Core Insights - The article discusses the action plan for promoting high-quality development of public funds, emphasizing the need to strengthen core research and investment capabilities within fund companies [1] - It highlights the comprehensive upgrade of the investment research system at Xingzheng Global Fund, which has led to superior performance in absolute returns across various time frames compared to peers [1][2] - The article also explores the importance of talent development, cross-group collaboration, and long-term assessment in enhancing investment decision-making and capturing market opportunities [2][4][7] Group 1: Investment Research System - Xingzheng Global Fund has implemented a platform-based, professional, and systematic research support structure to enhance investment decision-making [1][2] - The fund has expanded its research team since 2018, focusing on specific industries and establishing specialized groups to improve research efficiency [2][3] - The performance of Xingzheng Global Fund's equity funds has ranked first among 13 large equity fund companies in terms of absolute returns over the past year, two years, and three years [1] Group 2: Talent Development - The company emphasizes the importance of talent development and the organic connection between research and investment teams to enhance decision-making effectiveness [2][6] - Experienced research leaders play a crucial role in guiding junior researchers and aligning research priorities with investment needs [3][10] - The company encourages a culture of mentorship, where senior fund managers share their experiences and insights with junior colleagues to foster long-term growth [10][11] Group 3: Cross-Group Collaboration - The article highlights the significance of cross-group collaboration in identifying new investment opportunities, especially during significant market shifts [4][5] - Researchers from different sectors collaborate to explore emerging trends, such as AI and innovative pharmaceuticals, enhancing the depth of analysis [5][6] - The integration of research and investment teams is essential for recognizing subtle market changes and capitalizing on potential opportunities [6][9] Group 4: Long-Term Assessment and Strategy - Xingzheng Global Fund adopts a long-term assessment approach for fund managers, allowing them to develop their investment philosophies over time [7][8] - The company encourages fund managers to prepare for various market conditions by building a robust foundational capability in long-term research and value pricing [8][9] - The emphasis on long-term value and individual investment styles fosters a diverse range of investment strategies within the firm [7][9]

Core Insights - The article discusses the comprehensive upgrade of the investment research system at Xingzheng Global Fund, emphasizing the importance of a platform-based, integrated, and multi-strategy research framework to enhance investment decision-making [1][2][3] Group 1: Research System Development - Xingzheng Global Fund has established specialized research teams focusing on manufacturing, cycles, consumption, technology, and pharmaceuticals, enhancing research efficiency and investment decision support [2][3] - The fund's research teams have shown significant performance, with their equity funds ranking first among 13 large equity fund companies in absolute returns over the past year, two years, and three years [1][2] Group 2: Talent Development and Collaboration - The company emphasizes the importance of talent development, with a focus on creating a seamless connection between research and investment to effectively support decision-making [2][3] - Cross-group collaboration is highlighted as a mechanism to quickly mobilize research resources when significant market opportunities arise, allowing for a more comprehensive analysis of emerging trends [4][5] Group 3: Long-term Investment Philosophy - The company promotes a long-term investment philosophy, encouraging fund managers to develop their investment methodologies over extended periods, which allows for a deeper understanding of market dynamics [7][8] - Fund managers are given the freedom to explore different investment strategies, fostering an environment conducive to personal growth and the development of unique investment approaches [7][8] Group 4: Cultural Transmission and Mentorship - The company values the "old brings new" mentorship approach, where experienced fund managers share their insights and experiences with junior team members, enhancing the overall talent pool [9][10] - The emphasis on learning from past successes and failures is integral to the company's culture, encouraging continuous improvement and adaptation in investment strategies [9][10]

Core Viewpoint - The article discusses several noteworthy fund managers and their performance, highlighting their unique investment styles and the potential for future tracking by investors [4]. Group 1: Yang Shijin - Xingquan Multi-Dimensional Value - Yang Shijin has been managing Xingquan Multi-Dimensional Value since July 16, 2021, demonstrating strong investment capabilities with an 18.02% increase in 2021 despite market downturns [5][6]. - The fund has shown resilience during bear markets in 2022 and 2023, maintaining a single-year decline of around 10% [6]. - Yang's investment strategy includes a concentrated position in the electronics sector, with long-term holdings in stocks like Haiguang Information and Tencent Holdings [10][11]. Group 2: Wu Yuanyi - GF Growth Navigator - Wu Yuanyi is recognized for his balanced industry allocation and impressive performance, with the GF Growth Navigator fund achieving a 143.14% increase year-to-date as of November 17 [12][14]. - The fund maintains a maximum industry allocation of 20%, showcasing a diversified approach that has led to strong returns without heavy reliance on specific sectors [14]. - Wu's ability to rotate stocks effectively has contributed to the fund's success, even amidst a challenging market environment [15]. Group 3: Shen Cheng - Huafu New Energy - Shen Cheng has managed Huafu New Energy since December 29, 2021, achieving consistent excess returns relative to its benchmark despite the sector's overall struggles [18][20]. - The fund's annual returns from 2022 to 2025 have outperformed its benchmark, with a notable 76.76% increase in the latest year [20]. - Shen's investment strategy includes holding industry leaders like Ningde Times while also actively trading to capitalize on short-term opportunities [21][22].

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].

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]