中国经济网北京11月25日讯 昨日，智通财经发布《百亿私募大佬希瓦梁宏罕见致歉：三大原因导 致净值跑输指数》一文。文中称，希瓦投资最新周报显示，旗下多数基金预估净值下跌7%左右，从最 高点累计回撤幅度约20%，本次回撤大幅跑输主要指数。对此，希瓦投资董事长梁宏坦言，这波回撤重 创，让人失望，深表歉意。他指出，此轮回调原因有三：一是重仓创新药下跌，高位没有兑现仓位，卖 出决策又不够果断；二是重仓硬件龙头公司跌幅超过37%，该股操作上的问题是高位估值合理阶段不应 该重仓；三是重仓介入美股稳定币股，忽略了加密货币牛转熊等风险。"高位时过于兴奋，过于追求宏 大叙事，而忽略了涨幅风险，忽略了性价比。" 风格激进 希瓦旗下基金遭遇大幅回撤 根据中国经济网记者了解，梁宏分别于2014年和2015年成立海南希瓦私募基金管理有限责任公司与 上海希瓦私募基金管理中心（有限合伙），管理规模超过100亿元。两家公司的实控人梁宏毕业于上海 交通大学管理学院，做过6年美股职业交易员，在美股、港股、A股三地有15年以上的投资经验，聚焦 成长股投资和价值投资，使用期货期权等衍生工具交易以及衍生工具组合等。 从私募排排网的公开信息显示，梁宏控 ...

【导读】百亿私募希瓦资产创始人、首席投资官梁宏发文致歉 中国基金报记者 李智 产品净值累计回撤约20%，百亿私募希瓦资产创始人、首席投资官梁宏发文致歉。 （原标题：净值回撤20%！百亿私募大佬致歉） 创始人梁宏毕业于上海交通大学管理学院，做过6年的美股职业交易员，在美股、港股、A股三地有15 年以上的投资经验，聚焦成长股投资和价值投资，使用期货期权等衍生工具交易以及衍生工具组合等。 去年11月份，梁宏也曾因业绩回撤公开做出解释，发文反思错过A股行情。对于部分投资人不满的情 况，梁宏彼时回应称，只会坚持自己认为对的投资策略，所有资管资金都是当成个人资金操作。 编辑：格林 校对：王玥 11月22日，希瓦资产发布的周报显示，旗下多数基金预估净值下跌7%左右，从最高点累计回撤幅度约 20%。其间，产品净值大幅跑输主要指数。 对此，梁宏在周报中坦言，此次回撤的主因是个股问题，其次是科技互联网贝塔的原因。这波回撤重 创，让人失望，深表歉意。 梁宏直言，这波回撤主要有三大原因：一是重仓的创新药股下跌，高位没有根据价值兑现大部分仓位， 卖出决策又不够果断，导致后续卖出价格不好；二是第一重仓的硬件龙头公司跌幅超过37%，该股操 ...

当市场被短期涨跌裹挟，当追涨杀跌的声音淹没理性，总有一群人选择站在时间的这一侧。不追逐转瞬即逝的热点，不沉迷短期排 名的狂欢，而是以深入研究为锚，以坚定信念为帆，将目光投向企业成长的本质与经济前行的长期趋势。智通财经推出"绩优长跑 者谈长期主义"专栏，深度访谈这些坚守长期主义的基金经理，拆解他们如何在市场波动中筛选优质资产，如何用耐心对抗焦虑， 如何让时间成为投资路上最坚实的盟友，最终让复利的力量结出丰硕果实。 智通财经11月24日讯（记者 吴雨其）十四年时间，在多数基金经理的职业轨迹中已足以经历多次产品更迭、风格切换与角色变动。但对杜猛 来说，这十四年只有一件事值得坚持：在摩根新兴动力这只基金上，专注做好成长股投资。自2011年开始管理摩根新兴动力基金至今，在行业 内日益减少的长期陪伴者中，杜猛显得格外沉静，也格外笃定。 这份坚持并非出于惯性，而是一种深思熟虑的选择。他始终坚信，真正能穿越周期、兑现长期回报的，是那些能够不断为社会创造价值、具备 核心竞争力的企业，而非一时受追捧的热点标的。"成长股的价值兑现，本身就是一个长期过程。"在他看来，投资最关键的不是踩准节奏，而 是与伟大企业并肩前行，把时间交给价值 ...

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].

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].

Core Viewpoint - China Pacific Insurance (CPIC) reported a significant increase in net profit for the first three quarters of the year, driven by favorable capital market conditions and growth in insurance services [1][2]. Financial Performance - CPIC's net profit attributable to shareholders grew by 19.3% year-on-year in the first three quarters, with a remarkable 35.2% increase in the third quarter [1]. - The annualized net investment return rate for CPIC was 2.6%, a decrease of 0.3 percentage points year-on-year, while the annualized total investment return rate improved to 5.2%, an increase of 0.5 percentage points [2]. - The comprehensive cost ratio for CPIC's property insurance segment was 97.6%, down by 1.0 percentage point year-on-year [3]. Business Segments - CPIC's life insurance segment achieved a premium income of 263.863 billion yuan, reflecting a year-on-year growth of 14.2%, with new business value increasing by 7.7% [3]. - The bank insurance channel saw a substantial growth of 63.3% in premiums, significantly outperforming the agency channel, which grew by only 2.9% [3]. - The contribution of state-owned banks to CPIC's bank insurance premiums increased from 22% last year to 36% this year, indicating a strategic shift towards collaboration with state-owned banks [3].

Core Insights - The company reported a 19.3% year-on-year increase in net profit attributable to shareholders for the first three quarters, with a significant 35.2% growth in the third quarter [1] - The strong performance is attributed to the rise in capital markets and improved insurance service results [1] - The annualized net investment return rate for the first three quarters was 2.6%, a decrease of 0.3 percentage points year-on-year, while the total investment return rate increased by 0.5 percentage points to 5.2% [1] Investment Strategy - The company emphasizes the importance of growth stocks for insurance funds, aligning with China's future high-quality growth driven by technological innovation [2] - The company has been actively exploring opportunities in various sectors such as technology innovation, energy transition, healthcare, automotive resources, and new consumption [2] - The life insurance segment achieved a premium income of 263.863 billion yuan, a 14.2% increase year-on-year, with new business value rising by 7.7% [2] Distribution Channels - The bancassurance channel saw a remarkable growth of 63.3% in premiums, significantly outpacing the agency channel, which grew by only 2.9% [2] - The company noted a shift in the bancassurance premium composition, with the share from state-owned banks increasing from 22% to approximately 36% [3] - The core development strategy for the bancassurance channel in the coming year will focus on increasing the number of cooperative outlets with state-owned banks, targeting a growth rate of 35% to 40% [3]

Core Viewpoint - The article emphasizes the importance of identifying growth stocks with strong financial growth potential, highlighting NRG Energy as a recommended stock due to its favorable growth metrics and Zacks Rank. Group 1: Earnings Growth - NRG Energy has a historical EPS growth rate of 13.9%, with projected EPS growth of 22.7% this year, significantly outperforming the industry average of 6% [4][3]. Group 2: Cash Flow Growth - NRG's year-over-year cash flow growth stands at 17%, exceeding the industry average of 6.2%, and its annualized cash flow growth rate over the past 3-5 years is 14% compared to the industry average of 5.7% [5][6]. Group 3: Earnings Estimate Revisions - The current-year earnings estimates for NRG have been revised upward, with the Zacks Consensus Estimate increasing by 2.7% over the past month, indicating a positive trend in earnings estimate revisions [7]. Group 4: Overall Recommendation - NRG has achieved a Growth Score of A and holds a Zacks Rank 1, positioning it well for potential outperformance, making it an attractive option for growth investors [9].

Core Insights - The report highlights a positive economic outlook for China, with GDP growth of 5.2% year-on-year in the first three quarters, amounting to 10,150.36 billion yuan [5] - The industrial robotics and service robotics sectors have shown significant growth, with production increasing by 29.8% and 16.3% respectively [6] - The report notes a surge in the outbound market for innovative Chinese pharmaceuticals, indicating a booming business development (BD) transaction period [6] Industry Updates - The report indicates that coal prices have risen sharply, with analysts predicting a strong performance for the coal sector during the peak winter season [6] - The real estate market shows signs of stabilization, with a decrease in housing prices across major cities, although the rate of decline is narrowing [5] Company Focus - The report mentions that Silan Microelectronics (士兰微) plans to invest 20 billion yuan in a joint project to build a 12-inch high-end analog integrated circuit manufacturing line [7] - Zhuhai CosMX Battery Co., Ltd. (珠海冠宇) is expected to report a net profit of 250 million to 300 million yuan for Q3, reflecting a year-on-year growth of 50.43% to 80.51% [7] - Tianhe Magnetic Materials (天和磁材) intends to invest 850 million yuan in high-performance rare earth permanent magnets and related manufacturing and R&D projects [7] - Sunshine Guojin (阳光诺和) plans to invest 15 million yuan in equity of Yuanma Zhiyao, which is expected to be the first to enter clinical trials for modified circular mRNA CAR-T therapy [7]