Core Viewpoint - The ideal product for investors is one that they occasionally remember but mostly forget, focusing on risk-reward ratio and client experience rather than extreme rankings or market hype [1][4] Investment Philosophy - The investment philosophy emphasizes a long-term perspective, prioritizing safety margins and a steady return over time, rather than just achieving high net asset values [1][3] - The manager's experience with large fund management has shaped a calm and steady investment approach, especially during market volatility [1][2] Market Approach - The manager adopts a "left-side" and "contrarian" investment strategy due to the challenges of managing large funds, focusing on long-term value rather than short-term market emotions [2][3] - A macro-long-term perspective combined with mid-level industry analysis is used to identify promising sectors, ensuring a robust decision-making framework [2][3] Valuation Focus - Valuation is critical in determining risk-reward ratios, with an emphasis on static and dynamic return on equity (ROE) assessments and caution against seemingly low price-to-earnings ratios during industry peaks [2][3] Sector Insights - The manager has a positive long-term outlook on the A-share market, believing it to be undervalued, supported by China's manufacturing and technological advancements [4][5] - The focus on non-ferrous metals is driven by a long-term view on the decline of the dollar's credit system, identifying resource commodities as beneficial investments [5][6] Technology Sector Caution - The manager remains cautious about certain technology stocks, drawing parallels between the current AI wave and the 2000 internet bubble, highlighting risks associated with financing environments [6]

Group 1 - The photovoltaic industry has emerged from a bottom range, with the China Securities Photovoltaic Industry Index rising by 22.39% year-to-date as of October 14 [1][19] - The Silver Hua Shanghai-Shenzhen Stock Connect Fund has achieved a return of 46.71% this year, with its net value rising against the market trend [2][6] - The fund manager, He Wei, has a strong background in TMT industry research and has been managing the fund since its inception in May 2020 [2][7] Group 2 - He Wei's investment style emphasizes risk control and the pursuit of absolute returns, with a focus on avoiding significant drawdowns [3][5] - The fund's allocation to the photovoltaic sector has significantly increased, with a 61.25% allocation as of June 2025, up 53.79 percentage points from the previous report [15][17] - The fund has actively increased its holdings in leading photovoltaic companies, with eight out of the top ten holdings being in this sector [18][19] Group 3 - The fund's performance during market downturns has been notable, achieving positive returns even in bear markets [6][21] - He Wei believes that the current market expectations for the photovoltaic industry are at a low point, with leading companies well-prepared financially [22][24] - The strategy of early positioning in the photovoltaic sector aligns with He Wei's investment philosophy of avoiding passive trend chasing [25] Group 4 - The fund has also benefited from a strong performance in the non-ferrous metals sector, with significant returns from long-held positions [27][30] - He Wei's investment approach involves a deep understanding of macro trends and supply-demand dynamics, particularly in the non-ferrous metals market [32] - The fund maintains a high allocation to core commodities like aluminum, copper, and gold, despite increasing exposure to photovoltaic stocks [33] Group 5 - He Wei's investment framework focuses on risk-reward ratios and controlling drawdowns, aiming for higher win rates rather than high payouts [34][37] - The strategy involves careful stock selection based on fundamental analysis, valuation, and trading conditions [36][39] - This approach results in stable long-term performance, making the fund suitable for investors seeking steady returns [40][41]

Core Viewpoint - The article emphasizes the importance of long-term investment strategies and the need for a stable holding experience for investors, even during market fluctuations [1][4]. Investment Philosophy - The investment style of the team led by He Wei focuses on "long-term absolute returns," integrating absolute return concepts into relative return assessments [5]. - The team aims to balance relative index outperformance with maximum drawdown control, especially during market bubbles by shifting towards defensive and stable blue-chip stocks [5][6]. Performance Metrics - The Silver Hua Shanghai-Shenzhen Stock Connect Fund managed by He Wei achieved a nearly 24.08% growth rate over three years, ranking in the top 3% of its category [6]. - The fund has consistently delivered excess returns of 3-12 percentage points annually from 2022 to 2024 [6]. Investment Framework - The investment framework includes selecting fundamentally driven stocks with safety margins, prioritizing win rates over potential returns, and avoiding high-valuation, crowded trades [7]. - Emphasis is placed on macroeconomic trends and future possibilities, as well as a focus on valuation metrics like PB, PE, and ROE [7]. Long-term Perspective - The approach is influenced by the long-term investment perspective of social security funds, which allows for more strategic considerations in investment decisions [6][8]. - The company aims to create a stable net value curve through a disciplined investment philosophy [8]. Market Outlook - The company views the Chinese capital market as fundamentally strong, with potential for significant foreign investment inflows in the future [13]. - The article highlights the importance of the external environment and domestic policies in shaping market conditions, with a focus on sectors like consumer and real estate [13]. Sector Focus - The company maintains a positive outlook on the non-ferrous metals sector, citing favorable supply-demand dynamics and reasonable valuations [14]. - Financial stocks are seen as having recovery potential, while technology stocks may face volatility due to external influences [14]. New Fund Launch - The upcoming Silver Hua Xin He Mixed Securities Investment Fund will feature an innovative floating management fee structure, aiming for stable returns and long-term investor relationships [10][11]. - The new fund will also include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities [12].

Core Viewpoint - The A-share market has shown significant structural trends in 2023, with the Shanghai Composite Index breaking through 3800 points in August, leading to accelerated rotation of market hotspots and fluctuations among various sectors [2] Fund Performance - Fund manager Hu Zhongyuan has consistently ranked in the top ten for all mixed funds he manages over the past 1, 3, and 5 years, with specific funds achieving first place in their categories [2][3] - The Huashang Runfeng Flexible Allocation Mixed A fund has achieved impressive returns of 146.96%, 193.05%, and 332.42% over the past 1, 5, and 7 years, respectively, ranking in the top ten of its category [5][6] - The Huashang Yuanheng Flexible Allocation Mixed A fund has also shown strong performance, with returns of 132.57%, 200.52%, and 297.54% over the same periods, ranking in the top 1% of its category [5][6] Investment Philosophy - Hu Zhongyuan's investment philosophy prioritizes the risk-reward ratio, focusing on industry comparisons and minimizing alpha in stock selection while adhering to a dual diversification principle in portfolio management [4] - His investment framework is based on industry cycles and win rates, selecting industries with clear upward trends in revenue and profit for allocation [6][8] Market Strategy - Hu Zhongyuan has successfully executed multiple industry switches, such as moving from liquor and pharmaceuticals to coal and pork in 2021, and from new energy to consumer sectors in 2022, demonstrating effective market timing [6][7] - He emphasizes a diversified management approach, balancing high-growth sectors with stable defensive sectors to mitigate overall portfolio volatility [7][8] Future Outlook - Hu Zhongyuan maintains an optimistic outlook for the A-share market in 2025, driven by policy support and liquidity easing, which are expected to lead to a long-term valuation recovery [10] - Key investment areas include artificial intelligence, communication, electronics, and the evolving Chinese pharmaceutical sector, reflecting positive changes in consumer behavior and innovation capabilities [10]

Group 1 - The A-share market has shown significant structural trends this year, with the Shanghai Composite Index breaking through 3800 points in August, followed by accelerated rotation of market hotspots and fluctuating performance across sectors [1] - Despite the complexity of the market, it serves as a test for fund managers' abilities, with Hu Zhongyuan from Huashang Fund being highlighted for maintaining a steady upward performance curve [1] - Hu Zhongyuan's managed mixed funds have ranked in the top ten of their category over the past 1, 3, and 5 years, with specific funds achieving first place in their respective categories [1] Group 2 - Hu Zhongyuan's investment philosophy prioritizes the risk-reward ratio, focusing on industry comparisons and minimizing alpha in stock selection while adhering to a dual diversification principle in portfolio management [3] - The Huashang Runfeng Flexible Allocation Mixed A fund has achieved impressive returns of 146.96% over the past year, 193.05% over five years, and 332.42% over seven years, consistently ranking among the top funds in its category [3][5] - Hu Zhongyuan's management of the Huashang Yuanheng Flexible Allocation Mixed A fund has also resulted in significant returns, with 132.57% over the past year and 200.52% over five years, placing it in the top 1% of its category [3][5] Group 3 - Hu Zhongyuan emphasizes a diversified approach in portfolio construction, controlling the holding ratio of any single sector and spreading investments across various stages of the industry chain to mitigate concentration risks [7] - His strategy of combining high-growth sectors with stable defensive sectors helps to balance overall portfolio volatility, enhancing the investment experience [7] - Hu Zhongyuan's success is attributed to his deep understanding of industries and markets, focusing on fundamental research rather than short-term market fluctuations [7][8] Group 4 - Hu Zhongyuan's background in bond trading has instilled a strong focus on controlling downside risks, ensuring that every investment has sufficient potential returns to cover associated risks [9][10] - His extensive research covers over 30 major industries and more than 100 sub-sectors, allowing him to adapt to market changes effectively [9] - Hu Zhongyuan's dual expertise in both equity and fixed income markets enables him to flexibly manage investment strategies across asset classes [10] Group 5 - Looking ahead, Hu Zhongyuan is optimistic about the A-share market in 2025, driven by a combination of policy support and liquidity easing, which is expected to lead to a long-term valuation recovery [10] - Key investment opportunities are identified in sectors such as artificial intelligence, communications, electronics, and healthcare, driven by ongoing industry developments and demographic changes [10]

Core Viewpoint - The A-share market has shown significant structural trends in 2023, with the Shanghai Composite Index breaking through 3800 points in August, leading to accelerated rotation of market hotspots and fluctuating performances across sectors [1] Fund Performance - Hu Zhongyuan, a fund manager at Huashang Fund, has consistently ranked in the top ten for all mixed funds he manages over the past 1, 3, and 5 years, demonstrating strong market understanding and asset allocation skills [1][2] - Specific fund performances include: - Huashang Shuangyi Balanced Mixed A ranked 1st in its category for 1, 3, and 5 years [2] - Huashang Runfeng Flexible Allocation Mixed C ranked 1st over 5 years and in the top five for 1 and 3 years [2] Investment Philosophy - Hu Zhongyuan's investment philosophy prioritizes the risk-reward ratio, focusing on industry comparisons and minimizing alpha in stock selection while adhering to a dual diversification principle in portfolio management [3] - His managed funds, such as Huashang Runfeng Flexible Allocation Mixed A, have achieved significant returns since he took over in March 2019, with 1-year, 5-year, and 7-year returns of 146.96%, 193.05%, and 332.42% respectively [3][4] Investment Strategy - Hu Zhongyuan emphasizes a framework based on industry cycles and win rates, selecting industries with clear upward trends in revenue and profit for allocation [5] - He has successfully executed multiple industry switches, such as moving from liquor and pharmaceuticals to coal and consumer sectors, which have contributed to excess returns [5][6] - His strategy includes a dual approach of "industry diversification + stock diversification," which helps mitigate overall portfolio volatility [6] Market Outlook - Looking ahead, Hu Zhongyuan is optimistic about the A-share market in 2025, driven by a combination of policy support and liquidity easing, which he believes will lead to a long-term valuation recovery [8] - Key investment areas include artificial intelligence, communication, electronics, and the evolving Chinese pharmaceutical sector, which are expected to present new opportunities [8]

Core Viewpoint - The article emphasizes the importance of utilizing convertible bonds (CBs) as a strategic investment tool, focusing on risk-reward analysis based on the characteristics of the underlying stocks. The investment philosophy is centered around maintaining a balanced risk-return profile while capitalizing on market inefficiencies and price discrepancies in CBs [2][3][20]. Group 1: Investment Philosophy - The investment approach prioritizes a risk-reward ratio that does not overly depend on future predictions, acknowledging the inherent uncertainties in the market [2][11]. - The strategy involves adjusting the allocation between stocks and CBs based on their relative valuations, aiming to enhance the overall risk-return profile of the portfolio [3][19]. - The philosophy of "not losing is winning" is highlighted, indicating a focus on preserving capital while seeking opportunities for growth [5][12]. Group 2: Timing and Selection - Timing decisions are made based on the relative valuation of CBs compared to stocks, with a preference for increasing CB exposure when they are undervalued [17][18]. - The selection of individual CBs is based on a detailed analysis of four factors: CB price, premium rate, and the characteristics of the underlying stock and industry [20][21]. - The article notes that high-potential opportunities typically arise during market downturns, allowing for strategic left-side investments [3][24]. Group 3: Performance Metrics - The performance of the managed fund, 中银产业债A, has shown a significant outperformance with a 9.31% return over the past year compared to a benchmark of 2.36%, indicating effective management and strategy execution [2]. - The article provides specific performance data for various funds managed, showcasing consistent rankings in the top quartile among peers, particularly during different market conditions [14][48]. Group 4: Market Conditions and Adjustments - The investment strategy adapts to changing market conditions, with a focus on maintaining a balanced exposure to both stocks and CBs based on their respective valuations [30][31]. - The article discusses the importance of liquidity management and the avoidance of excessive exposure to liquidity risks, especially during market downturns [42]. Group 5: Long-term Perspective - The long-term investment philosophy is rooted in the understanding that the valuation at the time of purchase significantly impacts future returns, advocating for a focus on undervalued assets [45][43]. - The article concludes with a reminder of the unpredictable nature of markets, emphasizing the need for a disciplined approach to investment management that prioritizes risk control and capital preservation [46][47].

Report Core View - The highest level of cognition and ability in futures trading is to understand the essence, follow the trend, and obtain the maximum results at the minimum cost, transforming from a "fighter" to a "strategist" [2] - Traders should learn continuously, keep an open mind, and draw wisdom, not being confined to their own opinions or superstitious about a single technical indicator or trading system [3] - The core of "subduing the enemy without fighting" is the establishment and application of "momentum", which means following the market trend in futures trading and making decisions based on risk - return assessment [4][5] Summary by Related Content Comparison between Ordinary Traders and High - level Traders - Ordinary traders are like inexperienced generals, believing in the power of "fighting", frequently trading, and facing high costs and risks. Some even go all - out to recover losses and end up with total failure [3] - High - level traders are like Han Xin, willing to learn from others, waiting for the right "momentum" in the market, and making trades based on sufficient research and strict discipline [3][4] Establishment and Application of "Momentum" in Trading - In futures trading, when the long - term trend is established, the moving average system diverges upward, the fundamentals are strong, and market sentiment is optimistic, traders should follow the trend and let profits run [4] - When the trend is unclear or in a short - term pattern, forcing a long position is against the "momentum" and will be punished by the market. Traders should wait for the right opportunity [4] Risk - Return Assessment in Trading - Before each trade, traders should assess the upside potential, downside risk, and probability of success. If the risk - return ratio is not good, they can choose not to trade [5] - When there is a floating profit in the account, traders should decide whether to hold or close the position based on the trend, fundamentals, and market sentiment [5]

Core Viewpoint - The recent strong performance of the A-share market is attributed to long-term valuation compression and the potential for valuation recovery, which has been building up over the past few years [1] Investment Philosophy - The investment philosophy emphasizes "value anchoring and going with the trend," focusing on maintaining a balanced portfolio while adhering to low valuation assets for a more "secure" investment approach [1][5] - The strategy involves a flexible adjustment to market conditions, allowing for rebalancing of positions and combinations based on market dynamics [7] Investment Strategy - The preferred investment model is to focus on low-valuation assets, reflecting a preference for a stable investment style [5] - The approach includes diversified sector allocation and holding assets at different valuation realization stages, rather than concentrating on a single high-risk investment [5] - The focus is on capturing valuation recovery rather than speculative valuation expansion, with a keen eye on risk-reward ratios and certainty [5][6] Market Outlook - The investment outlook remains positive across multiple sectors, including innovative pharmaceuticals, technology, cyclical industries, automotive, and public utilities [10][11] - The innovative pharmaceutical sector is particularly highlighted as a promising area, with expectations for domestic companies to transition from following to leading innovation [10] - The AI sector is noted for its potential, especially in computing power and humanoid robotics, which are expected to become significant markets [11] Sector-Specific Insights - In advanced manufacturing, the shift towards higher value chain segments is seen as crucial for enhancing competitiveness and market returns [11] - The cyclical sector, particularly energy and chemicals, is anticipated to see price stabilization and growth potential due to favorable market conditions [11] - In the automotive sector, the focus is on identifying companies undergoing deep reforms or new product cycles, with an emphasis on smart and robotic trends [11] - The public utilities sector is viewed as presenting medium to long-term investment opportunities due to currently reasonable valuations and expected growth in electricity demand [11] Conclusion - Overall, the A-share market is expected to witness a maturation of shareholder return and market value management systems, with a focus on identifying undervalued assets that show potential for fundamental improvement [12]

Core Viewpoint - Dividend assets serve as a dual-purpose investment, providing both growth potential akin to stocks and stable income similar to bonds, making them an effective balancing tool in investment portfolios [1]. Group 1: Dividend Assets Characteristics - Dividend assets are rooted in sectors closely tied to economic cycles, such as coal, petrochemicals, and finance, exhibiting strong stock-like characteristics while also offering regular dividends [1]. - The unique cross-asset nature of dividend assets allows them to effectively reduce overall portfolio volatility while potentially enhancing returns, achieving a surprising effect of 1+1>2 in holding experience [1]. Group 2: Performance with Other Assets - The "Dividend + Gold" combination effectively controls maximum drawdown while improving the risk-return ratio, especially beneficial during periods of gold market downturns [1][2]. - The "Dividend + Commodity" strategy enhances returns, risk-return ratios, and reduces maximum drawdown compared to holding commodities alone, demonstrating resilience during market downturns [5]. - The "Dividend + Bond" approach offers higher long-term compound return potential with limited increase in maximum drawdown, providing strong inflation resistance [8]. - The "Dividend + Growth" strategy lowers volatility and maximum drawdown while maintaining the elasticity of growth assets, thus improving the risk-return ratio [10]. Group 3: Investment Tools - The E Fund (515180), tracking the CSI Dividend Index, is highlighted as a low-fee quality option for investors seeking to allocate to A-share dividend products [12].