在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军就是其中之一。十余年 淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是一种主动选择，在各类 风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于扎根深度研究提升选股盈利概率，用组合管理 抵御市场波动，在聚焦消费、医药、制造业赛道的同时，持续拓展能力圈边界。 戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总监，现任研究部总监、基金 经理。其管理的大成优选混合(LOF)获第22届基金业金牛奖"五年期开放式混合型持续优胜金牛基金"奖项。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延续一路上行态势，但几周 后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还没写完，就开始跌 了。"回忆起那段经历，戴军依然历历在目。 ...

Core Viewpoint - The 22nd Fund Industry Golden Bull Award results highlight the shift towards high-quality development in the public fund industry, emphasizing long-term performance and investor satisfaction as key themes [1]. Group 1: Fund Manager Insights - Dai Jun, the fund manager at Dacheng Fund, has been recognized for his long-term performance, managing the Dacheng Optimal Mixed Fund, which won the "Five-Year Open Mixed Continuous Excellence Golden Bull Fund" award [2]. - Dai Jun emphasizes a balanced investment approach, advocating for a flexible strategy that adapts to market changes while focusing on deep research to enhance stock selection profitability [2][3]. - His investment philosophy is rooted in the principle of avoiding extremes, combining value and growth styles to achieve resilience in various market conditions [4]. Group 2: Investment Strategy - Dai Jun's investment journey began with challenges, including a significant drawdown exceeding 40% shortly after he started managing funds, which led him to prioritize positive returns [3]. - He has developed a five-tier pricing mechanism for stock valuation, which includes asset pricing, earnings pricing, growth pricing, trend pricing, and bubble pricing, allowing for informed investment decisions [5][6]. - The focus on maintaining a high probability of profitability has resulted in a historical success rate of over 50% for the stocks he has traded [5]. Group 3: Portfolio Management - Dai Jun's portfolio management strategy involves a balanced approach across asset classes, industries, and styles, avoiding single-sided bets and maintaining a diversified portfolio [8][9]. - He primarily invests in consumer, pharmaceutical, and manufacturing sectors, which he believes can consistently create value [9]. - The "358" holding strategy is employed to manage risk and ensure a balance between safety and profitability, allowing for adjustments based on market conditions [10]. Group 4: Future Outlook - Looking ahead, Dai Jun anticipates that the period from 2025 to 2035 will be crucial for industrial upgrades, emphasizing the need for fund managers to enhance their capabilities to navigate complex market environments [11]. - His long-term investment philosophy focuses on maintaining a respectful attitude towards the market, aiming for sustainable returns rather than short-term gains [11].

戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总 监，现任研究部总监、基金经理。其管理的大成优选混合（LOF）获第22届基金业金牛奖"五年期开放 式混合型持续优胜金牛基金"奖项。 在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军 就是其中之一。十余年淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的 老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是 一种主动选择，在各类风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于 扎根深度研究提升选股盈利概率，用组合管理抵御市场波动，在聚焦消费、医药、制造业赛道的同时， 持续拓展能力圈边界。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延 续一路上行态势，但几周后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还 没写完，就开始跌了。"回忆起那段经历，戴军依然历历 ...

Core Viewpoint - E Fund Balanced Select Mixed Fund (025920) has launched its initial offering, featuring a new floating management fee model linked to holding period and annualized return performance, aimed at helping investors navigate market volatility [1] Group 1: Fund Management - The fund will be managed by Yang Jiawen, who has 14 years of experience in the securities industry, including 8 years in investment [1] - Yang Jiawen is known for a balanced investment style and contrarian strategies, focusing on company valuation and future growth potential to identify high-quality companies across various industries [1] - Currently, Yang manages four actively managed equity funds, all of which have outperformed their respective benchmarks during his tenure [1] Group 2: Historical Performance - The longest-managed fund, E Fund Keri, has shown a cumulative net value growth rate of 117.20% since Yang took over in December 2017, significantly outperforming the benchmark return of 22.47% [1] - The annualized return of E Fund Keri is 10.16%, with an annualized volatility of only 16.73% [1] Group 3: Investment Strategy - The A-share market has exhibited significant structural characteristics in recent years, prompting the fund to focus on balancing enterprise value and growth potential [1] - The investment strategy will emphasize both future growth opportunities and valuation assessments to select high-quality targets, aiming for sustainable excess returns while controlling risks [1]

Group 1 - The core viewpoint of the article is the launch of E Fund Balanced Select Mixed Fund (025920), which will adopt a new floating management fee model linked to holding period and annualized return performance [1] - The fund will be managed by Yang Jiawen, who has 14 years of experience in the securities industry, including 8 years in investment, known for a balanced style and contrarian strategy [1] - Yang Jiawen focuses on combining company valuation and future growth potential to identify high-quality companies with cost-effectiveness across various industries, aiming for sustainable excess returns [1] Group 2 - Yang Jiawen currently manages four actively managed equity funds, all of which have outperformed their respective benchmarks during his tenure [1] - For instance, the E Fund Keri, managed by Yang since December 2017, has achieved a cumulative net value growth rate of 117.20% by the end of 2025, significantly outperforming the benchmark return of 22.47% [1] - The fund aims to balance corporate value and growth, focusing on both future growth potential and valuation judgments to select quality investment targets while controlling risks [1]

Core Viewpoint - The newly launched E Fund Balanced Select (025920) introduces a novel floating management fee model linked to the holding period and annualized return performance, aiming to help investors navigate market volatility through balanced investment strategies [1]. Group 1: Fund Structure and Fee Model - The fund employs a floating fee structure based on the holding period and annualized return, with three different management fee rates depending on performance: 1.5% per year for annualized returns exceeding the benchmark by over 6%, 0.6% per year for returns lagging the benchmark by 3% or more, and 1.2% per year for other scenarios [1]. - This differentiated fee structure allows investors to experience a "pay more for more earnings, pay less for less earnings" approach, fostering a shared interest between fund managers and investors [1]. Group 2: Fund Manager Profile - The proposed fund manager, Yang Jiawen, has 14 years of experience in the securities industry, with 8 years in investment, known for a balanced style and contrarian strategies [2]. - Yang manages four active equity funds, with top ten holdings concentrated between 30%-50%, indicating a broad industry coverage and balanced stock allocation [2]. - Historical performance shows that all four funds under Yang's management have outperformed their respective benchmarks, with the longest-managed fund, E Fund Keri, achieving a net value growth rate of 117.20% since December 2017, significantly surpassing the benchmark's 22.47% return [2]. Group 3: Investment Strategy - The fund will focus on balancing corporate value and growth potential, selecting high-quality targets while controlling risks to pursue sustainable excess returns [2].

Core Viewpoint - The launch of the new floating fee rate fund, E Fund Balanced Select (025920), introduces a management fee model linked to the holding period and annualized return, aiming to enhance investor experience and promote long-term investment [1][2]. Group 1: Fund Structure and Fee Model - E Fund Balanced Select (025920) employs a unique floating management fee structure based on the holding period and annualized return, with three different fee rates depending on performance relative to a benchmark [1]. - If the holding period exceeds one year and the annualized return exceeds the benchmark by more than 6%, the management fee is set at 1.5% per year; if the return lags the benchmark by 3% or more, the fee drops to 0.6% per year; in other scenarios, the fee is 1.2% per year [1]. Group 2: Fund Manager Profile - The fund manager, Yang Jiawen, has 14 years of experience in the securities industry, with 8 years specifically in investment, known for a balanced style and contrarian strategy [2]. - Yang manages four active equity funds, with a low concentration in top holdings (30%-50%), indicating a broad industry coverage and balanced stock allocation [2]. Group 3: Historical Performance - Historical performance of Yang's managed funds shows consistent outperformance against benchmarks, with E Fund Keri achieving a net value growth rate of 117.20% since December 2017, significantly exceeding the benchmark return of 22.47% [2]. - The annualized return for E Fund Keri is reported at 10.16%, with an annualized volatility of 16.73%, indicating a stable risk-return profile [2][3]. Group 4: Investment Strategy - The fund will focus on balancing corporate value and growth potential, selecting high-quality targets while managing risks to pursue sustainable excess returns [2].

Core Viewpoint - The article discusses the launch of a new floating fee rate fund, E Fund Balanced Selection (025920), which links management fees to the holding period and annualized return of the investment, aiming to encourage long-term investment and align interests between fund managers and investors [2]. Group 1: Fund Structure and Management - E Fund Balanced Selection (025920) adopts a unique floating management fee model based on the holding period and annualized return, with three different fee rates depending on performance [2][4]. - The fund manager, Yang Jiawen, has 14 years of experience in the securities industry, with 8 years focused on investment, emphasizing a balanced investment style and contrarian strategies [2]. Group 2: Performance and Strategy - Yang Jiawen currently manages four actively managed equity funds, which have a low concentration in top holdings (30%-50%) and a balanced allocation across various sectors [3]. - Historical performance shows that these funds have outperformed their benchmarks, with E Fund Kery's net value growth rate reaching 117.20% since December 2017, significantly exceeding the benchmark's 22.47% return [3]. - The fund will focus on balancing corporate value and growth potential, selecting high-quality targets to pursue sustainable excess returns while managing risks [3].

Core Viewpoint - The article emphasizes the importance of maintaining a balanced investment strategy and the significance of managing drawdowns alongside seeking returns, as articulated by Qian Ruinan, a seasoned fund manager at Huisheng Fund [2][6][12]. Investment Philosophy - Qian Ruinan has developed a systematic investment framework that aligns with his personality, focusing on a balanced approach that combines top-down and bottom-up strategies [8][11]. - The investment strategy prioritizes managing drawdowns, as reducing drawdowns significantly enhances investors' experience [9][12]. Industry and Stock Selection - Qian prefers to maintain a balanced exposure across approximately 10 industries, leveraging sector allocation to achieve excess returns [3][13]. - The focus is on growth sectors, particularly those with high ROE, favorable valuation, and positive market sentiment, such as electronics, electrical equipment, and consumer healthcare [3][14]. - Qian avoids investing in the most expensive stocks and the cheapest stocks, favoring those with reasonable growth prospects and valuations [3][16]. Market Adaptation - The investment approach is adaptable to market cycles, with an emphasis on maintaining a balanced portfolio to avoid extreme exposure to any single sector [20]. - Qian's strategy includes monitoring market conditions, such as valuation levels, policy changes, and fundamental shifts, to make informed investment decisions [11][20]. Future Market Outlook - The outlook for the A-share market remains positive, with expectations of increased liquidity and a broader range of investment opportunities emerging from various sectors, including new energy and technology [22][24]. - Industries such as chemical and energy are highlighted as areas of potential growth due to structural changes and increasing domestic demand [23][24].

Group 1 - The core viewpoint of the articles highlights the resilience of the Chinese economy and the strong performance of the A-share market, with major indices reaching new highs despite external uncertainties [1][4] - The technology sector, particularly AI, has shown significant growth, with the Sci-Tech 50 Index rising over 42% year-to-date, and specific funds achieving remarkable returns, such as a 95.05% yield for a fund managed by the company [2][3] - The innovation drug sector is also emphasized, with increasing transaction volumes and values indicating a transition to a new phase of innovation, despite recent market adjustments [2][3] Group 2 - The cyclical stocks have gained attention due to global market fluctuations, with a fund focused on cyclical stocks achieving over 54% returns year-to-date, driven by monetary easing and domestic economic policies [3][4] - International investors are showing interest in the A-share market, with discussions indicating a potential influx of overseas capital, particularly in high-end manufacturing sectors [4][5] - The company emphasizes a balanced investment approach, focusing on growth potential rather than specific sectors, with attention to demand, supply, technological advancements, and price effects [5][6] Group 3 - The fourth quarter is seen as a time to explore investment opportunities in emerging sectors such as AI, new consumption, and new pharmaceuticals, with discussions among fund managers highlighting the importance of identifying new growth drivers [6][7] - Specific strategies for the fourth quarter include focusing on high-cost performance assets in the technology sector, as well as a diversified approach that balances investments in financials and innovative sectors [7][8] - The company is particularly interested in high-end equipment sectors, including military equipment, and aims to identify companies with strong growth potential and high technological barriers [7]