Core Viewpoint - The article emphasizes the importance of experienced fund managers who can navigate through bull and bear cycles to generate long-term returns for investors [1][2]. Group 1: Fund Manager Profile - Hu Song, a veteran fund manager with over 20 years in finance and 14 years of investment experience, is highlighted as a rare example of a value investor in the current A-share market [2]. - Under Hu Song's management, the Guotai Jinpeng Blue Chip Fund has achieved a return of 75.63% since September 25, 2020, with an annualized return of 11.87%, outperforming its benchmark and peer average [2][3]. - The Guotai Jinsheng Fund, launched at a market low in February 2024, has seen a performance increase of 50.73% this year, significantly surpassing the performance of the CSI 300 Index [2][3]. Group 2: Investment Philosophy - Hu Song's investment strategy focuses on "margin of safety" and emphasizes the importance of fundamental analysis over mere price observation [3][4]. - He employs a bottom-up stock selection approach while also considering macroeconomic factors, adjusting the investment portfolio based on fundamental changes [3][4]. - The selection criteria include a preference for stocks with sustainable competitive advantages and reasonable valuations, particularly those with high Return on Invested Capital (ROIC) [4]. Group 3: Risk Management and Performance - Hu Song prioritizes risk-return balance and actively manages drawdown control through diversified industry allocation and dynamic adjustments [5][6]. - The Guotai Jinpeng Blue Chip Fund has achieved nearly 60% positive returns over the past three years, with a maximum drawdown significantly lower than the peer average [6][7]. - The fund's top ten holdings are diversified across various sectors, with no single holding exceeding 8% of the total portfolio, reflecting a balanced investment style [7][8]. Group 4: Market Outlook - Hu Song remains optimistic about the market, citing structural transformations at the economic cycle's bottom and positive developments in the technology sector [9]. - He identifies potential growth areas in AI, new energy, industrial metals, and technology sectors, while also acknowledging the risks associated with trade and geopolitical uncertainties [9]. - The article suggests that investors may benefit from selecting experienced fund managers like Hu Song, who can navigate market fluctuations effectively [9].

Core Viewpoint - The article emphasizes the importance of experienced fund managers who can navigate through bull and bear cycles to create long-term returns for investors [1][2]. Group 1: Fund Manager Profile - Hu Song, a veteran fund manager with over 20 years in finance and 14 years of investment experience, is highlighted as a rare example of a value investor in the current A-share market [2]. - Under Hu Song's management, the Guotai Jinpeng Blue Chip Fund has achieved a return of 75.63% since September 25, 2020, with an annualized return of 11.87%, outperforming its benchmark and peer average [2][3]. Group 2: Fund Performance - The Guotai Jinsheng Fund, launched at a market low in February 2024, has seen a performance increase of 50.73% this year, surpassing the CSI 300 Index and its benchmark [2][3]. - The Guotai Jinpeng Blue Chip Fund has delivered nearly 60% positive returns over the past three years, ranking in the top 10% among peers, with a maximum drawdown significantly lower than the average [6][7]. Group 3: Investment Philosophy - Hu Song's investment strategy focuses on fundamental analysis, emphasizing the importance of a company's competitive advantages and reasonable valuations [4][5]. - The principle of "margin of safety" guides Hu Song's investment decisions, favoring growth stocks that can create long-term value [5][6]. Group 4: Risk Management - Hu Song employs a balanced approach to risk and return, actively managing drawdowns and diversifying across industries to mitigate market volatility [6][9]. - The investment portfolio is dynamically adjusted based on macroeconomic conditions and individual stock performance, ensuring a robust response to market changes [4][9]. Group 5: Market Outlook - Hu Song remains optimistic about sectors such as AI, new energy, industrial metals, and technology, citing favorable domestic and international economic conditions [8][9]. - The article notes that despite challenges in the real estate and consumer sectors, there are structural highlights in emerging industries that could present investment opportunities [8][9].

Core Viewpoint - The current market is characterized by a period of oscillation and differentiation, moving away from the previous bull market's straightforward upward momentum, indicating a need for more selective investment strategies [2][3]. Market Conditions - The Shanghai Composite Index is experiencing fluctuations around the 3900-point mark, with a shift in market dynamics from a collective rise to a more segmented performance [2]. - The market is showing signs of structural opportunities, with some high-valuation sectors undergoing adjustments while new opportunities emerge [2]. Investment Strategy - The current market environment requires a more cautious approach, moving away from aggressive trading strategies to a focus on selecting experienced fund managers who can navigate through market volatility [3]. - Trust in seasoned fund managers, like Hu Song from Guotai Fund, is emphasized as a key factor for investors looking to capitalize on market opportunities during this complex phase [3][4]. Fund Performance - Hu Song's fund, Guotai Jinpeng Blue Chip, achieved positive returns during the bear market of 2023, contrasting with the 11.38% decline of the CSI 300 index [4][5]. - Guotai Jinsheng, managed by Hu Song, has reported a year-to-date return of 50.73%, significantly outperforming the CSI 300 index and its benchmark [7]. - Since its inception in February 2024, Guotai Jinsheng has delivered a total return of 55.36% and an annualized return of 30.33% [7]. Future Outlook - Hu Song remains optimistic about a "slow bull" market trend, anticipating a gradual upward adjustment of the index amid improving market conditions [8]. - The domestic market is supported by a combination of stabilizing fundamentals and liquidity easing, while external factors, such as the U.S. Federal Reserve's interest rate cuts, are expected to enhance market risk appetite [9]. - The long-term outlook suggests continued market strength driven by the internationalization of the RMB and improving corporate earnings [9].