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 - 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].

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].

在 2025年中金财富主办的"新科技、新金融、新生态"财富管理发展论坛上，宽德投资联合创始人冯鑫发表了《AI时代的指数化投资：量化 投资与长期价值投资的融合》主题演讲，围绕人工智能驱动下的投资变革、政策导向的长期化趋势，以及本土量化投资行业的责任与定位， 分享了他对时代背景与行业走向的深度思考。 "长期资金的崛起、理性投资的回归、AI能力的进步，重构了投资逻辑与市场生态。对于坚持长期视角的机构管理人而言，这既是巨大的挑 战，更是难得的时代机遇。" "在AI能力边界探索与技术体系建设上的投入，是一场'长期主义者的长征 ' ——雄关漫道真如铁，而今迈步从头越。 " 从技术演进的角度看，目前 AI正从提升多步推理能力（L2）向具备"感知—计划—执行"闭环能力的 AI Agent（L3）发展，2025年也因此 被称为"AI Agent 元年"。这意味着 AI 不再只是工具，而正在成为能够自主执行复杂任务的参与者。 AI发展的5个阶段 在海外市场， AI 辅助研究已成为主流。 对冲基金 管理人率先采用大模型优化投研流程， 共同基金 管理人和财富管理机构也将生成式 AI 应用于投资摘要、会议纪要、合规记录等环节。AI 的 ...

在2025年中金财富主办的"新科技、新金融、新生态"财富管理发展论坛上，宽德投资联合创 始人冯鑫发表了《AI时代的指数化投资：量化投资与长期价值投资的融合》主题演讲，围绕人 工智能驱动下的投资变革、政策导向的长期化趋势，以及本土量化投资行业的责任与定位， 分享了他对时代背景与行业走向的深度思考。 "长期资金的崛起、理性投资的回归、AI能力的进步，重构了投资逻辑与市场生态。对于坚持 长期视角的机构管理人而言，这既是巨大的挑战，更是难得的时代机遇。" "在AI能力边界探索与技术体系建设上的投入，是一场'长期主义者的长征'——雄关漫道真如 铁，而今迈步从头越。" "与其观望，不如参与；与其等待，不如建设。希望能与志同道合的朋友们一起，在波澜壮阔 的技术革命与产业变革中，携手努力，共建行业——不做这伟大时代的旁观者。" 以下内容是对冯鑫博士在本次论坛演讲内容的整理： 时代背景：全球变局下的长期主义支点 - 技术、政策与本土量化的共振时刻 我们正站在一个技术演进与制度转型交汇的关键时点。以生成式AI为代表的新一轮技术浪潮正 在深刻改变各行各业，也为 长期价值投资 理念的落地提供了新的工具。 从技术演进的角度看，目前AI ...

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， ...

Core Insights - Selecting a strong and stable fund management company is crucial for investors to achieve wealth growth in the fund investment sector [1] - The article recommends ten high-quality funds to assist investors in making informed choices [1] Fund Summaries - **J.P. Morgan Asset Management China**: Established in May 2004, it manages a total of 1759.40 billion yuan across 222 funds, with notable products achieving returns of 157.19% and 184.70% [3] - **E Fund Blue Chip Select Fund**: Managed by renowned fund manager Zhang Kun, it focuses on high-quality blue-chip stocks in A-shares and Hong Kong stocks, emphasizing long-term value investment [4] - **Fidelity Tianhui Growth Fund**: Led by Zhu Shaoxing, it targets high-growth potential small and medium-sized enterprises, utilizing a bottom-up stock selection strategy [5] - **Huaxia CSI 300 ETF Linked Fund**: Closely tracks the CSI 300 Index, covering 30 leading industries, known for its low fees and high liquidity [6] - **Harvest Money Market Fund**: Invests primarily in money market instruments, balancing yield and liquidity, suitable for cash management [7] - **Xingquan Trend Investment Fund**: Employs a "core + satellite" strategy, dynamically adjusting stock and bond ratios, demonstrating strong resilience during market fluctuations [8] - **Huaan CSI New Energy Vehicle Industry Fund**: Tracks the CSI New Energy Vehicle Index, benefiting from policy direction and industry trends [9] - **Southern Cash Management Fund**: Focuses on money market tools and short-term bonds, maintaining stable annual returns [10] - **Bosera Cash Income Fund**: Prioritizes safety, investing in high-credit short-term bonds, achieving an annual yield of 2.8% [11] - **ICBC Credit Suisse Dual Benefit Bond Fund**: Utilizes a "fixed income +" strategy, dynamically adjusting stock positions to enhance returns [12] Investment Considerations - Investors should align their choices with their risk tolerance, investment horizon, and goals, with different funds catering to varying risk profiles [12]

Group 1 - Webull has officially listed on NASDAQ under the ticker "BULL" through a SPAC merger, marking its entry into the global fintech sector [1] - The CEO of Webull, Anthony Denier, emphasized that becoming a public company is a significant milestone and aims to serve a growing number of tech-savvy retail investors [3] - Webull's advanced trading and investment products position it as a preferred partner for the next generation of retail investors seeking to profit in a dynamic trading environment [3] Group 2 - Bojiang Capital has played a crucial role in supporting Webull's international expansion, leveraging its cross-border resource network to adapt to various market regulations and user needs [3] - The global fintech industry is entering a new phase of high-quality development, and Bojiang Capital plans to continue investing in technology innovation and nurturing industry benchmarks like Webull [5] - Bojiang Capital is committed to a long-term investment philosophy, aiming to inject growth momentum into outstanding companies and promote innovation and value creation for investors, businesses, and society [5]