Core Viewpoint - The A-share market has shown a structural differentiation in the first 11 months of this year, with new economy sectors like artificial intelligence and innovative pharmaceuticals leading the market, while traditional sectors like liquor have underperformed, creating a stark contrast [2][3]. Investment Strategy - The significant differentiation between new and old market drivers has become a key factor in investment success this year. The rapid expansion of ETF management scale and the issuance of floating fee rate funds have led public funds to focus more on performance benchmarks, resulting in clearer investment styles and directions [3][4]. Core and Satellite Strategy - The "core + satellite" strategy is recommended for investors as a stable allocation method. Core assets should be balanced and historically stable with low drawdowns, while satellite assets should target emerging industries with greater return elasticity. This approach is essential for funds to generate excess returns across different market conditions [4]. Performance of Fund - The Guangfa Multi-Factor Fund (002943) has shown impressive long-term performance, with a net value growth rate of 376.1% from early 2018 to November 28, 2025, translating to an annualized return of 21.82%. It has consistently outperformed major indices during bull and bear markets [5][8][9]. Fund Management - The fund is managed by experienced professionals, including Yang Dong, who has 19 years of experience in investment management. The fund's holdings are well-diversified across 30 industries, and it employs a dynamic adjustment strategy based on a "macro four-cycle" framework to capture excess returns [10][11]. Sector Allocation - The fund has effectively managed its exposure to the electronics sector, increasing its allocation significantly in 2024 and adjusting it based on market performance. This strategic allocation has allowed the fund to maintain a competitive edge [12]. Satellite Asset Tools - The Guangfa team has developed Smart Beta and thematic enhancement products to provide investors with tools for enhanced returns. These products aim to achieve stable excess returns through a combination of strategies, catering to various investor preferences [17][18]. New Product Launch - The Guangfa Quality Selection Fund, utilizing a "PB-ROE" strategy, has been launched to adapt to changing market preferences, focusing on quality and valuation. This strategy aims to identify undervalued companies with strong profitability potential [23][24].

- The "Market Sentiment Tracking" system includes the "Proportion of Rising Stocks Sentiment Indicator," which calculates the proportion of stocks with positive returns in the past N days within the CSI 300 Index. This indicator helps identify market sentiment by detecting market bottoms when the proportion increases and potential overheating when the proportion is high. However, it has limitations in avoiding market downturns and may miss gains during sustained market rallies[12][13][15] - The "Proportion of Rising Stocks Timing Strategy" applies two smoothing windows (N1=50, N2=35) to the sentiment indicator. When the short-term smoothed line exceeds the long-term smoothed line, it signals a bullish market view. Conversely, when the short-term line falls below the long-term line, it indicates a cautious market outlook[13][15][16] - The "Moving Average Sentiment Indicator" uses an eight-moving-average system (parameters: 8, 13, 21, 34, 55, 89, 144, 233) to assess the CSI 300 Index's trend. The indicator assigns values of -1, 0, or 1 based on the moving average range, correlating with the index's performance. A bullish signal is generated when the current price exceeds the moving average values for more than five of the eight averages[21][26] - The "PB-ROE-50 Strategy" is based on the PB-ROE pricing model and incorporates factors like SUE and ROE growth to identify stocks with expectation gaps. The strategy selects 50 stocks to form a portfolio, aiming to enhance returns by leveraging expectation differences and additional alpha factors[30][33][34] - The "Institutional Research Strategy" includes "Public Fund Research Stock Selection" and "Private Fund Research Tracking." These strategies utilize institutional research data, such as the number of times a company is researched and its pre-research performance relative to benchmarks, to identify alpha opportunities[37][39][40] - The "Leverage Ratio Negative List" introduces three leverage ratio metrics: traditional, strict, and relaxed. The relaxed leverage ratio includes additional liabilities like other current liabilities and non-current liabilities due within one year, providing more opportunities for short-selling gains compared to traditional metrics[42][43][45] - The "Financial Cost Burden Ratio" measures a company's interest payment pressure using the formula: Financial Cost Burden Ratio = Interest Expense / EBIT. This metric focuses on interest expenses post-2018, offering a clearer view of financial costs and identifying companies with high repayment pressure[46][47][48] - The "Proportion of Rising Stocks Sentiment Indicator" showed a slight month-on-month decline as of November 28, 2025, with a value above 50%, indicating cooling market sentiment[12] - The "Proportion of Rising Stocks Timing Strategy" indicated a cautious market view as the short-term smoothed line was below the long-term smoothed line in the past month[16] - The "Moving Average Sentiment Indicator" suggested the CSI 300 Index was in a non-prosperous sentiment zone as of November 28, 2025[21] - The "PB-ROE-50 Strategy" delivered negative excess returns in November 2025: -0.08% for the CSI 500 pool, -1.09% for the CSI 800 pool, and -3.26% for the entire market pool[30][34] - The "Institutional Research Strategy" showed mixed results in November 2025: the "Public Fund Research Stock Selection" achieved a 3.49% excess return relative to the CSI 800, while the "Private Fund Research Tracking" recorded a -1.36% excess return relative to the CSI 800[37][39]

Core Viewpoint - The "fixed income +" and mixed equity-debt fund categories are expected to experience explosive growth in 2025, becoming a core choice for investors seeking stable returns in volatile markets. Among the standout fund managers, Liang Bingzhe from Anxin Fund has gained attention for his distinctive investment style and impressive performance, establishing himself as a rising star in the field [1]. Group 1: Investment Strategy - Liang Bingzhe employs a "barbell" strategy that balances value and growth assets, aiming to smooth portfolio volatility and enhance adaptability in different market environments [2]. - The investment framework focuses on three optimizations based on the PB-ROE strategy: achieving relative balance in industry distribution, ensuring reasonable time-based return distribution, and controlling volatility [2]. - In convertible bond investments, Liang adheres to a "low price, high elasticity" strategy, prioritizing inexpensive options with potential for significant upside based on logical support from underlying stocks [2]. Group 2: Market Outlook - Liang maintains an optimistic view on equity markets, attributing asset pricing to both fundamentals and liquidity, with a favorable domestic liquidity environment supporting higher valuations for thriving sectors [4]. - The convertible bond market is expected to face three potential scenarios based on stock market performance: strong performance if stocks rise, likely adjustments if stocks fall, and potential valuation pressure if stocks remain stagnant [4]. - In the pure bond segment, Liang believes that the fundamental and liquidity environment remains favorable for the bond market, suggesting a focus on high-quality bonds to achieve better risk-adjusted returns [5]. Group 3: Sector Focus - Liang emphasizes the importance of sectors benefiting from the AI boom, such as electric power and certain non-ferrous metals, which are expected to see significant profit elasticity due to product price increases [6]. - To mitigate potential risks from declining AI capital expenditures, Liang considers including undervalued options with low implied volatility in the portfolio [6]. - The strategy aims to balance returns and risks by constructing hedging combinations that adapt to the current complex market environment [6].

Core Viewpoint - The article discusses the recent performance and strategy shifts of small-cap investment strategies, particularly focusing on the招商量化精选 fund and its manager, Wang Ping, who has expressed caution regarding small-cap investments in the second quarter report [3][9]. Group 1: Fund Performance Analysis - The招商量化精选 fund's holdings in沪深300 increased from 2.48% in mid-2024 to 10.85% in mid-2025, indicating a significant shift towards larger market cap stocks [5][6]. - Conversely, the allocation to "other" small-cap stocks, which are smaller than中证2000, decreased from 16.24% to 10.37% during the same period [5][6]. - The fund's performance has been relatively strong compared to国证2000, especially during periods when国证2000 showed weakness [10]. Group 2: Investment Strategy Insights - Wang Ping mentioned that the招商量化精选 fund employs a PB-ROE strategy, which does not specifically target small-cap stocks, but the selection process tends to favor them [7][8]. - The article raises questions about whether the observed market cap shift is a result of active selection or a consequence of the underlying model used by the fund [7][8]. Group 3: Comparison with Other Funds - The博道远航 fund, managed by Yang Meng, shows a significant downshift in market cap distribution, but its performance is closely tied to the万得偏股混合型基金指数 [12][14]. - The国泰君安量化选股 fund has shifted its holdings from large-cap to small-cap stocks, particularly中证2000, achieving a 31.30% return in the first eight months of the year [15]. - The华夏智胜先锋 fund maintains a focus on中证1000 and below, with a notable increase in small-cap allocations [19][21].