Group 1 - The core viewpoint of the article is the launch of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, marking a new phase of reform and efficiency improvement in the public fund industry [1] - The public fund industry in China has seen significant growth, with assets under management increasing from 8 trillion yuan to 36 trillion yuan over the past decade, highlighting its importance in the capital market [2] - The industry is shifting focus from scale to investor returns, emphasizing the need for a systematic capability building that resonates with investors, industries, and market demands [2] Group 2 - The article discusses the establishment of a platform-based research and investment (R&I) system by companies like Harvest Fund, which has been in place since 2009, focusing on an "all-weather, multi-strategy" investment approach [2] - Harvest Fund has developed a comprehensive talent cultivation system, covering over 20 sub-industries, and has formed cross-industry research groups to enhance collaborative research efforts [3] - The company is leveraging digital tools and technologies, such as big data and machine learning, to create a standardized R&I data system that facilitates high-quality investment decision-making [3] Group 3 - Harvest Fund emphasizes deep fundamental research as a core aspect of its investment strategy, with significant holdings in manufacturing, information technology, and scientific research sectors, totaling over 220 billion yuan [4] - The company is focusing on strategic emerging industries such as semiconductors, artificial intelligence, and biomedicine, having conducted over 2,000 company research sessions in the past year [4] - The implementation of the "Action Plan" is expected to enhance the role of public funds in wealth management, capital market stability, and support for the real economy and national strategies [4] Group 4 - The future outlook for the public fund industry is positive, with expectations for the emergence of outstanding investment institutions and long-lasting firms [5]

Core Viewpoint - The article emphasizes the significance of small to medium-sized private equity firms, particularly highlighting Shanghai Gaoen Private Equity Fund Management Co., which focuses on deep value investment strategies and has shown strong performance in the healthcare sector [2][3]. Company Overview - Shanghai Gaoen Private Equity Fund Management Co. is located in Shanghai's Pudong New District and is registered as a private equity manager with a focus on deep value investment [2]. - The firm was founded by a team of experienced professionals with over 15 years of industry background, combining expertise from both the industrial and financial sectors [5]. Investment Strategy - The company has developed a proprietary deep value investment system based on unique insights into the Hong Kong stock market and the pharmaceutical sector, aiming to deliver sustainable long-term returns for investors [3]. - The flagship product has demonstrated consistent positive returns over eight years, with a compound annual growth rate of ***% [3]. Team Composition - The core team consists of members with diverse backgrounds and extensive experience, averaging over 20 years in the industry, which allows for a multi-dimensional understanding of market dynamics [5]. - Key member Gao Huiming has over 20 years of experience in the pharmaceutical industry, having worked with notable companies and led new drug development projects [6]. Competitive Advantages - The firm possesses a deep understanding of the pharmaceutical industry, leveraging both entrepreneurial and investment perspectives to build a robust resource network that supports investment decisions [7]. Investment Philosophy - The core investment philosophy is rooted in value investing, emphasizing rigorous fundamental research to uncover intrinsic value [8]. - The investment style includes a focus on business models and company fundamentals, a bottom-line thinking approach to risk assessment, and a global comparative analysis across markets [10]. Market Insights - The firm has been focused on the Hong Kong stock market since 2017, utilizing industry capital patience and insider perspectives to achieve excess returns [15]. - The current market valuation is deemed reasonable, but finding investment targets with sufficient safety margins is challenging, leading to a cautious cash reserve strategy [16].