导读：近日，在点拾投资举办的"主动权益的回归"线下论坛上，多位业内主动权益的大咖分享精彩观点，探讨主动权益如何创造超额收益。 在本次论坛的主题对话环节，华安基金副总经理\首席投资官翁启森与点拾投资创始人人朱昂做了一场对谈：如何打造具有超额收益的主动权 益团队。 翁启森是华安基金主动权益平台的"架构师"。他很早就开始打造基于平台的超额收益能力，也懂得在基金经理低迷期对他们呵护包容。"过去 七八年，我每次和翁总交流，都能给我带来深刻的启发"，朱昂表示。 以下，先分享一些来自翁总的对谈"金句"： 1. 我认为一个大的时代背景是，迎来了多元理财的时代 2. 把优秀人才身上最大的闪光点擦亮，并且反映在他的投资组合上 3. 我一直认为，一个投研平台最重要的是一个学习型组织，能够把每个人最擅长的武器拿出来，但也可以彼此纵深讨论，这样才能达到宽度和 深度的能力 4. 当许多产业开始跨学科后，没有人能通过一把完美的武器擅长一个复合产业了 5. 我觉得只有让投资者感觉舒服、简单、满足自己风险收益比的投资，才是最重要的 朱昂：过去几年，我们看到主动权益规模被指数ETF超越，许多人会说中国未来会进入被动化的时代，您怎么看这个问题，主 ...

Core Viewpoint - The forum discussed how active equity can create excess returns, with insights from prominent fund managers on investment strategies in various sectors, particularly focusing on the cyclical growth opportunities in the energy metals sector and the evolving demand in the lithium battery supply chain [1][2]. Group 1: Investment Strategies - Zhao Longlong emphasized the importance of supply-demand dynamics in identifying cyclical growth opportunities, particularly in the energy metals sector, where he noted a significant increase in physical consumption despite recent profitability challenges for some companies [1][5]. - The investment approach is simplified to supply-demand research, highlighting that while supply has been constrained due to low capital expenditure, demand has shifted significantly towards electric vehicles and renewable energy [5][8]. - The characteristics of companies that can navigate manufacturing cycles include having vision, capability, and the ability to keep pace with technological advancements [6][7]. Group 2: Market Outlook - Looking ahead to 2026, Zhao Longlong identified four key areas of focus: upstream resource products, manufacturing overseas, potential explosive AI applications, and a revaluation of the new energy sector [2][10][11]. - The lithium battery supply chain is expected to recover, with demand from energy storage likely to surpass that from electric vehicles in the coming years, marking a significant shift in the market [8][11]. - The energy metals sector is viewed positively due to limited new capacity additions and increasing demand, particularly in the context of electric vehicles and renewable energy [5][8].

Core Insights - The article discusses the successful launch of the "Fund Manager 100 Series High-End Interviews" offline forum, which aims to enhance understanding of fund managers and their investment logic to help achieve wealth preservation and growth [1][2]. Group 1: Event Overview - The first offline forum took place on October 22, 2025, receiving positive feedback after interviewing over 600 fund managers [1]. - The second offline forum, titled "The Return of Active Equity," is scheduled for January 29, focusing on the current structural market trends and active equity [1][2]. - The event features high-profile guest speakers from leading fund management firms, including CIOs and fund managers known for their long-term performance [1][2]. Group 2: Forum Format and Agenda - The forum adopts a closed-door discussion format without keynote speeches, aiming to spark insightful conversations about fund managers' excess return capabilities [2]. - A partner from Zero City Investment will present quantitative insights on identifying fund managers with excess return potential, supported by specialized data charts [2][6]. - The agenda includes discussions on growth as a primary alpha source in A-shares and comparisons between growth and value investing [5][6]. Group 3: Participation Details - The event is free and primarily invites institutional investors, banks, and brokerage channels, with limited spots available on a first-come, first-served basis [2][9].

Market Overview - The A-share market has shown a strong start in 2026, with the Shanghai Composite Index achieving a 17-day winning streak and trading volume exceeding 3.64 trillion [1] - The active equity funds have consistently outperformed broad indices, with the Wind Active Equity Fund Index rising by 33.19% in 2025, significantly surpassing the 17.66% increase of the CSI 300 [1] Fund Performance - Fidelity's active equity funds have outperformed their benchmarks across both short-term and medium-term dimensions, with notable performances including Fidelity Heritage 6-Month A returning 65.71%, exceeding its benchmark by 42.04% [2][3] - Fidelity Heritage A has achieved a return of 59.76% since its inception on April 25, 2023, significantly outperforming its benchmark of 19.87% [2][3] Fund Manager Insights - Fidelity's fund managers, including Zhang Xiaomu, have demonstrated strong performance, with returns exceeding 10% across all managed products in 2026 [8][9] - Zhang Xiaomu's management of Fidelity Heritage has resulted in a 76.90% return over the past year, outperforming the benchmark by over 50% [9] Investment Strategy - Fidelity emphasizes a bottom-up investment approach, focusing on deep research and understanding of companies, which has been a hallmark of its investment philosophy since the era of Peter Lynch [4][19] - The firm has developed a diverse product matrix to meet varying client needs, including flagship, dividend, and growth series products [5][6] Manager Development - Fidelity's rigorous training program for fund managers spans over a decade, ensuring they gain comprehensive industry experience and develop their investment styles [17][18] - The firm employs a unique fund manager academy to facilitate the transition from research to investment, providing practical training and mentorship [17][18]

Core Viewpoint - The A-share market has shown a strong start in 2026, with the Shanghai Composite Index achieving a 17-day winning streak and trading volume exceeding 3.64 trillion. This positive market sentiment is expected to lead active equity funds to outperform broad indices, similar to trends observed in 2015 and 2020 [1]. Summary by Sections Active Equity Fund Performance - Fidelity's active equity funds have consistently outperformed their benchmarks across various time frames. For instance, Fidelity's 6-Month A Fund achieved a return of 65.71%, surpassing its benchmark by 42.04% [2]. - The performance of other funds includes Fidelity's Dividend Select A Fund with a return of 27.39% (15.66% above benchmark) and Fidelity's Low Carbon Growth A Fund with a return of 56.04% (34.96% above benchmark) [2][3]. Fund Performance Metrics - Fidelity's 6-Month A Fund has shown impressive returns across different periods, including 21.57% in the last month and 36.55% over the last six months [3]. - The table below summarizes the performance of various Fidelity funds compared to their benchmarks: | Fund Name | Year-to-Date | Last Year | Since Inception | | --- | --- | --- | --- | | Fidelity 6-Month A | 13.47% | 65.71% | 59.76% | | Fidelity Dividend Select A | 2.83% | 27.39% | 22.32% | | Fidelity Low Carbon Growth A | 8.18% | 56.04% | 56.06% | | Shanghai Composite Index | 2.20% | 24.65% | - | Product Series Overview - Fidelity has developed a diverse product matrix to meet varying client needs, including: 1. **Active Flagship Series**: Represented by Fidelity 6-Month A, suitable for both novice investors and institutions seeking excess returns [5]. 2. **Active Dividend Series**: Focused on lower volatility and maximum drawdown, appealing to risk-averse investors [6]. 3. **Active Growth Series**: Targets investors with a proactive allocation strategy, particularly in growth sectors [6]. Fund Manager Insights - Fidelity's fund managers, such as Zhang Xiaomu, emphasize sustainable growth and thorough research, which has led to significant returns in their managed funds [9][11]. - The investment philosophy includes a focus on high-quality companies with strong competitive advantages, ensuring a balanced risk-reward profile [12][13]. Manager Development and Training - Fidelity's rigorous training program for fund managers spans over a decade, involving extensive industry exposure and mentorship to cultivate a deep understanding of investment strategies [17][19]. - The program includes a unique fund manager academy that provides practical investment experience and theoretical training [18]. Legacy and Investment Philosophy - Fidelity's investment approach, rooted in the teachings of Peter Lynch, emphasizes deep fundamental analysis and a long-term perspective on value creation [20]. This philosophy continues to guide the firm's strategies in the evolving market landscape [21].

Core Insights - The active equity TOP100 fund manager list, created by Dianqi Investment and Zero City Investment, has been published annually for four years, attracting attention from various institutional investors [1] - In 2025, the performance of the active equity fund manager list fell short of the Wind Equity Fund Index, with a return of 32.4% compared to the index's 33.19% [4][5] - The underperformance is attributed to the departure of several growth-style fund managers and the overall market conditions favoring growth factors [5][6] Performance Summary - The active equity TOP100 fund manager list included 76 funds, with a constructed equal-weighted portfolio reflecting real holding experiences [2] - The 2025 performance comparison shows the following returns: - Dianqi & Zero City Active Equity TOP100: 32.4% - Wind Equity Mixed Fund Index: 33.19% - CSI Equity Fund Index: 30.37% [5] - The cumulative excess return over four years remains at 8.39% compared to the Wind Equity Fund Index [5] Reasons for Underperformance - Seven fund managers, primarily from growth styles, left mid-year, significantly impacting the portfolio's performance [5][6] - The year 2025 saw extreme performance differentiation, with many industry funds contributing high returns, while the list only included all-market funds [5][6] - The average management tenure of fund managers in the list is around eight years, with younger managers generally outperforming older ones in a bull market [6] Fund Performance by Style - The performance of various styles in 2025 includes: - Active Equity Growth Style: 46.61% - Active Equity Value Style: 19.78% - Active Equity Balanced Style: 30.98% [8] - The performance of industry-specific funds also outperformed corresponding industry ETFs [9] Notable Fund Managers - Top-performing fund managers in 2025 include: - Du Meng: Morgan Emerging Power Mixed A - 92.51% - Gao Nan: Yongying Kexin Mixed A - 92.30% - Yi Yucheng: Wan Jia Zhen Xuan Mixed A - 66.38% [9][10] Future Outlook - The company anticipates that active equity will continue to perform well in 2026, with fund managers who adapt and strive for alpha likely to gain further market recognition [13]

Core Viewpoint - The article emphasizes the importance of setting a reasonable and scientific performance benchmark for public funds, particularly in the context of the growing scale of the CSI 300 index. It discusses how active equity funds can consistently outperform benchmarks by managing style and industry deviations effectively [1][17]. Group 1: Benchmark and Performance - The CSI 300 index serves as the primary benchmark, composed of various style factors. Active fund managers primarily focus on quality, prosperity, and momentum factors, while dividend and low valuation factors can lead to underperformance when they are strong [1][17]. - The difficulty of beating benchmarks is a common challenge for asset management institutions globally, with only about 50% of active equity funds in A-shares outperforming their benchmarks over the past 20 years [17][18]. Group 2: Style and Industry Deviation - Controlling style deviation is more critical than controlling industry deviation for fund managers aiming to outperform benchmarks. Excessive deviation can significantly impact performance negatively [3][22]. - Successful fund managers tend to exhibit smaller deviations in style and industry, maintaining a balanced approach regardless of market conditions [5][24]. Group 3: Stock Selection and Market Timing - Stock selection is more impactful on performance than industry selection, with a focus on identifying high-potential stocks rather than frequently rotating industries [26]. - Market timing is debated among fund managers, with evidence suggesting that while many lack timing ability, strategic timing can enhance returns during volatile periods [12][34]. Group 4: Risk Management and Strategy - A U-shaped risk convexity strategy is proposed to enhance the risk-return profile of portfolios, emphasizing the importance of managing volatility in equity assets [27][28]. - The relationship between volatility and returns is highlighted, with low volatility stocks often yielding better returns in the A-share market, contrary to the general belief that higher volatility equates to higher returns [9][29]. Group 5: Future Considerations - The article suggests that in the absence of clear industry trends, public funds must balance their strategies to achieve stable excess returns by leveraging combination management approaches [20][21].

Group 1 - The Ministry of Industry and Information Technology of China has released guidelines to promote the development of the satellite communication industry, aiming to create a trillion-level market [2] - The guidelines include 19 measures to expand market access, enhance application scenarios, and foster a robust industry ecosystem [2] - Key reforms focus on supporting low-orbit satellite internet, enabling telecom operators to connect devices directly to satellites, and conducting commercial trials for satellite IoT [2] Group 2 - The A-share market has seen a surge in trading enthusiasm, with the margin financing balance reaching 2.21 trillion yuan, the highest in nearly a decade [3][17] - The increase in margin financing is driven by improved policy expectations and a rebound in market risk appetite, with significant inflows into sectors like electronics and technology [3][17] - The electronics sector has attracted the most margin financing, with a net buy of 612.32 billion yuan [3][17] Group 3 - Nvidia reported a nearly 60% increase in net profit, with Q2 revenue reaching 46.7 billion USD, surpassing market expectations [4] - The company's data center revenue was 41.1 billion USD, also exceeding forecasts, while it announced a 600 billion USD stock buyback [4] - Following the earnings report, Nvidia's stock experienced volatility, initially dropping by 5% before recovering slightly [4] Group 4 - BYD and Geely have surpassed Honda and Nissan in sales for the first time, marking a shift in the global automotive market [8] - The top two positions remain held by Toyota and Volkswagen, with significant changes in the rankings of the remaining eight companies [8] Group 5 - China Life Insurance reported a 6.9% increase in net profit for the first half of 2025, with total revenue of 239.2 billion yuan [9][24] - The company has invested over 150 billion yuan into the stock market during the same period, indicating a strategic shift in its investment approach [9] Group 6 - The pet food industry is experiencing growth, with several companies expanding into this market segment [14] - The upcoming Apple product launch has prompted increased interest from institutions in the related supply chain companies [14] - A favorable policy for satellite communication has led to significant investments from social security funds in six related stocks [14]

Core Viewpoint - The article discusses the recent performance and strategies of Yongying Fund, highlighting its significant growth in the active equity fund sector and its innovative approach to product offerings, particularly the Yongying Smart Selection series, which aims to combine the advantages of active equity and ETF-like tools [2][21][29]. Group 1: Market Performance and Growth - As of August 15, 2025, the Wande偏股混合型基金指数 has achieved a year-to-date increase of 20.48%, outperforming the沪深300指数 [2]. - Yongying Fund's active equity scale increased by 24.476 billion yuan in the first half of 2025, marking a growth rate of over 100%, leading the industry [2]. - The Yongying Smart Selection series has seen a total scale increase of 25.929 billion yuan, indicating that other active equity products have slightly declined in scale [2]. Group 2: Challenges and Strategies - The article notes that the public fund industry is characterized by a "Matthew effect," where the top 10% of funds significantly outperform the remaining 90%, creating challenges for smaller funds [6]. - Yongying Fund has successfully leveraged its strong fixed income background, achieving a scale of over 100 billion yuan in just over two years, with fixed income accounting for 78.64% of its business [6]. - The company has adopted a strategy of recruiting well-known fund managers to enhance its product offerings and scale, with over 90% of its mixed fund managers being externally sourced [10][14]. Group 3: Market Trends and Innovations - The article highlights the shift in investor preferences towards clearer, tool-like products, with Yongying Fund responding by positioning its active equity products similarly to ETFs [21][23]. - Yongying Fund's Smart Selection series aims to provide thematic investment opportunities while maintaining the flexibility of active management, addressing the limitations of traditional ETFs [24][25]. - The fund's approach allows it to capitalize on emerging industries and trends, such as the robotics sector, which has seen significant returns compared to traditional indices [25]. Group 4: Industry Context and Future Outlook - The article emphasizes the increasing difficulty for small public funds to survive in a competitive environment, with many struggling to achieve profitability [26]. - Yongying Fund's ability to adapt and innovate in response to market demands positions it favorably against competitors, suggesting a potential for sustained growth [29]. - The overall trend in the industry indicates a need for differentiation and innovation, as the market moves towards a phase of consolidation and efficiency [29].

Report Industry Investment Rating - The industry is rated as "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [67] Core View of the Report - In 2025, the market is driven by incremental funds from institutional liability - side changes, expected to bring 3 trillion yuan in incremental funds. The upward trend of A - shares will continue in the second half of the year. Active equity products will enter a new golden age, and mid - to high - volatility products are likely to attract incremental funds [5][15] Summary According to the Directory 1. Three Rounds of Market Review Driven by Funds: Individual Stock Era, Group - Holding Era, and Active Management Era - From 2014 - 2015, it was the individual stock era driven by retail investors and leverage. Policy encouraged capital market development, with IPO restart, Shanghai - Hong Kong Stock Connect launch, and liquidity release. Leverage and retail investors drove up market turnover and margin trading. Individual stocks and the index outperformed active equity funds [16][20] - From 2019 - 2021, it was the group - holding era of public funds. Core assets like Maotai Index and Ningzuohe aligned with industrial trends. Public funds had a positive feedback loop of new issuance, pricing power, and performance. Active equity funds outperformed the index, and non - heavy - held stocks by public funds performed the weakest [16][25] - In 2025, it is the active management era. Driven by institutional allocation, active equity funds are emerging, with their median returns comparable to individual stocks and outperforming the index [16] 2. The Rise of Active Management: Difficulty in Achieving Excess Returns through Heavy - Holding and Group - Holding, and Alpha Creation through Stock - Picking Ability - In this round of the market, heavy - held stocks by funds have not obtained significant excess returns. As of July 24, 2025, the top 5 heavy - held stocks by institutions only had a 3% excess return, compared to 75% in 2015 and 84% in 2020 [30][31] - The proportion of A - shares held by funds and the concentration of fund holdings are at a low level in the past five years. The proportion of fund - held market value decreased from 14% in 2021 to 7% - 8% in Q1 2025, and the concentration indicators such as CR100 and CR50 have also declined [34] - Fund heavy - held companies are shifting towards small - and medium - market - capitalization enterprises. The proportion of companies below 30 billion yuan in fund holdings increased from 8% in Q4 2020 to 14% in Q2 2025 [35] 3. Three Factors Resonate to Push up the Bottom Central System of A - shares - In terms of funds, major institutional types in 2025 are expected to bring 3 trillion yuan in incremental funds into the market, including 816.2 billion yuan from insurance, 326.8 - 584.8 billion yuan from wealth management, 939.1 billion yuan from public funds, and 583.3 billion yuan from trusts [42][44] - From the perspective of stock - bond ratio, non - bank funds prefer equity assets. With the decline of broad - spectrum interest rates, the 10 - year Treasury yield cannot meet the return requirements of liabilities. Since the beginning of this year, the scale of fixed - income + funds has expanded significantly, indicating strong demand for equity - like asset allocation [45] - A - share earnings are at the bottom. As of Q1 2025, the year - on - year growth rate of the net profit attributable to the parent of all A - shares (ex - finance) turned positive, mainly due to the low - base effect and cost management. Structural improvement is more worthy of attention [51] 4. Taking Fixed - Income + as an Example, What are the Institutional Preferences? - In terms of strategy selection, in bear markets, low - volatility products have a higher probability of achieving excellent performance, while in bull markets, high - volatility products have a higher probability of achieving excellent performance. In the current market, high - volatility products among the top 20% in performance ranking account for over 60% [54][59] - In terms of fund flow, during the 2019 - 2021 bull market, high - volatility products with excellent performance had a higher probability of net subscriptions. In 2025, funds are still in the transition from bear - market thinking to bull - market thinking, similar to 2019. Mid - to high - volatility products are likely to attract incremental funds [54][59]