在2025年5月发布的《推动公募基金高质量发展行动方案》中，"长期"成为高频词。鼓励投资者长期持 有、注重中长期业绩考核、强化对基金长期投资行为的引导、提高对各类中长期资金的服务能力、吸引 长期资金入市，归根结底，离不开基金管理人对"长期主义"的坚守。在国内公募基金经理整体偏年轻化 的背景下，依然有投资"老将"坚守初心，与时俱进、不断迭代，陪伴持有人走过漫长岁月。 数据显示，截至8月24日，公募行业中连续管理同一只主动权益基金超过10年的基金经理仅有120余人， 约占股票型与混合型产品基金经理人数的5%；如果把时间拉长到14年以上，则只有14人，占比更是低 至约0.6%。人数虽少，但老将的长期主义投资却颇有成效。 在这些老将的投资经历中，有多少是时代的贝塔？又有多少是主观能动的阿尔法？中国证券报记者观察 发现，践行长期主义的投资老将没有缺席时代的贝塔。与此同时，在时代的浪潮之中，他们或勤于思、 敏于行，先潮流而动；或守其心、持其行，穿越周期而来……投资老将是时代贝塔和主动阿尔法的综合 体。 老将堪称凤毛麟角 其余9位基金经理的任职以来年化回报率分布在6%-10%之间。梁浩管理的鹏华新兴产业、魏东管理的国 联安 ...

□本报记者 王鹤静 在2025年5月发布的《推动公募基金高质量发展行动方案》中，"长期"成为高频词。鼓励投资者长期持 有、注重中长期业绩考核、强化对基金长期投资行为的引导、提高对各类中长期资金的服务能力、吸引 长期资金入市，归根结底，离不开基金管理人对"长期主义"的坚守。在国内公募基金经理整体偏年轻化 的背景下，依然有投资"老将"坚守初心，与时俱进、不断迭代，陪伴持有人走过漫长岁月。 Wind数据显示，截至8月24日，公募行业中连续管理同一只主动权益基金超过10年的基金经理仅有120 余人，约占股票型与混合型产品基金经理人数的5%；如果把时间拉长到14年以上，则只有14人，占比 更是低至约0.6%。人数虽少，但老将的长期主义投资却颇有成效。 在这些老将的投资经历中，有多少是时代的贝塔？又有多少是主观能动的阿尔法？中国证券报记者观察 发现，践行长期主义的投资老将没有缺席时代的贝塔。与此同时，在时代的浪潮之中，他们或勤于思、 敏于行，先潮流而动；或守其心、持其行，穿越周期而来……投资老将是时代贝塔和主动阿尔法的综合 体。 老将堪称凤毛麟角 资产管理是瞬息万变的行业，公募基金经理也不断迭代更新。Wind数据显示，截 ...

Market Overview - On August 9, the Shanghai Composite Index reached a peak of 3656.85, just 17.55 points shy of the high of 3674.40 from September 24 of the previous year [1] - The market has been characterized by small-cap stocks, with the Micro-cap Index rising by 1.75%, the CSI 2000 by 1.7%, the CSI 1000 by 1.55%, the CSI 500 by 1.08%, and the CSI 300 by 0.43% [1][2] Fund Performance - As of June 30, 2025, only 2 out of 1037 ordinary equity funds remained above 10 billion yuan in size, namely E Fund Consumer Industry at 16.854 billion yuan and Da Cheng Gao Xin A at 12.340 billion yuan [4] - Among 4846 mixed equity funds, only 14 funds exceeded 10 billion yuan, with the largest being E Fund Blue Chip Selection at 34.93 billion yuan [4] - The performance of these large-scale funds has been mixed, with only 4 out of 14 funds achieving returns over 20% year-to-date as of August 8, 2025 [6] Year-to-Date Performance - The top-performing funds year-to-date include: - Yongying Advanced Manufacturing Selection C with a net value growth of 59.99% - Ruiyuan Growth Value A with a growth of 22.04% - China Europe Medical Health A with a growth of 21.81% [6][8] One-Year Performance - Over the past year, the top three funds in terms of net value growth are: - Yongying Advanced Manufacturing Selection C at 163.94% - Galaxy Innovation Growth A at 62.66% - Ruiyuan Growth Value A at 40.79% [9][10] Annualized Returns - Among the 14 large-scale mixed equity funds, 10 have an annualized return exceeding 8%, indicating strong long-term performance [11] - Yongying Advanced Manufacturing Selection C, with a short history of less than 3 years, has an impressive annualized return of 35.96% [11][12] Notable Exceptions - The fund "Quan Guo Xu Yuan San Nian Chi You A" has a current size of 11.2 billion yuan, with year-to-date returns of 12.98% and one-year returns of 31.68%, but an annualized return of -7.18% since inception [12][13]

Group 1: Overview of Public FOF Funds in Q2 2025 - As of Q2 2025, a total of 518 FOF products have been established, with a combined scale of 166.198 billion yuan, representing a 10.01% increase compared to Q1 2025 [1][6][9] - The scale of different types of FOFs in Q2 2025 is as follows: 92.091 billion yuan for bond-type FOFs, 32.454 billion yuan for balanced-type FOFs, and 41.652 billion yuan for equity-type FOFs, with median returns of 1.20%, 1.76%, and 2.62% respectively [1][6][16] Group 2: FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Bodao Growth Zhihang C, with the largest holdings being Dachen Gaoxin A, Yifangda Kerong, and Yifangda Information Industry Selected C [2][23] - In the bond fund category, the most held funds are Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with the largest holdings being Boshi Credit Preferred A, Yifangda Suifeng Tianli A, and Boshi Credit Pure Bond A [2][23] Group 3: Changes in Fund Allocations - Compared to Q1 2025, the most net increased active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Silver Jewelry A, with the largest net increase in scale for Jiao Yin Technology Innovation C, Yifangda Smart Manufacturing Advantage C, and Yifangda Supply-side Reform [3][39] - In the bond fund category, the most net increased funds are Xingquan Stable A, Huatai Bairui Seasonal Red A, and Fuguo Industrial Bond A, with the largest net increase in scale for Boshi Credit Preferred A, Boshi Credit Pure Bond A, and Boshi Anyue Short Bond A [3][39] Group 4: FOF Fund Managers - The top three active equity fund managers with the most FOF allocations are Liu Xu, Fan Yan, and Xu Yan, while the top three "fixed income +" fund managers are Wang Xiaocheng, Peng Chengjun, and Zhang Ting [4][23] Group 5: FOF Stock Investment Situation - As of Q2 2025, 149 FOFs have directly invested in stocks, with the highest proportion of stock investments in balanced-type FOFs, followed by equity-type FOFs [5][6] - The top three stocks held by FOFs are Ningde Times, Changjiang Electric Power, and Zijin Mining, with the highest market value held in Ningde Times, Haomai Technology, and Wuliangye [5][6]

- The total number of FOF products established in the market by the end of Q2 2025 reached 518, with a combined scale of 1661.98 billion RMB, marking a 10.01% increase compared to Q1 2025[2][12][71] - FOFs are categorized into three types based on their equity asset penetration ratio: debt-oriented FOFs (less than 30%), balanced FOFs (30%-60%), and equity-oriented FOFs (greater than 60%)[13][71] - The scale of debt-oriented FOFs in Q2 2025 was 920.91 billion RMB, accounting for 55.41% of the total, followed by equity-oriented FOFs at 416.52 billion RMB and balanced FOFs at 324.54 billion RMB[13][71] - The median returns for Q2 2025 were 1.20% for debt-oriented FOFs, 1.76% for balanced FOFs, and 2.62% for equity-oriented FOFs[2][24][71] - The equity penetration ratio of FOFs is calculated using the formula: $W=\sum_{i}Fund_{i}\times Fund_{-}Stock_{i}+Stock$ where $Fund_{i}$ represents the scale of fund i as a proportion of net value, $Fund_{-}Stock_{i}$ represents the stock investment value of fund i as a proportion of its net value, and $Stock$ represents the direct stock investment value of the FOF as a proportion of net value[12] - The top three actively managed equity funds most heavily allocated by FOFs in Q2 2025 were Dachen Gaoxin A, Fuguo Wenjian Growth A, and Bodao Growth Zhihang C, with Dachen Gaoxin A being the largest in terms of scale at 3.88 billion RMB[32][33][34] - The top three passive index equity funds most heavily allocated by FOFs were Huaxia Hang Seng Technology ETF, Fuguo China Internet ETF, and Huaxia Hang Seng ETF, with Huaxia Hang Seng ETF having the largest scale at 8.35 billion RMB[36][38] - The top three enhanced index funds most heavily allocated by FOFs were Zhaoshang CSI 300 Enhanced C, Zhaoshang CSI 1000 Enhanced A, and Huitianfu CSI 300 Enhanced A, with Huitianfu CSI 300 Enhanced A having the largest scale at 0.98 billion RMB[37][39] - The top three bond funds most heavily allocated by FOFs were Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with Boshi Credit Preferred A having the largest scale at 11.26 billion RMB[40][41] - The top three "fixed income+" funds most heavily allocated by FOFs were Huatai Baoxing Zunhe A, Anxin Target Income A, and Xibulide Huixiang A, with Yifangda Yuxiang Huibao A having the largest scale at 6.36 billion RMB[42][46] - The formula for estimating the net increase in FOF holdings of a fund is: $\Delta N=\sum_{i}I_{i}$ where $I_{i}=1$ if the investment share increased, $I_{i}=-1$ if it decreased, and $I_{i}=0$ if unchanged[44][45] - The formula for estimating the net increase in FOF investment scale in a fund is: $\Delta MV=\sum_{i}\Delta uv\times\Delta Share_{i}$ where $\Delta uv$ represents the average daily net value of the fund during the period, and $\Delta Share_{i}$ represents the change in investment shares[45] - The top three actively managed equity funds with the highest estimated net increase in FOF holdings in Q2 2025 were Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Jewelry A[43][47] - The top three bond funds with the highest estimated net increase in FOF holdings in Q2 2025 were Xingquan Wentai A, Huatai Baorui Jiji Red A, and Fuguo Industry Bond A[48][50] - The top three actively managed equity fund managers most allocated by FOFs in Q2 2025 were Liu Xu (Dachen Fund), Fan Yan (Fuguo Fund), and Xu Yan (Dachen Fund)[51][54] - The top three "fixed income+" fund managers most allocated by FOFs in Q2 2025 were Wang Xiaochen (Yifangda Fund), Peng Chengjun (Jingshun Changcheng Fund), and Zhang Ting (Huatai Baoxing Fund)[53][55] - A total of 149 FOFs directly invested in stocks by Q2 2025, with balanced FOFs having the highest proportion of stock investments at 32.26%, followed by equity-oriented FOFs at 30.46%[59][61] - The top three stocks most heavily allocated by FOFs in Q2 2025 were Ningde Times, Changjiang Electric Power, and Zijin Mining, with Ningde Times having the largest scale at 0.98 billion RMB[62][66]

Core Insights - The article discusses the performance of various funds in the first quarter of 2025, highlighting significant profits and losses among them [1][2][3] Fund Performance Summary - E Fund Blue Chip Selection Mixed Fund (005827.OF) achieved the highest quarterly profit of 3.172 billion, making it the only equity fund to surpass the 3 billion mark [1][2] - The second tier of profitable funds includes Wanji Industry Selection (18.81 million), China Merchants Advantage Enterprises A (16.05 million), and others, indicating a clear performance hierarchy [1][2] - The article notes that the medical sector showed a strong recovery, with China Europe Medical Innovation A reversing a previous loss of 1.718 billion to achieve a quarterly return of 20.33% [2][6] Losses and Challenges - The top loss was recorded by Xingquan Trend Investment (163402.OF) with a quarterly loss of 935 million, reflecting a year-to-date return of -9.64% [3][4] - Other notable losses include Caizhong Value Momentum A (-648 million) and Caizhong Growth Selection A (-521 million), both managed by the same individual, indicating significant challenges in the TMT sector [6][7] - The article emphasizes the risks associated with large funds that may struggle to convert scale into effective returns, as seen with E Fund Blue Chip Selection [6][7] Market Dynamics - The article highlights the contrasting performance of funds, suggesting that investors should be cautious of both oversized funds that may underperform and smaller funds that may show high returns without substantial profit realization [7][8] - The ongoing market differentiation in the second quarter is expected to continue influencing fund performance, with a focus on those that can maintain scale flexibility while efficiently converting profits [7][8]

Core Viewpoint - The rapid development of public funds has led to a diverse range of fund products, making it challenging for investors to select suitable options. FOF funds, acting as "professional buyers," reflect market risk preferences and strategy adjustments, providing valuable insights for investors [2][3]. Group 1: FOF Fund Preferences - The top three actively managed equity funds favored by FOF funds in Q1 include Dachen Gaoxin C managed by Liu Xu (37 FOF funds), Fuguo Stable Growth C managed by Fan Yan (26 FOF funds), and Huaxia Innovation Frontier managed by Tu Huanyu (21 FOF funds) [5][6]. - Liu Xu is characterized as a value investor focusing on safety margins and long-term stock selection, while Fan Yan is known for her diversified holdings and strong drawdown control, earning her the title of "earthquake master" [7]. - Tu Huanyu adopts a technology growth style, focusing on TMT and new energy sectors, resulting in higher volatility compared to Liu Xu and Fan Yan [7]. Group 2: Fund Performance and Characteristics - Fuguo Stable Growth C and Jing Shun Chang Cheng Quality Evergreen C saw significant institutional buying in Q1, with shares increasing by 18.0373 million and 9.6018 million, respectively [10]. - Jing Shun Chang Cheng Quality Evergreen C, managed by Fan Yan, has consistently outperformed benchmarks and peers, achieving a year-to-date return of 8.17% and a total return of 44.39% over three years [13][12]. - The fund's strategy shifted towards technology sectors, significantly increasing allocations to electronics and communications, which contributed to a net value increase of over 40% in 2024 [15][14]. Group 3: Institutional Preferences - The top ten actively managed equity funds by FOF fund holdings, excluding those with high self-company holdings, include Huaxia Innovation Frontier with a market value of 4 billion yuan and 21 FOF funds [28][29]. - The fund manager Tu Huanyu focuses on long-term investment returns in TMT, new energy, and pharmaceuticals, achieving a cumulative return of 48% since he began managing the fund in March 2020 [30][31]. - The maximum drawdown for Huaxia Innovation Frontier during Tu Huanyu's tenure reached -44.5%, indicating a high level of volatility [33].

Core Viewpoint - The article emphasizes the importance of fund managers in the capital market, particularly in maintaining relative performance against benchmarks, and highlights the success of Liu Xu, a fund manager at Dacheng Fund, in achieving outstanding relative returns despite market challenges [1][2]. Group 1: Fund Manager Performance - Liu Xu managed a fund size of 25.734 billion yuan as of March 31, 2025, achieving a personal record high amidst a general decline in public equity fund sizes [2]. - Liu Xu's flagship product, "Dacheng Gaoxin A," has delivered a cumulative return of 382.28% and an annualized return of 17.37% since he took over in July 2015, ranking 1st out of 119 in its category [7][8]. - The fund consistently outperformed its benchmark in all complete years under Liu's management, with only two years (2018 and 2022) showing negative returns [7][8]. Group 2: Investment Strategy - Liu Xu's investment strategy is characterized by maintaining a high stock position (around 80%) and a low turnover rate (below 100% over the past five years), which contrasts sharply with the average turnover rate of over 200% for public funds [15][18]. - The fund has avoided market hotspots, such as the new energy and pharmaceutical sectors during their respective bull markets, focusing instead on stable, undervalued companies [18][20]. - As of the first quarter of 2025, the fund's top holdings included low-valuation telecom operators and leading home appliance companies, contributing to its recent performance [23][24]. Group 3: Historical Context and Challenges - Liu Xu began his tenure during a challenging market period, which has shaped his risk awareness and investment approach, leading to a significant reduction in drawdowns since 2015 [13][25]. - The fund's net value experienced significant fluctuations in its early years but has since stabilized, reflecting Liu's ability to navigate through market volatility [9][13].

Core Viewpoints - The article summarizes the insights from fund managers based on their Q1 2025 reports, focusing on their investment strategies and market outlooks [1]. Group 1: Fund Manager Perspectives - Fund managers typically cover two main areas in their reports: a review of past investments and future market outlooks, with the latter being more significant [3]. - Different fund managers exhibit varying levels of detail in their reports, influenced by their investment styles, such as value or growth [3]. - The deep value style emphasizes low valuations and high dividend yields, primarily investing in sectors like finance, real estate, and energy [4][5]. - Growth value style focuses on companies with strong profitability and cash flow, often holding stocks for the long term [10]. Group 2: Deep Value Style Insights - Deep value style has shown strong performance from 2021 to 2024, while it underperformed in 2019-2020 [6]. - Fund managers express confidence in their holdings despite market uncertainties, citing factors like geopolitical changes and technological advancements as influential [7]. - The current market environment is characterized by structural changes, with some sectors facing prolonged competition, while others show clear competitive advantages [7]. Group 3: Growth Value Style Insights - Growth value managers highlight the resilience of high-frequency economic data and improved financing conditions, suggesting a positive outlook for the second quarter [12]. - They emphasize the importance of focusing on domestic economic transformation and internal demand rather than external pressures [12][13]. - Fund managers are adjusting their portfolios to capitalize on sectors like AI and healthcare, anticipating a shift in consumer behavior and market dynamics [15][16]. Group 4: Balanced Style Insights - The balanced style seeks to combine growth potential with valuation, often looking for stocks that offer good value relative to their growth prospects [26]. - Fund managers maintain a diversified approach, focusing on sectors with favorable valuations and growth potential, such as healthcare and technology [29][30]. - They express optimism about domestic consumption policies and liquidity, which may support market performance despite external uncertainties [30]. Group 5: Growth Style Insights - The growth style prioritizes companies with high revenue and profit growth, often accepting higher valuations for strong growth potential [39][40]. - Fund managers are actively seeking opportunities in emerging industries, such as renewable energy and technology, which are expected to drive future growth [41].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, linking fund manager compensation to long-term performance, which aims to shift the focus from scale-driven growth to performance-driven results [1]. Group 1: Regulatory Changes - The new policy stipulates that fund managers will face salary reductions if they underperform their benchmarks by over 10%, while outperforming managers will receive salary increases [1]. - This regulation directly addresses industry pain points and encourages fund managers to prioritize performance over scale [1]. Group 2: Fund Manager Profile - Liu Xu, a prominent fund manager at Dacheng Fund, has 14 years of experience in the securities industry and has been with Dacheng since 2013, currently serving as the Director of the Stock Investment Department [1]. - Under Liu's management, the total scale of the seven funds he oversees reached 25.734 billion yuan, with his flagship product, Dacheng Gaoxin A, achieving a three-year return of 45.23%, significantly outperforming its benchmark by over 40% [1]. Group 3: Fund Performance - Dacheng Gaoxin A has consistently ranked among the top three in its category over the past five and ten years, with total returns of 140.96% and 317.02%, respectively [2]. - The fund has demonstrated outstanding excess returns, outperforming its benchmark by over 34% in the last two years and by 133% over the past five years [2]. Group 4: Investment Strategy - The top ten holdings of Dacheng Gaoxin A focus on industry leaders in high-barrier sectors, including telecommunications (China Mobile, China Telecom), consumer goods (Midea Group, Gree Electric), and technology (Tencent, Alibaba), reflecting a strategy of "low valuation + high certainty" [5]. - Liu emphasizes a long-term investment approach, stating that understanding enterprise value and seizing opportunities while managing risks is crucial in a rapidly changing environment [5]. Group 5: Future Considerations - The long-term performance of fund managers may validate the new regulatory direction, indicating that excess return capability is a core competitive advantage [5]. - However, there is a need to be cautious about the impact of scale expansion on strategy effectiveness, highlighting the importance of balancing compensation incentives with risk control in fund governance [5].