Core Viewpoint - The article discusses the resurgence of active equity funds, highlighting their recent outperformance compared to the CSI 300 index, particularly in a structural market environment that favors growth opportunities [1][2]. Group 1: Active Equity Fund Performance - Over the past three years, active equity funds have underperformed the CSI 300 index, leading to skepticism about their ability to generate excess returns [1]. - As of October 24, the Wind偏股基金指数 recorded a return of 32.39%, significantly outperforming the CSI 300 index's 14.68% during the same period [1]. - Historically, active equity funds have outperformed the CSI 300 index during growth structural opportunities in years such as 2010, 2015, and 2019 to 2021 [1]. Group 2: Recommended Balanced Funds - The article identifies three balanced fund products from Southern Fund that are suitable for investors lacking specific sector or style selection capabilities: 1. 南方智信混合 (managed by Zhang Yanmin) 2. 南方智弘混合 (managed by Jin Lanfeng) 3. 南方港股通优势企业 (managed by Luo Shuai) [2][3]. - These funds are characterized by their ability to control drawdowns in bear markets while capturing gains in bull markets, making them ideal for investors who prefer a hands-off approach [2]. Group 3: Fund Manager Insights - Zhang Yanmin's 南方智信混合 achieved a return of 54.80%, outperforming its benchmark by 30.87% since inception [5]. - Jin Lanfeng's 南方智弘混合 recorded a return of 48.25%, surpassing its benchmark by 20.29% within its first year [12]. - Luo Shuai's 南方港股通优势企业 achieved a total return of 28.87%, outperforming its benchmark by 18 percentage points over more than four years [20]. Group 4: Investment Strategies - Zhang Yanmin emphasizes a diversified investment approach, focusing on both the probability of success and the price at which assets are acquired, adapting to market style rotations [7][9]. - Jin Lanfeng employs a cyclical investment framework, making tactical adjustments based on market conditions and focusing on less crowded investment opportunities [15][16]. - Luo Shuai's strategy involves maintaining a balanced portfolio of high-quality companies, adapting to market conditions while seeking growth opportunities in the Hong Kong market [22][23]. Group 5: Conclusion on Balanced Products - The three identified balanced funds are suitable for ordinary investors seeking stable returns, with a focus on minimizing maximum drawdowns and enhancing adaptability in various market environments [27].

Core Viewpoint - The core strategy of Yin Hua Fund's manager He Wei is to achieve sustainable returns in a volatile market by prioritizing long-termism and high win rates [1][4]. Investment Framework - He Wei's investment framework is built on a clear evolutionary trajectory, combining macroeconomic analysis with fundamental insights, particularly in resource and new energy sectors [5]. - His experience in managing large-scale, long-term funds has led to a comprehensive approach that integrates macro, meso, and micro perspectives, focusing on fundamental-driven stocks and emphasizing entry prices [5][6]. Team Collaboration - The "Long-term Absolute Return Team" consists of four core members with complementary backgrounds, enhancing the team's ability to cover various sectors effectively [6]. - The team benefits from a robust research department with over 50 members, allowing for thorough communication and coverage of both core and auxiliary areas [6][8]. Performance and Risk Control - The effectiveness of the investment framework is validated by the performance of Yin Hua's fund, which has achieved a net asset value growth rate of 24.08% over three years, placing it in the top 3% of similar funds [6]. - He Wei emphasizes strict risk control, integrating it into every step of the investment process, focusing on fundamental quality, valuation, and trading conditions [8][9]. Market Insights and Future Outlook - He Wei identifies a long-term revaluation opportunity in resource products, driven by liquidity, scarcity, and necessity, particularly in the context of global inflation and industrial demand [10]. - The new fund, Yin Hua Xin He, will adopt a floating fee structure linked to performance, aiming to enhance investor experience and satisfaction [11]. Long-term Growth Philosophy - The philosophy of "doing the right thing for the long term" is central to He Wei's investment approach, focusing on quality growth rather than short-term gains [12][13]. - The goal is to create a comfortable investment experience for clients, allowing them to benefit from the long-term growth of the Chinese economy and capital markets [13].

Core Viewpoint - The investment philosophy of the new fund manager, He Wei, emphasizes long-term stable returns over short-term gains, aiming to provide a steady holding experience for investors [2][4]. Investment Philosophy - The team led by He Wei focuses on "absolute return" principles, integrating this approach into their relative return public funds, prioritizing long-term stability [4][5]. - The investment strategy involves taking meaningful risks while maintaining a defensive posture during market bubbles, concentrating on stable blue-chip stocks to control drawdowns [4][5]. Fund Performance - The Silver Hua Hu Shen Stock Connect Fund, managed by He Wei, achieved a three-year unit net value growth rate of 24.08%, ranking in the top 3% of its category [5]. - The fund has consistently delivered excess returns of 3% to 12% annually from 2022 to 2024 [5]. Investment Framework - The investment framework includes selecting fundamentally driven stocks with safety margins, prioritizing win rates over potential returns, and avoiding overvalued and crowded trades [6]. - Emphasis is placed on macroeconomic trends and future developments, with a focus on risk-reward ratios and controlling drawdowns [6]. Market Outlook - He Wei expresses optimism about the long-term potential of the Chinese capital market, citing strong fundamentals in manufacturing, technology, and healthcare [10]. - The market is viewed as undervalued due to geopolitical tensions, with expectations of improved performance as foreign capital begins to enter [10]. Sector Focus - The long-term investment value in the non-ferrous metals sector is highlighted, with a favorable supply-demand structure for commodities like gold, copper, and aluminum [11]. - The financial sector, particularly bank stocks, is seen as having reasonable dividend yields and potential for valuation recovery as market conditions improve [11]. New Fund Launch - The upcoming Silver Hua Xin He Mixed Securities Investment Fund will feature a floating management fee structure, aiming to build a long-term relationship with investors through steady returns [9]. - This new fund will include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities compared to A-shares [9].