Core Viewpoint - The article emphasizes the importance of respecting objective laws and being pragmatic in investment decisions, highlighting the need for thorough research and understanding of company fundamentals to achieve growth returns [1][2]. Investment Philosophy - Yang Shijin adheres to Graham's philosophy that "the market is a weighing machine in the long run," focusing on in-depth research of company fundamentals and growth returns as core investment goals [2][6]. - The investment strategy is characterized by a bottom-up stock selection approach, with a strong emphasis on the company's "moat" [2][6]. Investment Experience and Background - Yang Shijin has over ten years of experience in the investment industry, with a diverse skill set that spans pharmaceuticals, petrochemicals, semiconductors, military industry, and new energy sectors [2][4]. - His career began in 2010, focusing on coal industry research, which deepened his market understanding and awareness of cyclical forces [4]. Performance Metrics - As of June 30, 2025, the A-share of the Xingquan Multi-Dimensional Value Mixed Securities Investment Fund, managed by Yang Shijin, achieved a return of 9.29%, significantly outperforming the benchmark of -12.72% during a volatile market [5][11]. Investment Decision-Making - Investment decisions are made by balancing risk and return, with a strong emphasis on the importance of entry price; even the best companies can yield poor returns if purchased at high prices [3][8]. - Yang Shijin's investment framework includes assessing the value a company brings to society and customers, growth potential, and competitive barriers [7][10]. Relationship with Investors - Yang Shijin emphasizes the importance of building trust with investors, likening the relationship to a team working together to achieve market gains [3][11]. - He aims to enhance the investment experience through defensive strategies, including balanced diversification and style differentiation [11]. Market Outlook - The investment focus is expected to lean towards technology growth while maintaining appropriate diversification, with an overarching theme of economic recovery and transition to high-quality development [12].

【环球网财经综合报道】今年以来，公募基金行业正经历深刻的管理模式变革，逐渐摆脱对单个基金经理"独挑大 梁"的依赖，向团队协作的"多基金经理共管"模式转型。数据显示，截至7月8日，年内已有超700只基金增聘基金 经理，三人甚至四人共管的基金数量持续攀升。 再者，7月2日，郑澄然管理的广发成长动力三年持有期混合也公告增聘基金经理苏文杰，实行共管。同日，兴证 全球基金对旗下3只产品进行"共管式增聘"。兴全合兴混合增聘隋毅与陈宇共同管理；兴全合丰三年持有混合增聘 朱可夫，与杨世进共管；兴全趋势投资混合（LOF）增聘谢长雁，与原基金经理董理和杨世进三人共管。此外， 易方达基金冯波、中欧基金王健、华安基金许之彦、兴证全球基金林国怀等公司核心基金经理，6月以来也纷纷与 增聘基金经理展开合作。 而三人共管甚至四人共管的基金数量增加态势明显。如7月3日，惠升惠泽混合一次增聘钱睿南和徐玉良，与孙庆 三人一同管理；银华汇利灵活配置混合原有三位基金经理，7月2日再次增聘贲兴振，实现四人共管。 在业内人士看来，"共管式增聘"模式的兴起，在行业转型与监管倡导的双重驱动下，为行业带来了积极变革动 力。多人共管模式优势显著，一方面，能提升标 ...

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].

7月2日，兴证全球基金接连发布三则人事调整公告，旗下的兴全合兴混合型证券投资基金（LOF）增聘隋毅，与原基金经理陈宇共同管理该产 品；兴全趋势投资混合型证券投资基金(LOF)增聘杨世进为基金经理，与原基金经理董理形成双经理管理架构；兴全合丰三年持有混合基金同 步调整，增聘朱可夫与杨世进共同管理该基金的投资运作。 资料来源：兴证全球基金官网 本次调整涉及三只混合型基金产品，均采取新任基金经理与原基金经理共同管理的过渡安排，这是兴证全球基金独具特色的人才梯队建设机 制。区别于行业普遍采用高薪竞聘明星基金经理的模式，兴证全球基金始终坚持"内生型"人才培养体系，构建起"研究员—基金经理助理—双基 金经理共管—独立管理"四阶递进式培养路径。此次增聘的三位基金经理隋毅、杨世进、朱可夫，均从公司内部研究员或助理岗位晋升，无一 外部空降。 兴证全球基金该体系通过渐进式培养机制实现双重保护，对新生代基金经理而言，共管模式有效缓冲了净值波动与资金申赎的即时压力，为其 提供平稳的成长过渡期；对投资者而言，公司以团队实力化解前期不确定性，避免因新人经验不足可能引发的投资风险。 两只亏损基金的新生：增聘背后的压力与希望 兴全合兴混合（ ...

7月2日，兴证全球基金发布公告称，旗下兴全合兴、兴全合丰、兴全趋势三只主动权益基金集体变更基 金经理。 此前，兴全趋势曾宣布增聘杨世进为基金经理。杨世进，拥有15年证券从业经历，一季度末在管公募规 模为68.57亿元。杨世进坚持自下而上选股，倾向于多维度评估企业价值，并为优质企业进行合理定 价，始终坚守均衡策略并合理规避高估值品种。Wind数据显示，2021年7月起，杨世进接管兴全多维价 值，截至6月30日，其任职总回报率为9.29%，超越同期业绩比较基准22.05个百分点。 责任编辑：刘万里 SF014 兴全趋势增聘谢长雁为基金经理，与基金经理董理、杨世进共同管理该产品。谢长雁，历任国信证券医 药行业首席分析师、兴证全球基金研究部研究员；2024年4月29日起担任兴全多维价值、兴全合丰基金 经理助理；7月3日起，担任兴全趋势基金经理。 兴证全球基金表示，此次相关基金经理增聘为公司投研梯队建设"老带新"的正常安排，公司一贯注重内 部投研人才的培养与选拔，经过长期严苛的考察，在能力获得认可后会逐步走向投资岗位；而且刚开始 一般会与资深的基金经理共同管理，通过"老带新"的模式积累足够的经验后再独立管理产品。 其中 ...

Core Insights - The performance of equity funds with over 10 billion in scale showed significant disparity in the first half of 2025, with 22 out of 26 funds achieving positive returns, while 4 experienced losses [1][5] - The top-performing fund, Penghua Carbon Neutral Theme A, achieved a remarkable 49.49% return, while the worst performer, Xingquan Trend Investment, saw a decline of 9.64%, resulting in a performance gap of 59.13 percentage points [1][5] Fund Performance Summary - Penghua Carbon Neutral Theme A led with a 49.49% return, followed by Yongying Advanced Manufacturing Select A at 46.28%, both focusing on high-end manufacturing in the new energy sector [3][4] - Xingquan He Yi A ranked third with a 15.85% return, while Industrial Bank Frontier Medical A achieved 15.58%, showcasing strong management capabilities [4] - The mid-tier funds displayed stable performance, with Ruiyuan Growth Value A at 8.39% and China Europe Medical Health A at 8.30%, indicating a recovery in the medical sector [4][5] - Consumer-themed funds faced challenges, with notable declines in performance, including declines of 4.10% for Huatai Consumer Industry and 6.74% for E-Fund Consumer Industry [4][5] Risk Management and Strategy - The Calmar ratios of top funds, such as Penghua Carbon Neutral Theme A (4.04) and Yongying Advanced Manufacturing Select A (3.90), indicate strong risk-return efficiency despite high maximum drawdowns [3][6] - The performance of large-scale funds like E-Fund Blue Chip Select and Fortune Tianhui Select Growth was hindered by their inability to adjust portfolios quickly in changing market conditions [5][6] - The article emphasizes the importance of risk management capabilities in achieving performance differentiation, particularly in volatile markets [6] Market Outlook - Structural opportunities in the economy remain clear, with sectors like artificial intelligence, high-end equipment, and innovative pharmaceuticals expected to continue driving growth [6] - New consumer trends in smart home products and domestic brands are emerging, providing potential for excess returns for fund managers who can navigate these trends effectively [6]

| 证券代码 | 证券简称 | 今年一季度 | 今年以来回报 | 基金规模 | 2024 年报 | 基金经理 | | --- | --- | --- | --- | --- | --- | --- | | | | 净利润(亿) | (%) | (亿) | 净利润(亿) | | | 005827.OF | 易方达营筹精选 | 31.72 | 0.83 | 389.08 | 6.65 | 张坤 | | 161903.OF | 万家行业优选 | 18.81 | 22.53 | 83.09 | -5.72 | 黄兴亮 | | 217021.OF | 招商优势企业A | 16.05 | 12.09 | 101.46 | 15.46 | 飛相棒 | | 163417.OF | 兴全合宜A | 14.85 | 15.85 | 156.69 | 11.41 | 谢治学,薛怡然 | | 006228.OF | 中欧医疗创新A | 14.02 | 32.25 | 81.99 | -17.18 | 尊兰 | | 161005.OF | 富国天惠精选成长A | 8.89 | 1.07 | 252.50 | 3.11 | 朱少醒 | ...

2025年上半场收官在即，百亿主动权益基金业绩分化显著。 Wind数据显示，截至6月18日，全市场26只 百亿主动权益基金中，18只实现正收益，8只陷入负收益。鹏华碳中和主题以45.83%的年内收益领跑， 而兴全趋势投资则以12.01%的跌幅垫底，首尾业绩相差高达57.84个百分点。 数据来源：Wind 截止 至20250618 数据来源：天天基金 截 | 序号 | 证券代码 | 证券简称 | 基金规模 | 今年以来回报 | 基金经理 | | --- | --- | --- | --- | --- | --- | | | | | 亿元 | % | | | 1 | 016530.OF | 鹏华碳中和主题A | 108.96 | 45.83 | 目思倩 | | 2 | 018124.OF | 永赢先进制造智选A | 115.18 | 41.10 | 张璐 | | ਤ | 001717.OF | 工银前沿医疗A | 104.60 | 16.15 | 赵蓓 | | 4 | 163417.OF | 兴全合宜A | 156.69 | 13.26 | 谢治宇,薛怡然 | | 5 | 217021.OF | 招商优势企业A ...

编辑 | 冯羽 出品 | 创业最前线 作者 | 段楠楠 美编 | 邢静 审核 | 颂文 在兴业证券公布2024年年报后，昔日拥有董承非等明星基金经理的兴证全球基金业绩浮出水面。 依靠货币型基金规模的增长，兴证全球整体管理规模缓慢上升。但剔除管理费较低的货币型基金，其管理费更高的股票型及混合型基金管理规模大幅下 滑。在此影响下，兴证全球基金营收及净利润下滑。 公司股票型及混合型基金管理规模下滑，折射出的是兴证全球基金继董承非离职后人才凋零的困境。在公募基金改革日益强调与投资者绑定的今日，利润 逐年下滑的兴证全球基金又该如何重拾往日辉煌？ 在资本市场表现不佳及权益类基金降费的背景下，近几年大部分公募基金业绩均出现下滑，兴证全球基金也不例外。 2024年，兴证全球基金实现营业收入32.79亿元，实现净利润14.13亿元。2021年，兴证全球基金营业收入高达65.68亿元，净利润为22.35亿元。三年时间， 兴证全球基金营业收入下滑超50%，净利润下滑近37%。 作为对比，同期易方达基金营业收入仅下滑16%左右，净利润仅下滑14%左右，远低于兴证全球基金营收及利润下滑幅度。 兴证全球基金业绩大幅下滑一方面与权益类基金 ...

在基金投资领域,选择一家实力雄厚、策略稳健的基金管理公司是投资者实现财富增值的关键。面对市 场上琳琅满目的基金产品,投资者往往难以抉择。到底哪家基金比较好呢?实在不知道应该怎样选的话,快 来看看我为您推荐这十款优质基金,看完之后相信你能找到自己满意的基金。 1、摩根基金 5、嘉实货币基金 嘉实货币基金以货币市场工具为主要投资标的,兼顾收益性与流动性。该基金通过严格筛选高信用等级 债券及同业存单,在控制风险的前提下追求稳健收益。其优势在于T+0快速赎回机制,适合作为现金管理 工具或短期资金避风港。在低利率环境下,该基金通过优化久期管理,仍能保持年化收益优于活期存款,是 风险偏好极低投资者的理想选择。 6、兴全趋势投资基金 兴全趋势投资基金采用"核心+卫星"策略,动态调整股债比例。该基金通过宏观经济研判与个股精选相结 合,在市场波动中展现较强抗跌性。其优势在于基金经理董承非的主动管理能力,例如在2018年熊市中通 过降低仓位、增配消费股实现正收益,在2020年科技股行情中及时切换赛道,体现策略灵活性。 摩根基金管理(中国)有限公司(J.P. Morgan Asset Management China )成立于20 ...