1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The deep - value fund pool has a long - term stable performance, with an annualized return of 12.63% from February 2, 2015, to February 6, 2026, and an annualized excess return of 10.02% compared to the CSI 300. It also has an annualized volatility of 19.98% and an annualized Sharpe ratio of 0.63, indicating high - return stability. The excess return mainly comes from dynamic adjustment, style, and stock - picking, and it shows strong absolute returns even in a growth - dominant market. The current portfolio has increased its holdings in the consumer sector and reduced those in the manufacturing sector [7][12][15]. 3. Summary by Directory 1.1 Deep - Value Investment Concept Introduction - Deep value is a "cigarette - butt" investment method from Graham. Value investment can be divided into deep value, growth value, and prosperity value. It emerged during the 1929 - 1933 US economic depression. However, the current PB factor return has slightly declined, and the dispersion has decreased, weakening the value - style allocation advantage [7][10]. 1.2 Deep - Value Fund Pool: Stable Historical Returns and High Risk - Return Ratio - From February 2, 2015, to February 6, 2026, the deep - value fund pool had an annualized return of 12.63%, an annualized excess return of 10.02% compared to the CSI 300, an annualized volatility of 19.98%, and an annualized Sharpe ratio of 0.63. It showed stable annual absolute returns, and the excess return mainly came from dynamic adjustment, style, and stock - picking. It prefers low - momentum, low - elasticity, and low - volatility styles, with prominent value attributes and a current bias towards small and mid - cap stocks. The industry allocation is mainly in finance and cyclical sectors, and the new period has increased consumer sector holdings and reduced manufacturing ones [7][12][15]. 2.1 Definition of Deep - Value Funds - Deep - value funds are defined by the absolute low - valuation characteristics of their holdings. The research objects are active equity funds, with a sample size of fund managers with over 1 - year tenure and current scale over 100 million yuan, excluding fixed - term and holding - period products. The funds should have an average equity position of over 60% since the current fund manager took over and an average proportion of the top ten heavy - holding stocks in stock investments of over 35%. Funds with positive average factor exposures of heavy - holding stocks during the management period and in the past year in the BP factor and ranking in the top 1/3 are defined as value - type funds [23]. 2.2 Screening of the Deep - Value Fund Pool - The deep - value fund pool is screened by selecting funds with high expected net profits of holdings. The current portfolio includes funds such as HSBC Jintrust New Power A, Wanjia Select A, etc., with details of fund codes, managers, scales, and this - year's returns provided [24]. 3. Multi - Dimensional Analysis of Portfolio Funds - **HSBC Jintrust New Power A**: Pursues good companies at good prices, uses the DCF cash - flow model for valuation, and internalizes various factors to obtain alpha through in - depth research [26]. - **Wanjia Select A**: Has strong judgment of the macro - economic environment, an absolute - return mindset, and focuses on valuation. Its holdings have low - valuation characteristics, and recent holdings are concentrated in the coal sector, with trading and long - tail holdings contributing relatively high returns [28]. - **Xinyuan Digital Economy A**: Aims to achieve low volatility, focuses on risk control, reduces fund drawdowns through position adjustment and industry diversification, and pursues long - term stable asset appreciation [31]. - **Anxin Enterprise Value Selection A**: Holds the concept of buying and holding good companies at good prices for a long time, focuses on finding companies with sustainable profitability, competitive advantages, and reasonable valuations, and combines industrial and financial perspectives [33]. - **Huatai - Peregrine Growth Smart Selection A**: Considers the safety margin as the cornerstone of investment, evaluates the downside risk of investment targets through multiple indicators, dynamically adjusts the portfolio according to macro factors, controls the single - industry position, diversifies in the manufacturing sector, focuses on the manufacturing field, and promotes a floating - fee mechanism [37]. - **ICBC Value Selection A**: Emphasizes investing within familiar industries and companies, focuses on traditional industries such as public utilities, large finance, and manufacturing for a long time, and believes that it can better grasp the industrial cycle and enterprise value within the ability circle [40]. - **ICBC Innovation Power**: Adheres to the value - investment concept, focuses on finding companies with long - term stable profitability and reasonable valuations, and selects companies based on in - depth research of fundamentals [43]. - **ICBC New Wealth**: Focuses on multi - dimensional balanced allocation of industries and styles, avoids over - concentration in a single industry or stock, and evaluates individual stocks from three dimensions of business model, competitive advantage, and life cycle, combining quantitative and qualitative analyses [45]. - **Harvest Industry Selection A**: Focuses on digging the intrinsic value of enterprises, emphasizes buying high - quality assets at a reasonable or undervalued price, and internalizes factors such as a company's competitive advantage, business model, and industry space into the valuation system through methods like the DCF cash - flow model to protect the safety margin [48].

Group 1: Report's Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The report defines core assets in A - shares from four perspectives: track leaders, resource endowments, excellent business models, and technological advantages, and selects core - asset funds for investors' reference. From February 2, 2015, to February 6, 2026, the fund pool had an annualized return of 9.14% and a portfolio annualized Sharpe ratio of 0.51. The core - asset portfolio achieved excess returns in most years, with excess returns mainly coming from industry and stock selection, and a style more inclined to large - cap quality investment. The current long - term industry allocation is mainly in consumption, cycles, and finance, with a significant increase in the latest cycle - sector holdings and a reduction in consumption - sector allocation [7]. Group 3: Summary According to the Directory 1 Core Asset Fund Pool Concept Introduction and Historical Performance 1.1 Core Asset Investment Concept Introduction - Core assets are companies with core competitive advantages, excellent financial indicators, and stable governance. The report looks for core - asset enterprises from four perspectives: track leaders, resource endowments, excellent business models, and technological advantages, aiming to form a regularly updated core - asset stock pool. The industry distribution of the core - asset stock pool follows macro - economic changes, shifting from the financial and cycle sectors to a relatively balanced distribution of consumption, TMT, and manufacturing [10][13]. 1.2 Core Asset Fund Pool: Low Portfolio Volatility - From February 2, 2015, to February 6, 2026, the fund pool had an annualized return of 9.14% and a portfolio annualized Sharpe ratio of 0.51. The core - asset portfolio achieved excess returns in most years, especially in volatile, bear, and structural bull markets. The excess returns mainly came from stock selection and industry allocation, but it was not dominant in dynamic returns. The configuration style is large - cap high - quality investment, with relatively low portfolio elasticity and growth, prominent value attributes, and strong profitability of holdings. The current industry allocation is mainly in cycles and consumption, with a significant increase in the latest cycle - sector holdings and a reduction in consumption - sector allocation [16][18][24]. 2 Core Asset Fund Pool Definition and Screening 2.1 Definition of Core - Asset Type Funds - The definition is based on the relatively low - valuation characteristics of holdings. The research objects are active equity funds, with a sample of fund products and fund managers. The requirements include a tenure of over 1 year, a current scale of over 100 million yuan, exclusion of fixed - open and holding - period products, an average equity position of over 60% since the current fund manager took office, an average proportion of the top ten heavy - holding stocks in stock investment of over 35%, an average proportion of core - asset stocks in heavy - holding stocks of over 50% since the current fund manager took office, an average proportion of core - asset stocks in heavy - holding stocks of over 60% in the past year, and a minimum heavy - holding proportion of over 40% [27]. 2.2 Core Asset Fund Pool Screening - Select funds with low exposure to the heavy - holding beta factor in the past 12 months and a high ratio of operating cash flow TTM to total market value. Construct relevant factor combinations and select the top 10 funds by factor score with equal weight. The current portfolio holding list includes 10 funds such as Southern Component Selection A, with scale data as of December 31, 2025, and performance data as of February 6, 2026 [28]. 3 Multidimensional Analysis of Portfolio Funds - Southern Component Selection A focuses on the growth style, invests in multiple growth tracks such as electronics and machinery, and has outstanding stock - picking ability, suitable for investors who can tolerate short - term market fluctuations [30]. - Dacheng Selective Value - Added A adheres to a value - growth balanced strategy, focuses on consumer leaders, high - dividend technology, and consumer - technology hardware, has stable long - term stock - picking ability and good drawdown control, but is limited in elasticity during extreme style switches [32]. - Penghua Strategy Preferred focuses on the mid - cap growth style, focuses on "cycle + growth" tracks such as non - ferrous metals and power equipment, and is suitable for investors seeking long - term stable returns [35]. - Taiping Flexible Allocation uses a top - down multi - factor analysis method to dynamically adjust the investment ratio of assets such as stocks, bonds, and stock index futures to reduce risks and maximize returns [36][37]. - Nord New Prosperity A advocates a long - term investment concept, focuses on excavating high - quality enterprises with continuous growth potential, and obtains returns through medium - and long - term holding [39]. - ICBC New Blue - Chip A looks for undervalued assets in industries with low market attention, focuses on industry supply - side changes and improvement opportunities in supply - demand relationships, and lays out at the market's expected low point [41]. - Penghua Extended Growth has a bottom - up investment style, dilutes timing, diversifies industries but concentrates on individual stocks, and uses a self - built model to lock in the "certainty" of performance growth [43]. - HSBC Jintrust Consumption Dividend uses a combination of top - down and bottom - up methods, analyzes the macro - economic environment, policy orientation, and industry development trends to judge the prosperity of different consumer sub - industries, and preferentially allocates industries in the upward cycle or with long - term growth potential [46][47]. - Southern Quality Preferred A believes that the essence of investment is to judge the difference between the intrinsic value and market price of assets, and emphasizes finding "undervalued" opportunities through in - depth research [49]. - Dacheng Core Value Selection A adheres to the value - investment concept, looks for high - quality enterprises with intrinsic value through in - depth analysis of enterprise financial conditions, free cash flow, competitive barriers, and long - term profitability, and aims for long - term holding [52].

Core Viewpoint - The announcement of new management appointments at QuanGuo Fund highlights a strategic shift aimed at enhancing operational efficiency and aligning long-term interests among stakeholders [1][4]. Management Changes - Li Yunliang has been appointed as the new General Manager, transitioning from his previous roles as Compliance Officer and Risk Control Officer [1][4]. - Jiang Heze has been appointed as the new Financial Officer, previously serving as the Deputy General Manager [4][5]. - Sun Yuan has been appointed as the Compliance Officer and Risk Control Officer, previously the General Manager of the Compliance Audit Department [4][5]. - Yao Zhongxiao has been appointed as the new Deputy General Manager, previously the General Manager of the Channel Development Department [4][5]. Background of New Executives - Li Yunliang has extensive experience in asset management, having held various senior positions in multiple financial institutions before joining QuanGuo Fund in March 2022 [3][4]. - Jiang Heze has a background in research and asset management, joining QuanGuo Fund in March 2022 [5]. - Sun Yuan has experience in compliance and risk management, joining the company in February 2022 [5]. - Yao Zhongxiao has a background in fund product management and joined QuanGuo Fund in March 2022 [5]. Strategic Focus - The company aims to enhance its operational management by integrating investment research, investor services, compliance, risk control, and operational management [4]. - QuanGuo Fund will continue to prioritize value and long-term investment principles, focusing on creating differentiated products and services [4]. - The integration of advanced technologies such as artificial intelligence and big data into investment decision-making and risk management is a key strategy for improving investor satisfaction [4]. Employee Stock Ownership Plan - The company has initiated an employee stock ownership plan to align the interests of shareholders, new management, and core employees, promoting long-term sustainable development [6]. - As of the end of 2025, QuanGuo Fund manages a total of 197.08 billion yuan across seven public fund products [6].

Group 1 - The core point of the article is the appointment of Li Yunliang as the new General Manager of Quanguo Fund, marking a significant leadership change within the company [1][3] - Quanguo Fund has appointed a new executive team, including Jiang Heze as the financial officer and Sun Yuan as the compliance and risk control officer, indicating a strengthening of the management team [1][3][7] - The new management structure aims to enhance team cohesion and leverage core professional talents to better serve investors [1][3] Group 2 - Li Yunliang has extensive asset management experience and has been involved in the establishment of the fund's governance structure and compliance systems since its inception [3][5] - Under Li's leadership, the company will focus on value and long-term investment principles, aiming to optimize product offerings and enhance investor satisfaction through advanced technologies like AI and big data [3][8] - Quanguo Fund has established a diverse and expert investment research team, with a talent structure that includes veterans, mid-career professionals, and newcomers [6][7] Group 3 - The company has initiated an employee stock ownership plan to align the interests of shareholders, management, and core employees, promoting long-term sustainable development [7][8] - The internal promotion of management from within the company is expected to ensure a seamless transition and maintain the cultural and strategic continuity of Quanguo Fund [8] - The dual assurance of "people and systems" is anticipated to enhance the stability and efficiency of the management team, facilitating high-quality development [8]

Group 1 - The article focuses on the classification and evaluation of mixed equity funds, particularly highlighting the outstanding products within the category of mixed equity funds with a focus on stock investments [2][5]. - Mixed equity funds are categorized into five subtypes based on their asset allocation, with a minimum stock investment ratio of 60% for the equity-focused mixed funds [3][4]. - The evaluation system for mixed equity funds includes profitability, risk resistance, timing ability, and stock selection ability, with specific metrics such as the Jensen Index and average loss frequency [4][10]. Group 2 - The article identifies five-star rated mixed equity funds based on their profitability, emphasizing that strong performance is essential for achieving a comprehensive five-star rating [6][10]. - A total of 175 funds were evaluated, with 157 achieving a five-star rating for profitability, indicating a competitive landscape where most funds excel in profitability but few manage to balance risk [6][10]. - The article lists specific funds that have achieved five-star ratings in profitability and risk resistance, highlighting their unique attributes and management capabilities [6][10]. Group 3 - The article discusses the importance of risk resistance in mixed equity funds, noting that only 43 out of 175 funds received a five-star rating for this criterion, indicating a scarcity of funds that effectively manage volatility [10]. - Funds like 中泰红利价值 and 中泰红利优选 are highlighted for their exceptional performance in both risk resistance and timing ability, making them suitable for investors seeking stability [10][11]. - The article emphasizes that funds with strong risk management capabilities are particularly valuable in volatile market conditions, appealing to investors with moderate risk tolerance [10]. Group 4 - The article notes that only seven funds achieved a five-star rating for timing ability, reflecting the challenges of accurately predicting market shifts and adjusting asset allocations accordingly [11]. - 工银新兴制造混合 is specifically mentioned for its excellent timing ability and risk management, showcasing the importance of tactical adjustments in fund management [11]. - The scarcity of funds with high timing ability indicates a significant opportunity for investors who value active management and adaptability in their investment strategies [11]. Group 5 - The article highlights the significance of stock selection ability in mixed equity funds, focusing on the evaluation of investment portfolios based on valuation metrics such as P/E and P/B ratios [11]. - Funds that excel in stock selection demonstrate a strong capability to identify quality assets, which is crucial for long-term investment success [11]. - The evaluation of stock selection ability is essential for investors looking for funds that can deliver superior returns through effective asset selection [11].

Core Insights - The departure of Jiang Xiaoli, a fund manager at Tianhong Fund, has drawn attention due to her significant management experience and the scale of funds she oversaw [1][3][6] - Jiang's resignation is part of a broader trend in the industry, with 44 fund managers having left since the beginning of the year, indicating an increase compared to the same period last year [6][9] Company Overview - Tianhong Fund, established over 21 years ago, primarily relies on fixed-income products to drive its public fund growth, managing a total of 13,130.28 billion yuan as of the end of last year [9] - The fund's assets include over 8,200 billion yuan in money market funds, accounting for more than 60% of its total assets, and over 2,400 billion yuan in bond funds, which rank second [9] Fund Management Changes - Jiang Xiaoli managed 10 public funds with a total scale of 350.24 billion yuan before her departure, with her highest management scale reaching 781.94 billion yuan in the first quarter of 2022 [6][9] - The company has adopted a multi-manager co-management model for its "fixed income+" business, ensuring stability in product strategy and continuity in investment goals despite Jiang's departure [6][7] Industry Trends - The trend of fund manager departures has become common in the public fund industry, with 17 fund managers leaving Tianhong Fund in the past five years, averaging at least three departures per year [8][9] - As of February 13, 2025, over 500 fund managers have left the market, highlighting a significant turnover rate within the industry [9]

Core Viewpoint - The article highlights the significant investment activities and fund establishment in the LP market, particularly focusing on the recent large-scale fund signing event in Nanjing, which showcases the government's commitment to fostering innovation and supporting various industries through substantial financial backing [6][7]. Group 1: Fund Establishments and Investments - The 2026 Zijinshan Venture Capital Conference in Nanjing resulted in the signing of funds totaling over 70 billion yuan, including various specialized funds such as the Jiangsu Province Modern Service Industry Innovation Development Fund and the Jiangsu Province Sci-tech Relay Fund, each with a scale of 10 billion yuan [6]. - A notable highlight is the launch of the "Nanjing 100 Billion Market-oriented Mother Fund," which has a 20-year investment horizon, allowing it to support companies from the lab stage to IPO, thus promoting deep integration of capital and industry [6][7]. - The establishment of 15 artificial intelligence industry chain funds and 9 angel investment funds totaling 4.7 billion yuan reflects a comprehensive approach to covering the entire lifecycle of investments from early-stage to mergers and acquisitions [6][9]. Group 2: Regional Focus and Strategic Initiatives - Nanjing's rich educational resources and strong manufacturing base provide fertile ground for venture capital activities, with the launch of the "Zijinshan International Sci-tech Fund District" aimed at bridging capital and academic research [8]. - The Nanjing government has outlined a policy to create a fund cluster exceeding 200 billion yuan, emphasizing a "one industry, one fund" model to support key industries, which was a significant driver for the recent fund signing event [7][8]. Group 3: Specific Fund Highlights - The Guangdong Nanchuan Intelligent Manufacturing Venture Capital Partnership was established with a capital contribution of 21.3 million yuan, marking a notable entry of a cultural industry group into the hard technology venture capital space [11]. - The establishment of the 10 billion yuan "Guangzhou Nansha High-Quality Development Equity Investment Fund" indicates a strategic expansion into the seed industry, following previous investments in leading breeding companies [14]. - The 20 billion yuan low-altitude economy industry fund launched in Chongqing aims to capitalize on the region's unique strengths, despite its smaller scale compared to other cities [16]. Group 4: Emerging Trends and Future Directions - The establishment of the 30 billion yuan AI industry development fund in Hubei's Ezhou district signifies a growing trend of local governments investing in technology-driven sectors to enhance regional economic development [17]. - The launch of the 100 billion yuan "Kinfengrong Aerospace and Marine Fund" in Hunan reflects a strategic focus on advanced technologies and industries, aiming to address the gap between research capabilities and industrial application [18]. - The establishment of the "Yanmingshan Lake Fund" by Yanshan University aims to support early-stage technology projects, highlighting the importance of academic institutions in driving innovation and commercialization [19][20].

新任基金经理唐晨为硕士研究生学历，曾任四川英祥实业集团有限公司理财顾问，2019年10月加入诺安 基金管理有限公司，历任研究员、投资经理，现任研究部总经理助理。2022年12月起任诺安精选价值混 合型证券投资基金基金经理，2025年7月起任诺安研究精选股票型证券投资基金基金经理。 2月14日，诺安基金发布公告，宣布旗下诺安全球黄金证券投资基金（基金简称：诺安全球黄金 （QDII-FOF），基金代码：320013）、诺安油气能源股票证券投资基金（LOF）（基金简称：诺安油 气能源（QDII-FOF-LOF），基金代码：163208）、诺安全球收益不动产证券投资基金（基金简称：诺 安全球收益不动产（QDII），基金代码：320017）发生基金经理变更。 原基金经理宋青因内部工作调整离任，自2026年2月14日起不再担任该基金的基金经理职务。同时，唐 晨接任成为该基金的新任基金经理，并于同日生效。 ...

业内人士指出，此次德邦基金人事调整，属于公司内部治理优化的常规举措，核心目的是进一步完善治 理结构、强化经营稳定性，契合当前公募行业聚焦主业、规范发展的行业趋势。 左畅离任德邦基金董事长 2月14日，德邦基金发布人事变更公告，宣布公司董事长任职调整事宜：经董事会审议通过，左畅不再 担任公司董事长职务，武晓春将代行公司董事长职责。 根据公告，离任原因为工作调整，未有转任其他工作岗位说明。本次人事调整自2月12日起正式生效， 并按有关规定履行备案手续。 公开资料显示，武晓春拥有超过30年的金融行业从业经历，曾在华泰证券历任证券投资部高级经理、研 究所市场部副总经理、资产管理部总经理，在华泰期货有限公司担任董事。2011年加入德邦证券，在德 邦证券股份改制前，历任公司副总裁、代总裁以及总裁；在德邦证券股份改制后，担任公司总裁、首席 执行官等职务；自2025年6月起任德邦证券总经理、财务总监。 【导读】德邦基金董事长变更 2月14日，德邦基金官宣，左畅不再担任公司董事长职务，武晓春将代行公司董事长职责。武晓春现任 德邦证券总经理。 针对本次人事调整，德邦基金方面回应称，人事变动后，公司投研、销售、运营等核心管理团队将 ...

Core Viewpoint - The capital market is expected to embrace new opportunities driven by technological innovation and the start of the 14th Five-Year Plan, as indicated by the positive opening of the A-share market in the new year [2][7]. Group 1: Company Strategy - Yin Hua Fund emphasizes its commitment to long-term value creation and aims to enhance its systematic, platform-based, and industrialized investment research system [6][8]. - The company is focused on reducing volatility and drawdowns while improving the ability to achieve excess returns, thereby enhancing the investment experience for clients [2][6][8]. Group 2: Market Outlook - The company expresses optimism for the 2026 capital market, wishing for a spirit of vigor and stability, and hopes that investors will achieve satisfactory returns [3][7].