在最新的一次路演中，国泰优质核心（A类：025060 C类：025061）拟任基金经理李海分享了他关于市 场的观点。 李海认为，当前的中国市场，可能会迎来类似于美国80年代之后的长期震荡向上的格局，这里非常核心 的一点就是我们的企业开始实现良好的现金流拐点。 一方面，现在距离市场冰点已经情绪显著回暖了，投资者对于认购主动权益基金是有热情的；另一方 面，现在市场并非牛市的泡沫高位，市场向上仍有坚实健康的上涨空间。这个时间进来的投资者，是有 比较大的概率能够赚到钱的。 在当前的时点上，新基金的建仓策略也比较积极。方向上，李海会重点关注港股的互联网的龙头公司， A 股的消费电子类公司，以及消费医药方向。 对于后续市场，李海短期看好修复，中长期看好中国核心资产重估。一方面，中国更成熟，制造业龙头 也完成全球化产能布局，具备应对贸易摩擦的经验与能力；另一方面，中国核心资产在全球仍被显著低 估，恒生科技等优质企业上涨只是中国核心资产重估起点，随着国力增强、经济恢复及政策发力，沪深 300、中证A500 等代表的优质企业仍有重估空间。 值得一提的是，国泰优质核心（A类：025060 C类：025061）是一只新型浮动费率产 ...

Core Viewpoint - The article highlights the launch of the Guotai Quality Core Mixed Fund by Guotai Fund, which is expected to enhance investor experience and inject new vitality into the A-share market, leveraging unique advantages of floating fee rate funds [2][4]. Group 1: Fund Overview - The Guotai Quality Core Mixed Fund is one of the newly approved floating fee rate funds, designed to align with the CSRC's requirements and focus on investor interests [2]. - The fund is managed by Li Hai, a seasoned fund manager with 14 years of experience, who employs a value-growth investment style [4][8]. - Li Hai's previous funds, such as Guotai Jintai and Guotai Consumption Preferred, have shown impressive performance, with total returns of 116.22% and 100.74% respectively, significantly outperforming benchmarks [4][5]. Group 2: Performance Metrics - Guotai Jintai, managed by Li Hai since January 2017, achieved a total return of 116.22% as of July 30, with a maximum drawdown of -20.78%, outperforming the industry average [4]. - Guotai Consumption Preferred, under Li Hai's management since August 2019, recorded a total return of 100.74% and a three-year yield of 43.29% [4]. - The Guotai Quality Core Mixed Fund aims to balance investments across various sectors, including internet, electronics, and consumer healthcare, with a notable 43.46% allocation to Hong Kong stocks [5]. Group 3: Company Strengths - Guotai Fund, established in 1998, is recognized for its independent research and ability to identify long-term value companies, leading the industry in profitability and professional strength [8][11]. - The company has generated a total profit of 16.4 billion yuan for investors over the past six years, ranking among the top five public fund companies in terms of profit [11]. - Guotai Fund's proactive approach to floating fee rate products has been validated by strong performance metrics, with its Guotai Research Selected Fund achieving a return of 78% since inception [14]. Group 4: Market Outlook - Li Hai is optimistic about short-term market recovery and long-term revaluation of core Chinese assets, citing the decreasing trade dependency on the U.S. and the global competitiveness of Chinese manufacturing leaders [12]. - The article suggests that the undervaluation of Chinese core assets presents significant investment opportunities as the economy recovers and policies support growth [12].

Core Viewpoint - The article highlights the launch of the Guotai Quality Core Mixed Fund, managed by Guotai Fund, which aims to enhance investor experience through its unique advantages and is expected to inject new vitality into the A-share market [2][4]. Fund Management - The fund will be managed by Li Hai, who has 14 years of experience in the securities industry and 9 years in investment management, focusing on value growth investment [4]. - Li Hai's investment style emphasizes bottom-up stock selection complemented by mid-level industry analysis, aiming to identify valuable companies for long-term growth [4]. - Under Li Hai's management, the Guotai Jintai fund has achieved a total return of 116.22% since January 2017, significantly outperforming its benchmark [4]. Performance Metrics - The Guotai Consumer Preferred Fund, managed by Li Hai since August 2019, has a total return of 100.74% as of mid-2023, with impressive annualized returns over the last three and five years [5]. - The Guotai Quality Core Mixed Fund has a balanced allocation across sectors, including internet, electronics, and consumer medicine, with a 43.46% investment in Hong Kong stocks as of mid-2023 [5]. Market Outlook - Li Hai is optimistic about short-term market recovery and long-term revaluation of core Chinese assets, citing a decrease in the proportion of trade with the U.S. and the global competitiveness of Chinese manufacturing leaders [8]. - The article suggests that core Chinese assets remain undervalued, with potential for significant revaluation as the economy recovers and policies are implemented [8]. Company Background - Guotai Fund, established in 1998, focuses on independent research and long-term value investment, demonstrating strong profitability and professional capabilities in the industry [10][12]. - The company has generated a profit of 16.4 billion yuan for investors over the past six years, ranking among the top five fund companies in this regard [12]. Floating Rate Fund Experience - Guotai Fund has been a pioneer in the floating rate fund sector, with its first floating rate fund launched in 2019, showcasing its expertise in managing such products [15]. - The Guotai Research Select Fund has achieved a return of 78% since its inception, ranking first among similar funds, indicating the company's ability to balance risk and return [15].

Core Viewpoint - The current transformation and upgrading of the Chinese economy, along with the deepening reforms in the capital market, are creating significant investment opportunities in equity assets [1] Group 1: Fund Performance - The A-share market experienced significant fluctuations after a strong opening on October 8, 2024, drawing attention to market trends [1] - The Guotai Jintai Flexible Allocation Mixed Fund, managed by fund manager Li Hai, achieved returns of 28.77% and 42.98% over the last 3 and 5 years, respectively, significantly outperforming the benchmarks of 2.07% and 11.13% [1] Group 2: Investment Strategy - Li Hai, with 14 years of experience in the securities industry and 9 years in investment management, employs a bottom-up stock selection approach complemented by mid-level industry analysis [2] - The investment philosophy focuses on identifying undervalued quality companies due to temporary challenges, with a strong emphasis on risk control through stock selection [2] - Li Hai avoids market fads and high premiums, maintaining a lower price-to-earnings ratio compared to industry peers [2] Group 3: Market Outlook - Following the uncertainties from the "reciprocal tariffs" incident in April 2023, Li Hai sees a more certain outlook for the Chinese market, supported by positive changes in decision-making and a decrease in risk-free interest rates [3] - Chinese core assets, particularly represented by the CSI 300 and the CSI A500, are viewed as significantly undervalued, with expectations for revaluation driven by economic recovery and supportive macroeconomic policies [3] - Li Hai's investment strategy for the consumer sector includes focusing on "new consumption" as a spearhead and "old consumption" as a shield, anticipating significant market potential and recovery opportunities [3] Group 4: Team and Culture - Guotai Fund, one of the earliest public fund management companies in China, emphasizes active equity management and has cultivated a culture of proactive research and investment [4] - The Guotai Jintai Flexible Allocation Mixed Fund will continue to utilize a strategy of "in-depth research + contrarian investment" while strictly controlling risks to capture growth dividends from quality companies [4]

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]

Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes linking fund manager compensation to performance, with significant salary adjustments based on performance relative to benchmarks [1] Group 1: Fund Manager Performance - Chen Ying, managing the Jin Ying Technology Innovation fund, achieved a remarkable 85.96% excess return over the benchmark in the past three years, focusing on AI and technology sectors [3][4] - Sun Quan from the Fu Guo fund has also excelled, with a focus on TMT sectors, achieving significant returns through investments in AI-related companies [5] - Jin Xiao Fei, managing the Peng Hua Medical Technology fund, has delivered a 41.11% return over three years, utilizing a top-down approach to navigate the pharmaceutical sector [6] Group 2: Investment Strategies - Chen Ying emphasizes a diversified portfolio with a focus on emerging technologies, while also managing risks through strategic allocation to blue-chip stocks [4] - Sun Quan's strategy involves identifying competitive companies within high-growth sectors, particularly in AI and renewable energy [5] - Jin Xiao Fei employs a top-down analysis to time market entries and exits, focusing on innovative pharmaceuticals and AI healthcare [6] Group 3: Fund Characteristics - The Jin Ying Technology Innovation fund has a total scale exceeding 72 billion, with a high concentration in technology stocks [3] - The Fu Guo fund managed by Sun Quan has a total scale of over 82 billion, with a significant portion in AI-related stocks [5] - The Peng Hua Medical Technology fund has a scale of approximately 44 billion, with a concentrated portfolio strategy [6] Group 4: Market Trends and Insights - The article highlights the importance of understanding market cycles and the specific stages of industries when making investment decisions [4][6] - Fund managers are encouraged to adapt their strategies based on market conditions, with a focus on long-term growth potential [5][6] - The performance of funds is closely tied to the ability of managers to identify and capitalize on emerging trends, particularly in technology and healthcare sectors [22]