Core Viewpoint - The article emphasizes the strong mid-to-long-term performance of Noah Fund, highlighting its ability to navigate market volatility and its focus on long-term value investment strategies [2][12]. Group 1: Performance Highlights - As of June 30, 2025, 15 products from Noah Fund received a five-star rating for five-year performance, and 4 products achieved a ten-year five-star rating [2][12]. - Notable products include Noah Optimized Yield C (320004) and Noah Low Carbon Economy A (001208), which have shown impressive mid-to-long-term performance [2][12]. - Noah Fund's fixed income products have ranked first among 99 comparable fund companies in terms of returns over the past seven years [10]. Group 2: Investment Strategy - Noah Fund adopts a "professional, diversified, and sustainable" investment system, focusing on long-term value investment [2][4]. - The fund has established a platform-based, team-oriented, and integrated investment research system to enhance communication and efficiency among fund managers and researchers [4][10]. - The internal training of a diverse investment team has been prioritized, covering various investment styles and strategies [4][6]. Group 3: Key Fund Managers - Yang Gu, with over 19 years of experience, is known for identifying undervalued stocks with growth potential, managing Noah Vanguard A (320003) which achieved a return of 891.15% since inception [5][12]. - Han Dongyan, recognized for her focus on stability and long-term returns, manages Noah Advanced Manufacturing A (001528), which has a net value growth rate of 188.60% since inception [6][12]. - Li Xiaojie emphasizes risk control through diversified industry allocation and strict stop-loss mechanisms, managing Noah Low Carbon Economy A (001208) which has a three-year return of 22.23% [7][12]. Group 4: Product Performance - Noah Fund's products have consistently aligned with national strategic trends, particularly in technology, with several funds achieving significant returns [8][12]. - The Noah Stable Return A (000714) focusing on AI applications ranked in the top 1% of its category as of June 30, 2025 [8][12]. - The Noah Optimized Yield C (320004) has shown strong performance with a net value growth rate of 242.68% since inception, outperforming its benchmark [11][12]. Group 5: Future Outlook - Noah Fund aims to enhance its research capabilities and solidify its "fixed income plus" product line, establishing the "Noah+" sub-brand for specialized services [12]. - The company is committed to providing value choices that can withstand market cycles, focusing on professional and innovative approaches in asset management [12].

Core Viewpoint - Since the release of the "New National Nine Articles" last year, listed companies have been increasing their dividend payouts to reward small and medium investors, leading to a significant rise in high-dividend sectors, including banks. However, as stock prices have risen, the dividend yields of these dividend stocks have decreased to varying degrees, resulting in a gradual differentiation in asset values within the sector. In this context, the Hong Kong dividend sector has gained investor attention due to its more cost-effective investment value [1]. Group 1 - The new product launched by the company focuses on the Hong Kong dividend sector, with a performance benchmark primarily based on the Hang Seng Hong Kong Stock Connect China Central Enterprise Dividend Index (HSSCSOY), which currently has a dividend yield of 7.87%, higher than the 5.44% yield of the CSI Dividend Index (000922.CSI) [2]. - The index's constituent stocks are distributed across various industries, including traditional banking and finance, as well as industrial, energy, and manufacturing sectors, indicating the presence of many quality targets [2]. - The new fund aims to selectively choose high-quality central enterprise listed companies that represent China's core assets, capitalizing on the increasing influx of "southbound capital" and overseas funds into the Hong Kong market [2]. Group 2 - Under the guidance of the "Public Fund High-Quality Development Plan" and the financial sector of the Shanghai Pudong Development Bank Group, the company has been enhancing its investment research capabilities and product innovation [2]. - The company has continuously launched investment business brands such as "Index Family," "Global Sci-Tech Family," and "Fixed Income Family," integrating into the development trend of index investment and increasing its investment in technology [2]. - The launch of the Hong Kong Stock Connect Central Enterprise Dividend Mixed Fund will leverage the team's active quantitative capabilities to provide investors with long-term investment tools that align more closely with the performance benchmark [2].

Core Viewpoint - The 9th Equity Investment Golden Bull Award aims to promote "patient capital" and long-term value investment while exploring diversified exit paths for funds, reflecting the increasing strategic significance of the private equity and venture capital industry in the context of China's economic transformation and modernization efforts [1][2]. Group 1: Event Overview - The 9th Equity Investment Golden Bull Award evaluation was launched on July 15, organized by China Securities Journal, focusing on long-term value investment and hard technology innovation [1]. - The evaluation emphasizes the importance of private equity and venture capital as tools for direct financing and innovation capital formation, supported by recent government policies encouraging the growth of these sectors [1][2]. Group 2: Award Criteria and Focus - The award will continue to uphold principles of fairness, transparency, and credibility, with a focus on patient capital and long-term value investment, while addressing challenges in the private equity and venture capital industry [1][2]. - A new "State-owned Investment Institution Golden Bull Award" has been added to recognize the significant role of state-owned enterprises in the primary market, reflecting the evolving investment trends towards technology innovation [2]. Group 3: Evaluation Methodology - The evaluation process will combine quantitative and qualitative assessments, focusing primarily on quantitative data, and will comprehensively evaluate the entire investment process, including fundraising, investment, management, and exit strategies [3]. - The assessment will consider various factors such as the investment experience of management teams, stability, company influence, social responsibility, and corporate governance to determine award recipients [3].

财政部近期连续出台重磅政策，力促保险资金立足长期、投向资本市场。7月11日发布的《关于引导保 险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》（下称"新规"），将国有商业 保险公司两大核心绩效指标——净资产收益率与资本保值增值率的考核权重向三年及五年长周期指标大 幅倾斜，合计占比高达70%。 这并非孤立的政策调整，而是一系列引导"长钱"入市组合拳的关键一环。从2023年首次引入三年期考 核，到2024年初《推动中长期资金入市工作的实施方案》明确要求大型险企每年新增保费的30%投向A 股，再到此次将考核周期实质性延长至五年，监管层引导险资践行长期价值投资、优化资本市场结构的 决心清晰可见。 本报（chinatimes.net.cn）记者吴敏 北京报道 "财政部此次改革将五年期考核权重由原先的大约50%提升至70%，显著弱化了对保险公司短期财务收 益的关注，释放出强烈的政策信号，即支持长期投资、价值投资、稳定投资。"北京大学应用经济学博 士后、教授朱俊生在接受《华夏时报》记者采访时表示，未来2-3年内，险资在A股的配置比例有望从 当前约11%左右稳步上升至15%甚至更高，配置结构也将由"防御型"为 ...

Core Insights - The latest fund rating report from Tianxiang Investment Advisory highlights that seven equity products from Xinda Australia Fund Management Co., Ltd. achieved the highest five-star rating due to their long-term stable performance and excellent risk control capabilities [1] - The competition for ratings was intense, with only less than 6% of the 723 actively managed equity funds receiving a five-year five-star rating, and less than 11% and 4% of the 2796 mixed equity funds receiving three-year and five-year five-star ratings, respectively [1] Performance Metrics - Xinda Australia's products, including Xinao Advanced Manufacturing Stock A, Xinao Star Yi Mixed A/C, Xinao New Energy Selected Mixed A, Xinao Medical Health Mixed A, and Xinao Prosperity Preferred Mixed A, all received three-year five-star ratings [1] - Xinao Core Technology Mixed A stood out by receiving both three-year and five-year five-star ratings, showcasing the company's strong performance across multiple products [1] - According to Guotai Junan Securities, as of June 30, 2025, Xinao Advanced Manufacturing Stock A ranked in the top 1/5 percentile of active stock open-end funds over the past five years, placing 66th out of 376 products [1] Investment Strategy - Xinda Australia has been enhancing its investment research system, aiming to establish a benchmark for all categories of equity investment and continuously optimizing its active management capabilities [1] - The company has gathered a team of experienced fund managers with over ten years of practical experience, who are adept at deep research to uncover valuable investment targets, thereby building a solid moat for long-term equity investments [1] Industry Context - The five-star rating has become the "gold standard" for measuring the comprehensive strength of products as the regulatory framework for fund rating systems continues to improve [1] - The collective achievement of seven products by Xinda Australia not only demonstrates the company's "group combat" advantage in equity investment but also sends a positive signal to the market that fundamental research and long-term value investing remain core paths to achieving excess returns in volatile markets [1]

Core Viewpoint - The article emphasizes the importance of long-term value investing and the need for investors to remain patient and focused on their investment goals, even when market trends do not align with their current holdings [2][3]. Group 1: Market Trends and Investment Strategy - The current market is characterized by a focus on bank stocks and small-cap stocks, which the author's friend's portfolio lacks, leading to underperformance compared to market trends [2]. - A portfolio consisting of high ROE stocks can outperform the market over the long term, provided that investors are not overly focused on short-term gains [3]. - Investors should be cautious of high-risk investments, as most individuals lack the ability to manage such risks effectively, and high returns are not guaranteed [4]. Group 2: Valuation Metrics - The banking sector currently has a dividend yield of around 4%, but the high leverage involved poses significant risks, making it less attractive compared to lower-leverage consumer stocks with similar yields [4]. - The current PE ratio of the CSI 2000 index is 132, placing it in the 92.36th percentile historically, indicating limited upward potential [4]. - The PB ratio of the CSI 2000 index is 2.46, which is in the 94.98th percentile historically, suggesting that valuations are stretched and may not support further price increases [4][5]. Group 3: Investment Philosophy - The article advocates for a rational and detached approach to investing, where investors avoid chasing trends and instead focus on the long-term value of their holdings [5]. - The "Snowball Three-Point Method" is introduced as a strategy for long-term investment and asset allocation, emphasizing diversification across assets, markets, and timing to achieve risk mitigation and diversified returns [6].

Core Viewpoint - The article discusses the evolution of Bai Nian Life Insurance's equity investment business, highlighting its transition from a prosperous phase to a period of reflection and strategic restructuring, ultimately aiming for a renewed start in the investment landscape [2][19][20]. Historical Context - Bai Nian Life Insurance was an early participant in China's equity investment market, starting its investment activities in 2014 and accumulating nearly 10 billion RMB in investments across various strategic emerging industries such as healthcare, TMT, consumer goods, advanced manufacturing, and hard technology [2]. - The company established a strong reputation as a professional investor through collaborations with leading institutions like Sequoia Capital and CITIC Industrial Fund during its "golden era" of equity investment [2][5]. Current Strategy Adjustment - The company is currently adjusting its equity investment strategy to better align with the characteristics of insurance funds, leveraging past experiences while adapting to new policy environments and market opportunities [3][6]. - Bai Nian Life Insurance is focusing on enhancing its investment management system, including establishing a scientific decision-making mechanism and a comprehensive risk control system [6][11]. Strategic Opportunities - Since 2024, the regulatory environment has been optimized to encourage insurance funds to increase investments in strategic emerging industries, providing Bai Nian Life Insurance with significant historical opportunities for its equity investment business [8]. - The rapid development of sectors like artificial intelligence, renewable energy, biomedicine, and high-end manufacturing presents a broad market space for equity investments [8]. Investment Philosophy - The company emphasizes the unique advantages of insurance funds, such as stable sources and long payment cycles, advocating for a long-term value investment approach [9][11]. - Bai Nian Life Insurance aims to focus on the intrinsic value and long-term potential of enterprises, utilizing in-depth fundamental analysis to identify high-quality investment opportunities [11]. Risk Management - The company is committed to strengthening its risk management framework, implementing rigorous standards and processes for investment decision-making, post-investment management, and exit strategies [12]. Client Value Creation - Bai Nian Life Insurance plans to enhance synergy between its equity investment and dividend insurance businesses, aiming to create stable and sustainable returns for clients [14][15]. - The company is also dedicated to fulfilling social responsibilities through investments in enterprises that have a positive social impact, aligning with ESG investment principles [15]. Strategic Planning for Renewal - The company will adopt a phased approach to its renewed equity investment strategy, starting with lower-risk projects and gradually expanding its investment scope [17]. - Bai Nian Life Insurance aims to leverage innovation in investment models and management practices to establish new competitive advantages [17].

Core Viewpoint - The integration of AI-driven investment transformation, long-term policy orientation, and the responsibility of the domestic quantitative investment industry presents both challenges and opportunities for institutional managers committed to a long-term perspective [1][16]. Group 1: Era Background - The current era is characterized by a convergence of technological evolution and institutional transformation, with generative AI fundamentally altering various industries and providing new tools for long-term value investment [1]. - The development of AI is progressing from enhancing multi-step reasoning capabilities (L2) to achieving "perception-planning-execution" closed-loop capabilities (L3), marking 2025 as the "Year of AI Agents" [2]. Group 2: Policy and Market Dynamics - National policies are reinforcing a long-term orientation, with new regulations encouraging long-term capital market entry, advocating value investment, and standardizing algorithmic trading [4]. - The A-share market is undergoing positive structural changes, with improved information disclosure, regulatory enforcement, and investor composition, creating a foundation for sustainable long-term investment [5]. Group 3: Role of Quantitative Trading - Quantitative trading plays a crucial role in enhancing resource allocation efficiency and market stability, acting as both a "lubricant" and "stabilizer" in financial markets [6]. - Research indicates that quantitative trading can provide liquidity and price discovery, thereby improving overall market efficiency [6]. Group 4: Smart Beta Strategy - The Smart Beta strategy aims to serve long-term institutional capital by providing a reliable long-term allocation tool that combines long-termism with a tool-oriented approach [10]. - This strategy emphasizes a systematic modeling of fundamental factors, focusing on long-term value characterization while adhering to the principles of objectivity and discipline in quantitative investment [10][11]. Group 5: AI Exploration and Future Opportunities - The industry is increasingly embracing AI, with research categorized into interest-driven academic AI studies and more challenging industrial-grade AI development [12]. - Opportunities in the AI era can be divided into application-oriented real opportunities and foundational capability exploration, with the latter focusing on the potential of intelligent systems [13]. Group 6: Conclusion and Call to Action - The current environment presents a unique opportunity for active participation in shaping the future, emphasizing the importance of long-term commitment and practice over short-term certainty [16][17].

Core Viewpoint - The integration of AI-driven investment transformation, long-term policy orientation, and the responsibility of the domestic quantitative investment industry presents both challenges and opportunities for institutional managers who adhere to a long-term perspective [2][4]. Group 1: Era Background - The current era is characterized by a convergence of technological evolution and institutional transformation, with generative AI significantly altering various industries and providing new tools for long-term value investment [4]. - AI is evolving from enhancing multi-step reasoning capabilities (L2) to developing AI Agents (L3) that possess "perception-planning-execution" closed-loop capabilities, marking 2025 as the "Year of AI Agents" [4]. Group 2: Market Dynamics - In overseas markets, AI-assisted research has become mainstream, with hedge fund managers leading the adoption of large models to optimize investment research processes [5]. - National policies are reinforcing a long-term orientation, with new guidelines encouraging long-term capital entry into the market and advocating for value investment [5]. - The A-share market is undergoing positive structural changes, with continuous optimization in information disclosure, regulatory enforcement, and investor structure, creating a foundation for sustained long-term investment [5][6]. Group 3: Quantitative Investment Strategies - The Smart Beta strategy is positioned to meet the needs of long-term institutional capital, aiming to provide a reliable long-term allocation tool that combines long-termism with a tool-oriented approach [12][13]. - Smart Beta strategies emphasize a tool-oriented approach, focusing on systematic modeling of fundamental factors to create understandable, replicable, and assessable allocation tools [13]. - The design principles of Smart Beta strategies include high capacity, low turnover, and reasonable fees, supporting institutional investors in achieving long-term allocations [13]. Group 4: AI Development and Research - The industry is embracing AI, with research categorized into interest-driven academic AI studies and more challenging industrial-grade AI development, which requires significant investment and long-term planning [17][18]. - The establishment of the Wizard Intelligence Learning Lab (WILL) reflects the commitment to exploring the future of intelligence, emphasizing the importance of AI's social value [19]. Group 5: Conclusion and Call to Action - The current environment presents both uncertainty and structural challenges, but also opens up opportunities for innovation and development [22]. - The emphasis is on participation and construction rather than observation, highlighting the belief that worthwhile endeavors are often based on long-term faith and practice [22][23].

人力资源和社会保障部正式公布了本年度一季度全国企业年金 数据，首次引入"近三年累计收益率"这一全新关键指标，取代 了传统的"当年"口径。 封图：图片资料室 秉持"长钱长投"理念，交出优异答卷 在人社部 "长钱长投"的政策指引下，国泰基金作为22家年金投管人之一，凭借专业的投资管理能 力， 交出了一份优异的答卷 。 具体来看，在单一计划中，国泰基金含权类组合近三年收益率为 11.86%，在22家投管人组合中 位列 第一 ；固定收益类组合近三年收益率为 12.02%，在全市场位列第五。在集合计划产品中， 国泰基金含权类组合近三年收益率为11.13%，位列全市场 第一 ；固定收益类组合近三年收益率 为 11.48%， 位居市场第三 。 尤为值得瞩目的是，国泰基金是 22家年金投管人中 唯一 一家在单一计划固收、单一计划含权、 集合计划固收、集合计划含权四类组合产品近三年累计收益率均突破 10%大关的管理机构。"全 能型" 的 卓越表现，充分印证了国泰基金在多元化投资策略与全资产类别管理上的深厚积淀。 2025年6月13日，人力资源和社会保障部正式公布了本年度一季度全国企业年金数据。此次数据 披露方式较以往有所不同， ...