Core Viewpoint - The article emphasizes the investment strategies and achievements of Hu Song, the Pension Investment Director at Guotai Fund, highlighting his ability to navigate market cycles and deliver consistent returns for investors through a value investment approach. Group 1: Investment Performance - Guotai Fund's Hu Song has demonstrated significant investment performance, with the Guotai Jinpeng Blue Chip Mixed Fund achieving a return of 70.03% from September 2020 to December 2025, compared to a 1.47% increase in the CSI 300 index, resulting in an excess return of nearly 70% [2] - In 2023, during a challenging market where the CSI 300 index fell by 11.38%, the Guotai Jinpeng Blue Chip Fund managed to secure a positive return of 1.13%, showcasing its resilience in a down market [2] - The Guotai Jinsheng Return Mixed Fund, launched in February 2024 during a market downturn, achieved a return of 46.33% by December 2025, further validating Hu Song's investment strategy [3] Group 2: Investment Philosophy - Hu Song's investment philosophy focuses on value investing with a margin of safety, emphasizing deep macroeconomic analysis, industry research, and stock selection to avoid high-risk speculative investments [4] - He prioritizes stocks with sustainable competitive advantages and reasonable valuations, employing a bottom-up approach for stock selection while considering macroeconomic factors [4] - Hu Song emphasizes the importance of Return on Invested Capital (ROIC) in identifying high-quality stocks, favoring those with expanding market shares and superior growth rates compared to industry averages [5] Group 3: Market Adaptability - Hu Song's investment strategy has proven effective in various market conditions, as evidenced by his timely focus on the energy storage sector in 2020 and his decision to reduce exposure to overvalued new energy stocks in mid-2022 [6] - His approach combines a cautious attitude towards emerging trends with a disciplined valuation strategy, allowing for proactive yet prudent investment decisions [6] - As the head of the Pension Investment Department at Guotai Fund, Hu Song integrates a long-term value creation mindset into his investment management, focusing on risk management and sustainable returns for investors [6][7]

数据显示，该基金近3个月收益率8.29%，近一年收益率18.81%，成立以来收益率为685.07%。其股票持 仓前十分别为：传音控股、美的集团、宁德时代、ST华通、立讯精密、山东黄金、小商品城、金诚 信、恒玄科技、巨人网络，前十持仓占比合计43.46%。 天眼查商业履历信息显示，国泰基金管理有限公司成立于1998年3月，位于上海市，是一家以从事资本 市场服务为主的企业。注册资本11000万人民币，法定代表人为周向勇。 来源：金融界 截至2025年6月30日，国泰基金旗下国泰金鹏蓝筹混合（020009）期末净资产10.69亿元，比上期减少 20.40%，该基金经理为胡松。 简历显示，胡松先生:中国国籍,硕士研究生。曾任职于海通证券股份有限公司、中银国际证券有限责任 公司、国泰基金管理有限公司、平安资产管理有限公司等。2017年1月再次加入国泰基金管理有限公司, 任养老金及专户投资(事业)部总监。2017年7月起任投资总监(养老金)。2020年9月25日起担任国泰金鹏 蓝筹价值混合型证券投资基金基金经理。 近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率 ...