Core Viewpoint - The article highlights the investment strategy of Shen Kun, a fund manager who emphasizes balanced investment and risk control while pursuing quality growth and reasonable valuations [4][9]. Investment Strategy - Shen Kun adopts a GARP (Growth at a Reasonable Price) investment strategy, focusing on selecting growth companies that are reasonably valued or undervalued [4][9]. - The investment approach involves a balanced allocation across multiple industries, such as computing power, consumer electronics, new consumption, and lithium batteries, to mitigate risks associated with over-concentration in a single sector [6][9]. - The fund manager emphasizes the importance of holding quality growth stocks and avoiding chasing market trends, which can lead to poor performance [5][9]. Performance Metrics - Shen Kun's fund, the Fuanda Advantage Growth Mixed Fund, has achieved over 90% returns in the past year, attributed to a forward-looking approach in selecting individual stocks [7]. - The maximum drawdown for the funds managed by Shen Kun has remained below 20% over the past year, showcasing effective risk management [9]. Market Outlook - The article discusses the positive performance of Chinese assets in 2023, driven by advancements in technology and increased government support for the capital market [11]. - Shen Kun believes that the AI sector is poised to lead the fourth industrial revolution, presenting numerous investment opportunities in the coming years [11].

Core Viewpoint - The article highlights the investment philosophy and strategies of Guo Kun, a balanced growth-style fund manager, who focuses on long-term sustainable excess returns through industry diversification and selective growth stock picking [1][3][8]. Investment Strategy - Guo Kun employs a "balanced investment style" that does not require precise market timing or sector rotation, making it suitable for ordinary investors [1][10]. - His investment framework consists of three layers: position management, asset and industry allocation, and internal comparisons within growth sectors [8][9]. - The core of his strategy is to maintain a stable position around 85%, adjusting only slightly in extreme market conditions [8]. Performance Metrics - Historical data shows that Guo Kun's managed portfolios consistently rank in the top 30%-40% of the market, with some periods in the top 10% [1][10]. - Over the past five years, funds like Changsheng Manufacturing Select have achieved net value growth rates between 10%-20%, outperforming most short-term champions [1][10]. Market Outlook - Guo Kun holds an optimistic view of the market towards 2025, identifying AI and innovative pharmaceuticals as key investment areas [2][11]. - He believes the current bull market is driven by a solid economic foundation, ongoing liquidity, and strong industrial momentum, particularly in AI [11][12]. Sector Focus - The focus on AI encompasses various sectors, including communications, electronics, media, and computing, with an emphasis on applications rather than just upstream capabilities [12]. - The innovative pharmaceutical sector is highlighted as a strong performer, with significant growth potential despite recent price increases [13]. Team Collaboration - Guo Kun emphasizes the importance of team collaboration in enhancing research capabilities, implementing a multi-tiered research discussion system to keep information current [7][4]. - The team’s synergy has led to the identification of high-quality stocks across various sectors, contributing to the overall success of the investment strategy [6][4].

堃式风格基本面投资成行 作为一名偏成长风格的均衡派基金经理，郭堃的投资实力建立在十多年的投研积淀与持续进化的能力 圈之上。 近年来，随着 A 股结构性行情持续演绎，市场上涌现出越来越多的赛道型基金经理。他们通过集中 押注一两个高景气度赛道，获取行业贝塔，短期业绩极具爆发力。 郭堃则是一名偏成长风格的均衡派选手，他凭借十多年的投研积淀，以行业均衡为盾，以成长精选为 矛，在稳健中追求长期可持续的超额收益。 历史数据显示，郭堃管理的组合每年业绩不冒尖亦不落后，排名相对稳定，每年差时也位于市场前 30%-40% 之间，好的时候在前 10% 。积小胜为大胜，稳定累积的复利效应显著。以长盛制造精 选为代表的多只基金五年净值增长率稳居 10%-20% 分位，跑赢大部分短期冠军。 这就像是 " 马拉松选手 " 的验证：单年冠军常有，而十年王者罕见。他的目标是让持有者每个阶段 都不太难受，五年后回头发现已领先大多数人。 在郭堃看来，对于缺乏专业能力的普通投资者而言，均衡投资风格的产品无需预判市场风格或行业轮 动，不用精准择时，可以避免 " 暴涨暴跌 " 冲击，长期持有体验优化，更适合作为 " 压舱石 " 配 置。 站在 202 ...

Core Viewpoint - The A-share market has been rising steadily in the second half of the year, with the Shanghai Composite Index surpassing 3,800 points and trading volume exceeding 3 trillion yuan, indicating potential opportunities for equity asset allocation [1] Group 1: Fund Launch and Management - The招商均衡优选混合型证券投资基金 (Fund Code: 024027) officially launched on September 2, aiming for long-term net value growth by capturing investment opportunities during the economic recovery [1] - The fund's proposed manager, 吴潇, has nearly 12 years of investment research experience and over 8 years in product investment management, currently serving as the Director of Multi-Asset Investment Management at 招商基金 [2][3] Group 2: Investment Strategy - 吴潇 emphasizes managing portfolio volatility, focusing on balancing market, industry, style, and individual stock volatility to achieve smoother overall portfolio performance and better risk-adjusted returns [2][3] - The investment framework includes pricing and dynamic rebalancing, assessing asset pricing based on macroeconomic, policy, and geopolitical factors over a 3-5 year horizon [3] Group 3: Market Outlook and Investment Opportunities - The economic outlook is positive, with supportive policies and a resilient GDP expected in the first half of 2025, leading to a favorable environment for equity asset allocation [4] - Key investment opportunities identified include: - **Dividend Stocks**: Long-term performance is expected to improve due to increasing demand for wealth allocation [4] - **Technology**: Growth in global computing power and AI applications presents significant investment opportunities [5] - **Consumer Sector**: Valuations are at historical lows, with new consumption trends emerging [5] - **Pharmaceuticals**: Supportive policies for healthcare and rapid growth in innovative drugs highlight investment potential in this sector [5]

Core Insights - The public fund industry in China is witnessing a significant presence of experienced fund managers who have been in the industry for over ten years, demonstrating robust performance and investment capabilities across market cycles [1][2] - These seasoned managers embody a long-term investment culture supported by a systematic and platform-based research and investment ecosystem, which includes talent cultivation, collaborative platforms, and incentive designs aligned with investor interests [1][3] Group 1: Long-term Investment Strategies - The emergence of "double ten" fund managers, who have over ten years of experience and an annualized return exceeding 10%, highlights the effectiveness of long-term investment strategies in the public fund sector [1][2] - Value-oriented fund managers focus on undervalued assets and prioritize intrinsic value and safety margins, particularly in traditional sectors like finance and utilities, emphasizing the importance of low valuations for long-term returns [2][3] - Growth-oriented fund managers target high-growth sectors such as technology and renewable energy, utilizing independent and forward-thinking investment approaches to navigate market style shifts successfully [2][3] Group 2: Talent Development and Team Structure - Fund companies are increasingly investing in cultivating their research and investment talent, establishing clear growth paths from junior to senior roles to ensure alignment with corporate culture and long-term investment philosophies [4][5] - A systematic approach to talent development, including mentorship programs and collaborative management structures, is being adopted to foster a culture of shared growth and innovation within investment teams [4][5] Group 3: Performance Evaluation and Incentives - The industry consensus is shifting towards long-term performance evaluation mechanisms that prioritize multi-year performance metrics and incorporate non-financial indicators to enhance the focus on sustainable investment outcomes [5][6] - Fund companies are implementing compensation structures that tie performance incentives to long-term results, ensuring that fund managers are aligned with the interests of investors over extended periods [6][7] - The emphasis on long-term evaluation is complemented by mechanisms that allow for flexibility in assessing fund managers' performance during market mismatches, promoting stability in investment strategies [6][7] Group 4: Industry Development and Challenges - The public fund industry is transitioning from rapid growth to a focus on high-quality development, emphasizing investor interests, core research capabilities, and improved performance evaluation mechanisms [7][8] - The industry faces challenges such as significant short-term performance volatility and the need for enhanced investor satisfaction, necessitating a shift towards sustainable growth and responsible investment practices [7][8]

Core Insights - The active management equity funds are experiencing a strong recovery in returns, with 95% achieving positive returns and an average return exceeding 15% as of August 7, 2025 [1][2] - The pharmaceutical sector has emerged as the biggest winner, with four funds doubling their returns, all focused on this industry [3] Fund Performance - As of August 7, 2025, the average return for over 4,500 active equity funds is 15.03%, while more than 93% of over 2,500 stock index funds have positive returns averaging 11.8% [2] - Active equity funds have outperformed major indices like CSI 300 (4.6%) and CSI 500 (10.6%) after three years of underperformance [2] Fund Manager Dynamics - There are 90 active equity fund managers managing over 10 billion yuan, with Zhang Kun from E Fund leading at over 50 billion yuan [5][6] - Among these managers, 86 have achieved positive returns, with the average return for those managing over 30 billion yuan being 9.8%, which is lower than the average of the top 90 managers [6] Sector Focus - The four funds that doubled their returns are primarily invested in the pharmaceutical sector, including Changcheng Pharmaceutical Industry Selection and Huashan Pharmaceutical Biotechnology [3] - The top-performing managers, Zhang Wei and Zhang Lu, have focused on themes like innovative drugs and robotics, contributing to their high returns of 65.8% and 53.4% respectively [8] Underperforming Funds - Despite the overall positive trend, 228 active equity funds reported negative returns, with the worst performer, Qianhai Kaiyuan AI A, showing a return of -18.5% [3] - Wang Mingxu from GF Fund has seen 7 out of 8 funds underperform, with a bottom return of -7.4% [8][9] Investor Sentiment - Although the A-share market has been rising, investor confidence in active equity funds remains low, with a significant reduction in total shares of active equity funds by approximately 198.24 billion shares in the first half of 2025 [3]