2025年9月26日，袁永健完成比赛期间的最后一笔平仓，最终用1035元的本金在126个交易日里，实现了 近170倍收益。 心理转折 他很普通，其貌不扬，却用1035元，赚了近170倍的收益。 "我是市场中的弱者，我只打我能打赢的仗。"这是第十九届全国期货（期权）实盘交易大赛轻量组冠军 袁永健在演讲中说的话。 交易生涯的转折往往始于一次痛彻心扉的教训。2022年初，袁永健持有菜粕期货空单被爆仓出局，而豆 粕、菜粕2205合约竟然出现了价格倒挂。这个超越他认知的市场现象像一盆冷水，浇醒了他的自以为 是。 "我意识到期货市场还有许多超越我认知的不确定性。"这次爆仓让他陷入了沉思。 正是在这样的心理挣扎中，袁永健开始研究期权，因为期权买方"亏损有限"的优点是他需要的确定性。 这个选择背后，是一个交易者对自己心理弱点的坦诚面对——他承认自己"做期货时无法坚决止损"。 更有趣的是，他把交易融入生活，又在生活中平衡交易。"孩子的成长不可逆，需优先对待；而交易可 做30年，可循序渐进。"这种生活优先的心态，恰恰让他能够摆脱交易对情绪的操控。 心理韧性 比赛最后一天的心理拉锯，最能体现一个冠军交易者的心理素质。9月25日，比 ...

Core Insights - The article highlights the journey of Fusheng Asset over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan, driven by a philosophy of performance-driven investment and risk management through a "weakness mindset" [4][5][6]. Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management increasing from zero to over 10 billion yuan [4]. - The name "Fusheng" signifies "compounding success," reflecting the company's commitment to integrity and performance in investment [4]. - The core investment team, consisting of three key fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure [4]. Investment Philosophy - The company adheres to a clear "performance-driven investment" philosophy, focusing on companies with projected revenue and profit growth exceeding 20% over three years [6][7]. - A distinction is made between growth stocks and value stocks, with a cautious approach to companies in the "gray area" of growth rates between 13% and 18% [7]. - The investment strategy emphasizes the importance of adapting to market conditions and maintaining discipline in position management [5][6]. Challenges and Adaptation - The most significant challenge faced by Fusheng Asset was in the first quarter of 2020, where the company's product net value fell nearly 20%, lagging behind competitors by approximately 40 percentage points [5]. - In response to this crisis, the team refocused on performance-driven investment, successfully identifying high-performing sectors such as new energy and medical protection [5][6]. Future Vision - Looking ahead, the company aims to establish itself as a competitive player in the private equity sector, attracting top talent from public fund backgrounds [8]. - The focus remains on achieving superior and stable performance, with growth in scale being a natural outcome of this commitment [8][9]. - The company emphasizes the principle of "consistency" in its investment approach, aligning the interests of the management team with those of its clients [9]. Conclusion - Fusheng Asset's story illustrates a commitment to long-term compounding success through focused investment strategies, adaptability to market changes, and a principled approach to management [9].

Core Insights - The article highlights the evolution of the company, Fusheng Asset, over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan in assets [2][4] - The founder, Lu Hang, reflects on the company's investment philosophy centered around performance-driven strategies and a "weakness mindset" for risk control [2][5] Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management exceeding 10 billion yuan [2] - The name "Fusheng" signifies "compound interest victory," rooted in historical references, indicating a commitment to integrity and long-term investment success [2] Investment Philosophy - The core investment philosophy is performance-driven, with a focus on identifying growth stocks that are expected to achieve over 20% revenue and profit growth in the next three years [5] - The company employs a "weakness mindset" for risk management, acknowledging cognitive limitations and being willing to cut losses when proven wrong by the market [5][7] Challenges and Adaptation - The most significant challenge faced by the company was in the first quarter of 2020, where products experienced a nearly 20% decline in net value, contrasting with many peers achieving positive returns [3] - In response to market pressures, the team shifted focus to sectors with explosive performance potential, such as new energy and medical protection, leading to a recovery and strong performance for the year [3][4] Transition to Asset Management - The transition to a systematic asset management approach began in April 2020, moving from a self-operated investment model to one that prioritizes long-term, stable performance for a broader client base [4][6] - The company aims to attract top talent from the public fund sector to enhance its competitive research team [6] Future Vision - The company envisions becoming a leading player in the private equity space, focusing on delivering superior and stable performance while maintaining a commitment to its core investment strategies [6][8] - Lu Hang emphasizes the importance of consistency in investment decisions, aligning personal investments with client interests to foster trust and accountability [7] Conclusion - Fusheng Asset's journey reflects a commitment to diligent research, disciplined investment, and a focus on core values, positioning the company for continued success in the evolving market landscape [8]

Core Insights - The article discusses the evolution and philosophy of Fusheng Asset Management, highlighting its focus on performance-driven investment and risk management through a "weakness mindset" [1][2][3] Company Development - Fusheng Asset Management was established in December 2015 and has grown from a startup to a professional team of nearly 30, managing over 10 billion yuan [1] - The company emphasizes the importance of compound interest in its name, reflecting its commitment to integrity and long-term investment success [1] Investment Philosophy - The core investment philosophy is performance-driven, with a focus on identifying growth stocks that are expected to achieve over 20% revenue and profit growth over three years [4] - The company maintains a cautious approach to stocks with growth rates between 13% and 18%, viewing them as potential value traps [4][5] Team Structure - The core investment team, consisting of three fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure, supported by a dynamic research team [2] - The company has experienced challenges, notably in Q1 2020, where it faced a significant drawdown of nearly 20% while many peers achieved positive returns [2][3] Adaptation and Growth - The difficulties faced in early 2020 prompted a strategic shift towards asset management, focusing on providing long-term, stable performance for a broader client base [3][6] - The company has improved its risk management and stock selection processes, leading to a more disciplined approach to portfolio management [3] Future Vision - Fusheng Asset Management aims to evolve into a competitive asset management firm, attracting top talent from the public fund sector while maintaining a focus on consistent and superior performance [6][7] - The company prioritizes alignment of interests between management and clients, ensuring that investment decisions are made with a client-centric approach [7] Conclusion - The narrative of Fusheng Asset Management illustrates a journey of resilience and adaptation in the face of market challenges, emphasizing the importance of focus, response to change, and a principled approach to investment [7]

Core Insights - The article emphasizes the increasing demand for low-volatility, absolute return products in the current low-interest, high-volatility environment, with public FOFs (Fund of Funds) emerging as a key tool to meet this demand [1] - Liu Xin, the assistant general manager and head of asset allocation at Minsheng Jianyin Fund, is highlighted for his pragmatic investment philosophy that focuses on asset allocation rather than short-term market predictions [2][4] Investment Philosophy - Liu Xin's investment philosophy is characterized by "market reverence" and "weakness thinking," acknowledging the complexity of markets and the limitations of individual perception [2][3] - The focus is on addressing solvable investment issues, such as long-term asset patterns and risk correlation analysis, rather than attempting to predict short-term market movements [3] Asset Allocation Strategy - The essence of asset allocation is to "acknowledge uncertainty," aiming for sustainable investment returns through diversified portfolios that hedge against uncontrollable risks [4] - Liu Xin advocates for a "localized all-weather" FOF strategy that emphasizes multi-asset diversification rather than merely selecting top-performing funds [5][6] Performance Metrics - Under Liu Xin's leadership, the Minsheng Jianyin Kangning Stable Pension Target One-Year FOF has achieved a net value growth rate of nearly 8% since 2025, surpassing its performance benchmark by 3.51% with a maximum drawdown of -1.95%, indicating strong stability [1] Market Outlook - Liu Xin holds a relatively optimistic view on the A-share market, citing its reasonable valuation and sustainable upward trend, making it a core equity asset for strategic allocation over the next two to three years [9] - The A-share market is currently at a medium valuation level, providing a safety margin compared to other global markets [9] Bond Market Perspective - Bonds are viewed as a "stabilizer" in the portfolio, with a focus on interest rate bonds for risk hedging rather than yield generation, while credit bonds are selected through experienced active fund management [10] - The current bond market is characterized by low overall interest rates, but bonds still offer "insurance value" against economic downturns [10] New Fund Launch - A new fund, Minsheng Jianyin Multi-Dimensional Stable Allocation 3-Month Holding Period Mixed FOF, is set to be launched, which will implement the "localized all-weather" strategy and dynamically optimize asset allocation [11]