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].

Core Viewpoint - The current market is experiencing a growth trend, shifting focus from high-end liquor and new energy to AI computing power and robotics, leading to mixed investor sentiment regarding growth stocks [1][2]. Group 1: Growth Investment Strategy - Value investment principles can address the uncertainties associated with growth investing, as demonstrated by a fund company that has restructured its growth investment framework using value investment strengths [1][2]. - The growth fund sector has seen significant performance, with 31 actively managed equity funds doubling in value since 2025, primarily in themes like humanoid robots and innovative pharmaceuticals [2]. Group 2: Performance of Specific Funds - Three funds managed by Chen Peng of Anxin Fund have shown strong performance, with year-to-date net value growth rates exceeding 107% and maximum drawdowns below 17% [3][4]. - Chen Peng's management of Anxin New Return achieved over 100% cumulative growth during the previous bull market by capitalizing on opportunities in new energy, consumption, and pharmaceuticals [3][4]. Group 3: Investment Philosophy - Chen Peng emphasizes that the primary source of stock investment returns is the earnings generated by listed companies, advocating for a clear distinction between genuine growth stocks and "pseudo-growth" strategies that mislead investors [4][6]. - The investment team at Anxin Fund focuses on identifying "true growth" companies that resonate with major economic trends and maintain sustainable earnings growth [4][6]. Group 4: Research and Team Dynamics - A robust research team is essential for the success of growth stock investment, enabling investors to trust the investment process [5][8]. - Anxin Fund has established a dynamic research team with over 20 dedicated researchers, ensuring comprehensive coverage of key growth sectors such as technology and healthcare [8]. Group 5: Risk Management and Investor Experience - Anxin Fund has developed strategies to enhance investor experience, focusing on balanced portfolio management that diversifies across 3-5 promising sectors to mitigate volatility [10][11]. - The fund's approach includes careful timing for buying and selling stocks, emphasizing the importance of maintaining a long-term perspective and avoiding short-term distractions [10][11].

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]