在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军就是其中之一。十余年 淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是一种主动选择，在各类 风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于扎根深度研究提升选股盈利概率，用组合管理 抵御市场波动，在聚焦消费、医药、制造业赛道的同时，持续拓展能力圈边界。 戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总监，现任研究部总监、基金 经理。其管理的大成优选混合(LOF)获第22届基金业金牛奖"五年期开放式混合型持续优胜金牛基金"奖项。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延续一路上行态势，但几周 后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还没写完，就开始跌 了。"回忆起那段经历，戴军依然历历在目。 ...

Core Viewpoint - The 22nd Fund Industry Golden Bull Award results highlight the shift towards high-quality development in the public fund industry, emphasizing long-term performance and investor satisfaction as key themes [1]. Group 1: Fund Manager Insights - Dai Jun, the fund manager at Dacheng Fund, has been recognized for his long-term performance, managing the Dacheng Optimal Mixed Fund, which won the "Five-Year Open Mixed Continuous Excellence Golden Bull Fund" award [2]. - Dai Jun emphasizes a balanced investment approach, advocating for a flexible strategy that adapts to market changes while focusing on deep research to enhance stock selection profitability [2][3]. - His investment philosophy is rooted in the principle of avoiding extremes, combining value and growth styles to achieve resilience in various market conditions [4]. Group 2: Investment Strategy - Dai Jun's investment journey began with challenges, including a significant drawdown exceeding 40% shortly after he started managing funds, which led him to prioritize positive returns [3]. - He has developed a five-tier pricing mechanism for stock valuation, which includes asset pricing, earnings pricing, growth pricing, trend pricing, and bubble pricing, allowing for informed investment decisions [5][6]. - The focus on maintaining a high probability of profitability has resulted in a historical success rate of over 50% for the stocks he has traded [5]. Group 3: Portfolio Management - Dai Jun's portfolio management strategy involves a balanced approach across asset classes, industries, and styles, avoiding single-sided bets and maintaining a diversified portfolio [8][9]. - He primarily invests in consumer, pharmaceutical, and manufacturing sectors, which he believes can consistently create value [9]. - The "358" holding strategy is employed to manage risk and ensure a balance between safety and profitability, allowing for adjustments based on market conditions [10]. Group 4: Future Outlook - Looking ahead, Dai Jun anticipates that the period from 2025 to 2035 will be crucial for industrial upgrades, emphasizing the need for fund managers to enhance their capabilities to navigate complex market environments [11]. - His long-term investment philosophy focuses on maintaining a respectful attitude towards the market, aiming for sustainable returns rather than short-term gains [11].

戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总 监，现任研究部总监、基金经理。其管理的大成优选混合（LOF）获第22届基金业金牛奖"五年期开放 式混合型持续优胜金牛基金"奖项。 在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军 就是其中之一。十余年淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的 老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是 一种主动选择，在各类风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于 扎根深度研究提升选股盈利概率，用组合管理抵御市场波动，在聚焦消费、医药、制造业赛道的同时， 持续拓展能力圈边界。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延 续一路上行态势，但几周后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还 没写完，就开始跌了。"回忆起那段经历，戴军依然历历 ...

Core Insights - The market has shown significant improvement since the beginning of the year, with many actively managed equity funds reaching historical highs, particularly those under the management of the company, which ranked third in profitability for investors in 2025 [1][5]. Fund Performance - As of the end of January, nearly 20 actively managed equity funds from the company have achieved historical net value highs, including products from the technology and Hong Kong stock teams [1][2]. - The Shanghai Composite Index reached a peak of 4,190 points, indicating a favorable market environment for diversified funds that do not rely on a single sector [2]. - Specific funds such as the "Fuguo Technology Excellence Team" and others managed by notable fund managers have seen their net values double over the past year, with the highest net values reaching 7.6130, 5.6620, and 4.4240 respectively [2][3]. Profit Generation - In 2025, the company generated over 1,050 billion yuan in total profits for investors, with actively managed equity products contributing 566.10 billion yuan, ranking third in the industry [5][6]. - The flagship fund, managed by Zhu Shaoxing, achieved a profit of 43.49 billion yuan, with a one-year return of 20.03%, significantly outperforming the benchmark [6]. - Other funds, such as the "Fuguo New Emerging Industries A" and "Fuguo Innovative Technology A," also generated substantial profits, with returns of 41.73 billion yuan and 31.82 billion yuan respectively [7][8]. Managerial Expertise - The company has demonstrated strong management capabilities across various fund styles and strategies, with multiple funds achieving annual profits exceeding 10 billion yuan [8]. - Fund managers are focusing on sectors like AI and technology, with strategies that adapt to market conditions, showcasing a commitment to sustainable returns for investors [7][8].

Group 1: Strategy and Market Trends - The report emphasizes the rise of "portfolio management" as a crucial strategy in the public fund industry, driven by the need for a structural transformation from focusing on scale to prioritizing returns and clients [5][6] - The "Action Plan" released by the China Securities Regulatory Commission in May 2025 marks a significant shift towards standardized, professional, and long-term fund management practices [5][6] - The report outlines the challenges faced by public funds in transitioning to portfolio management, including the need for a shift in performance assessment from short-term to long-term metrics [8] Group 2: Electric Vehicle Industry - In November 2025, the sales of new energy vehicles in nine European countries reached 281,000 units, reflecting a year-on-year increase of 39%, with a penetration rate of 34.3% [10][11] - The report highlights significant growth in electric vehicle sales in Germany, France, and Italy, driven by government subsidies and increasing consumer demand [11][12] - Investment recommendations include companies in the lithium battery sector such as CATL and Yiwei Lithium Energy, as well as lithium material producers like Hunan Youneng and Tianqi Lithium [13] Group 3: Semiconductor Industry - The semiconductor sector is experiencing a price uptrend due to increased demand from AI and supply-side capacity shortages, with foundries like SMIC announcing price hikes of around 10% [15][16] - The report notes that NAND and DRAM prices have surged significantly, with indices showing increases of 173% and 169% respectively since July [18] - Key beneficiaries in the semiconductor space include foundries like SMIC and storage companies such as Jiangbo Long and Zhaoyi Innovation [19] Group 4: Real Estate Industry - Beijing's recent policy changes to relax purchase restrictions for non-local families aim to stimulate the housing market, with adjustments to social security requirements and mortgage rates [21][22] - The report indicates that the sales performance of China Jinmao has been strong despite market fluctuations, with projected net profits of 11.1 billion, 15.6 billion, and 16.2 billion yuan for 2025-2027 [35][37] - Investment recommendations focus on high-credit real estate firms that can capitalize on improving market conditions, such as Greentown China and China Overseas Land & Investment [26][36] Group 5: Company-Specific Developments - Lingyi Technology plans to acquire 35% of Limin Da for 875 million yuan, enhancing its capabilities in AI server cooling and power supply [27][28] - Jin Gu Co., a leading automotive wheel manufacturer, is transitioning to a diversified new materials technology platform, with projected revenues of 42.78 billion, 61.08 billion, and 88.82 billion yuan from 2025 to 2027 [32][33] - The report highlights the strategic shift of Jin Gu Co. towards new applications in electric two-wheelers and robotics, leveraging its innovative materials [34]

Core Viewpoint - The article discusses the current market environment characterized by volatility and the significance of the number "4000" in relation to the Shanghai Composite Index and gold prices, highlighting the challenges faced by investors in maintaining stability in their portfolios [2][3]. Group 1: Fund Manager Insights - Zhang Ronghe, a fund manager at Guotai Fund, emphasizes the importance of understanding investor needs and constructing portfolios that provide a stable experience for holders [3][9]. - He believes that portfolio management is a structural optimization problem under multiple constraints, focusing on creating a "usable combination" within defined boundaries [5][6]. - Zhang's investment philosophy includes a strong emphasis on communication with investors, particularly through quarterly reports, to align expectations and experiences [9][62]. Group 2: Market Analysis - The article notes a significant divergence between traditional industries and technology stocks, with the latter showing strong performance while the former remains under pressure [20][26]. - Zhang observes that the market's current low volatility and high concentration in certain sectors may lead to a reversal of trends, suggesting opportunities in domestic demand as economic conditions evolve [9][28]. - He highlights the cyclical nature of investments, particularly in core assets that have been overlooked, indicating that such periods may present opportunities for finding discrepancies in expectations [27][28]. Group 3: Investment Strategies - Zhang advocates for a balanced approach to asset allocation, adjusting portfolios based on market conditions and asset performance, rather than maintaining a static strategy [21][22]. - He advises investors to diversify their portfolios to mitigate systemic risks, suggesting that combining assets with negative correlations can enhance overall stability [41]. - The importance of adjusting expectations regarding returns is emphasized, encouraging investors to accept a gradual wealth-building process rather than seeking immediate high returns [40][41]. Group 4: Macro Economic Considerations - The article discusses the current macroeconomic environment, with many investors recognizing a stagflation period rather than a high-growth, low-inflation scenario [34][35]. - Zhang points out the challenges faced by the Federal Reserve in balancing inflation control and unemployment rates, which could significantly impact asset prices [37]. - He notes that the current market dynamics, including the performance of AI stocks, do not align with traditional economic indicators, suggesting a complex relationship between asset performance and macroeconomic conditions [36][38].

Core Viewpoint - The demand for convertible bonds has surged due to declining bond yields, attracting low-risk investors seeking higher returns. The key to leveraging convertible bonds lies in managing drawdowns while striving for enhanced returns [1]. Group 1: Investment Philosophy - The investment philosophy emphasizes that sustainable performance should not overly rely on future predictions, as the world is highly uncertain. A portfolio with a favorable risk-reward ratio is essential [1][10]. - The focus is on maintaining a balance between risk and return, ensuring that even if predictions are incorrect, the portfolio does not suffer significant losses [10][12]. Group 2: Investment Strategy - The strategy involves prioritizing odds in timing and selection of convertible bonds. When convertible bonds are significantly undervalued, the allocation shifts towards them, and vice versa when they are overvalued [2][14]. - The selection process for convertible bonds is based on a risk-reward analysis of the underlying stocks, considering factors like bond price, premium rate, and the characteristics of the corresponding stocks [2][20]. Group 3: Performance Metrics - The performance of the managed fund, Zhongyin Industrial Bond A, achieved a return of 9.31% over the past year, outperforming its benchmark by 6.95% [1]. - The fund manager has successfully navigated various market conditions by switching between stocks and convertible bonds, maintaining a strong performance record [3][13]. Group 4: Market Conditions and Timing - High-odds opportunities typically arise during market downturns or periods of panic, which aligns with the manager's left-side investment approach [2][24]. - The manager's strategy includes buying convertible bonds during market lows, capitalizing on their undervaluation and potential for recovery [22][24]. Group 5: Risk Management - The investment approach aims to find asymmetrical risk-reward opportunities, ensuring that the downside risk is minimized while allowing for potential upside [12][33]. - The focus on maintaining a stable risk-return profile helps in achieving consistent performance, even in volatile market conditions [11][30].

Core Viewpoint - The article emphasizes the importance of setting a reasonable and scientific performance benchmark for public funds, particularly in the context of the growing scale of the CSI 300 index. It discusses how active equity funds can consistently outperform benchmarks by managing style and industry deviations effectively [1][17]. Group 1: Benchmark and Performance - The CSI 300 index serves as the primary benchmark, composed of various style factors. Active fund managers primarily focus on quality, prosperity, and momentum factors, while dividend and low valuation factors can lead to underperformance when they are strong [1][17]. - The difficulty of beating benchmarks is a common challenge for asset management institutions globally, with only about 50% of active equity funds in A-shares outperforming their benchmarks over the past 20 years [17][18]. Group 2: Style and Industry Deviation - Controlling style deviation is more critical than controlling industry deviation for fund managers aiming to outperform benchmarks. Excessive deviation can significantly impact performance negatively [3][22]. - Successful fund managers tend to exhibit smaller deviations in style and industry, maintaining a balanced approach regardless of market conditions [5][24]. Group 3: Stock Selection and Market Timing - Stock selection is more impactful on performance than industry selection, with a focus on identifying high-potential stocks rather than frequently rotating industries [26]. - Market timing is debated among fund managers, with evidence suggesting that while many lack timing ability, strategic timing can enhance returns during volatile periods [12][34]. Group 4: Risk Management and Strategy - A U-shaped risk convexity strategy is proposed to enhance the risk-return profile of portfolios, emphasizing the importance of managing volatility in equity assets [27][28]. - The relationship between volatility and returns is highlighted, with low volatility stocks often yielding better returns in the A-share market, contrary to the general belief that higher volatility equates to higher returns [9][29]. Group 5: Future Considerations - The article suggests that in the absence of clear industry trends, public funds must balance their strategies to achieve stable excess returns by leveraging combination management approaches [20][21].

Core Viewpoint - The article discusses the common concerns of investors during a bull market, particularly regarding the performance of their holdings and the need for alignment with their risk preferences [3][4]. Group 1: Portfolio Assessment - Investors should regularly review their portfolio structure to ensure it aligns with their true risk tolerance, especially during significant market changes [4]. - A mismatch between current market conditions and the investor's portfolio style can lead to underperformance, which is normal in a bull market [7][8]. Group 2: Investment Strategy - Investors need to clarify their goals: whether they seek quick profits or stable long-term returns, as this will influence their decision to adjust their holdings [9]. - The article emphasizes the importance of maintaining a clear investment strategy and avoiding emotional trading, especially during volatile market conditions [10][14]. Group 3: Market Dynamics - The article highlights that not all assets will rise during a bull market, and structural market conditions often dictate performance rather than a general uptrend [10][11]. - It is crucial for investors to remain calm and not be swayed by the performance of others, as this can lead to poor decision-making [10][12]. Group 4: Long-term Perspective - The focus should be on avoiding significant losses during bear markets rather than chasing short-term gains in bull markets [11]. - A well-diversified portfolio should be evaluated for its resilience and stability, rather than solely on immediate performance [13][14].

Core Insights - The asset management industry is focusing on enhancing competitiveness through systematic construction and product optimization to meet client needs [1][4] Group 1: Company Performance - As of June 30, the company served 25 million clients and generated an investment return of 23.5 billion yuan in the first half of 2025, outperforming the market [3] - The product scale achieved reasonable growth, with medium to long-term products exceeding 700 billion yuan, accounting for over 30% of the total, promoting a long-term investment mindset among clients [3] - The company has strengthened its traditional fixed income research capabilities while expanding its multi-strategy and multi-asset investment framework, with "fixed income +" products reaching a scale of over 200 billion yuan by the end of June [3] Group 2: Strategic Focus - The company aims to enhance its capabilities in customer service, channel management, product development, research, asset management, and risk control, leveraging digital intelligence for business growth [4] - The company positions itself as a major supplier of fixed income products and an important provider of rights-containing products, catering to both conservative and high-net-worth clients [5][6] Group 3: Market Trends and Client Preferences - The company recognizes the importance of portfolio management in the current volatile market, emphasizing the need for a balanced approach to risk and return [6] - There is a growing demand among clients for products with lower volatility and moderate returns, while some clients are open to accepting slightly higher volatility for better returns [6] - The company plans to enhance its product offerings to meet diverse client needs, including the development of rights-containing products [6][7] Group 4: Industry Positioning - The company aims to complement the competitive advantages of public funds, securities firms, and insurance asset management by offering differentiated fixed income and rights-containing products [7] - The company envisions fixed income products as the primary growth driver and rights-containing products as a secondary growth avenue, promoting sustainable development in bank wealth management [7]