Report Industry Investment Rating - No industry investment rating information is provided in the content. Core View of the Report - The report focuses on G广发基金's fund manager Wu Yuanyi, who has a 13.4-year securities industry experience and 4.62 years of public fund management experience. He manages 6 public funds with a total scale of 19.317 billion yuan. His investment strategy is to focus on consumer innovation and technological innovation, and he selects high-potential growth stocks from the bottom up. His funds have shown excellent performance, adaptability to various market environments, and a high return on investment over the long term [3][76]. Summary According to the Table of Contents 1. Guangfa Fund Wu Yuanyi: Starting from the Micro Level, Selecting Non-linear Growth Stocks from the Bottom Up - **Fund Manager Basic Information**: Wu Yuanyi, a master of financial engineering from the University of Southern California, currently manages 6 public funds with a total scale of 19.317 billion yuan. Four of them are actively managed equity funds, and their tenure returns are all in the top 5% of similar products on Wind [3][10]. - **Investment Framework**: Starting from the micro level, observing the driving forces, with judgment as a supplement, and rarely making predictions. He focuses on A-share and Hong Kong stocks, and prefers to capture "non-linear growth" opportunities in technology, new consumption, and new energy sectors [17]. 2. Risk-return Characteristics: Ranking in the Top 5% Since Taking Office, with an Outstanding Risk-return Ratio - **Risk-return Characteristics**: Guangfa Value Core ranks 41/3128 among similar products on Wind since Wu Yuanyi took office, with a performance percentile of 1.25%. It is also one of the few actively managed equity funds with a return rate in the top 10% in 2024 and 2025 [22]. - **Fund's Adaptability to the Environment**: It can adapt to various industry themes and dominant style environments. In the dominant market environments of different industries and styles, it can achieve high performance percentiles, and can maintain the median level in adverse market environments [30]. - **Profitability**: The longer the holding time, the higher the return. If investors buy Guangfa Value Core on any trading day since Wu Yuanyi took office, the average return rate will increase with the increase of the holding time, especially after holding for more than one year [33]. 3. Investment Style: Good at Investing in Hong Kong Stocks, New Consumption, and Technology, with Exposure to Small and Medium-cap Stocks and Right-side Stock Buying - **Asset Allocation**:淡化权益仓位择时，灵活调整港股仓位。The fund maintains a high stock position and does not time the market. The fund manager will adjust the allocation ratio of A-shares and Hong Kong stocks moderately [37]. - **Industry Allocation Characteristics**: Select investment opportunities from the bottom up, and the change in industry allocation is more the result of stock position adjustment. The main directions of current industry allocation are medicine, technology, and new consumption [41]. - **Stock-holding Style Characteristics**: The fund shows a small and medium-cap growth style, with a wide coverage of heavyweight stocks. The fund manager has outstanding stock selection ability and is good at analyzing the consumption and technology sectors [3][44]. - **Industry Analysis Ability**: Good at stock selection in the consumer and technology sectors. In the consumer sector, light industry manufacturing and textile and clothing contribute more to the return, which reflects the fund manager's expertise in new consumer investments [63]. - **Stock Selection Ability Analysis**: Good at investing in Hong Kong stocks, balancing win rate and odds. The simulated portfolio of Hong Kong stocks held by Guangfa Value Core performs more prominently, and the stocks that contribute more to the portfolio return are relatively concentrated [68]. - **Trading Behavior Analysis**: The fund manager's stock buying strategy is biased towards the right side. In actively managed equity funds with a right-side investment style, Guangfa Value Core has the most outstanding performance in the past two years [71]. 4. Summary - Wu Yuanyi focuses on the main themes of consumer innovation and technological innovation, selects high-potential growth stocks from the bottom up, and has a "offensive in prosperity and defensive in adversity" investment ability. His investment in Hong Kong stocks has continuously contributed excess returns to the portfolio, and the current core holdings are concentrated in the medicine, technology, and new consumption fields [76][77].