Core Viewpoint - The A-share market is experiencing low volatility and high rotation, highlighting the importance of capturing structural opportunities and diversifying risks. In this context, the Fuguo Fund is launching the Fuguo Balanced Allocation Mixed Fund, aiming to seize structural opportunities based on market trends, industry evolution, and company quality [1][2]. Fund Structure and Fee Mechanism - The Fuguo Balanced Allocation Mixed Fund employs a tiered management fee structure with three levels: 0.6%, 1.2%, and 1.5%. The fee is fixed at 1.2% per year for shares held for less than one year. For shares held over one year, if the annualized return exceeds 6% and is positive, the fee increases to 1.5%. If the annualized excess return falls below -3%, the fee decreases to 0.6% [1][2]. - The fund does not have a holding period or lock-up period, allowing for flexible subscriptions and redemptions, differing from previous floating fee funds that often had holding periods [1]. - The performance benchmark for the fund is a composite of various indices, including the CSI 300 Index and the Hang Seng Index, with specific weightings assigned to each component [1]. Investment Strategy and Management - The fund will be managed by Sun Bin, known for his active index enhancement strategy, focusing on long-term EPS as a benchmark and dynamically utilizing market structure mismatches to achieve excess returns [3]. - The investment approach emphasizes in-depth research and a bottom-up strategy, with a comprehensive coverage of key industries to identify investment opportunities [3]. Market Outlook and Investment Directions - Sun Bin perceives the current market as being in a "quasi-economic recovery" phase with unclear styles. His strategy involves maintaining a stable base while dynamically adjusting positions in clear industry trends [4]. - The fund is expected to focus on four key investment directions: 1. "Outbound industrial chain" - emphasizing deep integration into local industries for global growth [4]. 2. "Innovative pharmaceuticals" - leveraging intellectual property for global market access [4]. 3. "Bulk commodities" - recognizing the shift in global trade dynamics and the structural role of commodities like gold and copper [5]. 4. "Stable public utility assets" - such as hydropower, providing steady cash flow and acting as a buffer in volatile markets [6].