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兴证全球基金杨世进: 敬畏周期规律 寻找收益与安全边际平衡
Core Viewpoint - The article emphasizes the importance of understanding economic cycles and the concept of "moat" in investing, highlighting how these factors influence company profitability and investor returns [1][9]. Group 1: Investment Philosophy - The investment approach focuses on balancing safety margins and return potential, with a strong emphasis on fundamental research and understanding the objective world [4][6]. - The manager believes that a company's development follows cyclical patterns, and accurately identifying these stages is crucial for investment success [3][5]. Group 2: Market Dynamics - The article discusses the impact of "involution" in competitive environments, where insufficient "moat" leads to reduced investment returns for companies [8][9]. - It highlights the need for stronger intellectual property protection and regulation against unfair competition to improve corporate profitability and investor returns [1][9]. Group 3: Sector Insights - The manager has a background in both energy and healthcare sectors, which has provided a deeper understanding of macroeconomic dynamics and investment opportunities [2][4]. - There is a growing interest in high-dividend stocks as companies transition from growth to more mature stages, reflecting changes in market valuation and investor preferences [7][8]. Group 4: Long-term Strategy - The investment strategy involves a long-term perspective, focusing on companies with solid fundamentals and the potential for sustainable growth, rather than short-term trading [5][6]. - The manager aims to build trust with investors by maintaining a balance between returns and safety margins, ensuring a consistent approach to portfolio management [6][7].
兴证全球基金旗下多只主动权益产品增聘基金经理
Zhong Zheng Wang· 2025-07-02 11:59
Group 1 - The core viewpoint of the news is the appointment of new fund managers for three actively managed equity funds by Xingzheng Global Fund, emphasizing the company's commitment to internal talent development and a "mentorship" approach in investment management [1][2] Group 2 - Xingquan Hexing Fund has appointed Sui Yi as a co-manager alongside Chen Yu, with Sui having a background in pharmaceutical research and experience as an assistant manager for Xingquan New Vision Fund [1] - Xingquan Hefeng Fund has appointed Zhu Kefu as a co-manager alongside Yang Shijin, with Zhu's previous roles including research positions at Huatai Securities and GF Securities [1] - Xingquan Trend Fund has appointed Xie Changyan as a co-manager alongside Dong Li and Yang Shijin, with Xie having experience as a chief analyst in the pharmaceutical sector [1] Group 3 - The company emphasizes a structured approach to talent development, where new managers initially work alongside experienced managers to gain sufficient experience before managing funds independently [2] - Yang Shijin, who was previously appointed as a fund manager, has 15 years of experience in the securities industry and has managed a public fund with a scale of 6.857 billion yuan [2] - Yang Shijin's investment strategy focuses on bottom-up stock selection and multi-dimensional evaluation of corporate value, achieving a total return of 9.29% since taking over the Xingquan Multi-Dimensional Value Fund, outperforming the benchmark by 22.05 percentage points [2]