Core Viewpoint - The article discusses the return of active equity investment and how it can generate excess returns, emphasizing the importance of a structured investment approach in the context of the ongoing technological revolution and China's economic transformation [1][2]. Group 1: Investment Strategies - The investment strategy employed by Allianz Fund combines dividend value and technology growth using a barbell approach, allowing for investment in both "old economy" dividend stocks and "new economy" AI and technology innovations [1][2][16]. - Allianz Fund's research director, Cheng Yu, highlights the importance of forming earnings forecasts that exceed market expectations as a means to capture investment opportunities, particularly in the overseas computing power industry [2][15]. Group 2: Macroeconomic Context - Cheng Yu identifies four macroeconomic factors influencing the current investment landscape: the global fourth industrial revolution, ongoing geopolitical tensions, China's economic transformation, and the high-quality development phase of the Chinese capital market [5][7]. - The article suggests that high-dividend assets will benefit from the high-quality development of the capital market, while high-growth technology assets will gain strategic importance amid geopolitical tensions [7][8]. Group 3: Market Outlook - The article predicts that the revaluation of Chinese assets will continue, driven by improvements in the long-term competitiveness of the Chinese economy and clearer corporate earnings prospects [8][9]. - Cheng Yu expresses optimism about the future of Chinese technology, citing significant advancements in sectors such as semiconductors, biopharmaceuticals, and artificial intelligence, which are expected to bolster investor confidence [10][11]. Group 4: Research and Investment Framework - Allianz Fund emphasizes a rule-based active investment approach, aiming for stable and predictable investment outcomes through a disciplined investment process [14][15]. - The fund's research framework includes a deep focus on Return on Equity (ROE) and the underlying drivers of long-term profitability, which aids in making informed investment decisions [15][16].

Core Viewpoint - The article emphasizes that 2025 will be a pivotal year for the high-quality development of public funds, focusing on prioritizing the interests of holders and addressing issues such as performance benchmarks, style drift, and the stability of excess returns [2][3]. Group 1: Investment Philosophy and Goals - Allianz Fund aims to create long-term, significant, and sustainable risk-adjusted returns for its holders, emphasizing a long-term perspective in its investment philosophy [3][4]. - The fund seeks sustainable excess returns through a systematic investment framework, ensuring that alpha sources are stable and not reliant on random factors [4]. - Active risk management is integrated into every stage of the investment process, allowing fund managers to understand their risk exposures and make informed decisions [4][5]. Group 2: Investment Process and Framework - Allianz Fund employs a four-part investment research system consisting of investment goals, philosophy, process, and performance review, ensuring alignment with the objective of creating long-term value for users [5][6]. - The fund differentiates performance assessment metrics based on product types, using information ratio for relative return products and Sharpe ratio for total return products, to accurately measure fund managers' abilities [6][21]. - The investment process includes systematic opportunity capture, risk budget models, proactive risk management, and ongoing performance review to ensure alignment with investment goals [22][23]. Group 3: Team and Culture - Allianz Fund embodies a German craftsmanship spirit, focusing on long-term operational excellence and a commitment to quality over quantity in product offerings [11][13]. - The team is composed primarily of local hires with international experience, ensuring a blend of global vision and local insight in investment decisions [11][12]. - The fund emphasizes a collaborative team culture, avoiding the "star manager" approach and instead focusing on collective success and shared investment philosophy [13][14]. Group 4: Market Positioning and Strategy - Allianz Fund aims to position itself as a boutique provider of active investment solutions in the Chinese market, prioritizing quality and user experience over the quantity of products [6][10]. - The fund's strategy includes a "core + satellite" product layout, focusing on active management strategies while also exploring quantitative models for specific themes [40][41]. - The company recognizes the increasing competition in the asset management industry, advocating for a focus on sustainable alpha generation and the establishment of a competitive edge through a robust investment framework [45][46].