导读：2025年是主动权益基金重新跑赢宽基指数的一年，更是成长风格回归的一年。在整个2025年，代表主动权益基金的万得偏股混指数上涨 33.19%, 同期沪深300指数上涨17.66%。 从历史业绩比较看，主动权益基金整体超配成长因子。在成长风格占优的结构性牛市中，主动权益基金相对宽基指数会有比较显著的超额收 益。比如说2019到2020大盘成长占优，2021小盘成长占优，主动权益基金连续三年跑赢沪深300。而2022到2024是价值风格占优，主动权益基 金就连续三年跑输沪深300。 毫无疑问，2025年表现较好的基金都属于典型的成长风格。但是在这份名单中，我们比较欣喜看到了安信基金的陈鹏。他管理的、 、 在不依 靠押注创新药、机器人、AI等热门赛道的前提下，通过均衡配置取得了翻倍的业绩。 数据来源：Wind，截至2025年12月31日 为什么说欣喜呢？其一是，陈鹏证明了通过相对均衡的选股，也能取得有锐度的业绩。况且，由于行业均衡，陈鹏产品承担的风险会相比单一 赛道更小。其二是，许多人对安信基金的印象，是稳健的股债混合业绩和价值投资实力，却不知道成长风格也有不缺锐度的优质产品。 作为安信基金成长投资部总经理， ...

导读：2025年是主动权益基金重新跑赢宽基指数的一年，更是成长风格回归的一年。在整个2025年，代表主动权益基 金的万得偏股混指数上涨33.19%, 同期沪深300指数上涨17.66%。 从历史业绩比较看，主动权益基金整体超配成长因子。在成长风格占优的结构性牛市中，主动权益基金相对宽基指数会 有比较显著的超额收益。比如说2019到2020大盘成长占优，2021小盘成长占优，主动权益基金连续三年跑赢沪深 300。而2022到2024是价值风格占优，主动权益基金就连续三年跑输沪深300。 毫无疑问，2025年表现较好的基金都属于典型的成长风格。但是在这份名单中，我们比较欣喜看到了安信基金的陈 鹏。他管理的 #安信新回报A 、 #安信洞见成长A 、 #安信成长精选A 在不依靠押注创新药、机器人、AI等热门赛道的 前提下，通过均衡配置取得了翻倍的业绩。 数据来源：Wind，截至2025年12月31日 为什么说欣喜呢？其一是，陈鹏证明了通过相对均衡的选股，也能取得有锐度的业绩。况且，由于行业均衡，陈鹏产品 承担的风险会相比单一赛道更小。其二是，许多人对安信基金的印象，是稳健的股债混合业绩和价值投资实力，却不知 道成长风 ...

马翔目前在管基金，近些年业绩表现拉胯。最新的接任者，基金经理从业年限仅2.38年，在 管规模已破百亿元。 文｜资市分子 2025年的"进度条"即将结束，百亿基金经理马翔又卸任了。 12月23日，汇添富基金公告称，马翔因公司内部工作调整卸任汇添富北交所创新精选两年定开的基金经 理。卸任后该基金由基金经理马磊单独管理。 这是马翔年内第四次卸任基金经理。卸任背后，Wind数据显示，2025年以来，马翔相继卸任的产品任 职回报良莠不齐。 其中，最新卸任的汇添富北交所创新精选两年定开业绩爆棚。马翔任职期间（2021年11月23日至2025年 12月22日），该基金A类份额收益率97.51%，超越业绩比较基准80.94个百分点。 汇添富科创板2年定开任职回报告负，为-12.16%，任职年化回报为-2.72%。 目前，马翔所管产品还有4只，在管基金规模达187.26亿元。其中，汇添富成长精选A、汇添富港股通科 技精选A的任职回报均告负。汇添富港股通科技精选刚成立于2025年10月28日。 每一次百亿明星基金离任所管产品，都给基民敏感的投资神经带来触动。 "资市会"注意到，过往基金经理卸任所管产品，多数与在管基金任期业绩表现 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：聪明投资者 这是2022年2月的一场长谈。彼时，詹姆斯·安德森（James Anderson）即将从柏基（Baillie Gifford）旗 下苏格兰抵押投资信托（SMIT）基金经理岗位上退休。 拥有"伟大公司捕手"标签的安德森，有着鲜明的成长股投资，长期主义特质：不靠解释下个季度，也不 靠押注美联储的下一次加息，而是把主要精力放在一件更难、也更慢的事情上——理解变化：变化从哪 里来，如何扩散，最终会把哪些公司推到怎样的规模。 这场近两小时的深度对话由Masters in Business的巴里·瑞特霍尔茨（Barry Ritholtz）主持，他本身也是非 常资深的企业家、投资顾问和财经作者。 安德森谈得最动人的部分，并不是具体某一只股票，而是他那套自上而下的"变化观"。 在他看来，金融市场长期最大的误区，是把世界默认成一个会自动回到均衡的系统：只会发生温和的小 波动，然后均值回归。可真正决定长期回报的，往往是少数远离均衡的时刻——技术、组织形态、产业 结构发生跳变，非线性地改写了商业版图。 但理解变化还不够。安德森更看重的是：谁 ...

| 本 3月24日以不 UX 川二区公立以面 肩加 | 区间收益率 | 成立以来收益率 | | --- | --- | --- | | 基金简称 | (%) | (%) | | 中信建投北交所精选两年定开A | 175.43 | 154.01 | | 华夏北交所创新中小企业精选两年定开 | 156.91 | 135.26 | | 汇添富北交所创新精选两年定开A | 131.96 | 91.69 | | 景顺长城北交所精选两年定开A | 117.77 | 118.81 | | 万家北交所慧选两年定开A | 109.88 | 76.22 | | 易方达北交所精选两年定开A | 107.16 | 65.77 | | 广发北交所精选两年定开A | 103.14 | 69.97 | | 南方北交所精选两年定开 | 97.54 | 64.07 | | 大成北交所两年定开A | 95.89 | 31.26 | | 泰康北交所精选两年定开A | 78.79 | 134.51 | | 嘉实北交所精选两年定开A | 74.39 | -3.49 | 上述基金成立以来大多取得了正收益。但由于跟踪误差等因素，不同基金间的收益分化较为明 ...

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].

Core Viewpoint - The article discusses the recent apology from Liang Hong, chairman of Shiwa Investment, due to significant fund value declines, attributing the underperformance to three main reasons: heavy investments in innovative pharmaceuticals, hardware companies, and stablecoin stocks, which were adversely affected by market conditions [1][2]. Group 1: Fund Performance - Shiwa Investment's funds are estimated to have declined by approximately 7% recently, with a cumulative drawdown of about 20% from their peak [1]. - Specific funds, such as Shiwa Jinkubang No. 1 and Shiwa Xiaokang No. 1, reported losses of 7.78% and 23.27% respectively, since their establishment in 2020 [2]. - Shiwa Xiaokang No. 1 experienced a drawdown of -19.35% from September 19 to November 21, while the CSI 300 index only saw a -4.81% drawdown during the same period [2]. Group 2: Investment Strategy and Management - Liang Hong acknowledged that the aggressive investment style led to significant losses, particularly due to not cashing out at high points and overexposure to certain sectors [1][9]. - Liang has a background in trading with over 15 years of experience across multiple markets, focusing on growth and value investments [1]. - The article highlights that Liang has previously apologized for poor performance, indicating a pattern of reflection and acknowledgment of mistakes in investment strategies [9][12].

Core Insights - The founder and CIO of Shiwa Asset, Liang Hong, publicly apologized for a significant decline in fund performance, with an estimated net value drop of around 20% from peak levels [1] - The decline was attributed primarily to issues with individual stocks and the beta exposure to the technology and internet sectors [1] Group 1: Performance Decline - Shiwa Asset reported an estimated net value drop of approximately 7% in its weekly report, with a cumulative decline of about 20% from the highest point [1] - The performance of the funds significantly lagged behind major indices during this period [1] Group 2: Reasons for Decline - The three main reasons for the performance decline were identified as: 1. A drop in heavily weighted innovative pharmaceutical stocks, where high valuations were not realized through timely selling [1] 2. A leading hardware company's stock fell over 37%, with the issue being an excessive position during a period of reasonable high valuation [1] 3. Heavy investment in stablecoin stocks in the U.S. while neglecting the risks associated with the cryptocurrency market turning bearish [1] Group 3: Reflection and Future Strategy - Liang Hong reflected on the decline, acknowledging that greed played a deeper role in the performance issues, emphasizing a lack of attention to risk and cost-effectiveness during high market valuations [1] - He expressed awareness of the disappointment among investors and the potential for significant redemptions, indicating preparedness for such outcomes [1] - Moving forward, the company plans to adapt its strategy by incorporating more absolute return considerations while maintaining a focus on value investing, aiming for improved performance in the coming year [1]

Core Viewpoint - The article emphasizes the importance of long-term investment strategies, particularly in growth stocks, as a means to navigate market volatility and achieve sustainable returns over time [1][2][5]. Investment Philosophy - The investment philosophy centers on the belief that true long-term returns come from companies that create value and possess core competitiveness, rather than from fleeting market trends [2][10]. - The approach involves low turnover rates and deep research, focusing on long-term tracking of companies rather than short-term performance metrics [2][11]. Performance Metrics - The Morgan Emerging Power Fund, managed by Du Meng since 2011, has achieved a total return of 796.77% and an annualized return of 16.52% as of November 12 [6]. - The Morgan China Advantage Fund, managed since 2019, has an annualized return of 19.13% and a cumulative total return of 1513.25%, marking it as one of the few funds to achieve a "15x base" since inception [6]. Long-Term Investment Strategy - Du Meng's strategy is characterized by a focus on long-term growth, emphasizing that the value realization of growth stocks is a gradual process requiring time [5][10]. - The investment framework includes a systematic approach to managing positions based on industry trends and company fundamentals, avoiding concentration risks [7][14]. Market Trends and Future Outlook - Du Meng remains optimistic about sectors such as renewable energy, AI, and pharmaceuticals, identifying them as structural opportunities for growth [9][15]. - The investment strategy is designed to withstand market fluctuations by focusing on the essence of industries and maintaining a long-term perspective [8][15]. Risk Management - Effective risk management is achieved through thorough research, ensuring investments are in fundamentally sound companies, and maintaining a disciplined approach to valuation [14][15]. - The strategy includes a dynamic allocation of positions based on the certainty and potential of individual stocks, enhancing the resilience of the overall portfolio [7][14].

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].