"买一只股票之前，我通常会先问自己：如果这只股票基本面没有发生大的变化，未来股价再跌20%， 我是否敢于继续加仓？"盘京投资拟任基金经理粘洪峰说，如果答案是肯定的，这笔投资才能真正进入 观察序列。 这一近乎苛刻的心理测试，折射出他投资哲学的底色：深度价值，左侧逆向。在他眼中，股价下跌从来 不是风险，而是优质资产的折扣券。 二十年投资生涯，粘洪峰将这套反脆弱框架淬炼成穿越周期的护身符。正是这份定力，让他在过去几年 的港股回调阶段中斩获正收益，在市场上行阶段中跑赢市场，做到连续7年跑赢恒生指数，在恒生指数 表现基本持平的背景下，赚取了翻倍的投资收益，也将他在险资"巨轮"上的管理规模一路推升至超500 亿元，成为港股市场上管理规模最大的投资经理之一。 如今，这位深谙绝对收益之道的投资老将，选择加盟百亿私募盘京投资，开启他的"第三次创业"。从险 资的纪律中走来，他将那些历经市场检验的深厚积淀悉数装入行囊，带入一个更灵活、更锐利的新战 场。从"巨轮"到"快艇"，变的是决策效率与策略灵活度，不变的是对深度价值的信仰、对成本"护城 河"的执念，以及对绝对收益的坚守。 站在新的起点，粘洪峰将如何在私募舞台上践行他的投资哲学？ ...

"买一只股票之前，我通常会先问自己：如果这只股票基本面没有发生大的变化，未来股价再跌20%， 我是否敢于继续加仓？"盘京投资拟任基金经理粘洪峰说，如果答案是肯定的，这笔投资才能真正进入 观察序列。 这一近乎苛刻的心理测试，折射出他投资哲学的底色：深度价值，左侧逆向。在他眼中，股价下跌从来 不是风险，而是优质资产的折扣券。 二十年投资生涯，粘洪峰将这套反脆弱框架淬炼成穿越周期的护身符。正是这份定力，让他在过去几年 的港股回调阶段中斩获正收益，在市场上行阶段中跑赢市场，做到连续7年跑赢恒生指数，在恒生指数 表现基本持平的背景下，赚取了翻倍的投资收益，也将他在险资"巨轮"上的管理规模一路推升至超500 亿元，成为港股市场上管理规模最大的投资经理之一。 如今，这位深谙绝对收益之道的投资老将，选择加盟百亿私募盘京投资，开启他的"第三次创业"。从险 资的纪律中走来，他将那些历经市场检验的深厚积淀悉数装入行囊，带入一个更灵活、更锐利的新战 场。从"巨轮"到"快艇"，变的是决策效率与策略灵活度，不变的是对深度价值的信仰、对成本"护城 河"的执念，以及对绝对收益的坚守。 为此，粘洪峰打磨出了自己最锋利的一把利器——"恐慌性买入 ...

Core Viewpoint - In 2025, over 83.8% of quantitative funds achieved returns exceeding 20%, indicating a strong performance in a favorable market environment [6][8]. Group 1: Market Overview - The market in 2025 experienced a significant rebound after previous years of volatility, providing a conducive environment for quantitative strategies [3][8]. - A total of 37 quantitative funds were analyzed, with 31 funds reporting returns over 20% [6][8]. Group 2: Fund Performance - The top three performing funds in 2025 were: - Silver华新能源新材料量化股票发起式A (005037.OF) with a return of 54.11% - 广发量化多因子混合A (005225.OF) with a return of 52.72% - 易方达智造能量化策略混合A (005437.OF) with a return of 50.21% [8]. - 14 funds achieved returns over 40%, accounting for 37% of the sample [9]. Group 3: Historical Context and Strategy - The performance of funds like 银华新能源新材料量化股票发起式A reflects a "mean reversion" phenomenon, with significant fluctuations in previous years [11]. - The ability of quantitative funds to adapt and improve their models has enhanced their capacity to capture excess returns [8][20]. Group 4: Advantages of Quantitative Funds - Quantitative funds benefit from strict discipline in trading, avoiding emotional biases that can affect human decision-making [20]. - They have a broad coverage of the market, allowing them to identify opportunities across thousands of stocks, which is particularly advantageous in rapidly changing market conditions [20]. - The continuous evolution of quantitative strategies, especially with advancements in AI, has led to improved performance metrics over time [20].

Group 1 - The core point of the news is the resignation of Fu Youxing, the Deputy General Manager and Co-Chief Investment Officer of GF Fund, due to work reasons, managing two products with a total scale of 10.276 billion yuan, making him one of the few fund managers in the public offering industry with over 10 billion yuan in assets under management [2][3] Group 2 - Fu Youxing has over 13 years of experience in fund management, having joined the industry in 2002 and worked in various roles before becoming Deputy General Manager at GF Fund in 2006. His investment style focuses on fundamental research and companies with sustainable growth and strong competitiveness, achieving a best-term return of 187.2% on the funds he managed [3] Group 3 - The resignation of a billion-yuan fund manager from an executive position is not uncommon in the public offering industry, with two potential paths: returning to frontline investment research or gradually leaving the managed funds for other career opportunities. The future direction of Fu Youxing's career remains uncertain [3] Group 4 - GF Fund has been actively introducing external talent in the active equity investment sector, with notable recent hires including Wu Chenggen from Zhonggeng Fund, who has a five-year return of 166% on his previous fund, and Zhou Zhishuo from Jianxin Fund, who currently manages three products with a total scale of 17.8 billion yuan [4] Group 5 - The talent layout at GF Fund is evolving from a focus on track-type funds to a more diversified strategy, with managers specializing in absolute returns and cycle investments joining the team. The company currently has over 200 research and investment personnel and eight equity investment teams, with an average of over 10 years of experience among investment managers [4]

Core Viewpoint - The securities market has shown significant structural trends since the beginning of the year, with increasing attention on the economic and industrial development outlook for 2026 and investment opportunities [1][7]. Group 1: Market Outlook - The macroeconomic policy is expected to remain proactive, with growth-stabilizing policies likely to continue, and monetary policy is expected to maintain a steady and loose stance [1][7]. - Despite frequent market concerns regarding the macroeconomic fundamentals, there is a belief in the need for confidence and determination to adapt to potential changes and actively seek allocation opportunities across various industries [1][7]. Group 2: Investment Focus - The company continues to favor growth sectors such as pharmaceuticals and medical devices, defense and military industry, and humanoid robots, while also looking at cyclical industries like non-ferrous metals, steel, and securities for potential returns driven by macroeconomic fluctuations [1][7]. - In the fourth quarter of 2025, the company increased its overall equity position based on a high position from the third quarter, maintaining holdings in sectors like robotics, semiconductors, non-ferrous metals, and finance, while also adding to other cyclical industries [10][11].

Core Viewpoint - The market has shown significant short-term profitability since the beginning of 2026, but this trend may not be sustainable, and a return to normalcy is expected [1][2] Market Conditions - The Shanghai Composite Index approached 4200 points at the start of 2026, but experienced a rapid pullback by the end of January, followed by a recent rebound, currently sitting above 4100 points [2] - The market is characterized by rapid shifts in hot sectors, creating structural opportunities [2] Investment Strategy - The company emphasizes the importance of rationality in investment, highlighting two main challenges: buying before the market peaks and selecting the right sectors to avoid losses [2] - A strategy that attempts to capture all market hotspots is deemed ineffective, as market dynamics will eventually outpace such approaches [2] - A multi-asset and multi-strategy approach is recommended to mitigate risks and achieve relative returns across different market conditions [3][4] Asset Allocation - The investment strategy has evolved from a single growth focus to a diversified approach, incorporating various asset classes such as commodities and bonds, and segmenting stocks into growth and dividend categories [4] - This diversification aims to reduce volatility and maximum drawdown while achieving target returns [4] Future Outlook - Expectations for 2026 suggest that while there may be phases of high returns, achieving consistent high returns throughout the year is challenging due to current market valuations being above the median level [5] - The trend of declining risk-free rates is reshaping asset allocation among residents, with a shift towards standardized low-risk assets like bank wealth management products and money market funds [5] - The multi-asset and multi-strategy approach addresses fundamental anxieties in investment, allowing investors to avoid the stress of timing and asset selection [5]

Core Insights - The market has shown significant short-term gains in 2026, with investors focusing more on profits than risks, leading to concerns about missing out rather than incurring losses [1] - Despite the current market enthusiasm, it is expected that the market will eventually return to normalcy, emphasizing the importance of maintaining a rational and calm approach to investing [1] Market Trends - The Shanghai Composite Index approached 4200 points at the beginning of 2026, but has since experienced volatility, currently hovering above 4100 points with structural opportunities emerging [1] - The market is characterized by rapid shifts in hot sectors, which poses challenges for investors in timing their entries and selecting the right sectors [1] Investment Strategy - The company advocates for a multi-asset and multi-strategy approach to mitigate risks associated with single-style investing, which can lead to prolonged periods of underperformance [2] - By diversifying across various asset classes, including stocks, commodities, and bonds, the strategy aims to reduce volatility and maximum drawdown while achieving target returns [2] Future Outlook - Expectations for 2026 suggest that while there may be periods of impressive returns, achieving high returns consistently throughout the year will be challenging due to current market valuations being above the median level [3] - The shift in residents' asset allocation towards standardized low-risk assets indicates a growing demand for multi-asset and multi-strategy solutions, which aim to provide absolute returns rather than speculative gains [3]

Core Viewpoint - The resignation of Jiang Xiaoli from Tianhong Fund's management of multiple public funds is primarily due to personal reasons, including a desire for a break and to focus on family [1][2] Group 1: Fund Management Changes - Jiang Xiaoli managed a total of 41 funds, with 10 products under her management before her departure, totaling over 35 billion yuan in assets [2] - Following her resignation, Tianhong Fund has appointed Du Guang and Zhang Yu to co-manage Tianhong Yongli Bond Fund, while Zhang Yu will manage Tianhong Enhanced Return Fund alone [5][6] Group 2: Performance and Strategy - Jiang Xiaoli emphasized an investment philosophy focused on absolute returns and asset preservation, adapting investment frameworks to changing political and economic landscapes [5] - Under her management, Tianhong Yongli Bond Fund achieved a cumulative return of 167.12% over nearly 18 years, surpassing its benchmark by 60.85% [5] Group 3: Industry Trends - The trend of fund manager resignations is increasing, with 484 managers leaving the industry in 2025, resulting in an 11.76% turnover rate, higher than previous years [6] - As of the end of 2025, Tianhong Fund managed a total of 1.33 trillion yuan in public funds, with significant portions in money market funds and bond funds [6]

Core Viewpoint - The resignation of Jiang Xiaoli from Tianhong Fund's management of multiple public funds is primarily due to personal reasons, including a desire for a break and to focus on family after years of continuous work since 2009 [1][2]. Group 1: Fund Management Changes - Jiang Xiaoli managed a total of 41 funds, with 10 products under her management before her resignation, amounting to over 35 billion yuan in total assets [2]. - The funds managed by Jiang Xiaoli include Tianhong Yongli Bond, Tianhong Ankang Yiyang, and Tianhong Enhanced Return, among others, with varying performance metrics [4][6]. - Following her departure, Tianhong Fund has appointed Du Guang and Zhang Yu to co-manage Tianhong Yongli Bond, while Tianhong Ankang Yiyang is now managed by Wan Ruxue and He Jian [5][6]. Group 2: Performance Metrics - Under Jiang Xiaoli's management, Tianhong Yongli Bond achieved a cumulative return of 167.12% over nearly 18 years, significantly outperforming its benchmark of 60.85% [5]. - The annualized return for Tianhong Ankang Yiyang is approximately 4.50% and 2.52% for its current managers [6]. - Zhang Yu, managing Tianhong Enhanced Return, has a return rate of about 34.38% over more than five years [6]. Group 3: Industry Context - The trend of fund manager resignations has been increasing, with 484 fund managers leaving the industry in 2025, resulting in a turnover rate of 11.76%, higher than previous years [6]. - As of the end of 2025, Tianhong Fund managed a total of 1.33 trillion yuan in public funds, with significant portions in money market funds and bond funds [6].

Core Viewpoint - The investment philosophy of Hu Yu from Tianhong Fund emphasizes the balance between odds and risks, focusing on defensive strategies to provide certainty in returns amidst a low-interest and high-volatility macro environment [1][2] Group 1: Investment Strategy - Hu Yu's management of "fixed income +" products showcases a conservative operational strategy, demonstrating strong discipline in decision-making [1] - In response to the high valuations in the convertible bond market, Hu Yu has chosen to reduce positions to avoid permanent capital loss, adopting a strategy where "losing less is winning" [1] - The primary task of "fixed income +" products remains defensive, prioritizing the maintenance of a drawdown limit even at the cost of sacrificing some offensive returns [2] Group 2: Market Conditions - The current state of convertible bond assets is described as being in a very expensive valuation range due to market volatility [2] - The equity market is experiencing severe differentiation, with mediocre companies seeing inflated prices driven by liquidity, while quality companies are being undervalued due to a lack of market momentum [2] Group 3: Team and Culture - Tianhong Fund's "fixed income +" team has developed a collaborative and integrated research system, effectively combining the professional advantages of different fund managers [2] - The core members of the "fixed income +" team have an average industry experience of over 10 years, covering a wide range of research areas including macro research, pure bonds, convertible bonds, equities, and strategies [2] - The team possesses quantitative research capabilities and has been tested through complete market cycles, accumulating rich investment and research achievements in their respective fields [2]