Core Viewpoint - The differences in fund contracts between new and old products have led to a significant performance divergence in public funds, particularly influenced by the inclusion of Hong Kong stocks in investment strategies [1][2][4]. Group 1: Performance Impact of Fund Contracts - A-shares funds that have incorporated Hong Kong stock investments into their contracts have significantly outperformed the market, with all top 20 A-share funds achieving over 70% returns year-to-date as of August 10 [3]. - The top-performing funds, established mostly after 2018, allow for up to 50% of their stock positions to be allocated to Hong Kong stocks, which has been a key factor in their success [3]. - Conversely, funds that do not permit Hong Kong stock investments have generally underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [3]. Group 2: Manager Performance and Contract Limitations - Star fund managers have shown a stark performance split between their new and old funds, with new funds performing well while older funds lag behind due to restrictive contracts [5][6]. - Many of these older funds, established between 2004 and 2014, do not include Hong Kong stocks in their investment scope, limiting their ability to adapt to market opportunities [6]. - For instance, fund managers like Wu Yuanyi have seen their newer products, which include Hong Kong stocks, perform significantly better than older products that do not [6]. Group 3: Contract Modification Considerations - Modifying fund contracts to include Hong Kong stocks could address performance disparities, but this approach is contentious and not universally beneficial for all fund managers [7][8]. - Some fund managers express reluctance to modify contracts, citing unfamiliarity with the Hong Kong market and potential risks associated with expanding investment scopes [8]. - The decision to modify contracts often depends on the individual fund manager's expertise and investment strategy, leading some firms to prefer launching new Hong Kong-themed funds instead of altering existing contracts [7][8].

Group 1 - The performance differentiation of public funds is linked to the differences in fund contracts, particularly regarding the inclusion of Hong Kong stock investments [1][3][4] - As of August 10, 2025, the top 20 A-share funds have annual returns exceeding 70%, with over 90% of these funds established after 2018, allowing up to 50% allocation to Hong Kong stocks [2][3] - Funds that do not permit Hong Kong stock investments have significantly underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [2][5] Group 2 - The contribution of Hong Kong stocks to fund performance is also evident in QDII funds, which have shown positive returns, contrasting with the stark performance divide in A-share funds [3][4] - Star fund managers managing both new and old funds exhibit a clear performance gap, with new funds outperforming due to broader investment mandates [4][6] - Modifying fund contracts to include Hong Kong stock investments is seen as a potential solution to performance discrepancies, but there are concerns about whether this approach suits all fund managers [6][7] Group 3 - Some fund managers express reluctance to modify contracts for Hong Kong investments, citing unfamiliarity with the market and potential risks [7] - The variability of Hong Kong market conditions raises questions about the sustainability of high returns achieved by A-share funds with Hong Kong stock allocations [7]

在加仓成长类资产的同时，多个投顾组合借道港股基金捕捉港股市场投资机会。7月29日，工银瑞信指数PLUS策 略组合将天弘恒生科技指数C新增到投资组合中。工银瑞信基金投顾指出，"我们本次调仓增加了恒生科技的配 置，作为看好港股和成长风格的进攻品种。" 而嘉实财富权益甄选组合也于近期增加了对成长风格产品的配置。7月21日，该组合增持广发中小盘精选混合C、 招商中证800指数增强A等产品。嘉实投顾团队称，组合在风格均衡基础上，小幅增加相对低位的成长方向，同时 对同风格基金内部做优化，调出管理人有变动的基金。此外，7月底，工银瑞信指数PLUS策略组合加仓工银创新 动力股票、嘉实互融精选股票C等成长风格产品。 【环球网财经综合报道】随着股市回暖，多个基金投顾组合于近期密集调仓，其中成长风格基金受到青睐。 进一步来讲，8月4日，富国满天星追求收益组合展开调整，加仓华夏价值精选混合、富国稳健增长混合A、金鹰 科技创新股票C等基金，同时减持前海开源金银珠宝混合C、宝盈消费主题混合等基金。此次调仓旨在加仓成长风 格产品以增加组合锐度。 再者，7月28日，银华天玑 - 奔跑狮子座组合大幅增持摩根标普港股通低波红利指数A，持仓比例从 ...

Group 1 - The Hang Seng Index experienced a significant decline from 33,484 points in 2021 to a low of 14,597 points in October 2022, marking a maximum drop of 56%, while the A-share CSI All Share Index fell by 30% during the same period [2] - The recovery of the Hong Kong stock market is attributed to various factors, including the upcoming interest rate cuts by the Federal Reserve in September 2024, which are favorable for RMB-denominated assets [3] - A series of economic stimulus policies have been introduced since 2024, providing stronger policy support compared to previous years [4] Group 2 - The Hong Kong stock market is characterized by institutional investors who typically require visible signs of earnings growth before stock prices increase [5] - In 2023, sectors such as technology and pharmaceuticals in the Hong Kong market began to show signs of earnings recovery, with significant year-on-year growth expected in the first quarter of 2024 to 2025 [6] - Some stocks in the Hong Kong market have experienced a "double boost" scenario of rising profits and valuation increases, with technology and pharmaceutical sectors returning to normal valuations by the end of July 2025 [6]

Company Overview - Shenzhen ZR Investment Co., Ltd. was established in 2015, focusing on subjective long-only equity strategies with a registered capital of 10 million [6][7] - The founder and core fund manager, Wang Zhongyuan, has 32 years of experience, including 9 years in public funds and 10 years in private equity, with a cautious and flexible investment style [6][9] Development History - The company launched its first product "ZR Investment No. 1" in November 2015 and became an observer member of the Asset Management Association of China in May 2018 [7] - By February 2024, the management scale exceeded 500 million [7] Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, aiming for absolute returns while maintaining a low drawdown [10][9] - The strategy includes top-down macro position timing and style rotation, alongside bottom-up selection of growth and value stocks [10][14] Core Advantages - The company boasts a long public performance record of nearly 20 years, with a historical maximum drawdown of only 18% [16][17] - It has achieved positive returns in 9 out of the last 10 years, with an annualized return rate of nearly 17% [18] - The investment approach is diversified, avoiding heavy bets on single industries or stocks, thus capturing sectoral benefits [20] Market Outlook - The company is optimistic about the Hong Kong stock market, which has seen nearly a 20% increase in major indices, driven by new core assets such as high dividend and high repurchase stocks [21] - The macroeconomic environment remains challenging, but the easing monetary policy and demand for asset allocation are expected to support bank-like assets [21][22] Value Creation for Clients - The company assists clients in timing positions to avoid systemic risks, optimizing industry allocations, and controlling drawdowns through diversified investment strategies [22]

Group 1 - The Hong Kong stock market has shown outstanding performance since the beginning of the year, attracting attention from investors [5] - There are specific asset classes within the Hong Kong market that present better allocation advantages for investors [5] Group 2 - The article emphasizes the importance of understanding market dynamics and trends to identify potential investment opportunities [5]

Core Viewpoint - The article highlights the significance of small and high-quality private equity fund managers in the industry, focusing on ZhiRuiXing Investment, which specializes in subjective long positions in stocks and has a strong track record in risk control and absolute returns [8][26]. Company Overview - ZhiRuiXing Investment was established in 2015, with a registered capital of 10 million. It is located in Shenzhen and has become a member of the Asset Management Association of China [8][9]. - The founder and core fund manager, Wang Zhongyuan, has 32 years of experience in the industry, including nearly 20 years of public performance records and has managed public funds exceeding 100 billion [8][12]. Development History - The company launched its first product in November 2015 and became an observation member of the China Fund Industry Association in May 2018. It received investments from Guotai Junan and CICC Wealth in 2019 and 2023, respectively [9][10]. - ZhiRuiXing's management scale surpassed 500 million in February 2024, marking its tenth anniversary in January 2025 [9]. Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, aiming for absolute returns while maintaining a low drawdown. The strategy includes flexible and balanced asset allocation, focusing on both growth and value stocks [14][21]. - The company employs a top-down approach for macro position timing and style rotation, while also conducting bottom-up stock selection to identify "gray horse" stocks with growth potential and valuation appeal [16][17]. Core Team - The core team has over ten years of experience in public funds, securities firms, and private equity, ensuring a robust foundation for investment strategies [11]. Performance Metrics - ZhiRuiXing has achieved positive returns in 9 out of the last 10 years, with an annualized return of nearly 17%, successfully navigating multiple market cycles [22][24]. - The maximum historical drawdown of its products is only 18%, showcasing strong risk management capabilities [21]. Market Outlook - The company is optimistic about the Hong Kong stock market, which has seen nearly a 20% increase in major indices. It anticipates continued interest in core assets such as high-dividend stocks, new consumption, and AI-related sectors [26][28]. - The macroeconomic environment presents challenges, but the development of new industries, particularly in AI, is seen as a critical area for future investment opportunities [28].

Market Differences - The Hong Kong stock market operates under a T+0 trading system, allowing investors to sell stocks on the same day they are purchased, unlike the T+1 system in the A-share market, which requires a day delay [1] - There is no price limit system in the Hong Kong market, leading to greater price volatility, which can result in both high returns and significant losses for investors [1] - The short-selling mechanism in the Hong Kong market allows investors to profit from declining stock prices, contrasting with the A-share market where profits can only be made from rising prices [1] Macroeconomic Policies and International Environment - The Hong Kong stock market is significantly influenced by macroeconomic policies and international factors, being closely tied to the mainland economy and global economic conditions [2] - Changes in mainland policies, such as support for emerging industries, can lead to stock price increases for related companies listed in Hong Kong [2] - Global economic trends, monetary policy adjustments by major economies, and international trade developments can impact the supply-demand dynamics and stock performance in the Hong Kong market [2] Company Fundamentals - In investing in the Hong Kong market, a thorough understanding of company fundamentals is crucial, including revenue, net profit, and asset-liability structure [3] - Companies with strong competitive positions and clear development strategies are more likely to achieve good performance and provide returns to investors [3] - The quality and detail of information disclosure can vary among companies, necessitating additional time and effort for investors to gather and analyze relevant information [3] - Currency risk is a factor, as investments are denominated in Hong Kong dollars, and fluctuations in the exchange rate with the Renminbi can affect investment returns [3] Trading Costs - Trading costs in the Hong Kong market include commissions, stamp duty, and transaction fees, which can vary significantly among brokers [4] - Investors should compare the fee structures of different brokers to minimize trading costs and accurately assess investment costs and expected returns [4]

Group 1 - The Hong Kong securities index rose by 1.1%, while the China Securities Bank Index increased by 0.8%, and both the CSI All Securities Companies Index and the CSI 300 Non-Bank Financial Index saw a rise of 0.2% [1] - The Hong Kong Securities ETF (513090) experienced a net inflow of nearly 4 billion yuan over five consecutive trading days, making it the top-performing stock ETF in the market, with a total size of 22.4 billion yuan [1] - Guangfa Securities expressed optimism regarding the improvement in risk appetite and liquidity in the Hong Kong market, benefiting from increased support for A+H listings, potential repatriation of Chinese concept stocks, and the advancement of the Hong Kong Stock Connect program [1]

Core Viewpoint - The article highlights a series of upcoming live broadcasts hosted by Tian Tian Fund, focusing on various investment topics, including technology competition, Hong Kong stock investments, and automotive industry upgrades. Group 1: Upcoming Live Broadcasts - On August 5, 2023, at 13:30, the theme will be "August Asset Outlook: Bull-Bear Distinction and Yield Allocation Guide," featuring guest Shi Chihao from China Merchants Jinling Fund [4]. - On August 5, 2023, at 14:30, the topic will be "Investment Perspectives on AI Servers under the China-US Technology Competition," with guests He Xiaohan and Ma Yinxie from Beixin Ruifeng Fund [8]. - On August 5, 2023, at 16:00, the discussion will focus on "Unlocking the Underlying Logic of Hong Kong Stock Investment," featuring guest Liu Jing from ICBC Credit Suisse Fund [10]. Group 2: Additional Broadcasts - On August 6, 2023, at 09:30, the theme will be "Development Trends of AGI," with guest Li Bo from Jianxin Fund [13]. - On August 6, 2023, at 10:30, the topic will be "How to Invest in Smart Cars in the Second Half of 2025," featuring guest Wang Zheyu from Hongyi Yuanfang Fund [15]. - On August 6, 2023, at 14:30, the theme will be "Saying Goodbye to Whole Vehicle Competition: Is the Golden Investment Window for Components Open?" with guests Yu Junhua and Ma Yinxie from Beixin Ruifeng Fund [17]. Group 3: Further Insights - On August 7, 2023, at 16:00, the discussion will be on "Resource Dominance: Analysis of the Value of Rare Metal Allocation," featuring guest Shi Baojiao from ICBC Credit Suisse Fund [18]. - On August 8, 2023, at 14:00, the theme will be "Where are the Investment Opportunities in the AI Application Industry?" with guests Cheng Min and Ma Yinxie [20]. - On August 8, 2023, at 15:00, the topic will be "Analyzing High Growth in Emerging Consumer Tracks," featuring guest Wang Jing from Qianhai United Fund [22].