Core Viewpoint - The article discusses the investment journey of Wu Guoqing, a fund manager at Qianhai Kaiyuan, highlighting his transition from traditional cyclical investments to a focus on cyclical growth, which has led to significant performance improvements in 2023 [1][4]. Investment Background - Wu Guoqing holds a PhD in Economic Management from Tsinghua University and began his career as a researcher in the pharmaceutical industry before shifting to gold and non-ferrous metals, focusing on cyclical stocks [2]. - His management career started in 2013 at Southern Fund, where he managed enterprise annuities and specialized accounts, later joining Qianhai Kaiyuan Fund in 2015 to focus on public fund management [3]. Performance Highlights - Wu has achieved continuous positive returns for six years, with a notable performance surge in 2023, where his fund, Qianhai Kaiyuan Jiaxin Mixed Fund, recorded a 57% return, placing it among the top active equity funds [4][5]. - His performance over the years shows a mix of traditional cyclical investment returns and a gradual shift towards cyclical growth, with specific annual returns detailed as follows: - 2018: -8.12% - 2019: +23.12% - 2020: +39.21% - 2021: +18.36% - 2022: +0.33% - 2023: +1.99% - 2024: +1.11% - 2025 (YTD): +25.51% [4]. Strategy Evolution - Wu began expanding his traditional cyclical investment framework to include cyclical growth in 2020, which has now proven successful in 2023 [4][5]. - His approach includes a significant overhaul of the Qianhai Kaiyuan Jiaxin Mixed Fund, integrating cyclical growth strategies into its portfolio, focusing on sectors like robotics, automotive, and power equipment [5]. Investment Style - Wu's current investment style is characterized by a dual focus on cyclical growth while maintaining some traditional cyclical strategies in other funds, indicating a cautious and gradual approach to expanding his investment capabilities [8]. - The Qianhai Kaiyuan Jiaxin Mixed Fund is fully invested in cyclical growth, while another fund maintains a balance between gold and cyclical growth, showcasing a blend of defensive and offensive strategies [8].

Core Viewpoint - The public fund industry is experiencing significant changes in scale and competition, with a notable shift of funds from stable bond and money market funds to equity funds, reflecting changing investor preferences and market conditions [2][5]. Group 1: Overall Industry Performance - As of the end of Q1 2025, the total scale of public fund management in China reached 31.81 trillion yuan, a decrease of approximately 600 billion yuan from the end of last year, primarily due to significant reductions in bond and money market fund sizes [2][4]. - The competition landscape among public fund companies is intensifying, with some firms gaining ground while others are falling behind [2]. Group 2: Company-Specific Performance - The top ten companies by non-money fund scale include E Fund, Huaxia Fund, GF Fund, and others, with E Fund and Huaxia Fund being the only firms with non-money management scales exceeding 1 trillion yuan [7][8]. - Notably, the non-money fund scale of Fuguo Fund increased by nearly 30 billion yuan in Q1, allowing it to enter the top four for the first time [8][9]. - Several companies, including Yongying Fund and Fuguo Fund, saw substantial growth in their active equity fund management scales, with increases exceeding 70 billion yuan [3][14]. Group 3: Fund Type Performance - Active equity funds experienced a rebound in scale, with a total increase of 18 billion yuan in Q1, driven by strong performance in sectors like technology [12][14]. - Conversely, bond and money market funds saw significant reductions, with bond funds shrinking by 438.8 billion yuan and money market funds by 277.7 billion yuan [5]. - The demand for diversified asset allocation is evident, as overseas investment funds and commodity funds continued to grow, with increases of 25.5 billion yuan and 51.6 billion yuan, respectively [5]. Group 4: Market Dynamics - The market is witnessing a "seesaw effect" in fund sizes, with funds shifting from lower-risk categories to higher-risk equity funds amid a volatile A-share market [4][5]. - The trend of passive funds outpacing active funds continues, with passive equity index funds reaching 3.96 trillion yuan, surpassing active equity funds at 3.44 trillion yuan by the end of 2024 [11].