Core Insights - "Junsheng Junten No.1" achieved the second place in the profit category of the trading competition, led by investment manager Yang Zhicheng, due to excellent performance and robust risk control [1] - The product employs a subjective trend strategy based on in-depth industry research, focusing on long positions in strong fundamentals and short positions in weak fundamentals [2] Performance and Strategy - Since its inception on September 6, 2024, "Junsheng Junten No.1" has maintained a drawdown rate below 20%, attributed to investor recognition and accumulated returns [2] - The product covers all varieties but primarily focuses on seven to eight key varieties for trading opportunities, utilizing a clear identification system based on fundamental direction and technical timing [2] Team Dynamics and Risk Management - The team has a mature mechanism for handling internal disagreements, emphasizing calmness and thorough review to identify potential flaws [3] - The core principles include a focus on fundamental research, trend-following, and dynamic position management, with a strict approach to stop-loss measures [3] - Detailed capital management guidelines are in place, prioritizing the significance of building positions when the product net value is at 1 and ensuring that position sizes match net value [3] Personal Insights and Advice - Yang Zhicheng views futures investment as both a career and a means to achieve personal value, emphasizing the importance of helping others preserve and grow their wealth [4] - A key piece of advice for new traders is to reduce trading frequency, as many losses stem from excessive trading [4]

Core Viewpoint - Guanshi Fund, established in 2022, focuses on macro hedging strategies and aims to create long-term sustainable wealth for clients through in-depth analysis of global political and economic trends [1][5]. Company Overview - Guanshi Fund has achieved significant performance, with its "Guanshi Zhaojin Growth No. 1 A-Class Share" yielding ***% in the first half of 2025 and ranking first in net value innovation among futures and derivatives strategies [2]. - As of May 31, 2025, Guanshi Fund's products have an average return of ***% over the past three years, placing it at the top of the private equity rankings [2]. Investment Strategy - The fund employs a flexible approach using stocks, commodities, and bonds, dynamically adjusting its strategies across assets and cycles to enhance adaptability [5]. - The strategy focuses on capturing macroeconomic trends and absolute returns through a combination of macro β and α [5]. Development History - Guanshi Fund was established in January 2022 and completed its registration with the China Securities Investment Fund Industry Association in March 2022 [6]. - By June 2025, the fund's management scale surpassed 1 billion RMB [6]. Core Team - The core team consists of experienced professionals from state-owned banks, possessing extensive backgrounds in investment research and risk management [7][9]. - The founder, He Guojian, has over 20 years of financial experience and has consistently achieved positive returns in macro hedging strategies for five consecutive years [9]. Competitive Advantages - The fund has a mature strategy system based on solid macroeconomic analysis, allowing for a balanced strategic framework [13]. - The team has demonstrated strong market adaptability, successfully navigating multiple market cycles and achieving profits during adverse conditions [15]. - A rigorous risk management framework is in place, ensuring asset safety through comprehensive risk control measures [16]. Product Lines - The macro hedging strategy aims to identify price imbalances in financial assets across multiple markets and industries, capturing global economic discrepancies [17]. - The fund offers various products, including "Guanshi Family No. 2" and "Guanshi Zhaojin Growth No. 1," which focus on different market conditions and investment opportunities [18][20].