Core Insights - The new public fund benchmark regulations clarify the principles for selecting performance benchmarks and enhance the disclosure standards, emphasizing the daily constraints of performance benchmarks. It is expected that a significant proportion of equity public funds will need to adjust their performance benchmarks in the second half of 2026 [1][15][16] - An exclusive "benchmark selection tool" has been developed, using "Guotou Ruijin New Silk Road" as a case study to analyze and select the most suitable performance benchmark based on six dimensions: winning rate, winning quality, matching degree, winning degree, excess stability, and balancing pressure. The analysis concludes that the most suitable benchmark for Guotou Ruijin New Silk Road is the CSI 800, with other options including CSI 1000, CSI A500, CSI 500, and CSI All Index [1][8][38] Dimension Summaries Dimension 1: Winning Rate - The winning rate is defined as the proportion of years the fund outperformed all benchmarks since its inception. A higher winning rate indicates the fund's ability to consistently outperform the benchmark across various market conditions. For Guotou Ruijin New Silk Road, the winning rates against benchmarks like CSI 800 and CSI 1000 are around 80% [2][17] Dimension 2: Winning Quality - The quality of the benchmark is assessed using the Sharpe ratio, which indicates the risk-adjusted return. A higher Sharpe ratio for the benchmark signifies a more challenging standard for the fund to outperform. Benchmarks such as CSI New Energy and CSI Chip Industry have high Sharpe ratios above 0.5, while others like CSI 800 Medical and CSI All Index are lower [3][19] Dimension 3: Matching Degree - The matching degree measures the correlation between the fund and various benchmarks. A higher correlation indicates a better alignment between the fund's investment strategy and the benchmark. Guotou Ruijin New Silk Road shows a high correlation of 0.91 with the Shenzhen Composite Index [4][22] Dimension 4: Winning Degree - The winning degree is represented by the average annual excess return of the fund compared to the benchmarks. Guotou Ruijin New Silk Road has an average annual excess return exceeding 10% against several benchmarks, indicating strong alpha generation capabilities [5][24] Dimension 5: Excess Stability - Excess stability is evaluated through the information ratio, which reflects the fund's ability to generate stable excess returns with minimal active risk. Guotou Ruijin New Silk Road has high information ratios against benchmarks like CSI 300 Growth and Consumer Services, indicating stable performance [6][28] Dimension 6: Balancing Pressure - Balancing pressure is assessed by the total deviation of the fund's industry allocation from the benchmark. A lower total deviation indicates lower rebalancing costs and market impact. Guotou Ruijin New Silk Road shows low total deviations against several benchmarks, suggesting manageable rebalancing pressures [7][31] Optimal Benchmark Output - Based on the six evaluation dimensions, the "benchmark selection tool" indicates that the CSI 800 is the theoretical optimal performance benchmark for Guotou Ruijin New Silk Road. Other high-scoring benchmarks include CSI 1000, CSI A500, and CSI All Index, which should be considered by fund managers for a comprehensive evaluation [8][38]

Core Viewpoint - The article discusses the performance and investment strategy of the Guotai Junan New Silk Road Fund, highlighting the challenges faced in the stock market and the importance of maintaining a long-term investment perspective despite short-term volatility [1][3][6]. Fund Performance - As of the end of the reporting period, the fund's net asset value was 0.851 yuan, with a net asset value growth rate of -18.88%, compared to a benchmark return of 1.62% [1]. - For the subsequent reporting period, the fund's net asset value was 0.9448 yuan, with a growth rate of -9.94%, while the benchmark return was 11.30% [7]. - By mid-2025, the fund's net asset value reached 1.0423 yuan, achieving a growth rate of 10.32%, significantly outperforming the benchmark return of 0.13% [13]. Investment Strategy and Analysis - The fund manager emphasizes a strategy of "independent thinking, probabilistic thinking, contrarian courage, and forward-looking vision," focusing on identifying stocks priced below their long-term value [4][10]. - The fund maintains a diversified yet focused investment approach, with key sectors including machinery, pharmaceuticals, electronics, computers, and food and beverages [4][10]. - The fund's performance is characterized by significant stock price divergence, with a median decline of -23% among over 5,100 stocks in the first half of 2024, while the CSI 300 index showed a slight increase of 0.89% [3][4]. Market Outlook - The fund manager expresses confidence in the Chinese economy, noting that macroeconomic growth, revenue, and net profit growth of major listed companies are strong, despite a lack of confidence leading to market declines [6][12]. - The article highlights that A-shares are currently undervalued compared to historical levels and other major markets, suggesting potential for recovery and growth [11][12]. - The manager acknowledges the challenges posed by global economic changes and emphasizes the importance of maintaining a consistent investment framework to navigate uncertainties [16][18].

Core Insights - The recent recovery in the equity market has allowed several veteran fund managers to overcome previous performance challenges, with some returning to the "Double Ten Fund Manager" status, indicating over ten years of managing the same fund with an annualized return exceeding 10% [1][2] Performance Recovery - Active equity funds have shown a significant performance rebound, with the mixed equity fund index yielding over 15% this year, and more than a thousand active equity funds achieving returns exceeding 20% [2] - Notable veteran fund managers, such as Wei Dong from Guolian An Fund and Guo Jun from Bosera Fund, have seen their funds recover from substantial drawdowns, with Guolian An's fund returning over 20% this year and Bosera's fund achieving a 27.54% return [2][3] Investment Strategy Evolution - Many veteran fund managers have shifted their investment focus towards high-quality growth sectors, adapting their strategies to align with the current macroeconomic transition towards technology-driven and high-quality development [4][6] - Fund managers like Wang Peng from Guotai Junan have successfully identified and invested in high-growth stocks, contributing significantly to their funds' performance recovery [4][5] Long-term Investment Philosophy - The performance recovery of veteran fund managers underscores the resilience of their investment philosophies, demonstrating their ability to adapt strategies across different market phases [6][7] - Fund managers emphasize the importance of identifying leading companies in China's manufacturing sector as key to future investment success, with a focus on sectors like semiconductors and military industries [6][7]

吴琦/制表 图虫创意/供图 证券时报记者 吴琦 近期，伴随权益市场回暖，一批历经市场周期洗礼的基金老将，正逐渐摆脱前期的业绩低迷，部分 基金老将再度展露锋芒，不仅净值曲线重拾升势，更以持续稳健的表现重新跻身"双十基金经理"（管理 同一基金满十年且年化收益超10%）之列。 基金老将业绩修复 今年主动权益基金业绩逐渐回暖。Wind数据显示，偏股混合型基金指数年内收益超过15%，超千 只主动权益基金年内业绩超过20%。 尽管不少主动权益基金仍处于修复前期回撤的过程中，但是短期业绩显著回升，正持续助推着基金 长期业绩的稳健增长。 当下，宏观经济处于向科技创新驱动、高质量发展、产业结构变迁的转型期，优质成长赛道投资机 会不断涌现，基金经理通过持续迭代投资策略和积极调仓，拥抱新时代的投资机会。越来越多具备持续 高增长潜力的优质成长股被基金经理认可并挖掘出来，股价持续上升。 例如，王鹏秉持独立思考、概率思维和逆向勇气，寻找股价低于公司长期价值的标的，其管理的国 投瑞银新丝路基金今年二季度末的十大重仓股中新调入了药明康德、阳光电源和洁美科技等，药明康 德、洁美科技和阳光电源近三个月涨幅分别高达67%、39.63%和23.74 ...