Core Viewpoint - The current market environment is favorable for actively managed equity funds, with significant performance improvements observed since 2025, where nearly all ordinary stock and mixed equity funds have achieved positive returns averaging over 27% [1][2]. Group 1: Active Equity Fund Performance - Active equity funds have shown remarkable performance, with an average return of 27.91% and a median return of 24.72% for 2025 YTD, with 99% of the 1,038 funds reporting positive returns [2]. - Since 2009, active equity funds have outperformed the CSI 300 index in 10 out of 17 years, indicating a strong long-term performance trend [1]. Group 2: A-Share Market Valuation - Current A-share market valuation indicators show high cost-effectiveness, with the Wande All A-share equity risk premium at the 52.7th percentile since 2010, and the CSI 300 dividend yield compared to the 10-year government bond yield at the 94.0th percentile [3]. Group 3: Fund Manager Profile - Zhang Ronghe, the proposed fund manager, has 13 years of experience, with a strong background in macro strategy research and investment management, currently managing funds like Guotai Blue Chip Selection [4][6]. - His investment approach focuses on identifying optimal risk-return solutions within specific investment constraints, utilizing a top-down investment framework centered on macro fundamentals [6]. Group 4: Historical Performance of Fund Manager - Under Zhang Ronghe's management, the Guotai Blue Chip Selection fund has achieved a 46.40% return over the past year and over 46% since inception, with an annualized return close to 30%, significantly outperforming benchmarks [7]. - The Guotai Zhaoxiang Tianli fund, also managed by Zhang, has delivered a 10.57% return in the past year, achieving a 4.22% excess return relative to its benchmark [11]. Group 5: Market Outlook - Zhang Ronghe perceives the current market as structurally distinct from previous bull markets, with a focus on sector rotation rather than broad market rallies, indicating a need for selective investment strategies [15]. - The macroeconomic outlook for 2026 is expected to improve significantly compared to 2025, with a focus on cyclical sectors and policy-driven growth opportunities [16]. Group 6: Guotai Fund's Investment Strength - Guotai Fund has demonstrated strong active equity investment capabilities, generating a total profit of 16.4 billion yuan for investors over the past six years [17]. - The firm emphasizes independent research and deep analysis to identify high-value companies, maintaining a consistent focus on investor profitability regardless of market conditions [18].