Core Viewpoint - The article emphasizes that the year 2025 marks the beginning of high-quality development for China's public fund industry, highlighting the importance of excess returns for actively managed equity funds. Only those funds that can consistently outperform their benchmarks are deemed valuable, while others should consider lower-cost, more transparent ETF index funds [1]. Performance Analysis - Zhang Xu, managing the Huaan Event-Driven Quantitative Mixed Fund since May 18, 2020, has outperformed both the CSI 300 and the Wind Equity Fund Index for six consecutive years, despite only half of those years favoring actively managed equity funds [1][2]. - The performance data from 2020 to 2025 shows that the Huaan Event-Driven Mixed Fund achieved returns of 59.19%, 30.84%, -17.86%, -8.63%, 21.82%, and 38.06% respectively, while the CSI 300 and Wind Equity Fund Index had varying performances [2]. Manager Recognition and Growth - Zhang Xu was relatively unknown until late 2024, but his fund's assets surged from approximately 200 million to 4.722 billion by Q3 2025, indicating a significant recognition from institutional investors, with 87.99% of A-class and 98.19% of C-class shares held by institutions [4][5]. Investment Strategy - Zhang Xu's investment strategy is characterized by a systematic and scientific approach, utilizing a quantitative framework that allows for effective industry rotation and risk management. This approach has led to high adaptability and consistent performance across different market conditions [9][15][16]. - His ability to rotate industries effectively has been demonstrated through various market phases, where he adjusted his portfolio to capitalize on emerging trends, such as focusing on healthcare and consumer electronics in 2020, and shifting to the renewable energy sector in 2021 [10][11][12]. Future Outlook - The article suggests that as institutional investors increase their share in the market, the competition for excess returns will intensify. Zhang Xu's evolving investment framework is expected to maintain its competitive edge, making him a valuable asset for both institutional and individual investors [18][19].

Core Viewpoint - The article discusses the recent reforms in the public fund industry, particularly the establishment of performance benchmarks, which are expected to enhance the quality of public funds and provide clearer investment goals for investors [2][24]. Group 1: Performance Benchmarks - The public fund industry has introduced a performance benchmark system, which includes a classification of benchmark elements, aimed at improving fund performance evaluation [2]. - Investors are encouraged to align their investment goals with these benchmarks, particularly in actively managed equity products, where the goal should be to outperform the average market performance [3]. Group 2: Market Average and Active Equity Funds - Defining the market average is crucial; for those aiming to outperform indices like the CSI 300 or the CSI 500, selecting corresponding enhanced index products is likely to meet their objectives [4]. - The Wind偏股混合基金指数 (885001) has shown a consistent ability to outperform mainstream broad-based indices over the past decade, reflecting the alpha generation of actively managed equity funds [4][5]. Group 3: Historical Performance Data - Historical data shows that the偏股混合型基金指数 has had varied performance from 2016 to 2025, with notable years such as 2019 and 2020 where it achieved returns of 45.02% and 55.91% respectively [5]. - The percentage of actively managed equity funds that consistently outperform the偏股混合基金指数 over five years is below 5%, indicating the rarity of such funds [8]. Group 4: Quantitative Investment Strategies - Quantitative investment strategies are highlighted as a more reliable method for investors to achieve returns above the market average, as they leverage disciplined models to identify outperforming products [10][11]. - The 华安事件驱动量化混合 fund, managed by Zhang Xu, has consistently outperformed its benchmarks since its management began in 2020, showcasing the effectiveness of quantitative strategies [12][13]. Group 5: Fund Management and Strategy - Zhang Xu employs a comprehensive quantitative investment system that integrates various analytical models to enhance fund performance, focusing on industry rotation and stock selection strategies [15][20]. - The fund's strategy aims for excess returns while maintaining a secondary focus on tracking error, utilizing a combination of micro, macro, and event-driven analyses [20][21].