Core Viewpoint - The article highlights the investment philosophy and practices of Su Yuping, a seasoned fund manager at Allianz Fund, emphasizing her disciplined approach to investment and the importance of a rule-based investment strategy in navigating market volatility [4][5][6]. Group 1: Investment Philosophy - Su Yuping believes in a "defensive counterattack" strategy, where maintaining stability during market downturns is crucial, while also being ready to capitalize on opportunities when the market improves [12][14]. - The essence of asset management is altruism, aiming to create investment products that genuinely benefit investors [31][32]. - Su emphasizes the importance of emotional stability in investment, stating that maintaining composure is vital for successful decision-making [34]. Group 2: Rule-Based Investment Strategy - Allianz Fund employs a rule-based investment approach, which provides a structured framework for decision-making, ensuring that fund managers adhere to established guidelines [18][19]. - The investment process includes regular performance reviews and detailed attribution analysis to assess whether the portfolio is meeting its benchmarks [22][29]. - Su highlights the significance of annualized volatility as a key metric for managing risk in fixed income plus (固收+) products, with a focus on maintaining a balance between risk and return [28][29]. Group 3: Market Adaptation and Challenges - The past year has seen various market disruptions, including geopolitical tensions and economic uncertainties, which have tested the resilience of investment strategies [6][25]. - Su notes that the correlation between different asset classes has changed, requiring a more dynamic approach to asset allocation [10][11]. - The current market environment presents challenges, with potential for increased volatility, necessitating a focus on risk management and adherence to investment rules [30]. Group 4: Personal Insights and Experiences - Su's long-standing commitment to fitness and discipline reflects her approach to investment, where self-regulation is seen as essential for achieving sustainable performance [5][20]. - Her early experiences at Allianz Insurance laid the foundation for her investment framework, emphasizing the importance of continuous learning and adaptation [10][11]. - Su's perspective on investment is shaped by her belief in the long-term nature of asset management, viewing it as a marathon rather than a sprint [26].

Core Viewpoint - Allianz Fund has undergone a significant management restructuring, appointing Shen Liang as Chairman and Zheng Yuchen as General Manager, indicating a strategic focus on local market expertise combined with global insights [1][2][4]. Management Changes - Shen Liang has been promoted to Chairman after serving as General Manager and acting Chairman for over six months following the departure of the first Chairman [4]. - Zheng Yuchen, previously Deputy General Manager and Chief Investment Officer, has taken over as General Manager while continuing his role as Chief Investment Officer [1][2][8]. Strategic Direction - Allianz Fund aims to leverage a "localized team + global gene" strategy to deepen its commitment to the Chinese market [2]. - The new management team is expected to create a complementary combination of strategic leadership and investment research capabilities [2][18]. Performance and Challenges - Allianz Fund's assets under management (AUM) stand at 976 million, ranking 151st among 167 licensed public fund institutions in China, indicating a challenging market entry [10][16]. - Despite its relatively low AUM, Allianz Fund's flagship product, Allianz China Select, has achieved a total return of over 121% since its inception in September 2024, placing it in the top 8% of the market over the past year [11][13]. Investment Strategy - The fund's investment methodology is based on a "rule-based active management" approach, focusing on dynamic allocation between dividend and quality technology assets [11][18]. - The management team is optimistic about the long-term value re-evaluation in the Chinese stock market, particularly in sectors such as TMT, machinery, new energy, defense, pharmaceuticals, chemicals, and consumer services [20]. Market Context - Allianz Fund faces typical challenges for foreign public funds in China, including limited brand recognition, difficult channel expansion, and insufficient investor awareness [10][17]. - The fund's strategy emphasizes differentiation by leveraging global expertise in areas like cross-border investment and multi-asset allocation, where local institutions may lack experience [18].

Core Viewpoint - Allianz Fund has appointed new leadership, with Shen Liang becoming Chairman and Zheng Yuchen taking over as General Manager and continuing as Chief Investment Officer, aiming to enhance its operations in the Chinese market [1][4][5]. Leadership Changes - Shen Liang, with over 23 years of experience in finance, has a strong educational background and has held key positions in various financial institutions, including Morgan Stanley and Mercer, before joining Allianz [4]. - Zheng Yuchen, who has extensive experience in domestic investment research and management, has been instrumental in integrating overseas investment strategies with local market characteristics since joining Allianz [5]. Business Development in China - Allianz Investment has been operating in the Chinese market for over 30 years and has recently established Allianz Fund, which received approval to commence operations in April 2024 [6]. - The company employs a "local team + global empowerment" investment strategy, with a significant proportion of its 70-member team being investment research personnel from the local asset management industry [6]. Product Offerings and Performance - Allianz Fund launched its first equity product, the Allianz China Select Mixed Fund, in August 2024, achieving a return of 65.83% in 2025, significantly outperforming its benchmarks [6]. - The company has also introduced two "fixed income +" strategy products to meet diverse investor needs [6].