Core Viewpoint - The article discusses the recent approval of floating fee rate products in public funds, highlighting the optimism of Zhou Yun, a veteran fund manager at Dongfanghong Asset Management, regarding the long-term prospects of the Chinese economy and stock market [1][2]. Group 1: Zhou Yun's Background and Investment Philosophy - Zhou Yun has 16 years of experience at Dongfanghong Asset Management, progressing from researcher to fund manager, and has maintained positive long-term performance in his managed funds [2]. - Zhou emphasizes a value investment approach, focusing on understanding a company's free cash flow and the importance of both valuation and quality of the company [4]. - He believes that successful investing is about probability and requires a logical investment framework, ensuring a probability advantage, and maintaining faith in that advantage [5][6]. Group 2: Market Insights and Cycles - Zhou identifies two types of market cycles: fundamental cycles related to capital returns and price cycles amplified by market sentiment [8]. - He notes that market trends often reflect psychological factors, with significant divergences at market bottoms indicating potential for future gains [7][8]. - Zhou suggests that all stocks are essentially cyclical, with varying lengths of cycles, and emphasizes the need to consider both company quality and market conditions when investing [9]. Group 3: Future Market Outlook - Zhou expresses optimism about the long-term trajectory of the Chinese economy and stock market, citing improvements in international competitiveness and management innovation among Chinese companies [10]. - He anticipates that 2025 could be a pivotal year for AI applications, similar to the impact of smartphones, and sees significant investment opportunities in companies with advantages in AI and data [11].

Core Insights - The article discusses the recent issuance of floating fee rate funds in the public fund industry, particularly focusing on the "Oriental Red Core Value Mixed Fund" managed by Zhou Yun, highlighting his long-term performance and investment philosophy [1][2]. Group 1: Fund Performance and Management - Zhou Yun has over 17 years of experience in the securities industry and has managed funds through multiple market cycles, achieving historical net values for his funds as of March 2025 [2][5]. - The "Oriental Red New Power Mixed Fund" and "Oriental Red JD Big Data Mixed Fund," managed by Zhou Yun, reached historical highs of 4.985 CNY and 3.070 CNY respectively by March 2025 [2][5]. - Zhou Yun's funds have demonstrated resilience during market downturns, with a focus on value investing and risk control, leading to superior long-term performance compared to peers [7][8]. Group 2: Investment Philosophy - Zhou Yun emphasizes a value investment approach, focusing on acquiring high-quality companies at low valuations, which he believes is fundamental for future returns [10]. - He practices contrarian investing, suggesting that while it is important to follow major trends, there is also value in selectively investing against the tide during market corrections [11]. - Zhou Yun's investment strategy incorporates a deep understanding of market cycles and trends, allowing for informed adjustments to his portfolio [12][13]. Group 3: Fund Characteristics and Strategy - The "Oriental Red Core Value Mixed Fund" is designed to cover both A-shares and Hong Kong Stock Connect, reflecting a comprehensive market approach [2]. - Zhou Yun's investment process is characterized by a low-correlation portfolio aimed at balancing risk and return, ensuring stability during market fluctuations [14]. - The fund's management strategy is built on probability thinking, focusing on the quality of companies while maintaining a flexible approach to portfolio adjustments based on market conditions [15].