Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes a systematic approach to understanding industry attributes, industry cycle stages, and long-term trends before selecting quality growth stocks [1][2]. - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors [2][3]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Fund Launch - A new fund, GF Innovation Growth, is set to launch on November 17, which will dynamically adjust the allocation between traditional and emerging growth to capture excess returns while maintaining industry balance [1][6]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military industry) and "emerging growth" (e.g., robotics, embodied intelligence, satellite internet) [2][5]. - Traditional growth strategies focus on cyclical growth, while emerging growth serves as an offensive tool for capturing future trends [2][3]. Dynamic Allocation - The allocation between traditional and emerging growth is adjusted based on market liquidity and risk appetite, enhancing both offensive and defensive capabilities of the portfolio [3][4]. Industry Rotation - Chen's investment approach involves a systematic method of industry rotation based on industry cycles, focusing on "industry position" and "valuation margins" rather than merely chasing market trends [4][5]. Future Focus Areas - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly emphasized, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [6][7]. Specific Sector Insights - The military industry is highlighted as a high-value sector, while the robotics sector is seen as a major application terminal for AI [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations of early breakthroughs in these technologies [7].

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on growth stocks through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes the importance of understanding industry cycles and long-term trends before selecting quality growth stocks, aiming to optimize buying and selling timing based on industry cycles [1][2]. - The investment framework includes a focus on diverse growth sectors such as technology and manufacturing, moving beyond just TMT (Technology, Media, and Telecommunications) to include areas like military and energy [2]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military) and "emerging growth," with differentiated strategies for each [2][3]. - Traditional growth is approached with a "cyclical growth" mindset, focusing on sectors undergoing industrial changes, while emerging growth serves as an "offensive lever" targeting future trends like robotics and quantum computing [2][5]. Dynamic Portfolio Management - The portfolio management strategy involves dynamically adjusting the allocation between traditional and emerging growth based on market liquidity and risk appetite [3]. - When market conditions are favorable, the allocation to emerging growth increases; conversely, it shifts towards traditional growth during risk-averse periods [3]. Industry Rotation Approach - Chen's investment approach to industry rotation is systematic, focusing on the balance between "industry position" and "valuation margins," rather than merely chasing market trends [4]. - A significant portion of research efforts is dedicated to tracking emerging growth sectors, leveraging insights from industry leaders and global comparisons [4][5]. Forward-Looking Investment Areas - The new fund, GF Innovation Growth, will adopt a balanced growth-oriented strategy, targeting sectors like computing power, storage, and robotics [6]. - Chen identifies opportunities in domestic computing power, which is expected to see increased capital expenditure from cloud service providers, and anticipates a positive cycle in the storage sector [6][7]. Specific Sector Focus - The military sector is highlighted as a key area for investment, with a favorable risk-reward profile [7]. - The robotics sector is viewed as a significant application of AI, with the domestic industry yet to be fully valued [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations for early breakthroughs in solid-state battery applications [7].

在纷繁复杂的资本市场中，成长股投资如同穿越一片幽深的森林，容易让人迷失方向，却也有人能探出 一条清晰的路。广发基金国际业务部基金经理陈韫中，正是这样一位"探路者"——他不仅善于识别哪 些"树苗"有望长成参天大树，更注重判断它们所处的生长阶段，以"传统成长"与"新兴成长"的双轨思 维，构建出一套灵活且具备前瞻性的成长股投资体系。 "我习惯于先对产业属性进行系统思考，厘清行业周期阶段与中长期趋势，再精选优质成长股。"在陈韫 中看来，成长股投资不仅是在不同的细分赛道优选标的，更是在产业周期的基础上把握好买卖节奏。 银河证券统计显示，截至10月31日，由陈韫中管理的广发成长启航A近1年收益率达到88.81%，在1876 只同类基金中排名前3%。11月17日起，拟由陈韫中管理的新基金——广发创新成长开始发行，该产品 将动态调整"传统成长"与"新兴成长"的配置，在保持行业均衡的同时，以捕捉个股超额收益的方式，追 求有锐度的长期回报。 一场关于"成长"的进化 陈韫中对成长股的偏爱，始于对科技产品的好奇心。他是iPhone第一代手机的尝鲜者，至今保持着研究 新兴科技产品的热情。"投资需要好奇心，特别是对于成长板块的机会挖掘， ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on the dual-track approach of "traditional growth" and "emerging growth" in identifying investment opportunities in growth stocks [1][2]. Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, identifying industry cycle stages, and selecting quality growth stocks [1][2]. - The investment framework includes a focus on both traditional growth sectors (like new energy, semiconductors, and military industry) and emerging growth sectors (such as robotics, embodied intelligence, and quantum computing) [2][5]. - The strategy involves dynamic adjustment of the allocation between traditional and emerging growth based on market liquidity and risk appetite [3][4]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen Yunzong achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Sector Focus - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly highlighted, with a focus on both overseas and domestic opportunities, as domestic cloud service providers are expected to significantly increase capital expenditures [6]. Emerging Trends - The article discusses the importance of understanding the lifecycle of growth assets, which typically transition from thematic phases to technological implementation and then to scale expansion [5]. - Solid-state batteries are identified as a critical component for the development of robotics and drones, with expectations for early breakthroughs in this area [7].

Group 1 - The stock market has experienced increased volatility since late October, but growth-style assets remain a key focus for capital, influenced by the Federal Reserve's second interest rate cut of the year and China's "14th Five-Year Plan" emphasizing support for emerging technology sectors [1] - The market is characterized by a structural differentiation, with funds shifting towards specific segments like storage and energy, while previously popular sectors like optical modules are in a consolidation phase [1] - The growth style is overall dominant this year, but leading sub-industries vary at different stages, with technology and energy sectors taking turns in leading performance [1] Group 2 - Chen Yunzhong, a mid-career fund manager with nearly 10 years in the securities industry and over 4 years of investment experience, has achieved significant returns, including a 46.82% return in the Guangfa Small Cap Select A fund, surpassing the benchmark by 36 percentage points [2] - His management strategy involves dividing growth tracks into traditional and emerging growth, focusing on sectors with strong certainty and leveraging top companies to capture industry beta and stock alpha [2] - Traditional growth sectors include "new semi-military" areas such as new energy, semiconductors, and military industry, characterized by mature industry development and specific cycles [2] Group 3 - Emerging growth sectors are in the early stages of industrialization, focusing on technologies like embodied intelligence, new storage and computing, satellite internet, quantum computing, and solid-state batteries, which are also highlighted in the national technology plan [3] - Chen Yunzhong emphasizes the need for tactical trading in these volatile assets, successfully timing entry and exit points to capture upward trends while avoiding significant downturns [3] - Current promising growth directions include computing power, storage, edge innovation, brand internationalization, robotics, satellite internet, and solid-state batteries, with a particular focus on domestic cloud service providers expected to increase capital expenditures significantly in the coming months [3]