Core Viewpoint - The article discusses the evolution of the A-share market, highlighting the importance of being present during key investment opportunities, particularly since the "9·24" market event, which marked the beginning of a bull market and a revaluation of assets in China [1][2]. Group 1: Market Performance - The A-share market has reached new highs in 2024, with significant performance from growth sectors since the "9·24" event [1]. - From September 24, 2024, to September 30, 2025, 41 funds under the management of Jiashi Fund achieved "doubling" performance, with 21 active equity products and 20 passive index products [3]. Group 2: Active Equity Performance - Notable active equity funds include those managed by Cai Chengfeng, who focused on the semiconductor industry with a return of 170.38%, and Li Tao, who achieved returns of 146.6% and 100.86% through his management of Jiashi Information Industry and Jiashi Quality Core [4]. - Other successful managers include Meng Xia, with a return of 132.53% in the robotics sector, and Yang Huan, whose funds achieved returns exceeding 113% [4][5]. Group 3: Passive Investment Strategy - Jiashi Fund has effectively captured beta opportunities in various technology sectors through its forward-looking index fund strategies, with significant performance in ETFs such as the Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, which rose by 206.72% since the "9·24" event [8][9]. - The fund has a comprehensive range of ETFs covering high-growth sectors, including technology and rare metals, demonstrating its capability in identifying long-term investment opportunities [9].

Core Viewpoint - The article highlights the positive shift in market confidence and the increasing interest in equity funds, particularly those managed by skilled fund managers, indicating a potential investment opportunity in the current market environment [2][3]. Fund Issuance and Market Sentiment - As of October 22, over 6 equity funds have announced early closure of fundraising, including several actively managed funds led by high-performing managers [2]. - The newly launched floating fee rate fund, Jiashi Growth Sharing Mixed Fund, has seen strong subscription since its launch on October 20 [2]. Talent Development and Investment Strategy - Jiashi Fund employs a "3-3-3 growth path" for its investment research talent, emphasizing at least 3 years of industry research, followed by comparative studies across multiple industries, and finally transitioning to investment management [3][4]. - The article discusses the importance of a structured talent development mechanism, which allows for the integration of experienced and new managers, fostering a competitive edge in the market [9][15]. Performance of Fund Managers - Meng Xia, a representative fund manager, has shown a solid investment style focused on "quality growth," emphasizing the importance of companies with strong fundamentals and significant growth potential [4][5]. - Meng Xia's managed funds, such as Jiashi Advantage Growth and Jiashi Manufacturing Upgrade, have demonstrated impressive returns, with Jiashi Manufacturing Upgrade achieving a return of 132.53% since September 24, 2022 [6][10]. Broader Market Insights - The article notes that the current A-share market remains within a reasonable valuation range, suggesting that recent adjustments may present good investment opportunities [8]. - Meng Xia expresses optimism about investment opportunities in high-end manufacturing and technology sectors, as well as a reversal in domestic demand [7][8]. Team Structure and Collaboration - Jiashi Fund's investment team includes a mix of experienced and emerging managers, fostering a collaborative environment that enhances investment strategies [9][13]. - The article highlights various fund managers within Jiashi, each with distinct investment styles and successful track records, contributing to the firm's overall performance [11][12].

Core Insights - The article emphasizes the critical role of technological innovation and high-end manufacturing in building a strong technological nation, highlighting the accelerated development in sectors like semiconductors, chips, innovative pharmaceuticals, and robotics, which have become focal points for investment opportunities [1] Market Analysis - Following a recent peak in A-share indices, the market has entered a phase of consolidation, which is viewed as a healthy correction that supports sustainable growth. The technology growth sector has been leading the market, and A-share valuations remain within a reasonable range, indicating potential for further recovery [2][3] - The shift from labor and engineer dividends to technological innovation dividends marks a significant change in China's economic development, with the technology sector's market capitalization now exceeding that of the banking and real estate sectors combined [3] Investment Strategy - The investment approach focuses on high-quality growth companies, with an emphasis on long-term sustainable returns driven by the continuous growth of excellent enterprises. The manager employs a discounted cash flow (DCF) model for valuation, which allows for reasonable assessments even for unprofitable companies [4] - The manager's funds have shown significant long-term excess returns, with notable performance metrics such as a 54.63% net asset value growth for the past year, outperforming benchmarks [5] Future Opportunities - The manager sees potential in the manufacturing sector's international expansion and the reversal of domestic demand, identifying high-quality companies capable of establishing competitive advantages in global markets as key investment opportunities [6] - The technology sectors, including artificial intelligence, autonomous driving, and pharmaceuticals, are highlighted as having long-term investment value [6] Investment Participation - Given the competitive nature of the technology manufacturing sector, the article suggests that ordinary investors should consider investing through professional fund managers or systematic investment plans to effectively share in the sector's growth [7]

Group 1: Core Insights - The core engine of building a technology-driven nation is technology innovation and high-end manufacturing, with sectors like semiconductors, chips, innovative drugs, and robotics gaining momentum this year [1] - The investment opportunities in the technology manufacturing sector are highlighted as the market focuses on quality companies and balanced industry allocation to achieve growth returns across cycles [1] Group 2: Market Analysis - Following a recent peak in A-share indices, the market is undergoing a healthy consolidation phase, which is beneficial for sustainable development [2] - Since September 24, 2024, the market has shown significant structural differentiation, with technology growth sectors leading the way, indicating that A-share valuations still have room for recovery compared to global markets [2] Group 3: Long-term Optimism Factors - The transition of China's economic development from labor and engineering advantages to technology innovation is reshaping the underlying capabilities of technological advancement [3] - Key long-term factors driving market trends include the formation of a unified national market, strong manufacturing competitiveness, and the combination of AI technology with China's vast engineering resources [3] Group 4: Investment Strategy - The investment approach emphasizes selecting high-quality growth companies, with a focus on cash flow discount models for valuation, allowing for reasonable assessments even for unprofitable firms [4] - The investment philosophy prioritizes long-term sustainable returns from excellent companies, adhering to principles of quality over short-term gains [4] Group 5: Performance Metrics - The performance of funds managed by the company has shown significant long-term excess returns, with notable growth rates in net asset values compared to benchmarks [5] Group 6: Future Opportunities - The company sees potential in manufacturing going overseas and a reversal in domestic demand, with a focus on companies that can build commercial barriers and enhance global market share [6] - Specific sectors like AI, autonomous driving, and pharmaceuticals are identified as having long-term investment value [6] Group 7: Investment Participation - Given the competitive nature of the technology manufacturing sector, the company advises investors to consider professional fund management or systematic investment approaches to effectively share in the sector's growth [7]

Core Insights - The article emphasizes the critical role of technological innovation and high-end manufacturing in building a strong technological nation, highlighting the accelerated development in sectors like semiconductors, chips, innovative pharmaceuticals, and robotics this year [1][2] - The investment opportunities in the technology manufacturing sector are becoming a focal point for the market, with a competitive landscape that may lead to a "winner-takes-all" scenario [1][5] Market Trends - Following a recent peak in A-share indices, the market has entered a phase of healthy consolidation, which is seen as beneficial for sustainable growth [1] - Since September 24, 2024, the market has shown significant structural differentiation, with technology growth sectors leading the way [1] - The overall valuation of the market remains reasonable, with A-share valuations having room for recovery compared to major global indices [1][2] Long-term Optimism Factors - The transition of China's economy from relying on labor and engineering advantages to leveraging technological innovation is reshaping market dynamics [2] - Key long-term factors driving market trends include the formation of a unified national market, strong manufacturing competitiveness, and the integration of AI technology with China's vast engineering resources [2] - The technology sector now accounts for over 25% of the total A-share market capitalization, surpassing the combined market value of the banking and real estate sectors [2] Investment Strategy - The investment approach focuses on selecting high-quality growth companies, with an emphasis on long-term sustainable returns driven by the continuous growth of excellent enterprises [3][4] - The manager employs a discounted cash flow (DCF) model for valuation, allowing for reasonable assessments even for unprofitable companies [3] - The investment philosophy prioritizes quality over short-term gains, with a focus on companies expected to achieve significant profit growth over the next 3 to 5 years [3] Future Opportunities - The manager is optimistic about the potential for manufacturing companies to expand internationally and the reversal of domestic demand trends [4][5] - Companies capable of establishing production and sales systems overseas are expected to gain significant long-term investment opportunities [5] - In the technology sector, areas such as artificial intelligence, autonomous driving, and pharmaceuticals are identified as having long-term investment value [5] Investment Participation - Given the competitive nature of the technology manufacturing sector, it is recommended that investors consider professional management or invest in quality funds to effectively participate in the sector's growth [5]

Core Insights - The public fund industry is experiencing a performance review as of mid-2025, with a focus on top institutions' long-term performance and research capabilities in a volatile market environment [1] - Harvest Fund stands out due to its strong research capabilities and strategic positioning, leading in various sectors such as technology, pharmaceuticals, and manufacturing [1] Performance Summary - In the one-year performance review, Harvest Fund's equity funds achieved an absolute return of 5.82% year-to-date and 16.06% over the past year, ranking third among large fund companies [2] - Notable products include: - Harvest Mutual Selection, focusing on A-shares and Hong Kong stocks in the pharmaceutical and technology sectors, with a net value growth rate of 79.41%, ranking 2nd out of 344 [2] - Harvest Green Theme, specializing in renewable energy and environmental sectors, with a growth rate of 55.96%, ranking 6th [2] - Harvest Manufacturing Upgrade, with a growth rate of 54.63%, ranking 10th [2] - Harvest Frontier Technology, achieving a growth rate of 52.81%, ranking 12th [2] - Harvest Mutual Selection, with a growth rate of 50.64%, ranking 13th [2] Long-term Performance - Over a three-year period, Harvest Fund's performance remains strong, particularly in technology and new productivity themes, with Harvest Mutual Selection achieving a return of 64.07% [4] - 28 products exceeded their performance benchmarks by 10% over three years, with several products surpassing benchmarks by 20% [4] - Over five years, 29 products achieved total returns exceeding 30%, with notable returns of 121.54% and 113.69% for Harvest Resource Selection and Harvest US Growth, respectively [4] Research and Investment Strategy - Harvest Fund's research capabilities are built on five pillars: boutique stocks, cornerstone fixed income, Super ETFs, overseas investments, and asset allocation [5] - The research team, consisting of nearly 300 members, covers key sectors such as technology, pharmaceuticals, consumption, and manufacturing, creating a differentiated competitive edge [5] - The investment strategy combines passive index investments with active equity products, focusing on long-term sectors like renewable energy and smart manufacturing [6] - The success of Harvest Fund's performance in the first half of 2025 highlights the effectiveness of its dual-driven model of long-term performance and research capabilities [6]