment management model to enhance efficiency and consistency in risk-return profiles across its product offerings [6][7][8] Group 1: Investment Strategy and Performance - Ping An Wealth Management has maintained a low proportion of negative returns, with only 0.65% of products breaking net asset value and 0.55% showing negative returns as of July [1] - The company has created a product structure that aligns with customer risk preferences, offering various products with different holding periods and risk profiles [4][10] - The "启航增强稳盈定开" series of fixed income products achieved an average annualized return of 3.41% since its inception, demonstrating resilience in a low-interest-rate environment [5] Group 2: Market Position and Future Growth - Ping An Bank is focusing on enhancing its wealth management capabilities to capture a larger share of the retail investment market, particularly through its wealth management product offerings [2][9] - The bank aims to increase the proportion of basic wealth management products to improve the quality of its assets under management (AUM) and adapt to changing consumer preferences [9][10] - The newly launched "安+心稳致远" product system aims to meet diverse investor needs by providing clear product positioning and a variety of investment strategies [10]

Core Viewpoint - The Chinese financial industry in 2018 is characterized by a focus on regulatory strengthening, risk prevention, and high-quality development, with the implementation of the "Asset Management New Regulations" driving a shift from scale-oriented growth to quality-oriented growth [1] Group 1: Development of WISE Platform - The WISE platform was developed from scratch by Western Li De Fund, marking a significant shift in the public fund industry towards self-built investment research systems [1] - Over six years, the WISE platform has evolved from focusing on process standardization to data visualization and analysis, and now towards intelligent capabilities [1] - WISE has become a distinctive feature of Western Li De Fund, aiding investment decision-making and gaining recognition from peers and regulators [1] Group 2: Cultural Foundations - The establishment of a "transparent" investment research culture is a cornerstone of Western Li De Fund's development, emphasizing strategy transparency, decision transparency, and evaluation transparency [5][6] - The transparent culture has attracted talented individuals who are passionate about investment research, fostering a cohesive team environment [7] - The integration of investment and research teams is facilitated by a matrix structure, enhancing collaboration and resource sharing [7] Group 3: Challenges and Achievements - The development of the WISE system faced significant external financial pressures and internal personnel challenges, requiring deep involvement from business staff [9][10] - By 2021, the framework of the WISE system was largely established, improving cross-departmental collaboration and creating a systematic approach to investment research [11] - The WISE system is designed to support investment decisions based on the investment manager's knowledge and experience, while also providing a robust framework for decision-making [11] Group 4: Future Aspirations - The goal of the WISE system is to transform effective investment philosophies into replicable algorithms, ensuring long-term value creation for investors [12][13] - The vision includes building a "century-old store" in the asset management industry, with the WISE system serving as a foundational tool for achieving this ambition [13]

Group 1 - The article emphasizes the increasing preference for stable return fund products among investors in a low interest rate environment and volatile stock market, focusing on achieving both "sense of gain" and "sense of security" [1] - The core strategy involves selecting underlying assets that align with the investment goals of the products, aiming for stable absolute returns while minimizing drawdowns [1] Group 2 - In stock selection, the focus should be on "low volatility + stable returns," prioritizing stocks with controllable drawdowns and steady returns, including dividend value stocks and stable growth stocks [2][3] - Dividend value stocks are highlighted for their long-term sustainable dividend yields, reflecting the stability of the company's business model and profit quality, which historically outperform the market [2] - Stable growth stocks are characterized by low valuations and high-quality business models, with an emphasis on quality and valuation over short-term market conditions [2] Group 3 - The strategy includes selectively participating in high-growth industries such as AI and innovative pharmaceuticals, while strictly controlling positions and drawdowns to enhance returns and balance styles [3] Group 4 - For convertible bonds, the focus is on low-priced convertible bonds, which are seen as a tool for low-cost participation in stock investments, with a clear pricing logic [4][5] - The investment approach involves identifying low-priced convertible bonds that are close to their bond floor, allowing for the acquisition of upside potential while minimizing risk [5] Group 5 - The bond strategy emphasizes the negative correlation between stocks and bonds, which is crucial for portfolio stability, with a focus on high-grade credit bonds to mitigate credit risk [7] - Active management of positions and balanced allocation is essential, with equity positions controlled at around 10% to avoid excessive exposure to equity risk [8] Group 6 - The overall investment strategy aims to achieve "low drawdown + stable returns" by selecting high-risk-return ratio underlying assets, optimizing portfolio configuration, and dynamically controlling risks [8]

Core Viewpoint - The recent market sentiment has improved, leading to increased investor interest in A-shares and "fixed income +" products due to declining bank deposit rates [1] Group 1: Product Overview - Taiping Fund launched a "fixed income +" product called Taiping Jiayu Bond on September 1, managed by fund managers Han Cong and Zhang Ziquan, who have previously collaborated on public fund products [1] - The product is a mixed secondary bond fund, with a focus on absolute returns [2] Group 2: Investment Strategy - The equity portion of Taiping Jiayu Bond will primarily utilize a quantitative enhancement strategy centered around the CSI A500 index, which offers better stock selection breadth compared to the CSI 300 [2] - The index has a low annualized volatility, making it a stable benchmark for the "fixed income +" product [2] - The quantitative strategy employs multi-factor alpha models, risk control models, and trading cost models to capture investment opportunities [2] Group 3: Fixed Income Management - The fixed income investments are managed by Han Cong, who emphasizes credit safety and liquidity management, focusing on high credit quality bonds [3] - Han Cong's investment philosophy is rooted in insurance fund management, aiming for positive annual returns while strictly controlling maximum drawdown [3] Group 4: Collaborative Management - Data shows that the jointly managed Taiping Jiayu Bond has ranked in the top half of its category over various time frames, indicating stable net value growth [4] - The collaboration between Han Cong and Zhang Ziquan has lasted over eight years, with a shared goal of maximizing product returns [4] Group 5: Market Outlook - Both fund managers are optimistic about the A-share market, noting that the current market is healthy with increasing retail investor participation and supportive policies [5] - In the bond market, Han Cong acknowledges challenges due to low interest rates but sees potential for capital gains, especially with external factors like Fed rate cuts [6] - The product design emphasizes "sharpness" and "flexibility," aiming to provide a competitive investment tool in the current market environment [6]

Core Viewpoint - The current market environment and the decline in asset yield levels have made wealth management products a core solution for investors seeking enhanced returns [1] Group 1: Investment Strategy - Ping An Wealth Management aims to pursue "absolute returns" and provide clients with a "better experience on top of stability" through a "platform + industrialization" investment management model [1][2] - The company emphasizes a steady approach to asset allocation, avoiding blind pursuit of market trends, and instead focusing on multi-asset and multi-strategy combinations to deliver sustainable long-term returns [1][3] Group 2: Market Landscape - As of June, there are 41,800 wealth management products in the market, with significant homogeneity in investment strategies and underlying assets, primarily concentrated in "fixed income +" strategies [1][2] - The majority of wealth management investors have a low-risk appetite, seeking returns slightly above deposit rates with lower volatility than equity markets [3][4] Group 3: Product Development - The "fixed income +" strategy remains the mainstream product, typically allocating 5% to 15% to equity assets, with dynamic rebalancing through quantitative strategies to prevent excessive risk exposure [4][5] - The company is exploring the development of R3-level products, which can help clients achieve wealth appreciation and risk diversification through multi-asset and multi-strategy configurations [5]