Core Viewpoint - The performance of dividend stocks has been lackluster this year, but actively managed funds focusing on dividend opportunities have achieved significant returns, indicating potential investment strategies in the current market environment [1][2]. Group 1: Dividend Stock Performance - As of October 27, the CSI Dividend Index has risen by 6.81% this year, while the ChiNext Index has rebounded over 51% [1]. - Some actively managed funds focusing on dividend stocks have reported returns exceeding 20%, contrasting with the modest gains of mainstream dividend indices [1]. Group 2: Investment Strategies - The fund manager of Guangfa Stable Strategy employs a "subjective + quantitative" dual strategy for dividend investment, adapting strategies based on market conditions [1]. - Guangfa Stable Strategy has achieved a year-to-date return of 24.70%, outperforming the CSI Dividend Index by over 17 percentage points [1]. - The fund's cumulative return since the manager took over on January 4, 2024, is 55%, with an excess return of 31.14% compared to its benchmark [1]. Group 3: Asset Allocation and Style - The fund has increased its equity position and optimized its holdings by adding non-bank financials, non-ferrous metals, and basic chemicals while reducing exposure to banks, pharmaceuticals, and transportation [2]. - There are different styles within dividend strategies, including those focused on past dividends (value stocks) and those targeting future dividend growth potential (growth stocks) [2]. - The current portfolio includes a diverse range of dividend stocks, combining low volatility and growth-oriented assets, suitable for different market conditions [2]. Group 4: Market Conditions and Future Outlook - As the stock market experiences increased volatility, there is a growing demand for "high-cut-low" strategies, making dividend assets appealing for current asset allocation needs [3]. - High dividend assets are now viewed as scarce cash flow assets in a low-interest-rate environment, moving beyond their traditional defensive role [3]. - The fund manager has evolved the dividend strategy to include sectors like non-bank financials, non-ferrous metals, and chemicals, positioning it for future high dividend opportunities [3].

Core Insights - The A-share market has been performing strongly, with major indices rising and trading volumes exceeding 2 trillion yuan on multiple days, while quantitative index products have faced challenges in outperforming the market [2][3] Group 1: Market Performance - The CSI 500 index rose by 3.88% and 3.87% over two weeks, while the CSI 1000 index increased by 4.09% and 3.45% during the same periods [2] - Notably, many quantitative private equity products have reported negative excess returns, with only a few outperforming their respective indices [2][3] Group 2: Shift in Investment Strategies - Investors are increasingly reallocating funds from quantitative products to actively managed equity products, with some private equity managers also increasing their exposure to aggressive active strategies [4] - A survey revealed that individual investors are planning to redeem profits from quantitative products to invest in subjective products, with some reporting significant gains from recent investments [4] Group 3: Performance Comparison - Active equity products have shown remarkable performance, with some private equity products returning nearly 14% and over 10% in net asset value increases during specific periods [3] - Since late June, several private equity products have seen net value increases exceeding 30%, significantly outperforming quantitative products [3] Group 4: Future Trends - The market environment is shifting, with a growing belief that both subjective and quantitative strategies have their advantages, and a trend towards combining both approaches is emerging [8] - The integration of subjective and quantitative strategies may represent a future direction for the asset management industry, as firms seek to leverage the strengths of both methodologies [8]

Core Viewpoint - The article emphasizes the importance of sustained outperformance by fund managers in the A-share market, highlighting the need for true alpha rather than high volatility smart beta. It identifies the "Guangfa Multi-Factor" fund as a standout performer, having outperformed major indices for seven consecutive years, a rarity in the market [1][6]. Fund Performance and Management - Guangfa Multi-Factor, managed by Yang Dong and Tang Xiaobin, has shown a diversified portfolio with a balanced style. Other funds managed by Yang Dong, such as Guangfa Value Navigator and Guangfa Balanced Growth, also reached new net value highs in July [2]. - As of June 30, 2025, Guangfa Multi-Factor achieved an absolute return of 11% in the first half of the year, with a cumulative return of 345.84% since inception and an annualized return of 19.21%. In comparison, the CSI 300 and CSI 800 indices rose by 19.36% and 11.76%, respectively [7]. Investment Strategy - Yang Dong employs a team-based, multi-strategy approach to achieve stable and sustainable excess returns, contrasting with single-manager fund management [3][4]. - The article discusses the significance of "continuity" in investment performance, noting that Guangfa Multi-Factor is one of only two active equity funds that have outperformed major indices consistently over the past seven years [6]. Fund Characteristics - The funds managed by Yang Dong are categorized into two types: core funds aimed at outperforming major indices and style-enhanced funds for more sophisticated investors [9]. - The article outlines the distinct characteristics of the funds, including their investment scope and holding patterns, with Guangfa Multi-Factor focusing on a broad market allocation while other funds target specific sectors [8][9]. Team and Strategy Integration - Yang Dong's team combines subjective and quantitative strategies to enhance investment performance, leveraging both macroeconomic insights and data-driven analysis [21][22]. - The article highlights the unique aspects of Yang Dong's team, including the management of diverse products, the collaborative effort in generating excess returns, and the specialized roles within the team [33]. Market Adaptation - The article notes that Yang Dong's team has demonstrated strong industry allocation capabilities, adjusting their strategies based on market conditions and sector performance [15]. - The funds have shown adaptability in their holdings, with significant changes in top positions reflecting market trends and opportunities [27][29].