Core Viewpoint - The article discusses the shift in the stock market from high-end liquor and new energy to AI computing power and robotics, highlighting the challenges and opportunities in growth investing amidst high volatility and the presence of "pseudo-growth" stocks [1][2]. Group 1: Growth Investment Landscape - The current market has seen a doubling in the performance of active equity funds since 2025, with a focus on themes like humanoid robots, innovative pharmaceuticals, and computing power [3]. - Among these, three funds managed by Chen Peng from Anxin Fund have shown strong performance with maximum drawdowns of less than 17% this year, indicating a balanced approach to growth investing [3][6]. Group 2: Investment Strategy and Philosophy - Chen Peng emphasizes the importance of identifying "true growth" companies that resonate with major economic trends and maintain sustained earnings growth, contrasting with "pseudo-growth" strategies that mislead investors [6][12]. - The investment team at Anxin Fund focuses on sectors with strong growth potential, such as technology, consumption, and high-end manufacturing, while ensuring a rigorous value assessment to form their portfolios [7][12]. Group 3: Research and Team Dynamics - The success of growth investing relies heavily on a dynamic and capable research team, which is essential for understanding the fundamentals of companies and their growth potential [8][12]. - Anxin Fund has established a robust research team with over 20 dedicated researchers, ensuring comprehensive coverage of key growth sectors and fostering continuous learning [12]. Group 4: Risk Management and Investor Experience - Anxin Fund adopts a balanced approach in portfolio management, maintaining 3-5 favored sectors to mitigate volatility and enhance investor experience [14][15]. - The fund's strategy includes careful timing for buying and selling stocks, focusing on maintaining a favorable risk-reward ratio and ensuring that investors can "hold on" to their investments through market fluctuations [15][16]. Group 5: Market Conditions and Growth Strategies - Different market environments require distinct strategies for growth investing, with bull markets allowing for some tolerance of valuation bubbles, while bear markets necessitate a more cautious approach [16][17]. - Anxin Fund's research team continuously assesses market risks and adjusts strategies accordingly, aiming to enhance investor satisfaction and performance [16][17].

回顾历史每一轮牛市，我们都可以发现一些"伪成长股"，短期股价涨幅名列前茅，但由于后续缺乏业绩支撑沦为"一地鸡毛"。因此，在投资组合构建中， 陈鹏领衔的安信基金成长投资团队将价值投资理念作为基础，寻找与经济运行主要趋势共振、景气上行能维持一年以上、业绩持续增长的"真成长"公司。 股市再现激情澎湃的成长行情。只是这回的主角，从五年前的高端白酒、新能源，变成如今的AI算力、机器人。对于广大投资者而言，或许有人赚得盆 满钵满，但多数人可能在谨慎观望。毕竟，成长股天然具有高收益与高波动性的特征，难以让人安心；大量主题炒作为主的"伪成长股"泡沫巨大，不易给 人信心。 价值投资强调的安全边际与基本面深度分析，恰好能解决成长投资的"不安"与"难信"。有这么一家基金公司，他们在五年前的成长牛市中低调修炼内功， 以价值投资的强项去重构成长投资体系。而今年，成长阵营中也迎来了一批回报回撤兼优、配置相对均衡的基金，它们有一个共同的前缀——"安信"。 价值投资辨析成长真伪 成长基金，是牛市战局里锋利的矛。截至9月26日，整个市场2025年以来涨幅翻倍的主动权益基金有31只，多数为人形机器人、创新药、算力等主题基 金，只有少数是全市场选 ...

Group 1 - The Hong Kong stock market has shown strong performance, leading to significant gains for funds investing in Hong Kong stocks, with many fund managers increasing their allocations to Hong Kong assets [1][4] - Major indices such as the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index have outperformed other global capital market indices this year [1][4] - Hong Kong-themed funds have dominated the performance rankings, with notable funds like Huatai-PineBridge Hong Kong Advantage Select Fund achieving over 60% returns year-to-date [1][2] Group 2 - Funds with lower allocations to Hong Kong stocks have also benefited from the rising prices of Hong Kong assets, exemplified by the performance of the GF Growth Navigator Fund [2] - Dividend-focused funds have performed well, with the Green High Dividend Select Fund being the best-performing dividend fund this year, heavily invested in Hong Kong stocks [3][4] - The influx of both domestic and foreign capital into the Hong Kong market has increased liquidity, with net purchases by southbound funds reaching the third-highest level on record this year [3][4] Group 3 - Public funds are increasingly allocating to Hong Kong stocks, with a reported increase of 5.2 percentage points in allocation to Hong Kong equities, reaching a near five-year high [4] - The strong performance of Hong Kong stocks has attracted global capital, leading to valuation premiums for certain stocks compared to their A-share counterparts [4][6] - Several new Hong Kong-themed funds are in the pipeline, which could further contribute to the inflow of capital into the Hong Kong market [5][6]