● 本报记者 王宇露 曾经的百亿级私募大佬，正在上演资本市场的"王者归来"。在经历了前几年的业绩低谷后，国内老牌私 募机构正迎来新一轮业绩爆发，有的半年收益率突破40%，有的重获募资端青睐。这些穿越多轮市场周 期的私募机构，通过深度价值挖掘和成长赛道布局实现业绩反转。 值得关注的是，不少老牌私募格外注重投研体系的改革建设，展现出与时俱进的战略眼光。展望后市， 在市场回暖背景下，机构普遍看好中国优质资产重估和科技创新带来的机遇。 业内人士表示，有的老牌私募坚持深度价值投资，在低估值蓝筹方向上持续重仓投入；有的偏向景气度 成长投资，人工智能（AI）赋予了其新的机遇。没有一种投资策略可以适应所有的市场环境，每个策 略都有其适合的周期。今年以来各类资产轮番表现，给老牌私募的业绩回暖营造了条件。 此外，在市场环境低迷时，积极推动公司投研体制改革，进行策略和组织的升级，也是老牌私募在积极 探索、持续迭代方面作出的努力。例如，淡水泉投资曾在前几年开始推动投研组织变革，抽调一部分有 经验的基金经理到基础研究部，打造中台的通识能力，成立新兴产业研究院前瞻理解新兴产业方向等。 在今年的交流会上，淡水泉投资表示，过去两年基于不同经 ...

● 本报记者王宇露 曾经的百亿级私募大佬，正在上演资本市场的"王者归来"。在经历了前几年的业绩低谷后，国内老牌私 募机构正迎来新一轮业绩爆发，有的半年收益率突破40%，有的重获募资端青睐。这些穿越多轮市场周 期的私募机构，通过深度价值挖掘和成长赛道布局实现业绩反转。 值得关注的是，不少老牌私募格外注重投研体系的改革建设，展现出与时俱进的战略眼光。展望后市， 在市场回暖背景下，机构普遍看好中国优质资产重估和科技创新带来的机遇。 老牌私募业绩回暖 看好后市结构性机会 展望后市，近期股指持续上行提振市场预期的同时，也引发了短期技术性回调的担忧。 淡水泉投资认为，虽然存在不确定性因素，但政策预期、资金活跃度等支撑市场的关键因素依然稳固， 结构性机会仍是主导。在这样的背景下，可重点关注三类机会。第一，优质中国资产的价值重估。在高 端制造、互联网等领域，存在一批具备全球竞争力的中国头部企业，有望迎来价值重估的机遇。第二， 中国优势产业的全球化。除了具备显著优势的工业制造企业之外，一些消费娱乐行业的优秀公司正将平 价、普惠型的产品推向全球。第三，科技创新。本土芯片设计及制造商有望进一步扩大市场份额，国产 第三方平台数据显示 ...

Core Insights - The core viewpoint of the article is that淡水泉投资 (Fountainhead Investment) is optimistic about the second half of 2025, focusing on three structural investment opportunities: the revaluation of quality Chinese assets, the globalization of advantageous industries, and technological self-sufficiency [2][7]. Market Performance Overview - Since late September last year, risk appetite in the A-share and Hong Kong markets has been rising, with structural opportunities emerging despite limited overall index volatility [3]. - The market has shown a "dumbbell" distribution of investment opportunities, with value dividend assets performing relatively poorly this year, while emerging growth assets have experienced rapid rotation [3]. - Economic indicators show that while government efforts to stabilize growth are ongoing, confidence among businesses and consumers still needs improvement [3]. Global Perspective - The loosening of the "American exceptionalism" narrative may lead to a global capital rebalancing, with investors regaining enthusiasm for stock markets across the U.S., Europe, and emerging markets [4]. - Global fund allocation to Chinese markets has stabilized after a decline since 2021, with future overseas capital inflows dependent on the certainty of China's economic recovery [4]. Investment Gains and Losses -淡水泉 acknowledged capturing investment opportunities in certain areas but also missing some due to strict research criteria [5]. - The firm successfully identified new consumption opportunities with overseas characteristics but missed some domestic demand-driven opportunities due to high weight requirements for overseas exposure [5]. - In the technology sector, the first quarter was driven by AI confidence, while the second quarter saw a return to overseas computing power themes [6]. Structural Investment Opportunities -淡水泉 identified three main structural opportunities for the second half of the year: revaluation of quality Chinese assets, globalization of advantageous industries, and technological self-sufficiency [7]. - The firm also highlighted the importance of marginal improvements in fundamentals and incremental policies as potential catalysts for economic-sensitive assets [7]. Sector-Specific Insights - In the automotive sector, opportunities are concentrated in high-end, intelligent, and export-oriented segments, with domestic brands experiencing a golden period of growth [9]. - The firm sees significant potential in the AI industry, focusing on overseas computing power, domestic computing capabilities, and AI application fields [8]. Conclusion -淡水泉's analysis indicates a cautiously optimistic outlook for the second half of 2025, emphasizing the need for quick responses to external changes while capitalizing on identified structural opportunities [7][8].