融通基金李进： 聚焦趋势向上的行业 ◎记者 何漪 近年来，新生代基金经理逐渐崭露头角，融通基金李进就是一个例子。他拥有清华大学工学博士学位， 于2017年7月加入融通基金，从行业研究员起步，覆盖电子、计算机、新能源领域，积累了丰富的研究 经验。 2021年升任基金经理助理后，李进陆续管理融通产业趋势臻选、融通价值趋势、融通产业趋势等多只基 金，逐渐形成了系统的投资框架。以其代表作融通产业趋势臻选为例，截至7月17日，任职以来回报为 51.48%，远超同期业绩比较基准，任职年化回报率为19.15%。 保持均衡持仓 在组合管理上，李进表示，根据市场环境的风险偏好及产业趋势判断，调整价值类资产、成长类资产的 权重比例，控制组合风险；从看好的产业中挑选趋势方向更好的二级或三级子行业，均衡配置分散风 险。同时，持股相对集中，并适度采取逆向投资，在涨幅过高、估值透支时果断减仓。 在操作上，李进表示，基于行业比较时，选出景气度较高的资产，再评估资产的性价比。具体来看，通 过判断行业景气的周期位置、商业模式与壁垒、中长期空间、估值等四个维度进行综合考量，选择合适 的资产进入基金组合。 李进介绍，他的投资目标并非争夺第一，而是 ...

Core Viewpoint - The article discusses the performance of dividend assets compared to growth assets in different market phases, highlighting the potential risks of dividend assets under certain market conditions, particularly during bull markets [4][26]. Market Phases Analysis - From 2014 to present, dividend assets have shown low volatility and steady growth, while growth assets like the ChiNext have experienced more dramatic fluctuations [6]. - In the early bull market phase (2014-2015), the dividend index rose by 177%, but growth stocks outperformed with a 194% increase in the ChiNext index [8]. - During the 2015 stock market crash, the dividend index fell by 44%, similar to the declines in the CSI 300 and ChiNext indices [11]. - In the structural bull market phase (2016-2017), the dividend index increased by 44%, matching the CSI 300, while the ChiNext index only rose by 6% [14]. - In the bear market of 2018, the dividend index decreased by 25%, but it had the smallest decline compared to other indices [17]. - From 2019 to 2021, the dividend index only increased by 24%, significantly lagging behind the ChiNext's 170% rise [19]. - During the adjustment period (2021-2022), the dividend index fell by 4%, outperforming the CSI 300 and ChiNext indices [21]. - In the current oscillation phase (2022-2024), the dividend index has risen by 4%, while other indices have declined [23]. - Looking ahead to the potential explosive phase starting in Q4 2024, the dividend index is expected to lag behind growth styles due to a lack of valuation elasticity [25]. Investment Strategy Insights - The article concludes that while dividend assets may underperform in bull markets driven by risk appetite, they can perform well in structural bull markets where both valuation and earnings recover [26]. - Historical market trends indicate that a balanced asset allocation is essential for navigating different market environments and achieving sustainable returns [27].

兴证全球基金经理童兰认为，不管是红利资产还是成长类资产，本质上都是资产。"作为投资人，我关 注的是它的核心本质，也就是其在全生命周期当中创造现金流，折算到当前价值的合理水平。"童兰 说。 具体到红利资产的细分配置方向，睿郡资产执行董事杜昌勇认为，共识过于一致的资产市场表现已经很 充分，更应关注部分共识度较低、基本面又比较好的资产。"有些行业，比如说运营商行业是非常稳定 的小幅成长行业，过去市场表现很充分，市场的共识也很一致。这两年我们关注到的另一些公用事业行 业，比如电力行业，目前市场上分歧还是挺大的。未来这个板块的稳定性会显示出来，可以慢慢地看到 业绩的稳定性和成长性，又有很高的分红比例承诺。从这个角度来看，兼具分红和成长的属性。" 进入5月，一季度小有收获的公募基金开始为下半年行情做准备。在此背景下，机构对红利资产的关注 度显著提升。在机构人士看来，低估值、基本面稳健的红利资产依然是组合的压舱石，但在哪些红利资 产更具配置价值方面，则存在一定的分歧。 今年以来，公募主动权益类基金的业绩有所修复。Choice统计数据显示，截至4月30日，今年以来全市 场普通股票型基金和偏股混合型基金的平均回报皆为正，分别为 ...