Core Viewpoint - The development of Zhonggeng Fund is under scrutiny following the departure of key research personnel in 2024, with a focus on how the firm will maintain its "low valuation value investment" style and performance curve [1] Group 1: Investment Strategy - Liu Sheng, the research director and fund manager, emphasizes a core framework of "low valuation value investment based on uncertainty pricing," maintaining an absolute return mindset [2][3] - The investment strategy aims for high risk exposure in low-risk, high-growth sectors while dynamically adjusting the portfolio to ensure high cost-effectiveness and excess returns [3] - The fund's approach is characterized by a stable low valuation level, which provides resilience against market fluctuations and avoids emotional style swings [3] Group 2: Team Dynamics and Culture - The departure of core research personnel has led to a focus on how Zhonggeng Fund will continue its investment style, with Liu Sheng stating that the firm has always emphasized a research-driven culture rather than relying on "star fund managers" [4] - The approximately 30-member research team covers major sectors, and a flat management structure encourages direct participation in portfolio discussions to enhance decision-making efficiency [4] - The new research team has stabilized, with different fund managers forming differentiated allocations under a unified methodology, summarized as "one system, multiple expressions" [4] Group 3: Market Outlook - Liu Sheng believes that the market is on the brink of recovery for active equity products, with increased fundamental signals and reduced competition [5] - The current market is in a structural resonance phase, balancing high trading activity in technology sectors with improving supply-demand dynamics in resources and manufacturing [6] - The Hong Kong stock market remains a focus for Zhonggeng Fund, with some assets showing significant discounts compared to A-shares, particularly in globally competitive internet platforms and innovative pharmaceutical companies [6]

Group 1 - The first batch of mutual fund mid-term reports for 2025 has been released, with several fund managers including Ruiyuan Fund, Galaxy Fund, Zhonggeng Fund, and Nanhua Fund disclosing their reports [1] - Ruiyuan Growth Value Mixed Fund, managed by Fu Pengbo, has hidden heavy holdings in stocks such as BQ Materials, Sunny Optical Technology, Guanghui Energy, Innovent Biologics, Alibaba-W, BYD, Dongshan Precision, Bluestar Technology, Su Da Weige, and Berthelot [1] - Galaxy Industrial Power Mixed Fund, managed by Zheng Weishan, maintains a focus on high-end manufacturing industries, with adjustments in industry allocation but still primarily invested in electronics, computers, power equipment, new energy, communications, and machinery [1] Group 2 - The hidden heavy holdings of Galaxy Industrial Power Mixed Fund include stocks like Shunluo Electronics, Zhongke Feimeng, Shengbang Co., Jianghai Co., and Zhichun Technology, with each stock's market value accounting for over 2% of the fund's net asset value as of the end of Q2 [1] - Liu Sheng, manager of Zhonggeng Value Navigation Mixed Fund, expresses optimism about equity assets, highlighting strong business growth attributes in sectors such as pharmaceuticals, new energy, and smart electric vehicles [1] - The innovative drug sector has shown a continuous industrial trend since Q2, although some signs of bubble formation have emerged in trading, yet there are still opportunities to select undervalued companies with improving core competitiveness [1]

导语 根据晨星Direct的统计，截至2025年3月底，目前我国开放式公募基金的数量为10291只 （仅算主份额），其中约25%的基金由两位及以上的基金经理共同管理。作为掌管基金 的"掌舵手"，基金经理的决策和行为对基金的平稳运行、业绩表现和持有人体验有着举 足轻重的影响。投资管理经验丰富、且在完整的市场牛熊周期中有过成功经验的基金经 理会更有可能在中长期为投资者带来良好稳定的投资回报，反之则会给投资者体验带来 负面冲击。对于投资者而言，基金经理的变动和收益预期密切相关。当基金突然增聘基 金经理时，比起在恐慌中立刻回撤投资的资金，解读变化背后的原因后再做决定，方为 明智的应对之策。 在这篇文章中，我们希望从增聘基金经理的目的出发，从以老带 新、优势互补、分担管理压力和应对人员变动的风险等不同的角度，为大家解码增聘基 金经理背后的逻辑。 01 增聘基金经理原因1：以老带新 以老带新是增聘基金经理的常见现象之一，通常由投资经验丰富的基金经理（原基金经理）将 自己的投资经验传授给投资管理经验尚不充足的基金经理，帮助其增强对市场的理解，提升投 资管理能力。与此同时，新晋基金经理也可以通过协助组合的部分投资操作，帮助原 ...